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UNIVERSAL HEALTH SERVICES INC. ANNOUNCES FULL YEAR 1992 RESULTS

 KING OF PRUSSIA, Pa., Feb. 11 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its net income for the year ended Dec. 31, 1992, was $20 million or $1.43 per share.
 This net income is a 15 percent increase from the prior year's net income, excluding $3 million or $.20 per share from the net after tax gain recorded in 1991 on the sale and closure of hospitals. Net revenues for 1992 were $731.2 million, an increase of 6 percent from the prior year.
 Net income for the quarter ended Dec. 31, 1992 was $3.1 million or $.23 per share compared to $2.3 million or $.18 per share in the prior year period. Net revenue in the quarter ended Dec. 31, 1992, was $181.0 million, an increase of 4 percent from the prior year period.
 Included in the company's full year results was $31 million of net favorable reimbursement increases partially reduced by a $13.5 million increasing amortization of goodwill expense and $3.5 million increased expense for employee benefit reserves. These items, net of income taxes, increased net income $3.8 million or $.25 per share for the year. In the quarter, net favorable reimbursement items increased net income after taxes by $1.6 million or $.11 per share.
 The company's strong cash flow and earnings permitted the company to reduce debt by $62 million to $117.9 million and increase shareholders' equity by $18 million or $202.9 million. During the year, the company invested approximately $35 million in its hospital facilities, $7 million for the acquisition of four surgery centers, and expended $2.9 million to repurchase shares.
 Universal Health Services Inc. is a hospital management company which owns and operates 15 acute care and 13 psychiatric hospitals nationwide. It acts as the advisor to Universal Health Realty Income Trust a REIT (NYSE: UHT).
 UNIVERSAL HEALTH SERVICES INC.
 Consolidated Statements of Income
 (In thousands except per-share amounts)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Net revenues 181,030 174,249 731,227 691,619
 Operating charges:
 Operating expenses 154,605 154,185 595,947 583,410
 Depreciation and
 amortization 9,652 9,301 49,059 35,022
 Lease and rental expense 8,815 8,701 33,854 34,479
 Interest expense 2,756 (1,919) 11,414 8,150
 Total 175,828 170,268 690,274 661,061
 Income before income taxes 5,202 3,981 40,953 30,558
 Provision for income taxes 2,145 1,677 20,933 10,239
 Net income 3,057 2,304 20,020 20,319
 Earnings per common and
 common equivalent share $.23 $.18 $1.43 $1.45
 Average number of common
 shares and equivalents 14,811 14,998 14,970 14,992
 Note: The earnings per share have been adjusted to reflect the assumed conversion of the company's convertible debentures.
 /delval/
 -0- 2/11/93
 /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

JS-CC -- PH035 -- 5883 02/11/93 16:42 EST
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Date:Feb 11, 1993
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