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8-K - FORM 8-K - NATIONAL HEALTHCARE CORPform8kq22013earningsanddivid.htm
EX-99 - PRESS RELEASE - NATIONAL HEALTHCARE CORPex992preferredandcommondivid.htm

Exhibit 99.1

[ex991nhcq22013earnings001.jpg]


For release:  August 1, 2013

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, NHC.PRA), the nation's oldest publicly traded senior health care company, today announced net income available to common shareholders for the quarter ended June, 2013 of $12,174,000 compared to $11,387,000 for the quarter ended June 30, 2012, an increase of 6.9%.  Net income was $0.88 per common share basic for the quarter ended June 30, 2013 compared to $0.82 per common share basic for the quarter ended June 30, 2012.

Revenues for the three months ended June 30, 2013 totaled $192,011,000 compared to $187,668,000 for the same three months of 2012, an increase of 2.3% despite the automatic 2% cuts known as "sequestration"  that began on April 1, 2013 for Medicare providers.  

Operating results for the second quarter of 2013 compared to the same quarter last year were favorably impacted by an improved patient mix, as well as the continued effort to implement cost saving measures 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 36 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.  








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Page 2

NHC Reports Second Quarter Earnings












Interim Condensed Consolidated Statements of Income

(in thousands, except share and per share amounts)

(unaudited)





Three Months Ended


Six Months Ended





June 30


June 30

Revenues:


2013


2012


2013


2012


Net patient revenues

 $   178,401


 $     173,737


 $   356,831


 $   349,850


Other revenues

       13,610


         13,931


       29,558


       27,868



Net operating revenues

      192,011


       187,668


      386,389


      377,718












Costs and Expenses:









Salaries, wages and benefits

      109,358


       104,713


      216,421


      211,184


Other operating

       48,728


         49,224


      103,139


      100,752


Facility rent


         9,870


           9,847


       19,738


       19,694


Depreciation and amortization

         6,972


           7,386


       13,928


       14,766


Interest


              82


              108


            166


            226



Total costs and expenses

      175,010


       171,278


      353,392


      346,622












Income Before Non-Operating Income

       17,001


         16,390


       32,997


       31,096

Non-Operating Income

         6,632


           5,907


       13,250


       11,775












Income Before Income Taxes

       23,633


         22,297


       46,247


       42,871

Income Tax Provision

       (9,291)


          (8,742)


     (18,100)


     (16,662)












Net Income


       14,342


         13,555


       28,147


       26,209












Dividends to Preferred Stockholders

       (2,168)


          (2,168)


       (4,336)


       (4,336)












Net Income Available to Common Stockholders

 $     12,174


 $      11,387


 $     23,811


 $     21,873












Earnings Per Common Share









Basic


 $        0.88


 $          0.82


 $        1.72


 $        1.58


Diluted


 $        0.86


 $          0.81


 $        1.68


 $        1.57












Weighted average common shares outstanding









Basic


 13,816,536


   13,845,516


 13,838,936


 13,842,797


Diluted


 16,682,970


   13,975,073


 16,708,889


 13,941,674














Balance Sheet Data










(in thousands)

June 30


Dec. 31









2013


2012







Cash and marketable securities

 $   188,747


 $     173,951







Restricted cash and marketable securities

      149,757


       146,770







Current assets

      429,425


       417,245







Property and equipment, net

      427,075


       420,907







Total assets

      942,460


       924,700







Current liabilities

      231,249


       228,761







Long-term debt

       10,000


         10,000







Stockholders' equity

      668,823


       656,148
















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Page 3

NHC Reports Second Quarter Earnings









Selected Operating Statistics










Three Months Ended


Six Months Ended


June 30


June 30


2013


2012


2013


2012

Per Diems:








Medicare

 $      422.78


 $   426.13


 $   425.74


 $   427.58

Managed Care

 $      394.51


 $   409.60


 $   405.80


 $   406.10

Medicaid

 $      163.26


 $   158.53


 $   164.24


 $   157.98

Private Pay and Other

 $      199.15


 $   192.78


 $   198.61


 $   191.89









Patient Days:








Medicare

       121,023


    121,040


    241,939


    244,168

Managed Care

        34,762


      29,738


      70,803


      58,943

Medicaid

       259,461


    271,783


    514,886


    547,070

Private Pay and Other

       145,485


    147,014


    291,437


    295,745


       560,731


    569,575


 1,119,065


 1,145,926









Average Per Diem

 $      242.92


 $   237.34


 $   245.01


 $   236.94