Attached files

file filename
EX-99 - PRESS RELEASE - NATIONAL HEALTHCARE CORPexhibit992preferredandcommon.htm
8-K - FORM 8-K - NATIONAL HEALTHCARE CORPform8kq2earningsanddividends.htm

[exhibit991nhcq22015earnin001.jpg]


For release:  August 6, 2015

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020


NHC Reports Second Quarter Earnings


MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE MKT:  NHC, NHCPRA), the nation's oldest publicly traded senior health care company, today announced net income available to common shareholders for the quarter ended June 30, 2015 of $10,191,000 compared to $10,344,000 for the quarter ended June 30, 2014.  Excluding the operating losses from the newly constructed skilled nursing facilities and assisted living facility placed in service less than twelve months ago, net income available to common shareholders for the quarter ended June 30, 2015 would have been $11,302,000, which is an increase of 9.3% over the same three month period in 2014.

Net operating revenues for the three months ended June 30, 2015 totaled $224,902,000 compared to $216,555,000 for the same three months of 2014, an increase of 3.9%.  Net income was $0.74 per common share basic for the quarter ended June 30, 2015 compared to $0.75 per common share basic for the quarter ended June 30, 2014.




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 skilled nursing centers with 9,423 beds.  NHC affiliates also operate 36 homecare programs, five independent living centers and 19 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.  








-more-



Page 2

















Consolidated Statements of Income






(in thousands, except share and per share amounts)
















Three Months Ended


Six Months Ended





June 30


June 30





2015

2014


2015

2014

Revenues:


(unaudited)


(unaudited)


Net patient revenues

 $  214,433

 $   205,632


 $  426,494

 $  405,401


Other revenues

     10,469

      10,923


      20,815

      21,685



Net operating revenues

   224,902

   216,555


    447,309

    427,086










Costs and Expenses:







Salaries, wages and benefits

131,914

125,614


257,630

245,339


Other operating

57,467

    55,696


117,214

111,438


Facility rent


        9,981

          9,913


      19,966

      19,799


Depreciation and amortization

         9,236

          8,605


      18,169

      16,505


Interest


            598

             644


         1,188

            934



Total costs and expenses

     209,196

      200,472


     414,167

     394,015










Income Before Non-Operating Income

 15,706

        16,083


       33,142

       33,071

Non-Operating Income

         4,130

         4,281


        8,352

        8,853










Income Before Income Taxes

19,836

      20,364


   41,494

   41,924

Income Tax Provision

       (7,478)

       (7,853)


    (15,894)

    (16,184)










Net Income


   12,358

       12,511


       25,600

       25,740










Dividends to Preferred Stockholders

       (2,167)

       (2,167)


     (4,335)

      (4,335)










Net Income Available to Common Stockholders

 $    10,191

 $     10,344


 $   21,265

 $    21,405










Earnings Per Common Share







Basic


 $        0.74

 $         0.75


 $        1.54

 $        1.54


Diluted


 $        0.71

 $         0.72


 $        1.48

 $        1.50










Weighted average common shares outstanding







Basic


13,772,873

13,868,470


13,767,248

13,855,900


Diluted


14,381,746

 14,282,785


14,336,027

14,226,887










Dividends declared per common share

 $        0.40

 $         0.34


 $        0.74

 $        0.66












Balance Sheet Data








(in thousands)

June 30

Dec. 31








2015

2014






Cash and marketable securities

 $  189,406

 $   202,302






Restricted cash and marketable securities

176,087

    168,924






Current assets

 308,139

     322,525






Property and equipment, net

    519,621

514,744






Total assets

1,073,625

 1,074,123






Current liabilities

  170,970

     183,558






Long-term debt

   10,000

       10,000






Stockholders' equity

     742,603

      734,148













-more-

Page 3






 







 







 

Selected Operating Statistics





 

(unaudited)






 


Three Months Ended


Six Months Ended

 


June 30


June 30

 


2015

2014


2015

2014

 

Per Diems:






 

Medicare

 $    437.55

 $    433.88


 $   435.37

 $   432.90

 

Managed Care

 $    401.80

 $    396.04


 $   399.48

 $   397.77

 

Medicaid

 $    170.02

 $    168.51


 $   170.67

 $   168.88

 

Private Pay and Other

 $    217.49

 $    210.28


 $   217.42

 $   211.54

 







 

Patient Days:






 

Medicare

     129,170

  124,624


  265,021

  250,772

 

Managed Care

      55,408

    47,151


  108,428

    91,104

 

Medicaid

    311,430

  313,426


  615,377

  614,201

 

Private Pay and Other

     174,632

     176,740


    344,005

    339,733

 


    670,640

  661,941


1,332,831

1,295,810

 







 

Average Per Diem

 $    253.06

 $   245.83


 $   253.98

 $   247.25