Attached files

file filename
8-K - FORM 8-K - NATIONAL HEALTHCARE CORPform8kq3earningsanddividends.htm
EX-99 - PRESS RELEASE - NATIONAL HEALTHCARE CORPex993commondividendannouncem.htm
EX-99 - PRESS RELEASE - NATIONAL HEALTHCARE CORPex992nhccompletesredemption2.htm

Exhibit 99.1

[ex991nhcq32015earningsrel001.jpg]


For release:  November 5, 2015

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020


NHC Reports Third Quarter Earnings


MURFREESBORO, Tenn. -- 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 NHCs 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.  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


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





-more-


Page 3
























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