MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE Amex: NHC) (NYSE Amex: NHC.PRA), one of the nation's oldest long-term health care companies, today announced net income available to common shareholders of $44,022,000 or $3.22 per share basic for the year ended Dec. 31, 2010, compared to $31,376,000 or $2.31 per share basic for the year ended Dec. 31, 2009, an increase of 40.3%. Annual operating revenues in 2010 increased 7.1% from $668,221,000 to $715,504,000.
Fourth quarter of 2010 net income available to common shareholders was $13,187,000 or 97 cents per basic share, compared to $4,986,000 or 37 cents per basic share in the fourth quarter of 2009. Operating revenues for the fourth quarter of 2010 increased 13.1% from $168,499,000 to $190,568,000. Operating results for the fourth quarter of 2010 benefitted from Medicare reimbursement rate changes effective October 1, 2010, improved patient mix, and a $2,172,000 after tax gain on the recovery of certain assets previously written off.
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 15 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 | Twelve Months Ended | |||||||||||||||
| December 31 | December 31 | |||||||||||||||
| Revenues: | 2010 | 2009 | 2010 | 2009 | ||||||||||||
| Net patient revenues | $ | 177,476 | $ | 158,127 | $ | 663,629 | $ | 621,589 | ||||||||
| Other revenues | 13,092 | 10,372 | 51,875 | 46,632 | ||||||||||||
| Net operating revenues | 190,568 | 168,499 | 715,504 | 668,221 | ||||||||||||
| Costs and Expenses: | ||||||||||||||||
| Salaries, wages and benefits | 107,983 | 96,273 | 400,270 | 370,708 | ||||||||||||
| Other operating | 50,359 | 45,557 | 197,016 | 188,145 | ||||||||||||
| Rent | 8,358 | 8,287 | 32,937 | 32,351 | ||||||||||||
| Depreciation and amortization | 7,251 | 6,564 | 27,141 | 25,429 | ||||||||||||
| Interest | 117 | 162 | 513 | 716 | ||||||||||||
| Total costs and expenses | 174,068 | 156,843 | 657,877 | 617,349 | ||||||||||||
| Income Before Non-Operating Income | 16,500 | 11,656 | 57,627 | 50,872 | ||||||||||||
| Non-Operating Income | 8,382 | 4,171 | 23,340 | 16,784 | ||||||||||||
| Income Before Income Taxes | 24,882 | 15,827 | 80,967 | 67,656 | ||||||||||||
| Income Tax Provision | (9,527 | ) | (8,673 | ) | (28,272 | ) | (27,607 | ) | ||||||||
| Net Income | 15,355 | 7,154 | 52,695 | 40,049 | ||||||||||||
| Dividends to Preferred Stockholders | (2,168 | ) | (2,168 | ) | (8,673 | ) | (8,673 | ) | ||||||||
| Net Income Available to Common Stockholders | $ | 13,187 | $ | 4,986 | $ | 44,022 | $ | 31,376 | ||||||||
| Earnings Per Common Share: | ||||||||||||||||
| Basic | $ | 0.97 | $ | 0.37 | $ | 3.22 | $ | 2.31 | ||||||||
| Diluted | $ | 0.97 | $ | 0.37 | $ | 3.22 | $ | 2.31 | ||||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 13,568,903 | 13,683,026 | 13,671,053 | 13,562,850 | ||||||||||||
| Diluted | 13,584,253 | 13,689,185 | 13,676,476 | 13,577,676 | ||||||||||||
| Balance Sheet Data | ||||||||||||||||
| (in thousands) | Dec. 31 | Dec. 31 | ||||||||||||||
| 2010 | 2009 | |||||||||||||||
| Cash and marketable securities | $ | 236,463 | $ | 226,586 | ||||||||||||
| Current assets | 322,126 | 300,652 | ||||||||||||||
| Total assets | 829,015 | 788,532 | ||||||||||||||
| Current liabilities | 223,806 | 212,485 | ||||||||||||||
| Long-term obligations | 28,861 | 32,633 | ||||||||||||||
| Deferred lease credits | 1,212 | 2,423 | ||||||||||||||
| Deferred revenue | 13,990 | 15,212 | ||||||||||||||
| Stockholders' equity | 561,146 | 525,779 | ||||||||||||||
| Selected Operating Statistics | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| December 31 | December 31 | |||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||
| Per Diems: | ||||||||||||
| Medicare | $ | 448.58 | $ | 376.97 | $ | 398.68 | $ | 380.49 | ||||
| Medicaid | $ | 158.11 | $ | 155.36 | $ | 156.84 | $ | 152.23 | ||||
| Private Pay and Other | $ | 240.03 | $ | 226.70 | $ | 235.54 | $ | 225.98 | ||||
| Patient Days: | ||||||||||||
| Medicare | 108,603 | 106,346 | 438,754 | 419,693 | ||||||||
| Medicaid | 284,174 | 281,073 | 1,111,203 | 1,109,913 | ||||||||
| Private Pay and Other | 177,554 | 168,289 | 685,852 | 674,643 | ||||||||
| 570,331 | 555,708 | 2,235,809 | 2,204,249 | |||||||||
| Average Per Diem | $ | 238.92 | $ | 219.37 | $ | 228.44 | $ | 218.26 | ||||
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
MEDIA:
| Logo |