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NHC Reports Second Quarter Earnings

06:30 EDT 4 Aug 2017 | Businesswire
National HealthCare Corporation

National HealthCare Corporation (NYSE-American: NHC), the nation's oldest publicly traded senior health care company, today announced net operating revenues for the three months ended June 30, 2017 totaled $239,457,000 compared to $227,768,000 for the same three-month period in 2016, an increase of 5.1%. For the three months ended June 30, 2017, net income attributable to NHC was $10,655,000 compared to $11,866,000 for the quarter ended June 30, 2016. Excluding the operating losses from the two newly constructed skilled nursing facilities and three assisted living facilities placed in service in 2016 and 2017, net income attributable to NHC for the quarter ended June 30, 2017 would have been $11,467,000.

Net income was $0.70 per common share basic for the quarter ended June 30, 2017 compared to $0.78 per common share basic for the quarter ended June 30, 2016.

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 skilled nursing centers with 9,597 beds. NHC affiliates also operate 36 homecare programs, five independent living centers and 25 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.

 
Consolidated Statements of Income
(in thousands, except share and per share amounts; unaudited)
                   
Three Months Ended Six Months Ended
June 30 June 30
2017 2016 2017 2016
Revenues:
Net patient revenues $ 227,847 $ 216,487 $ 455,806 $ 434,593
Other revenues   11,610     11,281     22,894     22,763  
Net operating revenues   239,457     227,768     478,700     457,356  
 
Costs and Expenses:
Salaries, wages and benefits 142,684 135,068 280,739 265,088
Other operating 62,856 57,306 126,739 118,615
Facility rent 10,079 10,319 20,167 20,646
Depreciation and amortization 10,481 9,495 20,776 18,849
Interest   1,219     939     2,277     1,893  
Total costs and expenses   227,319     213,127     450,698     425,091  
 
Income Before Non-Operating Income 12,138 14,641 28,002 32,265
Non-Operating Income   5,189     4,925     9,957     9,698  
 
Income Before Income Taxes 17,327 19,566 37,959 41,963
Income Tax Provision   (6,758 )   (7,700 )   (14,757 )   (16,398 )
Net Income 10,569 11,866 23,202 25,565
 
Loss Attributable To Noncontrolling Interest   86     -     181     -  
 
Net Income Attributable to National HealthCare Corporation $ 10,655   $ 11,866   $ 23,383   $ 25,565  
 
Earnings Per Common Share
Basic 0.70 $ 0.78 $ 1.54 $ 1.69
Diluted 0.70 $ 0.78 $ 1.54 $ 1.68
 
Weighted average common shares outstanding
Basic 15,189,818 15,266,559 15,181,700 15,091,732
Diluted 15,220,448 15,289,104 15,216,336 15,212,275
 
Dividends declared per common share $ 0.48 $ 0.45 $ 0.93 $ 0.85
 
Balance Sheet Data
(in thousands) June 30 Dec. 31
2017 2016
Cash and marketable securities $ 208,985 $ 164,348
Restricted cash and marketable securities 169,702 188,958
Current assets 328,731 290,857
Property and equipment, net 555,529 559,624
Total assets 1,100,246 1,087,447
Current liabilities 137,048 150,928
Long-term debt 120,000 120,000
NHC Stockholders' equity 688,669 669,611
 
           
Selected Operating Statistics
(unaudited)
 
    Three Months Ended Six Months Ended
June 30 June 30
2017 2016 2017 2016
Per Diems:
Medicare $ 462.08 $ 449.94 $ 462.24 $ 447.41
Managed Care 407.16 399.04 409.42 401.57
Medicaid 176.31 173.87 176.68 173.82
Private Pay and Other 232.91 224.80 232.29 223.70
 
Average Per Diem $ 262.38 $ 254.69 $ 263.37 $ 255.26
 
Patient Days:
Medicare 118,755 117,472 242,651 242,164
Managed Care 62,542 56,033 122,160 111,702
Medicaid 318,605 318,757 633,893 636,218
Private Pay and Other 181,613 175,999 358,488 350,608
 
Total Patient Days 681,515 668,261 1,357,192 1,340,692

National HealthCare Corporation
John K. Lines, SVP, 615-890-2020

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