Exhibit 99.1

		Corporate Office 3800 American Blvd West, # 1250 Phone: 952.893.3200 Bloomington, MN 55431 Fax: 952.893.0704 www.uhs.com
CONTACT:	Bethany A. Oliver
	Director of Marketing & Communications
	Universal Hospital Services, Inc.
	(952) 893-3288

UNIVERSAL HOSPITAL SERVICES, INC. ANNOUNCES THIRD QUARTER EARNINGS
CONTINUED SOLID GROWTH ACROSS ALL BUSINESS SEGMENTS

Bloomington, Minnesota, November 2, 2004/BusinessWire – Universal Hospital Services, Inc., (“UHS”) today announced financial results for the third quarter ended September 30, 2004.

Total revenues were $49.6 million for the third quarter of 2004, representing an 18.6% increase from total revenues for the same period of 2003. Gross margin increased by 14.9% to $20.4 million during the quarter. Through the first nine months of 2004, revenues increased by 17.0% to $147.9 million, and gross margin increased by 12.9% to $63.8 million. Net loss for the quarter was $1.0 million, compared to net income of $1.0 million for the same quarter last year. The net loss for the first nine months of 2004 is $0.3 million, compared to net income of $5.0 million last year. The change from last year is primarily due to increased interest expense related to our recapitalization in the fourth quarter of 2003.

“Our third quarter results were in line with our growth expectations and depict consistent performance across the lifecycle of services including outsourcing, our AMPP and resident based programs, as well as strong momentum in our less capital intensive Equipment Sales and Remarketing and Service businesses” said President and CEO Gary Blackford. “In addition, our re-entry into the Bariatrics market earlier this year continues to produce solid results.”

Earnings before interest, taxes, depreciation and amortization (EBITDA*) for the third quarter of 2004 were $16.6 million compared to $15.1 million for the prior year, a $1.5 million or 10.3% increase. For the first nine months of 2004 EBITDA was $51.8 million versus $47.9 million for the prior year, a $3.9 million or an 8.1% increase.

We will conduct a conference call regarding the Third Quarter 2004 results on Wednesday, November 3rd at 10:00 AM CST. To participate, you may call (877) 284-1151 and indicate you would like to join in the UHS Third Quarter Results Call with Gary Blackford as the leader. A taped replay of this call will be available from 11:00 AM CST on November 3rd until 11:00 PM CST on November 10th. The “Encore Dial-in” number is: (800) 642-1687 or (706) 645-9291, confirmation #1886092.

This call is being webcast by CCBN and can be accessed at the Universal Hospital Services, Inc. web site at www.uhs.com. Click on “Financials” and then on “Webcasts”. UHS will also use a slide presentation to facilitate the conference call discussion.  A copy of the presentation may be obtained via the company’s Website by clicking in the “Financials” section and then on “Presentations” or by using this link http://www.uhs.com/uhsweb/uhsweb.nsf/vwPageKeyLkup/Presentations?OpenDocument.

The webcast is also being distributed over CCBN’s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN’s individual investor center at www.fulldisclosure.com or by visiting any of the investor sites in CCBN’s Individual Investor Network. Institutional investors can access the call via CCBN’s password-protected event management site, StreetEvents (www.streetevents.com).

Corporate Office
3800 American Blvd West, # 1250
Phone: 952.893.3200
Bloomington, MN 55431
Fax: 952.893.0704
www.uhs.com

* EBITDA is not intended to represent an alternative to operating income or cash flows from operating, financing or investing activities (as determined in accordance with generally accepted accounting principles (GAAP)) as a measure of performance, and is not representative of funds available for discretionary use due to the Company’s financing obligations. EBITDA, as defined by the Company, may not be calculated consistently among other companies applying similar reporting measures. EBITDA is included herein because it is a widely accepted financial indicator used by certain investors and financial analysts to assess and compare companies and is an integral part of the Company’s debt covenant calculations. Management believes that EBITDA provides an important perspective on the Company’s ability to service its long-term obligations, the Company’s ability to fund continuing growth, and the Company’s ability to continue as a going concern. A reconciliation of EBITDA to operating cash flows is included on the attached Statements of Cash Flows.

About Universal Hospital Services, Inc.

Based in Bloomington, Minnesota, Universal Hospital Services, Inc. is the leading medical equipment lifecycle services company in the country. UHS offers comprehensive solutions that maximize utilization, increase productivity and support optimal patient care resulting in capital and operational efficiencies. UHS currently operates through 13 regional service centers and more than 70 district offices, serving customers in all 50 states and the District of Columbia.

