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:20132012
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 benefits107,063106,471
Other operating54,41151,528
Facility rent9,8689,847
Depreciation and amortization6,9567,380
Interest 84  118 
Total costs and expenses 178,382  175,344 
 
Income Before Non-Operating Income15,99614,706
Non-Operating Income 6,618  5,868 
 
Income Before Income Taxes22,61420,574
Income Tax Provision (8,809) (7,920)
 
Net Income13,80512,654
 
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
Basic13,861,58413,840,079
Diluted14,111,75213,908,274
 
 
Balance Sheet Data
(in thousands)March 31Dec. 31
20132012
Cash and marketable securities$197,416$173,951
Restricted cash and marketable securities152,158146,770
Current assets440,686414,979
Property and equipment, net420,317420,907
Total assets949,823922,434
Current liabilities237,589226,495
Long-term debt10,00010,000
Stockholders' equity668,810656,148
    
Selected Operating Statistics
   
Three Months Ended
March 31
20132012
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:
Medicare120,916123,128
Managed Care36,04129,205
Medicaid255,425275,287
Private Pay and Other 145,952 148,731
558,334576,351
 
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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