Upgrade to SI Premium - Free Trial

NHC Reports Second Quarter Earnings

August 6, 2015 5:03 PM

MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE MKT: NHC) (NYSE MKT: 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 NHC’s 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. 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 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
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

National HealthCare Corporation

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

Source: National HealthCare Corporation

Categories

Press Releases

Next Articles