Attached files

file filename
8-K - NATIONAL HEALTHCARE CORPform8kq42011earningsanddivid.htm
EX-99 - NATIONAL HEALTHCARE CORPex992preferredandcommondivid.htm

Exhibit 99.1

[ex991nhc2011yearendearnin001.jpg]


For release:  February 16, 2012

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020


NHC Reports Year End Earnings


MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE Amex:  NHC, NHC.PRA), one of the nation's oldest long-term health care companies, today announced net income available to common shareholders of $55,401,000 or $4.02 per share basic for the year ended December 31, 2011, compared to $44,022,000 or $3.22 per share basic for the year ended December 31, 2010, an increase of 25.8%.  Annual operating revenues in 2011 increased 7.3% from $720,653,000 to $773,537,000.  

Fourth quarter of 2011 net income available to common shareholders was $12,358,000 or 89 cents per basic share, compared to $13,187,000 or 97 cents per basic share in the fourth quarter of 2010, a decrease of 6.3%.  Operating revenues for the fourth quarter of 2011 increased 0.5% from $191,856,000 to $192,742,000.

The decrease in operating results for the fourth quarter of 2011 compared to the same quarter a year ago resulted primarily from the reporting in the fourth quarter of 2010 of a one-time gain of $3,563,000 ($2,172,000 after taxes) on the recovery of assets previously written off.  If the 2010 fourth quarter gain were excluded, net income available to common shareholders for the quarter would have increased 12.2%.




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 75 long-term health care centers with 9,456 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.  



Page 2









 

NHC Reports Year End Results








 












 

Condensed Statements of Income








 

(in thousands, except share and per share amounts)








 












 





Three Months Ended


Twelve Months Ended

 





December 31


December 31

 

Revenues:


2011


2010


2011


2010


Net patient revenues

 $   178,958


 $     177,476


 $   715,489


 $   663,629


Other revenues

       13,784


         14,380


       58,048


       57,024



Net operating revenues

      192,742


       191,856


      773,537


      720,653












Costs and Expenses:









Salaries, wages and benefits

      108,247


       107,983


      428,672


      400,270


Other operating

       50,355


         50,359


      198,439


      197,016


Facility rent


         9,992


           9,646


       39,736


       38,086


Depreciation and amortization

         7,557


           7,251


       28,901


       27,141


Interest


            110


              117


            443


            513



Total costs and expenses

      176,261


       175,356


      696,191


      663,026












Income Before Non-Operating Income

       16,481


         16,500


       77,346


       57,627

Non-Operating Income

         5,677


           8,382


       20,533


       23,340












Income Before Income Taxes

       22,158


         24,882


       97,879


       80,967

Income Tax Provision

        (7,632)


          (9,527)


     (33,807)


     (28,272)












Net Income


       14,526


         15,355


       64,072


       52,695












Dividends to Preferred Stockholders

       (2,168)


          (2,168)


       (8,671)


       (8,673)












Net Income Available to Common Stockholders

 $     12,358


 $      13,187


 $     55,401


 $     44,022












Earnings Per Common Share:









Basic


 $        0.89


 $          0.97


 $        4.02


 $        3.22


Diluted


 $        0.88


 $          0.97


 $        3.90


 $        3.22












Weighted average common shares outstanding









Basic


 13,811,852


   13,568,903


 13,774,628


 13,671,053


Diluted


 16,442,767


   13,584,253


 16,414,023


 13,676,476















Balance Sheet Data











(in thousands)

Dec. 31


Dec. 31









2011


2010








Cash and marketable securities

 $   280,271


 $     236,463








Current assets

      362,186


       322,616








Property and equipment, net

      429,651


       436,392








Total assets

      865,672


       829,505








Current liabilities

      215,907


       224,296








Long-term debt

       10,000


         10,000








Deferred revenue

       11,785


         13,990








Stockholders' equity

      611,736


       561,146





-more-

 


Page 3








NHC Reports Year End Results















Selected Operating Statistics
















Three Months Ended


Twelve Months Ended


December 31


December 31


2011


2010


2011


2010

Per Diems:








Medicare

 $   427.45


 $   446.20


 $   452.32


 $   398.68

Managed Care

 $   400.80


 $   431.52


 $   415.03


 $   397.54

Medicaid

 $   158.31


 $   156.29


 $   157.48


 $   156.71

Private Pay and Other

 $   183.49


 $   181.66


 $   185.96


 $   184.61









Patient Days:








Medicare

    115,000


    109,180


    466,325


    438,754

Managed Care

      27,899


      22,763


    106,489


      88,711

Medicaid

    287,798


    287,193


 1,139,880


 1,111,203

Private Pay and Other

    153,439


    156,423


    606,975


    597,141


    584,136


    575,559


 2,319,669


 2,235,809









Average Per Diem

 $   229.49


 $   229.06


 $   236.03


 $   221.21