Profit falls for LV hospital operator

Friday, Oct. 22, 1999 | 11:56 a.m.

Universal Health Services Inc., the No. 3 U.S. manager of hospitals, said its third quarter earnings fell 36 percent -- as expected -- because of slow payments from insurers and weaker performances at its hospitals in Las Vegas and Amarillo, Texas.

Based in King of Prussia, Pa., Universal said profit from operations fell to $10.8 million or 34 cents a share from $17 million or 51 cents a year earlier. It was expected to earn 31 cents, the average estimate of analysts surveyed by First Call Corp.

In September, Universal warned that profit would be lower because it's having trouble collecting payments from some insurers and because staffing costs rose at its hospitals in Las Vegas and Amarillo.

In Las Vegas, Universal operates the Valley Health System. The system includes Valley, Summerlin and Desert Springs hospitals.

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