NHC Reports Second Quarter Earnings

MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE Amex: NHC)(NYSE Amex: NHC.PRA), a publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended June 30, 2011 of $11,443,000 compared to $9,682,000 for the quarter ended June 30, 2010, an increase of 18.2%. Net income was $.83 per common share basic for the quarter ended June 30, 2011 compared to $.70 per common share basic for the quarter ended June 30, 2010.

Revenues for the three months ended June 30, 2011 totaled $190,783,000 compared to $176,922,000 for the same three months of 2010.

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 NHC’s best judgment as of the date of this release.

About NHC

NHC affiliates operate for themselves and third parties 76 long-term health care centers with 9,548 beds. NHC affiliates also operate 36 homecare programs, six independent living centers and 17 assisted living communities. NHC’s other services include Alzheimer’s 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.

 
 
 
 
 
 
Condensed Statements of Income
(in thousands, except share and per share amounts)
             
Three Months Ended Six Months Ended
June 30 June 30
Revenues: 2011 2010 2011 2010
Net patient revenues $ 176,844 $ 162,848 $ 354,397 $ 320,809
Other revenues   13,939     14,074     29,334     29,437  
Net operating revenues   190,783     176,922     383,731     350,246  
 
Costs and Expenses:
Salaries, wages and benefits 104,793 97,680 213,555 193,756
Other operating 51,888 48,358 93,277 97,361
Facility rent 9,879 9,457 19,744 18,922
Depreciation and amortization 7,075 6,663 14,037 13,090
Interest   108     146     197     260  
Total costs and expenses   173,743     162,304     340,810     323,389  
 
Income Before Non-Operating Income 17,040 14,618 42,921 26,857
Non-Operating Income   5,155     4,959     9,716     9,534  
 
Income Before Income Taxes 22,195 19,577 52,637 36,391
Income Tax Provision   (8,584 )   (7,727 )   (20,302 )   (14,134 )
 
Net Income 13,611 11,850 32,335 22,257
 
Dividends to Preferred Stockholders   (2,168 )   (2,168 )   (4,336 )   (4,336 )
 
Net Income Available to Common Stockholders $ 11,443   $ 9,682   $ 27,999   $ 17,921  
 
Earnings Per Common Share:
Basic $ 0.83 $ 0.70 $ 2.04 $ 1.30
Diluted $ 0.83 $ 0.70 $ 1.97 $ 1.30
 
Weighted average common shares outstanding
Basic 13,796,715 13,746,482 13,738,748 13,734,095
Diluted 13,816,191 13,747,450 16,383,703 13,736,395
 
 
 
Balance Sheet Data
(in thousands) June 30 Dec. 31
2011 2010
Cash and marketable securities $ 250,716 $ 236,463
Current assets 326,898 322,126
Property and equipment, net 435,101 436,392
Total assets 833,563 829,015
Current liabilities 197,900 223,806
Long-term debt 10,000 10,000
Deferred revenue 15,649 13,990
Stockholders' equity 590,505 561,146
 
 
 
 
 
 
 
Selected Operating Statistics
       
Three Months Ended Six Months Ended
June 30 June 30
2011 2010 2011 2010
Per Diems:
Medicare $ 460.53 $ 381.11 $ 454.84 $ 379.71
Managed Care $ 417.16 $ 382.48 $ 417.12 $ 382.30
Medicaid $ 156.85 $ 155.55 $ 157.80 $ 155.48
Private Pay and Other $ 213.92 $ 212.45 $ 216.01 $ 211.40
 
Patient Days:
Medicare 115,428 111,894 235,206 222,208
Managed Care 25,583 20,989 50,662 42,822
Medicaid 283,396 276,106 564,097 546,908
Private Pay and Other   153,161   146,940   301,442   290,189
577,568 555,929 1,151,407 1,102,127
 
Average Per Diem $ 244.21 $ 224.58 $ 245.13 $ 224.22
 
 
 



CONTACT:

National HealthCare Corporation
Gerald Coggin, Sr. VP of Corporate Relations, 615-890-2020

KEYWORDS:   United States  North America  Tennessee

INDUSTRY KEYWORDS:   Health  Hospitals  Other Health  Nursing  General Health  Managed Care

MEDIA:

Logo
 Logo

Suggested Articles

The profit margins and management of Community Health Group raise questions about oversight of managed care insurers.

Financial experts are warning practices about the pitfalls of promoting medical credit cards to their patients.

A proposed rule issued by HHS on Tuesday would expand short-term coverage, a move Seema Verma said will have "virtually no impact" on ACA premiums.