Universal Health Services, Inc. Expects to Report Earnings Per Share Increase Greater Than 30
KING OF PRUSSIA, Pa., Jan. 21 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. (NYSE: UHS) expects to report earnings per share of approximately $.69 (diluted) for its fourth quarter ended December 31, 2002. On a full year basis, UHS expects to report earnings per share of approximately $2.74. Included in these earnings is approximately $.02 per share (diluted) resulting from the gain on sale of real estate. The 2002 earnings per share figures represent increases of more than 30% from prior year earnings per share in both the fourth quarter and full year of 2001 after adding back unusual charges to the prior year reported figures.
For the quarter ended December 31, 2002, admissions to the Company's acute care hospitals owned for more than a year increased 7.9% and admissions to behavioral health facilities owned for more than a year increased 7.7% compared to the same quarter in the prior year. For the full year 2002, admissions to acute and behavioral health facilities owned for more than a year increased 6.9% and 6.4% respectively compared to the full year 2001.
Pursuant to the terms of previously announced stock purchase programs, the Company purchased approximately 1.5 million shares during the fourth quarter ended December 31, 2002 at an average purchase price of $45.13 per share or $68.2 million in the aggregate. During the twelve months ended December 31, 2002, the Company purchased approximately 1.7 million shares at an average purchase price of $44.75 per share or $76.7 million in the aggregate.
The Company anticipates net revenues for 2003 to exceed $3.5 billion and earnings per share (diluted) of $3.10 to $3.20.
As previously announced, the Company completed the acquisition of North Star Behavioral Health System in Anchorage, Alaska, effective January 1, 2003. The 108-bed System includes the North Star Hospital and the North Star Residential Treatment Center. UHS expects to expand the service capacity of the System in 2003.
Also in January, the Company's affiliate in France completed the acquisition of the operating assets of the 140-bed Polyclinique Montreal in Carcassonne, France.
The Company expects to announce final fourth quarter and full year 2002 results on February 13, 2003, with a conference call for investors at 9:00 AM ET on February 14, 2003. The dial-in number for this call is 1-877-648-7971.
Universal Health Services, Inc. is one of the nation's largest hospital companies, operating acute care and behavioral health hospitals and ambulatory surgery and radiation centers nationwide, in Puerto Rico and in France. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT).
Certain statements in this release may constitute forward-looking statements and are subject to various risks and uncertainties as discussed in the Company's filings with the Securities and Exchange Commission. The Company is not obligated to update these forward-looking statements even if the Company's assessment of these risks and uncertainties changes.
For additional information on the Company, visit our web site: http://www.uhsinc.com. SOURCE Universal Health Services, Inc.
/CONTACT: Kirk E. Gorman, Chief Financial Officer, Universal Health Services, +1-610-768-3300/
/Company News On-Call: http://www.prnewswire.com/gh/cnoc/comp/916225.html/