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8-K - NATIONAL HEALTHCARE CORPform8kq32011earningsanddivid.htm
EX-99 - NATIONAL HEALTHCARE CORPex992preferredandcommondivid.htm

Exhibit 99.1



[ex991nhc2011thirdquartere001.jpg]


For release: November 3, 2011

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020



NHC Reports Third Quarter Earnings



MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE Amex: NHC;  NYSE Amex: NHC.PRA), a publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended September 30, 2011 of $15,044,000 compared to $12,914,000 for the quarter September 30, 2010, an increase of 16.5%.  Net income was $1.09 per common share basic for the quarter ended September 30, 2011 compared to $.95 per common share basic for the quarter ended September 30, 2010.

Revenues for the three months ended September 30, 2011 totaled $197,064,000 compared to $178,551,000 for the same three months of 2010, an increase of 10.4%.

  



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 NHCs best judgment as of the date of this release.


About NHC

NHC affiliates operate for themselves and third parties 76 long-term health care centers with 9,548 beds.  NHC affiliates also operate 36 homecare programs, six independent living centers and 17 assisted living communities.  NHCs other services include Alzheimers 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.  


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Page 2

NHC Reports Third Quarter Earnings













Condensed Statements of Income

(in thousands, except share and per share amounts)

















Three Months Ended


Nine Months Ended






September 30


September 30


Revenues:

2011


2010


2011


2010



Net patient revenues

 $   182,134


 $     165,344


 $   536,531


 $   486,153



Other revenues

       14,930


         13,207


       44,264


       42,644




Net operating revenues

      197,064


       178,551


      580,795


      528,797














Costs and Expenses:










Salaries, wages and benefits

      106,870


         98,531


      320,425


      292,287



Other operating

       54,807


         49,296


      148,084


      146,657



Facility rent


       10,000


           9,518


       29,744


       28,440



Depreciation and amortization

         7,307


           6,800


       21,344


       19,890



Interest


            136


              136


            333


            396




Total costs and expenses

      179,120


       164,281


      519,930


      487,670














Income Before Non-Operating Income

       17,944


         14,270


       60,865


       41,127


Non-Operating Income

         5,140


           5,424


       14,856


       14,958














Income Before Income Taxes

       23,084


         19,694


       75,721


       56,085


Income Tax Provision

        (5,873)


          (4,611)


      (26,175)


      (18,745)














Net Income


       17,211


         15,083


       49,546


       37,340














Dividends to Preferred Stockholders

        (2,167)


          (2,169)


        (6,503)


        (6,505)














Net Income Available to Common Stockholders

 $     15,044


 $      12,914


 $     43,043


 $     30,835














Earnings Per Common Share:










Basic


 $        1.09


 $          0.95


 $        3.13


 $        2.25



Diluted


 $        1.05


 $          0.95


 $        3.02


 $        2.25














Weighted average common shares outstanding










Basic


 13,807,995


   13,649,174


 13,762,084


 13,705,477



Diluted


 16,444,749


   13,650,916


 16,404,305


 13,707,590





























Balance Sheet Data












(in thousands)

Sept. 30


Dec. 31










2011


2010









Cash and marketable securities

 $   267,051


 $     236,463









Current assets

      343,369


       322,126









Property and equipment, net

      432,020


       436,392









Total assets

      846,327


       829,015









Current liabilities

      206,367


       223,806









Long-term debt

       10,000


         10,000









Deferred revenue

       13,707


         13,990









Stockholders' equity

      598,996


       561,146


















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Page 3








NHC Reports Third Quarter Earnings















Selected Operating Statistics
















Three Months Ended


Nine Months Ended


September 30


September 30


2011


2010


2011


2010

Per Diems:








Medicare

 $   471.80


 $   387.53


 $   460.45


 $   382.27

Managed Care

 $   424.22


 $   393.59


 $   419.64


 $   386.25

Medicaid

 $   156.56


 $   158.03


 $   157.41


 $   156.29

Private Pay and Other

 $   188.00


 $   184.65


 $   187.66


 $   184.69









Patient Days:








Medicare

    116,128


    107,945


    351,334


    330,151

Managed Care

      28,009


      23,049


      78,671


      65,871

Medicaid

    286,841


    280,119


    850,938


    827,029

Private Pay and Other

    153,259


    152,239


    454,701


    442,427


    584,237


    563,352


 1,735,644


 1,665,478









Average Per Diem

 $   240.30


 $   218.84


 $   238.56


 $   217.72