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NHC Reports First Quarter Earnings

May 3, 2016 5:00 AM EDT

MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE MKT: NHC), the nation's oldest publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended March 31, 2016 of $13,699,000 compared to $11,074,000 for the quarter ended March 31, 2015, an increase of 23.7%. The increase in net income available to common shareholders is primarily due to the favorable refinance and redemption of the Company’s preferred stock during the fourth quarter of 2015. Excluding the operating losses from the newly constructed skilled nursing facility and assisted living facility placed in service less than twelve months ago, net income for the quarter ended March 31, 2016 would have been $14,204,000, which is an increase of 7.3% over the same three month period in 2015.

Net revenues for the three months ended March 31, 2016 totaled $229,588,000 compared to $222,407,000 for the same three months of 2015, an increase of 3.2%. Net income was $0.92 per common share basic for the quarter ended March 31, 2016 compared to $0.80 per common share basic for the quarter ended March 31 2015, an increase of 15.0%.

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 NHC’s best judgment as of the date of this release.

About NHC

NHC affiliates operate for themselves and third parties 73 long-term health care centers with 9,256 beds. NHC affiliates also operate 36 homecare programs, five independent living centers and 20 assisted living communities. NHC’s other services include Alzheimer’s 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.

   

 

       
Consolidated Statements of Income
(in thousands, except share and per share amounts)
 
Three Months Ended
March 31
2016 2015
Revenues: (unaudited)
Net patient revenues $ 218,106 $ 212,061
Other revenues   11,482     10,346  
Net operating revenues   229,588     222,407  
 
Costs and Expenses:
Salaries, wages and benefits 130,020 125,716
Other operating 61,309 59,747
Facility rent 10,327 9,985
Depreciation and amortization 9,354 8,933
Interest   954     590  
Total costs and expenses   211,964     204,971  
 
Income Before Non-Operating Income 17,624 17,436
Non-Operating Income   4,773     4,222  
 
Income Before Income Taxes 22,397 21,658
Income Tax Provision   (8,698 )   (8,416 )
 
Net Income 13,699 13,242
 
Dividends to Preferred Stockholders   -     (2,168 )
 
Net Income Available to Common Stockholders $ 13,699   $ 11,074  
 
Earnings Per Common Share
Basic $ 0.92 $ 0.80
Diluted $ 0.91 $ 0.77
 
Weighted average common shares outstanding
Basic 14,916,905 13,761,561
Diluted 15,135,446 14,289,800
 
Dividends declared per common share $ 0.40 $ 0.34
 
Balance Sheet Data
(in thousands) March 31 Dec. 31
2016 2015
Cash and marketable securities $ 175,054 $ 154,376
Restricted cash and marketable securities 182,628 180,972
Current assets 296,266 278,942
Property and equipment, net 540,124 536,046
Total assets 1,068,048 1,045,329
Current liabilities 138,808 150,656
Long-term debt 120,000 120,000
Stockholders' equity 654,578 630,996
 
       
Selected Operating Statistics
(unaudited)
Three Months Ended
March 31
2016 2015
Per Diems:
Medicare $ 445.03 $ 433.29
Managed Care 404.12 397.05
Medicaid 173.78 171.35
Private Pay and Other 222.60 217.36
 
Average Per Diem $ 255.82 $ 254.93
 
Patient Days:
Medicare 124,692 135,851
Managed Care 55,669 53,020
Medicaid 317,461 303,947
Private Pay and Other   174,609   169,373
672,431 662,191
 

National HealthCare Corporation
Gerald Coggin, Sr., 615-890-2020
VP of Corporate Relations

Source: National HealthCare Corporation



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