Universal Hospital Services, Inc.
3800 American Boulevard West, Suite 1250
Bloomington, MN 55431-4442
952-893-3200
www.uhs.com

************

Corporate Office
3800 American Blvd West, # 1250
Phone: 952.893.3200
Bloomington, MN 55431
Fax: 952.893.0704
www.uhs.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Universal Hospital Services, Inc. (“UHS”) believes statements in this presentation looking forward in time involve risks and uncertainties. The following factors, among others, could adversely affect our business, operations and financial condition causing our actual results to differ materially from those expressed in any forward-looking statements: UHS’ history of net losses and substantial interest expense; UHS’ need for substantial cash to operate and expand its business as planned; UHS’ substantial outstanding debt and debt service obligations; restrictions imposed by the terms of UHS’ debt; a decrease in the number of patients our customers are serving; UHS’ ability to effect change in the manner in which healthcare providers traditionally procure medical equipment; the absence of long-term commitments with customers; UHS’ ability to renew contracts with group purchasing organizations and integrated delivery networks; changes in reimbursement rates and policies by third-party payors; the impact of health care reform initiatives; the impact of significant regulation of the health care industry and the need to comply with those regulations; difficulties or delays in our continued expansion into certain of our businesses/geographic markets and developments of new businesses/geographic markets; and additional credit risks in increasing business with home care providers and nursing homes. These and other risk factors are detailed in UHS’ Annual Report on Form 10K/A for the year ended December 31, 2003, filed with Securities and Exchange Commission.

UHS 3rd Quarter 2004
2-Nov-04
Page 4

UNIVERSAL HOSPITAL SERVICES, INC.
BALANCE SHEETS
(dollars in thousands except share and per share information)

ASSETS
		September 30, 2004			December 31, 2003
	(unaudited)
Current assets:
Accounts receivable, less allowance for doubtful accounts of $1,950 and $1,750
at September 30, 2004 and December 31, 2003, respectively	$	39,065		$	33,943
Inventories		4,790			3,441
Deferred income taxes		2,060			2,205
Other current assets		1,721			1,961
Total current assets		47,636			41,550
Property and equipment, net:
Movable medical equipment, net		123,111			122,931
Property and office equipment, net		7,989			6,784
Total property and equipment, net		131,100			129,715
Intangible assets:
Goodwill		44,006			36,348
Other, primarily deferred financing costs, net		10,870			11,423
Other intangibles, net		4,833			1,183
Total assets	$	238,445		$	220,219
LIABILITIES AND SHAREHOLDERS’ DEFICIENCY
Current liabilities:
Current portion of long-term debt	$	324		$	284
Accounts payable		10,841			13,775
Accrued compensation and pension		8,658			7,699
Accrued interest		11,112			5,600
Other accrued expenses		3,139			2,010
Book overdrafts		202			3,891
Total current liabilities		34,276			33,259
Long-term debt, less current portion		288,139			270,798
Deferred compensation and pension		3,474			3,860
Deferred income taxes		2,060			2,205
Shareholders’ deficiency:
Common stock, $0.01 par value; 500,000,000 shares authorized,
123,430,614 and 122,768,962 shares issued and outstanding at
September 30, 2004 and December 31, 2003, respectively		1,234			1,228
Additional paid-in capital		698			—
Accumulated deficit		(88,680	)		(88,375	)
Accumulated other comprehensive loss		(2,756	)		(2,756	)
Total shareholders’ deficiency		(89,504	)		(89,903	)
Total liabilities and shareholders’ deficiency	$	238,445		$	220,219

UHS 3rd Quarter 2004
2-Nov-04
Page 5

Universal Hospital Services, Inc.
Statements of Income
(dollars in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2004			2003			2004			2003
	(unaudited)						(unaudited)
Medical equipment outsourcing	$	38,582		$	34,358		$	116,936		$	104,925
Medical equipment sales, remarketing and disposables, and other		4,291			3,825			12,824			11,117
Technical and professional services		6,735			3,662			18,135			10,343
Total revenues		49,608			41,845			147,895			126,385
Costs of medical equipment outsourcing, sales and service		29,204			24,085			84,098			69,860
Gross margin		20,404			17,760			63,797			56,525
Selling, general and administrative		13,956			11,671			41,351			35,178
Operating income		6,448			6,089			22,446			21,347
Interest expense		7,550			4,354			22,483			13,034
(Loss) income before income taxes		(1,102	)		1,735			(37	)		8,313
(Benefit) provision for income taxes		(114	)		705			225			3,336
Net (loss) income	$	(988	)	$	1,030		$	(262	)	$	4,977
Additional information
EBITDA	$	16,646		$	15,088		$	51,837		$	47,943
EBITDA as a percentage of total revenues		33.6	%		36.1	%		35.1	%		37.9	%
Movable medical equipment (approximate number of units at end of period)								151,000			143,000
Offices (at end of period)								76			68
Number of hospital outsourcing customers (at end of period)								3,100			2,850
Number of total outsourcing customers (at end of period)								6,250			5,925
Movable medical equipment depreciation expense	$	9,259		$	8,121		$	26,909		$	23,921

UHS 3rd Quarter 2004
2-Nov-04
Page 6

Universal Hospital Services, Inc.
Segmented Reporting
(dollars in thousands)
(unaudited)

