Universal Health Services, Inc.
Consolidated Statements of Income
March 1998
(in thousands, except per share amounts)
(unaudited)

  Three months ended March 31,
  1998 1997
Net revenues $463,117 $340,170
Operating charges:
    Operating expenses 180,951 130,056
    Salaries and wages 161,125 119,747
    Provision for doubtful accounts 37,266 23,663
    Depreciation and amortization 24,436 19,028
    Lease and rental expense 11,405 9,121
    Interest expense 6,307 4,956
  421,490 306,571
Income before minority interests and income taxes 41,627 33,599
Minority interests in earnings of consolidated entities 1,748 (382)
Income before income taxes 39,879 33,981
Provision for income taxes 14,229 12,451
Net income $25,650 $21,530
Earnings per share - basic $0.79 $0.67
Earnings per share - diluted $0.77 $0.65
Average number of shares outstanding - basic 32,516 32,218
Stock equivalents 794 749
Average number of shares outstanding - diluted 33,310 32,967


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