Universal Health Services announced that its reported net income attributable to UHS was $174.3 million, or $1.73 per diluted share, during the first quarter of 2015.
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This compares to $138.1 million, or $1.38 per diluted share, during the comparable quarter of 2014. Net revenues increased 14.8% to $2.23 billion during the first quarter of 2015 as compared to $1.94 billion during the first quarter of 2014.
For the three-month period ended March 31, 2015, our adjusted net income attributable to UHS, as calculated on the attached Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information, increased approximately 31% to $179.5 million, or $1.78 per diluted share, as compared to $136.7 million, or $1.36 per diluted share, during the first quarter of 2014.
As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2015 is a net unfavorable after-tax impact of approximately $5.2 million, or $.05 per diluted share, related to the depreciation and amortization expense recorded in connection with the implementation of electronic health records (EHR) applications at our acute care hospitals.
As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2014 was an aggregate net favorable after-tax impact of approximately $1.4 million, or $.02 per diluted share, consisting of: a favorable after-tax impact of $6.3 million, or $.07 per diluted share, resulting from a gain realized on the sale of a non-operating investment, and a net unfavorable after-tax impact of approximately $4.9 million, or $.05 per diluted share, related to the incentive income and depreciation and amortization expense recorded in connection with the implementation of EHR applications.
During the third quarter of 2014, the board authorized a stock repurchase program whereby, from time to time as conditions allow, the company may spend up to $400 million to purchase shares of its Class B Common Stock on the open market or in negotiated private transactions.
In conjunction with this program, during the first quarter of 2015, the company repurchased 48,269 shares at an aggregate cost of $5.6 million. Since inception of the program through March 31, 2015, the company repurchased 596,461 shares at an aggregate cost of $63.6 million. ■