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8-K - FORM 8-K - NATIONAL HEALTHCARE CORPform8kq12016earningsanddivid.htm
EX-99 - EXHIBIT 99.2 - PRESS RELEASE - NATIONAL HEALTHCARE CORPex992dividendannouncementmay.htm

Exhibit 99.1

[ex991nhcq12016earningspre001.jpg]


For release:  May 3, 2016

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), 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, 2016 of $13,699,000 compared to $11,074,000 for the quarter ended March 31, 2015, an increase of 23.7%.  The increase in net income available to common shareholders is primarily due to the favorable refinance and redemption of the Companys preferred stock during the fourth quarter of 2015.  Excluding the operating losses from the newly constructed skilled nursing facility and assisted living facility placed in service less than twelve months ago, net income for the quarter ended March 31, 2016 would have been $14,204,000, which is an increase of 7.3% over the same three month period in 2015.

Net revenues for the three months ended March 31, 2016 totaled $229,588,000 compared to $222,407,000 for the same three months of 2015, an increase of 3.2%.  Net income was $0.92 per common share basic for the quarter ended March 31, 2016 compared to $0.80 per common share basic for the quarter ended March 31 2015, an increase of 15.0%.    





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 9,256 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.  The reference to our website is not intended to incorporate our website into this press release.








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Page 2












Consolidated Statements of Income




(in thousands, except share and per share amounts)












Three Months Ended





March 31





2016


2015

Revenues:


(unaudited)


Net patient revenues

$

218,106 


$

212,061 


Other revenues

11,482 


10,346 



Net operating revenues

229,588 


222,407 








Costs and Expenses:





Salaries, wages and benefits

130,020 


125,716 


Other operating

61,309 


59,747 


Facility rent


10,327 


9,985 


Depreciation and amortization

9,354 


8,933 


Interest


954 


590 



Total costs and expenses

211,964 


204,971 








Income Before Non-Operating Income

17,624 


17,436 

Non-Operating Income

4,773 


4,222 








Income Before Income Taxes

22,397 


21,658 

Income Tax Provision

(8,698)


(8,416)








Net Income


13,699 


13,242 








Dividends to Preferred Stockholders


(2,168)








Net Income Available to Common Stockholders

$

13,699 


$

11,074 








Earnings Per Common Share





Basic


$

0.92 


$

0.80 


Diluted


$

0.91 


$

0.77 








Weighted average common shares outstanding





Basic


14,916,905 


13,761,561 


Diluted


15,135,446 


14,289,800 








Dividends declared per common share

$

0.40 


$

0.34 










Balance Sheet Data






(in thousands)

March 31


Dec. 31





2016


2015



Cash and marketable securities

$

175,054 


$

154,376 



Restricted cash and marketable securities

182,628 


180,972 



Current assets

296,266 


278,942 



Property and equipment, net

540,124 


536,046 



Total assets

1,068,048 


1,045,329 



Current liabilities

138,808 


150,656 



Long-term debt

120,000 


120,000 



Stockholders' equity

654,578 


630,996 








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Page 3












Selected Operating Statistics



(unaudited)





Three Months Ended


March 31


2016


2015

Per Diems:




Medicare

 $      445.03


 $       433.29

Managed Care

        404.12


         397.05

Medicaid

        173.78


         171.35

Private Pay and Other

        222.60


         217.36





Average Per Diem

 $      255.82


 $       254.93





Patient Days:




Medicare

       124,692


        135,851

Managed Care

        55,669


         53,020

Medicaid

       317,461


        303,947

Private Pay and Other

       174,609


        169,373


       672,431


        662,191