Universal Health Services last week reported increased revenue but a slide in profits for the quarter and year ended Dec. 31, 1999.
The King of Prussia, Pa.-based chain of 68 hospitals and behavioral facilities reported net income of $77.8 million for the year, or $2.43 per share, down 2% from $79.6 million, or $2.39 per share, in the previous year. The company had more shares outstanding in 1998.
The 1999 net income figure includes a nonrecurring asset write-down of $5.3 million, or 10 cents per share. Excluding the one-time charge, the company's net income increased for the seventh consecutive year. Annual net revenue was $2.04 billion, a 9% increase.
For the fourth quarter, UHS' net income dropped 31% to $13.9 million, or 45 cents per share, from $20.1 million, or 61 cents per share. Net revenue rose 8% to $519 million.
Separately, New American Healthcare Corp., a nine-hospital chain based in Nashville, said earlier this month that it lost $13 million, or 75 cents per share, in its third quarter ended Dec. 31, compared with net income of $1.2 million, or 7 cents per share, in the year-ago quarter. Revenue fell 22% to $37.4 million.