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UNIVERSAL HEALTH SERVICES REPORTS FIRST QUARTER NET INCOME INCREASE FROM ONGOING OPERATIONS

 UNIVERSAL HEALTH SERVICES REPORTS FIRST QUARTER
 NET INCOME INCREASE FROM ONGOING OPERATIONS
 KING OF PRUSSIA, Pa., April 20 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) reported today its net income from ongoing operations for the quarter ended March 31, 1992, was $7.1 million or $.50 per share compared with $6.7 million or $.46 per share for the 1991 first quarter.
 Net revenues from ongoing operations in the 1992 quarter were $179.8 million compared with $177.1 million in 1991.
 Total net revenues of $202 million for the 1992 first quarter include a $22.2 million gain from a favorable reimbursement increase which was partially offset by an increase in depreciation and amortization expense caused by a $13.5 million revaluation of "goodwill." These non-recurring items, net of income taxes, increased net income by $.02 per share to $.52 per share.
 In the first quarter of 1991, total net revenues of $181.9 million included a $4.8 million gain realized from the sale of three hospitals in the United Kingdom and operating expenses for the quarter included a $3 million loss due to the closure of a hospital. These non-recurring items, net of income taxes, increased net income in the 1991 quarter by $.20 per share to $.66 per share.
 Universal Health Services, Inc. is a hospital management company which owns and operates 15 acute care and 13 psychiatric hospitals in 13 states. It acts as the advisor to Universal Health Realty Income Trust a Real Estate Investment Trust (NYSE: UHT).
 UNIVERSAL HEALTH SERVICES, INC.
 Consolidated Statements of Income
 (Unaudited; in thousands, except per-share amounts)
 Three months ended March 31 1992 1991
 Net revenues $202,049 $181,947
 Operating charges:
 Operating expenses 148,657 147,925
 Depreciation and
 amortization 21,901 8,526
 Lease and rental expense 8,515 8,547
 Interest expense 3,002 4,271
 Total 182,075 169,269
 Income before income taxes 19,974 12,678
 Provision for income taxes 12,531 2,985
 Net income 7,443 9,693
 Earnings per common and
 common equivalent share $.52 $.66
 Average number of common
 shares and equivalents 15,009 15,123
 Note: The earnings per share have been adjusted to reflect the assumed conversion of the company's convertible debentures.
 /delval/
 -0- 4/20/92
 /CONTACT: Kirk E. Gorman, senior vp and treasurer of Universal Health Services, 215-768-3300/
 (UHS UHT) CO: Universal Health Services, Inc. ST: Pennsylvania IN: HEA SU: ERN


MK-CC -- PH018 -- 9976 04/20/92 10:58 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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