Exhibit 99.1
For release: May 6, 2010
Contact: Gerald Coggin, Sr. VP of Corporate Relations
Phone: (615) 890-2020
NHC Reports a 17.4% Increase in Net Income Available to Common Shareholders
MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE Amex: NHC; NYSE Amex: NHCPR.A), a publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended March 31, 2010 of $8,239,000 compared to $7,016,000 for the quarter ended March 31, 2009, an increase of 17.4%.
Revenues for the three months ended March 31, 2010 totaled $172,037,000 compared to $164,689,000 for the same three months of 2009. Net income was $.60 per common share basic for the quarter ended March 31, 2010 compared to $.53 per common share basic for the quarter ended March 31, 2009.
Highlights of the quarter include the opening of a new 120-bed skilled care and dementia center in Bluffton, South Carolina and a new 45-unit assisted living community in Mauldin, South Carolina.
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 leve ls 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 77 long-term health care centers with 9,892 beds. NHC affiliates also operate 33 homecare programs, seven independent living centers and 16 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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NHC Reports First Quarter Earnings | |||||||
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Condensed Statements of Income |
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(in thousands, except share and per share amounts) |
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| Three Months Ended | |||
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| March 31 | |||
Revenues: |
| 2010 |
| 2009 | |||
| Net patient revenues | $ 157,961 |
| $ 153,067 | |||
| Other revenues | 14,076 |
| 11,622 | |||
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| Net revenues | 172,037 |
| 164,689 | ||
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Costs and Expenses: |
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| Salaries, wages and benefits | 96,076 |
| 90,726 | |||
| Other operating | 49,003 |
| 47,968 | |||
| Rent |
| 8,178 |
| 7,968 | ||
| Depreciation and amortization | 6,427 |
| 6,243 | |||
| Interest |
| 114 |
| 207 | ||
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| Total costs and expenses | 159,798 |
| 153,112 | ||
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Income Before Non-Operating Income | 12,239 |
| 11,577 | ||||
Non-Operating Income | 4,575 |
| 3,980 | ||||
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Income Before Income Taxes | 16,814 |
| 15,557 | ||||
Income Tax Provision | (6,407) |
| (6,373) | ||||
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Net Income |
| 10,407 |
| 9,184 | |||
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Dividends to Preferred Shareholders | (2,168) |
| (2,168) | ||||
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Net income available to common shareholders | $ 8,239 |
| $ 7,016 | ||||
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Earnings Per Common Share: |
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| Basic |
| $ 0.60 |
| $ 0.53 | ||
| Diluted |
| $ 0.60 |
| $ 0.53 | ||
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Weighted average common shares outstanding |
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| Basic |
| 13,721,570 |
| 13,228,845 | ||
| Diluted |
| 13,725,201 |
| 13,254,437 | ||
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| Balance Sheet Data |
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| (in thousands) | March 31 |
| Dec. 31 | |
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| 2010 |
| 2009 | |
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| Cash and marketable securities | $ 224,176 |
| $ 226,586 | |
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| Current assets | 302,411 |
| 300,652 | |
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| Total assets | 789,914 |
| 788,532 | |
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| Current liabilities | 203,101 |
| 212,485 | |
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| Long-term obligations | 33,139 |
| 32,633 | |
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| Deferred lease credit | 2,120 |
| 2,423 | |
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| Deferred revenue | 18,310 |
| 15,212 | |
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| Stockholders' equity | 533,244 |
| 525,779 |
Page 3 | |||||
NHC Reports First Quarter Earnings | |||||
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Selected Operating Statistics | |||||
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| Three Months Ended | ||||
| March 31 | ||||
| 2010 |
| 2009 | ||
Per Diems: |
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Medicare | $ 371.27 |
| $ 381.25 | ||
Medicaid | 155.40 |
| 150.12 | ||
Private Pay and Other | 233.25 |
| 224.34 | ||
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Patient Days: |
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Medicare | 110,314 |
| 105,852 | ||
Medicaid | 270,802 |
| 268,771 | ||
Private Pay and Other | 165,082 |
| 167,935 | ||
| 546,198 |
| 542,558 | ||
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Average Per Diem | $ 222.53 |
| $ 218.19 |