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8-K - NATIONAL HEALTHCARE CORPform8kq42012earningsanddivid.htm
EX-99 - NATIONAL HEALTHCARE CORPex992preferredandcommondivid.htm

Exhibit 99.1

[ex991nhc2012yearendearnin001.jpg]



For release:  February 15, 2013

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020


NHC Reports Year End Earnings


MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE MKT:  NHC, 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 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 9,460 beds.  NHC affiliates also operate 37 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 Earnings



















Consolidated Statements of Income








(in thousands, except share and per share amounts)























Three Months Ended


Twelve Months Ended





December 31


December 31

Revenues:


2012


2011


2012


2011


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 benefits

      108,906


       108,247


      426,934


      428,672


Other operating

       49,420


         50,355


      198,691


      198,439


Facility rent


         9,848


           9,992


       39,355


       39,736


Depreciation and amortization

         7,624


           7,557


       29,792


       28,901


Interest


            110


              110


            455


            443



Total costs and expenses

      175,908


       176,261


      695,227


      696,191












Income Before Non-Operating Income

       18,135


         16,481


       66,035


       77,346

Non-Operating Income

         6,699


           5,677


       25,245


       20,533












Income Before Income Taxes

       24,834


         22,158


       91,280


       97,879

Income Tax Provision

     (10,400)


          (7,632)


     (33,323)


     (33,807)












Net Income


       14,434


         14,526


       57,957


       64,072












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









Basic


 13,872,472


   13,811,852


 13,852,709


 13,774,628


Diluted


 14,034,532


   16,442,767


 16,598,816


 16,414,023














Balance Sheet Data










(in thousands)

Dec. 31


Dec. 31









2012


2011







Cash and marketable securities

 $   173,951


 $     146,059







Restricted cash and marketable securities

      146,770


       134,212







Current assets

      414,979


       368,198







Property and equipment, net

      420,907


       429,651







Total assets

      920,181


       870,424







Current liabilities

      226,495


       220,659







Long-term debt

       10,000


         10,000







Stockholders' equity

      659,672


       611,736





-more-


Page 3








NHC Reports Year End Earnings















Selected Operating Statistics
















Three Months Ended


Twelve Months Ended


December 31


December 31


2012


2011


2012


2011

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:








Medicare

     118,006


  115,000


   478,767


   466,325

Managed Care

       33,387


    27,899


   124,801


   106,489

Medicaid

     270,200


  287,798


1,088,944


1,139,880

Private Pay and Other

     151,004


  153,439


   599,966


   606,975


     572,597


  584,136


2,292,478


2,319,669









Average Per Diem

 $    242.44


 $ 229.49


 $  238.25


 $  236.03