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Universal Health Services, Inc. Reports Significant Increases in 2008 Fourth Quarter and Full Year Earnings from Continuing Operations Per Diluted Share and Reports 2009 Guidance
Date:2/26/2009

or an increase of 27% to $3.89 per diluted share, as compared to $164.4 million, or $3.07 per diluted share, during 2007. Adjusted net income was $195.5 million, or $3.85 per diluted share, during the year ended December 31, 2008 as compared to $164.2 million, or $3.07 per diluted share, during 2007.

Net revenues increased 5% to $1.24 billion during the fourth quarter of 2008 as compared to $1.18 billion during the fourth quarter of 2007. Net revenues increased 7% to $5.02 billion during the year ended December 31, 2008 as compared to $4.68 billion during 2007. Our consolidated operating margin, as calculated on the attached Supplemental Schedules (without adjusting for the various items mentioned below), was 12.6% and 13.0% during the three-month periods ended December 31, 2008 and 2007, respectively, and 13.4% and 13.2% during the years ended December 31, 2008 and 2007, respectively.

"In what is proving to be an increasingly difficult operating environment, we are extremely proud of our significantly improved financial results in 2008" said Alan B. Miller, President and Chief Executive Officer. "We believe that our diversified business mix strategy and conservative balance sheet positions us well to weather the economic challenges we all face."

As indicated on the attached Supplemental Schedules, our income from continuing operations and net income for the three and twelve-month periods ended December 31, 2008 and 2007 include various items such as: (i) a $25 million pre-tax charge recorded during 2008 to establish a reserve in connection with the government's investigation of our South Texas Health System affiliates (see Other Matters below); (ii) reductions to our professional and general liability self-insured claims expense recorded during 2008 (partial liquidation proceeds from PHICO's estate as discussed in Other Matters below) and 2007 (based upon the results of a reserve analysis); (i
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