Exhibit 99.1
![[exhibit9911q99earnings001.jpg]](https://capedge.com/proxy/8-K/0001047335-09-000067/exhibit9911q99earnings001.jpg)
For release: May 5, 2009
Contact: Gerald Coggin, Sr. VP of Corporate Relations
Phone: (615) 890-2020
NHC Reports a 16.9% Increase in Net Income Available to Common Shareholders
MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE Amex: NHC; NYSE Amex: NHC.PR.A), a publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended March 31, 2009 of $7,016,000 compared to $6,004,000 for the quarter ended March 31, 2008, an increase of 16.9%.
Revenues for the three months ended March 31, 2009 totaled $168,669,000 compared to $160,141,000 for the same three months of 2008. Net income was $.53 per common share basic for the quarter ended March 31, 2009 compared to $.47 per common share basic for the quarter ended March 31, 2008.
Highlights of the quarter include the addition of five hospice locations in South Carolina.
NHC operates, through various subsidiaries, for itself and third parties, 76 long-term health care centers with 9,772 beds. NHC also operates, through subsidiaries, 32 homecare programs, seven independent living centers and 23 assisted living centers. 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 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. 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 payme nt 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.
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NHC Reports a 16.9% Increase in Net Income Available to Common Shareholders |
|
Condensed Statements of Income |
(in thousands, except share and per share amounts) |
|
| Three Months Ended |
| March 31 |
Revenues: | 2009 | | 2008 |
| Net patient revenues | $ 153,067 | | $ 143,965 |
| Other revenues | 15,602 | | 16,176 |
| | Net revenues | 168,669 | | 160,141 |
| | | | | | |
Costs and Expenses: | | | |
| Salaries, wages and benefits | 90,726 | | 87,541 |
| Other operating | 47,968 | | 45,314 |
| Rent | | 7,968 | | 7,918 |
| Depreciation and amortization | 6,243 | | 5,997 |
| Interest | | 207 | | 219 |
| | Total costs and expenses | 153,112 | | 146,989 |
| | | | | | |
Income Before Income Taxes | 15,557 | | 13,152 |
| Income Tax Provision | (6,373) | | (4,980) |
| | | | | | |
Net Income | | 9,184 | | 8,172 |
| | | | | | |
Dividends to Preferred Shareholders | (2,168) | | (2,168) |
| | | | | | |
Net income available to common shareholders | $ 7,016 | | $ 6,004 |
| | | | | | |
Earnings Per Common Share: | | | |
| Basic | | $ 0.53 | | $ 0.47 |
| Diluted | | $ 0.53 | | $ 0.46 |
| | | | | | |
Weighted average common shares outstanding | | | |
| Basic | | 13,228,845 | | 12,767,696 |
| Diluted | | 13,254,437 | | 13,118,218 |
| | | | | | |
| | | | | | |
| | | Balance Sheet Data | | | |
| | | (in thousands) | March 31 | | Dec. 31 |
| | | | 2009 | | 2008 |
| | | Cash and marketable securities | $ 238,984 | | $ 232,463 |
| | | Current assets | 318,893 | | 312,752 |
| | | Total assets | 783,768 | | 777,296 |
| | | Current liabilities | 238,749 | | 251,919 |
| | | Long-term obligations | 25,900 | | 25,807 |
| | | Deferred lease credit | 3,332 | | 3,635 |
| | | Deferred revenue | 18,281 | | 15,118 |
| | | Stockholders' equity | 497,506 | | 480,817 |
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NHC Reports a 16.9% Increase in Net Income Available to Common Shareholders |
|
Selected Operating Statistics |
| | | |
| Three Months Ended |
| March 31 |
| 2009 | | 2008 |
Per Diems: | | | |
Medicare | $ 381.25 | | $ 363.44 |
Medicaid | 150.12 | | 146.54 |
Private Pay and Other | 224.34 | | 212.98 |
| | | |
Patient Days: | | | |
Medicare | 105,852 | | 103,606 |
Medicaid | 268,771 | | 275,040 |
Private Pay and Other | 167,935 | | 164,321 |
| 542,558 | | 542,967 |
| | | |
Average Per Diem | $ 218.19 | | $ 208.03 |