University General Health System Provides Market Guidance Regarding Second
Average Daily Census and Surgical Volumes Continue to Increase
HOUSTON, TX -- (Marketwired) -- 08/29/13 -- University General
Health System, Inc. (OTCQB: UGHS), a diversified, integrated
multi-specialty health care delivery system, today announced certain
preliminary information regarding the quarter ended June 30, 2013.
The Company reported that Average Daily Census ("ADC") levels at its
flagship hospital in Houston increased by approximately 20%, when
compared with the prior-year quarter, while occupancy rates continued
to improve at University General Hospital - Dallas, which was
acquired in December 14, 2012. Surgical volumes at University General
Hospital in Houston rose approximately 28% relative to the second
quarter of 2012, while the Dallas hospital reported approximately 53%
increase in surgical volumes relative to the month of December 2012.
"We are very pleased to announce that ADC levels and surgery volumes
at our flagship Houston hospital have continued to post consistent
growth, year-over-year and quarter-over-quarter, for ten consecutive
quarters," stated Hassan Chahadeh, M.D., Chairman and Chief Executive
Officer of University General Health System, Inc. "We would expect
this to be evident in our financial performance for the second
quarter and first half of 2013."
"During the most recent quarter, we also refinanced the HUD insured
loans on two of our senior living facilities on terms that we
consider very favorable," added Donald Sapaugh, the Company's
President. "The loan on our Trinity Oaks of Pearland facility was
refinanced at an interest rate of 3.92% on a non-recourse basis, and
Trinity Hills of Knoxville was refinanced with a non-recourse loan
carrying an interest rate of 4.23%. We remain very pleased with
above-industry-average occupancy rates achieved by our TrinityCare
Senior Living subsidiary during the first half of 2013."
Due to a recent change in auditors, combined with the acquisition of
the Dallas hospital and certain accounting and tax calculations, the
Company has yet to file its Form 10-K for the year ended December 31,
2012 and its Forms 10-Q for the quarters ended March 31, 2013 and
June 30, 2013. The Company is nearing the completion of its audit for
2012 and will file the 10K and the remaining reports with the SEC as
soon as possible.
About University General Health System, Inc.
University General Health System, Inc. ("University General") is a
diversified, integrated multi-specialty health care provider that
delivers physician-centric and patient-oriented services by providing
timely, innovative health solutions that are uniquely competitive,
efficient, and adaptive in today's health care delivery environment.
The Company currently operates two hospitals, three ambulatory
surgical centers, a number of diagnostic imaging and physical therapy
clinics, two sleep clinics, and a hyperbaric wound care center in the
Houston area, and has made numerous acquisitions in the Dallas market
to compliment its expansion in the Dallas market. Also, University
General owns three senior living facilities, manages six senior
living facilities, and reports a support services segment that
provides revenue cycle and luxury facilities management services.
The Company is headquartered in Houston, Texas, and its common stock
trades on the OTCQB under the symbol "UGHS".
Forward Looking Statements
The information in this news release includes certain forward-looking
statements that are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant risks
and uncertainties, including statements related to the future
financial performance of the Company. Although the Company believes
that the expectations reflected in the forward-looking statements are
reasonable, it can give no assurance that such expectations or any of
its forward-looking statements will prove to be correct. Factors that
could cause results to differ include, but are not limited to,
successful execution of growth strategies, product development and
acceptance, the impact of competitive services and pricing, general
economic conditions, and other risks and uncertainties described in
the Company's periodic filings with the Securities and Exchange
For additional information, please contact:
University General Health System, Inc.
R. Jerry Falkner, CFA
RJ Falkner & Company, Inc.
Investor Relations Counsel
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