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Business Description
Universal Health Services, Inc. owns and operates acute care hospitals, behavioral health centers, ambulatory surgery centers and radiation oncology centers. As of March 1, 2004, the Company operated 48 acute care hospitals and 44 behavioral health centers located in 22 states, Washington, DC, Puerto Rico and France. As part of its ambulatory treatment centers division, Universal Health owns outright, or in partnership with physicians, and operates or manages, 16 surgery and radiation oncology centers located in nine states and Puerto Rico. Services provided by its hospitals include general surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services and behavioral health services.

Financial Information
For the nine months ended 9/30/04, revenues increased 16% to $3.05 billion. Net income from continuing operations fell 13% to $131.8 million. Results reflect growth in admissions to acute care hospitals and behavioral health care facilities, offset by higher labor costs.