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NHC Reports Third Quarter Earnings

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November 5, 2015 5:30 PM EST

MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE MKT: NHC), the nation's oldest publicly traded senior health care company, today announced net income available to common shareholders for the quarter ended September 30, 2015 of $10,415,000 compared to $10,662,000 for the quarter ended September 30, 2014. Excluding the operating losses from the two newly constructed skilled nursing facilities and one assisted living facility placed in service less than twelve months ago, net income available to common shareholders for the quarter ended September 30, 2015 would have been $11,384,000, which is an increase of 6.8% over the same three month period in 2014.

Net operating revenues for the three months ended September 30, 2015 totaled $225,386,000 compared to $218,223,000 for the same three months of 2014, an increase of 3.3%. Net income was $0.75 per common share basic for the quarter ended September 30, 2015 compared to $0.77 per common share basic for the quarter ended September 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 NHC’s best judgment as of the date of this release.

About NHC

NHC affiliates operate for themselves and third parties 74 skilled nursing centers with 9,403 beds. NHC affiliates also operate 36 homecare programs, five independent living centers and 19 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.

               
Consolidated Statements of Income
(in thousands, except share and per share amounts)
   
Three Months Ended Nine Months Ended
September 30 September 30
  2015     2014     2015     2014  
Revenues: (unaudited) (unaudited)
Net patient revenues $ 215,351 $ 207,772 $ 641,845 $ 613,173
Other revenues   10,035     10,451     30,850     32,136  
Net operating revenues   225,386     218,223     672,695     645,309  
 
Costs and Expenses:
Salaries, wages and benefits 135,136 128,938 392,766 374,277
Other operating 56,616 55,365 173,830 166,803
Facility rent 10,006 9,913 29,972 29,712
Depreciation and amortization 9,273 8,639 27,442 25,144
Interest   594     632     1,782     1,566  
Total costs and expenses   211,625     203,487     625,792     597,502  
 
Income Before Non-Operating Income 13,761 14,736 46,903 47,807
Non-Operating Income   4,550     3,937     12,902     12,790  
 
Income Before Income Taxes 18,311 18,673 59,805 60,597
Income Tax Provision   (5,744 )   (5,844 )   (21,638 )   (22,028 )
 
Net Income 12,567 12,829 38,167 38,569
 
Dividends to Preferred Stockholders   (2,152 )   (2,167 )   (6,487 )   (6,502 )
 
Net Income Available to Common Stockholders $ 10,415   $ 10,662   $ 31,680   $ 32,067  
 
Earnings Per Common Share
Basic $ 0.75 $ 0.77 $ 2.30 $ 2.32
Diluted $ 0.72 $ 0.75 $ 2.21 $ 2.25
 
Weighted average common shares outstanding
Basic 13,801,245 13,805,430 13,778,705 13,838,891
Diluted 14,422,660 14,236,512 14,365,251 14,230,031
 
Dividends declared per common share $ 0.40 $ 0.34 $ 1.14 $ 1.00
 
Balance Sheet Data
(in thousands) Sept. 30 Dec. 31
  2015     2014  
Cash and marketable securities $ 181,348 $ 202,302
Restricted cash and marketable securities 180,949 168,924
Current assets 305,593 322,525
Property and equipment, net 526,255 514,744
Total assets 1,082,291 1,074,123
Current liabilities 180,687 183,558
Long-term debt 10,000 10,000
Stockholders' equity 746,357 734,148

 

       
Selected Operating Statistics
(unaudited)
    Three Months Ended Nine Months Ended
September 30 September 30
  2015   2014   2015   2014
Per Diems:
Medicare $ 441.52 $ 436.72 $ 437.28 $ 434.14
Managed Care 405.14 400.17 401.42 398.61
Medicaid 170.57 168.01 170.64 168.58
Private Pay and Other 216.10 211.43 216.97 211.50
 
Patient Days:
Medicare 119,780 120,729 384,801 371,501
Managed Care 56,721 49,454 165,149 140,558
Medicaid 319,962 317,753 935,339 931,954
Private Pay and Other   179,734   181,661   523,739   521,394
676,197 669,597 2,009,028 1,965,407
 
Average Per Diem $ 250.34 $ 245.38 $ 252.76 $ 246.61

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

Source: National HealthCare Corporation


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