NHC Reports Year End Earnings

NHC Reports Year End 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 of $49,286,000 or $3.56 per share basic for the year ended December 31, 2012, compared to $55,401,000 or $4.02 per share basic for the year ended December 31, 2011, a decrease of 11.0%. Annual operating revenues in 2012 decreased 1.6% from $773,537,000 to $761,262,000.

For comparative purposes, operating expenses for the 2011 year included a favorable result within our accrued risk reserves of $10,500,000 (approximately $6,825,000 after income taxes or $0.50 per common share basic), thus lowering the 2011 expense. Excluding this adjustment, the year ended December 31, 2012 would have reflected an increase of 4.5% in income before taxes and an increase of 1.5% in net income available to common shareholders (after taxes) compared to 2011.


Fourth quarter of 2012 net income available to common shareholders was $12,266,000 or 88 cents per basic share, compared to $12,358,000 or 89 cents per basic share in the fourth quarter of 2011, a decrease of 0.7%. Operating revenues for the fourth quarter of 2012 increased 0.7% from $192,742,000 to $194,043,000.

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 75 long-term health care centers with 9,460 beds. NHC affiliates also operate 37 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.

    
NHC Reports Year End Earnings
 
Consolidated Statements of Income
(in thousands, except share and per share amounts)
 
Three Months EndedTwelve Months Ended
December 31December 31
Revenues:2012201120122011
Net patient revenues$180,175$178,958$705,386$715,489
Other revenues 13,868  13,784  55,876  58,048 

Net operating revenues

 194,043  192,742  761,262  773,537 
 
Costs and Expenses:
Salaries, wages and benefits108,906108,247426,934428,672
Other operating49,42050,355198,691198,439
Facility rent9,8489,99239,35539,736
Depreciation and amortization7,6247,55729,79228,901
Interest 110  110  455  443 
Total costs and expenses 175,908  176,261  695,227  696,191 
 
Income Before Non-Operating Income18,13516,48166,03577,346
Non-Operating Income 6,699  5,677  25,245  20,533 
 
Income Before Income Taxes24,83422,15891,28097,879
Income Tax Provision (10,400) (7,632) (33,323) (33,807)
 
Net Income14,43414,52657,95764,072
 
Dividends to Preferred Stockholders (2,168) (2,168) (8,671) (8,671)
 
Net Income Available to Common Stockholders$12,266 $12,358 $49,286 $55,401 
 
Earnings Per Common Share
Basic$0.88$0.89$3.56$4.02
Diluted$0.87$0.88$3.49$3.90
 
Weighted average common shares outstanding
Basic13,872,47213,811,85213,852,70913,774,628
Diluted14,034,53216,442,76716,598,81616,414,023
 
 
Balance Sheet Data
(in thousands)Dec. 31Dec. 31
20122011
Cash and marketable securities$173,951$146,059
Restricted cash and marketable securities146,770134,212
Current assets414,979368,198
Property and equipment, net420,907429,651
Total assets920,181870,424
Current liabilities226,495220,659
Long-term debt10,00010,000
Stockholders' equity659,672611,736
 

 

    
NHC Reports Year End Earnings
 
Selected Operating Statistics
 
Three Months EndedTwelve Months Ended
December 31December 31
2012201120122011
Per Diems:
Medicare$434.47$427.45$430.13$452.32
Managed Care$408.76$400.80$408.22$415.03
Medicaid$165.68$158.31$159.65$157.48
Private Pay and Other$192.95$183.49$192.42$185.96
 
Patient Days:
Medicare118,006115,000478,767466,325
Managed Care33,38727,899124,801106,489
Medicaid270,200287,7981,088,9441,139,880
Private Pay and Other 151,004 153,439 599,966 606,975
572,597584,1362,292,4782,319,669
 
Average Per Diem$242.44$229.49$238.25$236.03
 



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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