|Universal Health Services, Inc. Announces Share Repurchase Authorization and Declaration of Quarterly Dividend|
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 private transactions.
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: http://www.uhsinc.com.
SOURCE: Universal Health Services, Inc.
CONTACT: Steve Filton, Chief Financial Officer, Universal Health Services, +1-610-768-3300
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