Exhibit 99.1
![[ex99earningsrelease001.jpg]](https://capedge.com/proxy/8-K/0001047335-10-000022/ex99earningsrelease001.jpg)
For release: March 2, 2010
Contact: Gerald Coggin, Sr. VP of Corporate Relations
Phone: (615) 890-2020
NHC Reports Year End Earnings
MURFREESBORO, Tenn. --National HealthCare Corporation (NYSE Amex: NHC, NHC.PRA), a publicly traded long-term health care company, today announced net income available to common shareholders of $31,376,000 or $2.31 per share basic for the year ended Dec. 31, 2009, compared to $27,698,000 or $2.16 per share basic for the year ended Dec. 31, 2008, an increase of 13.3%.
Fourth quarter of 2009 net income available to common shareholders was $4,986,000 or 37 cents per basic share, compared to $2,772,000 or 21 cents per basic share in the fourth quarter of 2008.
Operating revenues for the fourth quarter increased 4.2% from $161,754,000 to $168,499,000. Annual operating revenues increased 5.5% from $633,208,000 to $668,221,000.
Forward-Looking Statements
This press release contains "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward- looking statements. All forward-looking statements speak only as of the date of this press release. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of NHC and its respective affiliates to be materially different from any future results, performance, achievements, and transactions. Additional information or factors which could impact the companies and the forward-looking statements contained herein are included in each company's filings with the Securities and Exchange Commission . The companies assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About NHC
NHC operates for itself and third parties 76 long-term health care centers with 9,772 beds. NHC also operates 33 homecare programs, seven 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 atwww.NHCcare.com.
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Page 2
NHC Reports Year End Earnings
| | | | | | | | | | |
Condensed Statements of Income |
(in thousands, except share and per share amounts) |
|
| Three Months Ended | | Year Ended |
| December 31 | | December 31 |
Revenues: | | 2009 | | 2008 | | 2009 | | 2008 |
| Net patient revenues | $ 158,127 | | $ 149,405 | | $ 621,589 | | $ 583,054 |
| Other revenues | 10,372 | | 12,349 | | 46,632 | | 50,154 |
| | Net revenues | 168,499 | | 161,754 | | 668,221 | | 633,208 |
| | | | | | | | | | |
Costs and Expenses: | | | | | | | |
| Salaries, wages and benefits | 96,273 | | 86,045 | | 370,708 | | 347,934 |
| Other operating | 45,557 | | 55,870 | | 188,145 | | 190,578 |
| Rent | | 8,287 | | 7,825 | | 32,351 | | 31,453 |
| Depreciation and amortization | 6,564 | | 6,579 | | 25,429 | | 24,818 |
| Interest | | 162 | | 210 | | 716 | | 873 |
| | Total costs and expenses | 156,843 | | 156,529 | | 617,349 | | 595,656 |
| | | | | | | | | | |
Income Before Non-Operating Income | 11,656 | | 5,225 | | 50,872 | | 37,552 |
Non-Operating Income | 4,171 | | 3,215 | | 16,784 | | 15,735 |
| | | | | | | | | ; | |
Income Before Income Taxes | 15,827 | | 8,440 | | 67,656 | | 53,287 |
Income Tax Provision | 8,673 | | 3,500 | | 27,607 | | 16,916 |
| | | | | | | | | | |
Net Income | | 7,154 | | 4,940 | | 40,049 | | 36,371 |
| | | | | | | | | | |
Dividends to Preferred Shareholders | (2,168) | | (2,168) | | (8,673) | | (8,673) |
| | | | | | | | | | |
Net income available to common shareholders | $ 4,986 | | $ 2,772 | | $ 31,376 | | $ 27,698 |
| | | | | | | | | | |
Earnings Per Common Share: | | | | | | | |
| Basic | | $ 0.37 | | $ 0.21 | | $ 2.31 | | $ 2.16 |
| Diluted | | $ 0.37 | | $ 0.21 | | $ 2.31 | | $ 2.11 |
| | | | | | | | | | |
Weighted average common shares outstanding | | | | | | | |
| Basic | | 13,683,026 | | 13,000,947 | | 13,562,850 | | 12,834,630 |
| Diluted | | 13,689,185 | | 13,233,999 | | 13,577,676 | | 13,133,419 |
|
|
| Balance Sheet Data | | | | | | | |
| (in thousands) | Dec. 31 | | Dec. 31 | | | | |
| | 2009 | | 2008 | | | | |
| Cash and marketable securities | $ 226,586 | | $ 232,463 | | | | |
| Current assets | 300,841 | | 312,752 | | | | |
| Total assets | 788,532 | | 777,296 | | | | |
| Current liabilities | 212,485 | | 251,919 | | | | |
| Long-term obligations | 32,633 | | 25,807 | | | | |
| Deferred lease credit | 2,423 | | 3,635 | | | | |
| Deferred revenue | 15,212 | | 15,118 | | | | |
| Stockholders' equity | 525,779 | | 480,817 | | | | |
Page 3
NHC Reports Year End Earnings
| | | | | | | |
Selected Operating Statistics |
|
| Three Months Ended | | Twelve Months Ended |
| December 31 | | December 31 |
| 2009 | | 2008 | | 2009 | | 2008 |
Per Diems: | | | | | | | |
Medicare | $ 375.48 | | $ 354.15 | | $ 374.81 | | $ 361.12 |
Medicaid | 155.49 | | 151.16 | | 152.20 | | 147.78 |
Private Pay and Other | 227.54 | | 217.95 | | 225.91 | | 215.51 |
| | | | | | | |
Patient Days: | | | | | | | |
Medicare | 106,411 | | 100,939 | | 419,758 | | 410,506 |
Medicaid | 280,052 | | 279,323 | | 1,108,864 | | 1,109,583 |
Private Pay and Other | 169,244 | | 175,364 | | 675,628 | | 676,890 |
| 555,707 | | 555,626 | | 2,204,250 | | 2,196,979 |
| | | | | | | |
Average Per Diem | $ 219.56 | | $ 209.12 | | $ 217.18 | | $ 208.51 |