| UNITED STATES | ||
| SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM 8-K | ||
CURRENT REPORT | ||
PURSUANT TO SECTION 13 or 15(d) OF THE | ||
SECURITIES EXCHANGE ACT OF 1934 | ||
Date of Report (Date of earliest event reported): April 29, 2003 (April 28, 2003) | ||
National HealthCare Corporation | ||
(Exact name of Registrant as specified in its charter) | ||
Delaware | 333-37185 | 52-2057472 |
(State of Incorporation) | (Commission File No.) | (IRS Employer |
Identification Number) | ||
100 Vine Street | ||
Murfreesboro, TN 37130 | ||
(Address of principal executive offices, including zip code) | ||
(615) 890-2020 | ||
(Registrant's telephone number, including area code) | ||
Not Applicable | ||
(Former name or former address, if changed since last report) | ||
Item 12. Results of Operations and Financial Condition
On April 28,2003, National HealthCare Corporation made its first quarter earnings announcement. A copy of the press release is furnished as an exhibit to this Form 8-K and is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| National HealthCare Corporation | |
| By:/s/ W. Andrew Adams | |
| Name: W. Andrew Adams | |
| Title: Chief Executive Officer | |
| By: /s/ Donald K. Daniel | |
| Name: Donald K. Daniel | |
| Title: Principal Accounting Officer | |
| Date: April 29, 2003 |
Exhibit Index
| Number | Exhibit |
| 99 | Press release, dated April 28, 2003 |
EXHIBIT 99
For release: April 28, 2003
Contact: Gerald Coggin, V.P. Investor Relations
Phone: (615) 890-2020
NHC reports first quarter earnings up 10.9%
MURFREESBORO, Tenn. -- National HealthCare Corporation (AMEX: NHC), today announced earnings for the quarter ended March 31 of $3,423,000 or 30 cents per basic share compared to $3,087,000 or 27 cents per basic share for the same period last year, an increase of 10.9%
Revenues for the quarter rose to $113,205,000 compared to $111,226,000 for the same period a year earlier, a 1.8% increase. Management estimates that the October 2002 Medicare rate cuts for skilled nursing centers and home health care services reduced our revenues by approximately $2,700,000 for the quarter ended March 31, 2003. These Medicare rate cuts were offset by Medicaid increases and by census mix improvements. Previous year net income included a $2,760,000 note receivable write-down.
NHC provides services to 78 long-term health care centers with 9,584 beds. NHC also operates 32 homecare programs, seven independent living centers and assisted living centers at 21 locations. NHC's other services include managed care specialty medical units, Alzheimer's units and a rehabilitation services company. NHC also provides accounting services for over 30 long-term healthcare centers and three assisted living centers. In order to understand in all material respects the financial condition, results of operations and cash flows of NHC, the investor must review our most recent Form 10-Q quarterly report, Form 10-K annual report and press releases which are available on our web site atwww.NHCcare.com.
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. All forward-looking statements represent NHC's best judgment as of the date of this release.
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NHC reports first quarter earnings up 10.9%
| Condensed Statements of Income |
| (in thousands, except share and per share amounts) | Three Months Ended March 31 |
| 2003 | 2002 | ||||
| Revenues: | |||||
| Net patient revenues | $ | 101,164 | $ | 100,292 | |
| Other revenues | 12,041 | 10,934 | |||
| Net revenues | $ | 113,205 | $ | 111,226 | |
| Costs and Expenses: | |||||
| Salaries, wages and benefits | $ | 61,402 | $ | 59,926 | |
| Other operating | 32,098 | 29,073 | |||
| Rent | 10,381 | 10,394 | |||
| Write-off of note receivable | --- | 2,760 | |||
| Depreciation and amortization | 3,055 | 3,005 | |||
| Interest | 564 | 926 | |||
| Total costs and expenses | $ | 107,500 | $ | 106,084 | |
| Income Before Income Taxes | 5,705 | 5,142 |
| Income Tax Provisions | (2,282) | (2,055) |
| Net Income | $ | 3,423 | $ | 3,087 | |
| Earnings Per Share: | |||||
| Basic | $ | .30 | $ | .27 | |
| Diluted | $ | .28 | $ | .26 | |
| Weighted average common shares | |||||
| Basic | 11,596,53 | 11,505,070 | |||
| Diluted | 12,058,68 | 11,941,902 | |||
| Balance Sheet Data | March 31 | December | |||
| (in thousands) | 2003 | 2002 | |||
| Cash and marketable securities | $ | 102,391 | $ | 104,038 | |
| Current assets | 170,446 | 164,611 | |||
| Total assets | 310,569 | 305,575 | |||
| Current liabilities | 114,799 | 114,077 | |||
| Long-term obligations | 38,979 | 40,107 | |||
| Deferred lease credits | 6,843 | 7,043 | |||
| Deferred income | 26,530 | 23,457 | |||
| Stockholder's capital | 122,631 | 120,141 | |||
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