Universal Health Services, Inc. Consolidated Statements of Income December 2002 (in thousands, except per share amounts) (unaudited)
| |
Three months ended December 31, |
Twelve months ended December 31, |
| |
2002 |
2001 |
2002 |
2001 |
| Net revenues |
$835,478 |
$724,162 |
$3,258,898 |
$2,840,491 |
| Operating charges: |
| Salaries, wages and benefits |
334,334 |
289,643 |
1,298,967 |
1,122,428 |
| Other operating expenses |
201,209 |
179,286 |
787,408 |
668,026 |
| Supplies expense |
111,395 |
91,469 |
425,142 |
368,091 |
| Provision for doubtful accounts |
58,033 |
53,438 |
231,362 |
240,025 |
| Depreciation and amortization |
34,350 |
32,893 |
124,794 |
127,523 |
| Lease and rental expense |
15,623 |
13,951 |
61,712 |
53,945 |
| Interest expense, net |
9,248 |
7,368 |
34,746 |
36,176 |
| Provision for insurance settlements |
0 |
40,000 |
0 |
40,000 |
| Recovery of facility closure costs |
(2,182) |
0 |
(2,182) |
0 |
| (Gain)/losses on foreign exchange and derivative transactions |
(50) |
7,353 |
220 |
8,862 |
| |
761,960 |
715,401 |
2,962,169 |
2,665,076 |
| Income before minority interests, income taxes and extraordinary charge |
73,518 |
8,761 |
296,729 |
175,415 |
| Minority interests in earnings of consolidated entities |
4,173 |
6,194 |
19,658 |
17,518 |
| Income before income taxes |
69,345 |
2,567 |
277,071 |
157,897 |
| Provision for income taxes |
25,455 |
632 |
101,710 |
57,147 |
| Net income before extraordinary charge |
43,890 |
1,935 |
175,361 |
100,750 |
| Extraordinary charge from early extinguishment of debt, net of taxes |
0 |
1,008 |
0 |
1,008 |
| Net income |
$43,890 |
$927 |
$175,361 |
$99,742 |
| Earnings per common share - basic |
$0.74 |
$0.02 |
$2.94 |
$1.67 |
| Earnings per common share - diluted |
$0.69 |
$0.02 |
$2.74 |
$1.60 |
| Weighted average number of common shares - basic |
59,241 |
59,829 |
59,730 |
59,874 |
| Weighted average number of common share equivalents |
7,582 |
688 |
7,345 |
7,346 |
| Weighted average number of common shares and equiv. - diluted |
66,823 |
60,517 |
67,075 |
67,220 |
| EARNINGS PER SHARE CALCULATION |
| Net income |
$43,890 |
$927 |
$175,361 |
$99,742 |
| Add: Debenture interest, net of taxes |
2,134 |
0 |
8,451 |
8,120 |
| Adjusted net income |
$46,024 |
$927 |
$183,812 |
$107,862 |
| Weighted average number of common shares - basic |
59,241 |
59,829 |
59,730 |
59,874 |
| Add: Shares for conversion of convertible debentures |
6,577 |
0 |
6,577 |
6,577 |
| Other share equivalents |
1,005 |
688 |
768 |
769 |
| Weighted average number of common shares and equiv. - diluted |
66,823 |
60,517 |
67,075 |
67,220 |
| Earnings per common share - diluted |
$0.69 |
$0.02 |
$2.74 |
$1.60 |
|