NHC Reports First Quarter Earnings

NHC Reports First Quarter Earnings

MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE MKT: NHC)(NYSE MKT: NHC.PRA), the nation's oldest publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended March 31, 2013 of $11,637,000 compared to $10,486,000 for the quarter ended March 31, 2012, an increase of 11.0%. Net income was $0.84 per common share basic for the quarter ended March 31, 2013 compared to $0.76 per common share basic for the quarter ended March 31, 2012.

Revenues for the three months ended March 31, 2013 totaled $194,378,000 compared to $190,050,000 for the same three months of 2012, an increase of 2.3%.


Operating results for the first quarter of 2013 compared to the first quarter last year were favorably impacted by an improved patient mix, as well as the continued effort to implement cost saving measures to reduce expenses in our skilled nursing facilities.

Forward-Looking Statements

Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q and 10-K, and include, among others, the following: liabilities and other claims asserted against us and patient care liabilities, as well as the resolution of current litigation; availability of insurance and assets for indemnification; national and local economic conditions; including their effect on the availability and cost of labor, utilities and materials; the effect of government regulations and changes in regulations governing the healthcare industry, including our compliance with such regulations; changes in Medicare and Medicaid payment levels and methodologies and the application of such methodologies by the government and its fiscal intermediaries, the ability of third parties for whom we have guaranteed debt to refinance certain short term debt obligations; and other factors referenced or incorporated by reference in the S.E.C. filings. The risks included here are not exhaustive. All forward-looking statements represent NHC's best judgment as of the date of this release.

About NHC

NHC affiliates operate for themselves and third parties 73 long-term health care centers with 9,221 beds. NHC affiliates also operate 36 homecare programs, six independent living centers and 17 assisted living communities. NHC's other services include Alzheimer's units, long-term care pharmacies, hospice, a rehabilitation services company, and providing management and accounting services to third parties. Other information about the company can be found on our web site at www.nhccare.com.

Interim Condensed Consolidated Statements of Income

(in thousands, except share and per share amounts)

Three Months Ended

March 31

Revenues:

2013

2012

Net patient revenues

$

178,430

$

176,113

Other revenues

15,948

13,937

Net operating revenues

194,378

190,050

Costs and Expenses:

Salaries, wages and benefits

107,063

106,471

Other operating

54,411

51,528

Facility rent

9,868

9,847

Depreciation and amortization

6,956

7,380

Interest

84

118

Total costs and expenses

178,382

175,344

Income Before Non-Operating Income

15,996

14,706

Non-Operating Income

6,618

5,868

Income Before Income Taxes

22,614

20,574

Income Tax Provision

(8,809

)

(7,920

)

Net Income

13,805

12,654

Dividends to Preferred Stockholders

(2,168

)

(2,168

)

Net Income Available to Common Stockholders

$

11,637

$

10,486

Earnings Per Common Share

Basic

$

0.84

$

0.76

Diluted

$

0.82

$

0.75

Weighted average common shares outstanding

Basic

13,861,584

13,840,079

Diluted

14,111,752

13,908,274

Balance Sheet Data

(in thousands)

March 31

Dec. 31

2013

2012

Cash and marketable securities

$

197,416

$

173,951

Restricted cash and marketable securities

152,158

146,770

Current assets

440,686

414,979

Property and equipment, net

420,317

420,907

Total assets

949,823

922,434

Current liabilities

237,589

226,495

Long-term debt

10,000

10,000

Stockholders' equity

668,810

656,148

Selected Operating Statistics

Three Months Ended

March 31

2013

2012

Per Diems:

Medicare

$

428.71

$

429.01

Managed Care

$

416.69

$

402.53

Medicaid

$

165.24

$

157.45

Private Pay and Other

$

198.07

$

191.01

Patient Days:

Medicare

120,916

123,128

Managed Care

36,041

29,205

Medicaid

255,425

275,287

Private Pay and Other

145,952

148,731

558,334

576,351

Average Per Diem

$

247.11

$

236.54



National HealthCare Corporation
Gerald Coggin, 615-890-2020
Sr. VP of Corporate Relations

KEYWORDS: United States North America Tennessee

INDUSTRY KEYWORDS:

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