EXHIBIT 99.1

   U.S. Physical Therapy Shareholders Approve Stock Incentive Plan

    HOUSTON--(BUSINESS WIRE)--June 3, 2004--U.S. Physical Therapy,
Inc. (Nasdaq:USPH) (the "Company") announced at its Annual
Shareholders Meeting, concluded the evening of June 2, 2004, the
Company's shareholders voted to approve the Company's 2003 Stock
Incentive Plan included in the Proxy Statement. The vote was 6,692,726
for, 1,996,699 against and 19,502 abstaining.
    Founded in 1990, U.S. Physical Therapy, Inc. operates 244
outpatient physical and/or occupational therapy clinics in 35 states
and manages PT facilities for third parties. The Company's clinics
provide post-operative care for a variety of orthopedic-related
disorders and sports-related injuries, treatment for
neurologically-related injuries, rehabilitation of injured workers and
preventative care. In addition to owning and operating clinics, the
Company manages five physical therapy facilities for third parties,
including physician groups. Named for three consecutive years in
Forbes Magazine's Best 200 Small Companies List, U.S. Physical Therapy
is included on the Russell 2000 and Russell 3000 Indexes. More
information is available at www.usph.com.

    CONTACT: U.S. Physical Therapy, Inc., Houston
             Roy W. Spradlin or Larry McAfee, 713-297-7000
             or
             Investors Relations:
             DRG&E
             Jack Lascar, 713-529-6600