3rd QUARTER RESULTS
	Outsourcing					Sales					Service					Consolidated
	2004			2003		2004			2003		2004			2003		2004			2003
Revenue	$	38,582		$	34,358	$	4,291		$	3,825	$	6,735		$	3,662	$	49,608		$	41,845
Cost		20,951			N/A		3,488			N/A		4,764			N/A		29,204			24,085
Gross Margin	$	17,631			N/A	$	803			N/A	$	1,971			N/A	$	20,404		$	17,760
Gross Margin %		45.7	%		N/A		18.7	%		N/A		29.3	%		N/A		41.1	%		42.4	%
YEAR TO DATE RESULTS
		Outsourcing				Sales					Service					Consolidated
	2004			2003		2004			2003		2004			2003		2004			2003
Revenue	$	116,936		$	104,925	$	12,824		$	11,117	$	18,135		$	10,343	$	147,895		$	126,385
Cost		61,662			N/A		9,784			N/A		12,652			N/A		84,098			69,860
Gross Margin	$	55,274			N/A	$	3,040			N/A	$	5,483			N/A	$	63,797		$	56,525
Gross Margin %		47.3	%		N/A		23.7	%		N/A		30.2	%		N/A		43.1	%		44.7	%

UHS 3rd Quarter 2004
2-Nov-04
Page 7

	Percent of Total Revenues										Percent Increase (Decrease)
	Three Months Ended September 30,					Nine Months Ended September 30,					Qtr 3 2004 Over Qtr 3 2003		Nine Months 2004 Over Nine Months 2003
	2004			2003		2004			2003
Medical equipment outsourcing		77.8%			82.1%		79.1%			83.0%		12.3%		11.4%
Medical equipment sales, remarketing and disposables, and other		8.6			9.1		8.6			8.8		12.2		15.3
Technical and professional services		13.6			8.8		12.3			8.2		83.9		75.3
Total revenues		100.0			100.0		100.0			100.0		18.6		17.0
Costs of medical equipment outsourcing, sales and service		58.9			57.6		56.9			55.3		21.2		20.4
Gross margin		41.1			42.4		43.1			44.7		14.9		12.9
Selling, general and administrative		28.1			27.8		27.9			27.8		19.6		17.5
Operating income		13.0			14.6		15.2			16.9		5.9		5.1
Interest expense		15.2			10.5		15.2			10.3		73.4%		72.5
(Loss) income before income taxes		(2.2	)		4.1		—			6.6		NM		NM
(Benefit) provision for income taxes		(0.2	)		1.6		0.2			2.7		NM		NM
Net (loss) income		(2.0%	)		2.5%		(0.2%	)		3.9%		NM		NM

UHS 3rd Quarter 2004
2-Nov-04
Page 8

Universal Hospital Services, Inc.
Statements of Cash Flows
(dollars in thousands)

	Nine Months Ended September 30,
	2004			2003
Cash flows from operating activities:	(unaudited)
Net (loss) income	$	(262	)	$	4,977
Adjustments to reconcile net (loss) income to net
cash provided by operating activities:
Depreciation		29,089			25,558
Amortization of intangibles		302			1,038
Accretion of bond discount		—			397
Provision for doubtful accounts		1,051			528
Non-cash stock-based compensation expense		—			160
(Gain) loss on sales/disposal of equipment		(470	)		412
Deferred income taxes		—			3,141
Changes in operating assets and liabilities, net of impact of
acquisition:
Accounts receivable		(3,125	)		(1,697	)
Inventories and other operating assets		(199	)		(425	)
Accounts payable and accrued expenses		10,748			(4,873	)
Net cash provided by operating activities		37,134			29,216
Cash flows from investing activities:
Movable medical equipment purchases		(34,271	)		(26,710	)
Property and office equipment purchases		(3,008	)		(2,025	)
Proceeds from disposition of movable medical equipment		2,372			1,465
Acquisitions		(15,455	)		—
Other		(1,081	)		(1,905	)
Net cash used in investing activities		(51,443	)		(29,175	)
Cash flows from financing activities:
Proceeds under loan agreements		75,714			50,950
Payments under loan agreements		(58,378	)		(49,244	)
Repurchase of common stock		(43	)		—
Payment of deferred financing cost		—			(5	)
Proceeds from issuance of common stock, net of offering costs		705			42
Change in book overdraft		(3,689	)		(1,784	)
Net cash provided by (used in) financing activities		14,309			(41	)
Net change in cash and cash equivalents	$	—		$	—
Supplemental cash flow information:
Interest paid	$	15,710		$	16,319
Income taxes paid	$	61		$	192
Movable medical equipment purchases in accounts payable	$	4,187		$	3,270
Movable medical equipment additions	$	28,990		$	24,303
Additional information
Net cash provided by operating activities	$	37,134		$	29,216
Changes in operating assets and liabilities		(7,363	)		6,995
Other non-cash expenses		(581	)		(1,497	)
Current income taxes		164			195
Interest expense		22,483			13,034
EBITDA	$	51,837		$	47,943