As one of the recognized leaders and innovators in the health care industry, UHS has developed a business plan based on our strength, experience, and foresight. We believe community-based hospitals will remain the focal point of the health care delivery network and UHS is committed to a philosophy of self determination for both the company and our hospitals. In each community served by UHS, UHS looks to add services and delivery locations, aggressively recruit physicians and create a network of providers in an effort to make UHS's facilities the most important provider of health care in their communities. UHS will continue its record of success by remaining committed to a program of rational growth around our core businesses while still retaining the mission of the hospitals we manage and the communities we serve.

Unlike many hospital systems that have suffered serious financial declines since the passage of the Balanced Budget Act of 1997, UHS has recorded consecutive year over year increases in net income. Throughout the 1990s and into 2003, UHS's net income has consistently grown. UHS is one of only a very few investor-owned health care service companies with an investment grade credit rating.

The UHS strategy has served the company well in recent years. As we look ahead, we will continue to emphasize innovation in our response to the rapid changes in regulatory trends and market conditions and fulfill the UHS commitment to patients, physicians, employees, the communities we serve, and our shareholders.