Printer Friendly

UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 52 PERCENT INCREASE IN THIRD QUARTER NET INCOME

 KING OF PRUSSIA, Pa., Oct. 20 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that net income for the three-month period ended Sept. 30, 1993, was $5.2 million, a 52 percent increase from the $3.4 million of net income reported in the same period of 1992.
 Earnings per share were $.37 for the quarter ended Sept. 30, 1993, compared to $.25 for the prior year period. Net revenues increased 7 percent from prior year to $186.3 million in the period ended Sept. 30, 1993. At Sept. 30, 1993, the company's balance sheet showed shareholders' equity of approximately $220 million and long-term funded debt of approximately $95 million.
 For the nine months ended Sept. 30, 1993, net income was $20.2 million, or $1.43 per share, on $569.1 million of net revenue. Net income and earnings per share are both 19 percent higher in the current nine-month period than for the same period in the prior year.
 The improved results in the third quarter were produced by increases in operating income in each of the company's three business lines. Acute care hospital operating income increased 19 percent, and psychiatric hospital operating income increased 11 percent. Also contributing to increased operating income were the nine free-standing surgery and radiation treatment centers the company has purchased since August of 1992.
 Universal Health Services is a healthcare management company which owns and operates 14 acute care hospitals, 13 psychiatric hospitals and 12 ambulatory surgery and radiation therapy centers nationwide. 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)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Net revenues $186,332 $173,720 $569,090 $550,197
 Operating charges:
 Operating expenses 158,517 148,167 478,534 441,342
 Depreciation and
 amortization 9,885 8,675 28,212 39,407
 Lease and rental expense 8,423 8,473 25,249 25,039
 Interest expense 2,004 2,675 6,737 8,658
 Total 178,829 167,990 538,732 514,446
 Income before income taxes 7,503 5,730 30,358 35,751
 Provision for income taxes 2,346 2,330 10,112 18,788
 Net income 5,157 3,400 20,246 16,963
 Earnings per common and
 common equivalent share $.37 $.25 $1.43 $1.20
 Average number of common
 shares and equivalents 14,794 15,029 14,848 15,023
 Note: The earnings per share have been adjusted to reflect the assumed conversion of the company's convertible debentures.
 /delval/
 -0- 10/20/93
 /CONTACT: Kirk E. Gorman, CFO of Universal Health Services, 215-768-3300/
 (UHS UHT)


CO: Universal Health Services, Inc. ST: Pennsylvania IN: HEA SU: ERN

MK-MJ -- PH015 -- 4520 10/20/93 11:17 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993
Words:476
Previous Article:HERSHEY FOODS REPORTS RECORD THIRD QUARTER FINANCIAL RESULTS
Next Article:POLK AUDIO, INC. ANNOUNCES SECOND QUARTER RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters