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Selected Financial Data

Universal Health Services, Inc. and Subsidiaries

Year Ended
December 31		 1999 1998 1997 1996 1995
Summary of Operations (in thousands)
Net revenues $2,042,380 $1,874,487 $1,442,677 $1,174,158 $919,193
Net income $77,775 $79,558 $67,276 $50,671 $35,484
Net margin 3.8% 4.2% 4.7% 4.3% 3.9 %
Return on average equity 12.1% 13.1% 13.5% 13.0% 12.4%
Financial Data (in thousands)
Cash provided by
operating activities 		$175,557 $151,684 $174,170 $145,991 $91,749
Capital expenditures(1) $68,695 $96,808 $132,258 $107,630 $65,695
Total assets $1,497,973 $1,448,095 $1,085,349 $965,795 $748,051
Long-term borrowings $419,203 $418,188 $272,466 $275,634 $237,086
Common stockholders' equity $641,611 $627,007 $526,607 $452,980 $297,700
Percentage of total debt
to total capitalization		 40% 40% 35% 38% 45%
Operating Data - Acute Care Hospitals
Average licensed beds 4,806 4,696 3,389 3,018 2,638
Average available beds 4,099 3,985 2,951 2,641 2,340
Hospital admissions 204,538 187,833 128,020 111,244 91,298
Average length of patient stay 4.7 4.7 4.8 4.9 5.1
Patient days 963,842 884,966 616,965 546,237 462,054
Occupancy rate for licensed beds 55% 52% 50% 49% 48%
Occupancy rate for available beds 64% 61% 57% 57% 54%
Operating Data - Behavioral Health Facilities
Average licensed beds 1,976 1,782 1,777 1,565 1,238
Average available beds 1,961 1,767 1,762 1,540 1,223
Hospital admissions 37,810 32,400 28,350 22,295 15,329
Average length of patient stay 11.8 11.3 11.9 12.4 12.8
Patient days 444,632 365,935 336,850 275,667 195,961
Occupancy rate for licensed beds 62% 56% 52% 48% 43%
Occupancy rate for available beds 62% 57% 52% 49% 44%
Per Share Data
Net income - basic(2) $2.48 $2.45 $2.08 $1.69 $1.28
Net income - diluted(2) $2.43 $2.39 $2.03 $1.65 $1.26
Other Information (in thousands)
Weighted average number of
shares outstanding - basic(2)		 31,417 32,511 32,321 30,054 27,691
Weighted average number of
shares and share equivalents
outstanding - diluted(2)		 31,990 33,293 33,098 30,798 28,103
Common Stock Performance
Market price of common stock High-Low, by quarter(3)
1st 53 -
377/8		 581/8 -
471/16		 345/8 -
277/8		 267/8 -
211/16		 13 -
113/8
2nd 547/8 -
391/2		 595/8 -
53		 401/2 -
315/8		 301/8 -
243/8		 1413/16 -
127/16
3rd 473/8 -
2311/16		 581/2 -
383/4		 471/16 -
391/16		 271/4 -
223/4		 1711/16 -
14
4th 361/2 -
24		 545/16 -
407/16		 503/8 -
4011/16		 291/4 -
241/2		 223/16 -
161/8
(1) Amount includes non-cash capital lease obligations.

(2) In April 1996, the Company declared a two-for-one stock split in the form of a 100 stock dividend which was paid in May 1996. All classes of common stock participated on a pro rata basis. The weighted average number of common shares and equivalents and earnings per common and common equivalent share for all years presented have been adjusted to reflect the two-for-one stock split.

(3) These prices are the high and low closing sales prices of the Company’s Class B Common Stock as reported by the New York Stock Exchange (all periods have been adjusted to reflect the two-for-one stock split in the form of a 100% stock dividend paid in May 1996). Class A, C and D common stock are convertible on a share-for-share basis into Class B Common Stock.

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