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8-K - FORM 8-K - NATIONAL HEALTHCARE CORPform8kq32013earningsanddivid.htm
EX-99 - PRESS RELEASE - NATIONAL HEALTHCARE CORPex992preferredandcommondivid.htm

Exhibit 99.1

[ex991nhcq32013earningsrel001.jpg]


For release:  November 5, 2013

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020


NHC Reports Third Quarter Earnings


MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE MKT:  NHC, NHC.PRA), the nation's oldest publicly traded senior health care company, today announced net income available to common shareholders for the quarter ended September 30, 2013 of $17,710,000 compared to $15,029,000 for the quarter ended September 30, 2012, an increase of 17.8%.  Net income was $1.28 per common share basic for the quarter ended September 30, 2013 compared to $1.08 per common share basic for the quarter ended September 30, 2012.

Revenues for the three months ended September 30, 2013 totaled $195,772,000 compared to $189,307,000 for the same three months of 2012, an increase of 3.4% despite the automatic 2% cuts known as "sequestration" that began on April 1, 2013 for Medicare providers.  

Operating results for the third quarter of 2013 compared to the same quarter last year were favorably impacted by a gain on the recovery of notes receivable in the amount of $5,454,000 (approximately $3,327,000 after income taxes), as well as an improved patient mix, and continued efforts 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 NHCs best judgment as of the date of this release.


About NHC

NHC affiliates operate for themselves and third parties 68 skilled nursing centers with 8,803 beds.  NHC affiliates also operate 38 homecare programs, five independent living centers and 15 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.  The reference to our website is not intended to incorporate our website into this press release.








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NHC Reports Third Quarter Earnings



















Interim Condensed Consolidated Statements of Income







(in thousands, except share and per share amounts)








(unaudited)












Three Months Ended


Nine Months Ended





September 30


September 30

Revenues:


2013


2012


2013


2012


Net patient revenues

 $   182,966


 $     175,361


 $   539,797


 $   525,211


Other revenues

       12,806


         13,946


       42,364


       41,814



Net operating revenues

      195,772


       189,307


      582,161


      567,025












Costs and Expenses:









Salaries, wages and benefits

      113,739


       106,844


      330,160


      318,028


Other operating

       45,752


         48,519


      148,891


      149,271


Facility rent


         9,889


           9,813


       29,627


       29,507


Depreciation and amortization

         7,045


           7,402


       20,973


       22,168


Interest


              82


              119


            248


            345



Total costs and expenses

      176,507


       172,697


      529,899


      519,319












Income Before Non-Operating Income

       19,265


         16,610


       52,262


       47,706

Non-Operating Income

       11,171


           6,771


       24,421


       18,546












Income Before Income Taxes

       30,436


         23,381


       76,683


       66,252

Income Tax Provision

     (10,559)


          (6,185)


     (28,659)


     (22,847)












Net Income


       19,877


         17,196


       48,024


       43,405












Dividends to Preferred Stockholders

       (2,167)


          (2,167)


       (6,503)


       (6,503)












Net Income Available to Common Stockholders

 $     17,710


 $      15,029


 $     41,521


 $     36,902












Earnings Per Common Share









Basic


 $        1.28


 $          1.08


 $        3.00


 $        2.67


Diluted


 $        1.19


 $          1.04


 $        2.88


 $        2.62












Weighted average common shares outstanding









Basic


 13,820,449


   13,852,403


 13,832,706


 13,846,022


Diluted


 16,686,915


   16,605,285


 16,701,491


 16,578,535

























Balance Sheet Data










(unaudited, in thousands)

Sept. 30


Dec. 31









2013


2012







Cash and marketable securities

 $   196,609


 $     173,951







Restricted cash and marketable securities

      154,010


       146,770







Current assets

      439,916


       417,245







Property and equipment, net

      454,914


       420,907







Total assets

      975,972


       924,700







Current liabilities

      255,922


       228,761







Long-term debt

       10,000


         10,000







Stockholders' equity

      679,656


       656,148
















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NHC Reports Third Quarter Earnings















Selected Operating Statistics







(unaudited)









Three Months Ended


Nine Months Ended


September 30


September 30


2013


2012


2013


2012

Per Diems:








Medicare

 $      430.55


 $   431.06


 $   427.32


 $   428.71

Managed Care

 $      406.76


 $   411.52


 $   406.13


 $   408.02

Medicaid

 $      164.35


 $   160.24


 $   164.28


 $   158.73

Private Pay and Other

 $      209.01


 $   192.93


 $   202.21


 $   192.24









Patient Days:








Medicare

       118,627


    116,593


    360,566


    360,761

Managed Care

        37,384


      32,471


    108,187


      91,414

Medicaid

       275,596


    271,674


    790,482


    818,744

Private Pay and Other

       154,329


    153,217


    445,766


    448,962


       585,936


    573,955


 1,705,001


 1,719,881









Average Per Diem

 $      245.47


 $   238.20


 $   245.17


 $   237.36