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8-K - FORM 8-K - NATIONAL HEALTHCARE CORPform8k2015earnings.htm

Exhibit 99.1

[exhibit991nhc2015yearende001.jpg]


For release:  February 19, 2016

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020


NHC Reports Year End Earnings


MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE MKT:  NHC), the nation's oldest publicly traded long-term health care company, today announced net operating revenues for the year ended December 31, 2015 totaled $906,622,000 compared to $871,683,000 for the year ended December 31, 2014, an increase of 4.0%. For the year ended December 31, 2015, net income available to common shareholders was $46,324,000, or $3.34 per share basic, compared to $44,699,000, or $3.24 per share basic, for the 2014 year.  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 year ended December 31, 2015 would have been $49,508,000, which is an increase of 10.8% over the 2014 year.

Net operating revenues for the three months ended December 31, 2015 totaled $233,927,000 compared to $226,374,000 for the same three months in 2014, an increase of 3.3%.  Fourth quarter of 2015 net income available to common shareholders was $14,644,000, or $1.03 per basic share, compared to $12,632,000, or $0.92 per basic share, in the fourth quarter of 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 three months ended December 31, 2015 would have been $15,168,000, which is an increase of 20.1% over the same three month period in 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; 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 long-term health care centers with 9,403 beds.  NHC affiliates also operate 36 homecare programs, five independent living centers and 20 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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Consolidated Statements of Income








(in thousands, except share and per share amounts)




















Three Months Ended


Year Ended





December 31


December 31





2015


2014


2015


2014

Revenues:


(unaudited)




Net patient revenues

 $   223,001


 $     216,114


 $   864,846


 $   829,287


Other revenues

       10,926


         10,260


       41,776


       42,396



Net operating revenues

      233,927


       226,374


      906,622


      871,683












Costs and Expenses:









Salaries, wages and benefits

      139,969


       135,972


      532,735


      510,249


Other operating

       53,242


         50,340


      227,072


      217,143


Facility rent


         9,995


         10,019


       39,967


       39,731


Depreciation and amortization

         9,672


           9,240


       37,114


       34,384


Interest


            826


              599


         2,608


         2,165



Total costs and expenses

      213,704


       206,170


      839,496


      803,672












Income Before Non-Operating Income

       20,223


         20,204


       67,126


       68,011

Non-Operating Income

         5,246


           4,392


       18,148


       17,182












Income Before Income Taxes

       25,469


         24,596


       85,274


       85,193

Income Tax Provision

     (10,493)


          (9,796)


     (32,131)


     (31,824)












Net Income


       14,976


         14,800


       53,143


       53,369












Dividends to Preferred Stockholders

          (332)


          (2,168)


       (6,819)


       (8,670)












Net Income Available to Common Stockholders

 $     14,644


 $      12,632


 $     46,324


 $     44,699












Earnings Per Common Share









Basic


 $        1.03


 $          0.92


 $        3.34


 $        3.24


Diluted


 $        0.99


 $          0.88


 $        3.20


 $        3.14












Weighted average common shares outstanding









Basic


 14,216,818


   13,748,448


 13,889,134


 13,816,095


Diluted


 14,865,545


   16,821,917


 14,491,433


 14,222,133












Dividends declared per common share

 $        0.40


 $          0.34


 $        1.54


 $        1.34














Balance Sheet Data










(in thousands)

Dec. 31


Dec. 31









2015


2014







Cash and marketable securities

 $   154,376


 $     202,302







Restricted cash and marketable securities

      180,972


       168,924







Current assets

      278,942


       322,525







Property and equipment, net

      536,046


       514,744







Total assets

   1,045,329


     1,074,123







Current liabilities

      150,656


       183,558







Long-term debt

      120,000


         10,000







Stockholders' equity

      630,996


       734,148
















-more-

 


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Selected Operating Statistics







(unaudited)









Three Months Ended


Year Ended


December 31


December 31


2015


2014


2015


2014

Per Diems:








Medicare

 $      447.84


 $       440.62


 $         439.87


 $         435.77

Managed Care

        407.14


         398.04


            402.85


            398.46

Medicaid

        175.23


         170.80


            171.81


            169.14

Private Pay and Other

        219.07


         212.33


            217.50


            211.71









Average Per Diem

 $      255.81


 $       249.02


 $         253.53


 $         247.23









Patient Days:








Medicare

       125,285


        124,795


          510,086


          496,296

Managed Care

        55,141


         50,568


          220,290


          191,126

Medicaid

       321,603


        317,649


        1,256,942


        1,249,603

Private Pay and Other

       176,679


        179,864


          700,418


          701,258


       678,708


        672,876


        2,687,736


        2,638,283