Attached files

file filename
8-K - FORM 8-K - NATIONAL HEALTHCARE CORPform8kq12014earningsdividend.htm
EX-99 - DIVIDEND PRESS RELEASE - NATIONAL HEALTHCARE CORPexhibit992preferredandcommon.htm

EXHIBIT 99.1



[exhibit991nhcq12014earnin001.jpg]


For release:  May 8, 2014

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020


NHC Reports First Quarter Earnings


MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE MKT:  NHC, NHC.PRA), 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, 2014 of $11,061,000 compared to $11,637,000 for the quarter ended March 31, 2013, a decrease of 4.9%.  For the quarter ended March 31, 2014, non-operating income decreased $2,040,000 compared to the quarter a year ago.  Excluding the non-operating income decrease, net income available to common shareholders for the quarter ended March 31, 2014 would have been $12,305,000, which is an increase of 5.7% over the same three month period in 2013.   

Net revenues for the three months ended March 31, 2014 totaled $210,531,000 compared to $194,378,000 for the same three months of 2013, an increase of 8.3%.  Net income was $0.80 per common share basic for the quarter ended March 31, 2014 compared to $0.84 per common share basic for the quarter ended March 31, 2013.   





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 73 long-term health care centers with 9,410 beds.  NHC affiliates also operate 37 homecare programs, five independent living centers and 17 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






March 31






2014


2013


Revenues:


(unaudited)



Net patient revenues

 $   199,769


 $     178,430



Other revenues

       10,762


         15,948




Net operating revenues

      210,531


       194,378










Costs and Expenses:






Salaries, wages and benefits

      119,725


       107,063



Other operating

       55,742


         54,411



Facility rent


         9,886


           9,868



Depreciation and amortization

         7,900


           6,956



Interest


            290


               84




Total costs and expenses

      193,543


       178,382










Income Before Non-Operating Income

       16,988


         15,996


Non-Operating Income

         4,572


           6,618










Income Before Income Taxes

       21,560


         22,614


Income Tax Provision

         8,331)


          (8,809)










Net Income


       13,229


         13,805










Dividends to Preferred Stockholders

       (2,168)


          (2,168)










Net Income Available to Common Stockholders

 $     11,061


 $      11,637










Earnings Per Common Share






Basic


 $        0.80


 $          0.84



Diluted


 $        0.78


 $          0.82










Weighted average common shares outstanding






Basic


 13,843,190


   13,861,584



Diluted


 14,170,453


   14,111,752










Dividends declared per common share

 $        0.32


 $          0.30












Balance Sheet Data







(in thousands)

March 31


Dec. 31






2014


2013




Cash and marketable securities

 $   197,598


 $     186,714




Restricted cash and marketable securities

      157,241


       155,932




Current assets

      452,525


       436,928




Property and equipment, net

      497,201


       456,798




Total assets

   1,037,304


       980,725




Current liabilities

      248,220


       250,359




Long-term debt

       10,000


         10,000




Stockholders' equity

      707,501


       688,112


-more-


Page 3












Selected Operating Statistics



(unaudited)





Three Months Ended


March 31


2014


2013

Per Diems:




Medicare

 $      431.94


 $   428.71

Managed Care

 $      399.61


 $   416.69

Medicaid

 $      169.26


 $   165.24

Private Pay and Other

 $      212.90


 $   198.07





Patient Days:




Medicare

       126,148


    120,916

Managed Care

        43,953


      36,041

Medicaid

       300,775


    255,425

Private Pay and Other

       162,993


    145,952


       633,869


    558,334





Average Per Diem

 $      248.73


 $   247.11