KING OF PRUSSIA, Pa., July 20 /PRNewswire-FirstCall/ -- Universal Health
Services, Inc. (NYSE: UHS) announced today that its Board of Directors
authorized an additional 5 million share repurchase program to supplement the
386,000 shares remaining under previously announced authorizations. Pursuant
to the stock repurchase program, the Company, from time to time and as
conditions allow, may purchase shares on the open market or in negotiated
Approximately 90% of the holders of the Company's convertible debentures
due June 23, 2020 exercised their option to convert their debentures into
shares of the Company's Class B common stock on or before the June 23, 2006
redemption of the debentures. As a result, approximately 5.9 million shares of
the Company's Class B common stock were issued. During the second quarter the
Company repurchased approximately 3.2 million shares. The new authorization
will allow the Company to repurchase the additional shares of Class B common
stock which were issued as a result of the conversion by debenture holders as
well as replenish the Company's previous authorization.
The Company also announced today that its Board of Directors voted to pay
a cash dividend of $0.08 per share on September 15, 2006 to shareholders of
record as of September 1, 2006.
Universal Health Services, Inc. is one of the nation's largest hospital
companies, operating acute care and behavioral health hospitals, ambulatory
and radiation centers nationwide. 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 website:
SOURCE: Universal Health Services, Inc.
CONTACT: Steve Filton, Chief Financial Officer, Universal Health