National
HealthCare Corporation (NYSE MKT: NHC) (NYSE MKT: NHC.PRA), the
nation’s oldest publicly traded long-term health care company, today
announced net income available to common shareholders for the quarter
ended March 31, 2015 of $11,074,000 compared to $11,061,000 for the
quarter ended March 31, 2014. Excluding the operating losses from the
newly constructed or leased skilled nursing facilities placed in service
less than twelve months ago, net income available to common shareholders
for the quarter ended March 31, 2015 would have been $11,903,000, which
is an increase of 7.6% over the same three month period in 2014.
Net revenues for the three months ended March 31, 2015 totaled
$222,407,000 compared to $210,531,000 for the same three months of 2014,
an increase of 5.6%. Net income was $0.80 per common share basic for the
quarters ended March 31, 2015 and 2014.
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 74 long-term
health care centers with 9,357 beds. NHC affiliates also operate 36
homecare programs, five independent living centers and 18 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.
The reference to our website is not intended to incorporate our website
into this press release.
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Consolidated 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
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2015
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2014
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Revenues:
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(unaudited)
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Net patient revenues
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$
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212,061
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$
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199,769
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Other revenues
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10,346
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10,762
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Net operating revenues
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222,407
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210,531
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Costs and Expenses:
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Salaries, wages and benefits
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125,716
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119,725
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Other operating
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59,747
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55,742
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Facility rent
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9,985
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9,886
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Depreciation and amortization
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8,933
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7,900
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Interest
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590
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290
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Total costs and expenses
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204,971
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193,543
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Income Before Non-Operating Income
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17,436
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16,988
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Non-Operating Income
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4,222
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4,572
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Income Before Income Taxes
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21,658
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21,560
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Income Tax Provision
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(8,416
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)
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(8,331
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)
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Net Income
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13,242
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13,229
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Dividends to Preferred Stockholders
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(2,168
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)
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(2,168
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Net Income Available to Common Stockholders
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$
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11,074
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$
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11,061
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Earnings Per Common Share
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Basic
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$
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0.80
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$
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0.80
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Diluted
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$
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0.77
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$
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0.78
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Weighted average common shares outstanding
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Basic
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13,761,561
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13,843,190
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Diluted
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14,289,800
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14,170,453
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Dividends declared per common share
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$
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0.34
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$
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0.32
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Balance Sheet Data
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(in thousands)
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March 31
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Dec. 31
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2015
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2014
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Cash and marketable securities
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$
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213,006
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$
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202,302
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Restricted cash and marketable securities
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174,006
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168,924
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Current assets
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332,147
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322,525
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Property and equipment, net
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518,391
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514,744
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Total assets
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1,091,853
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1,074,123
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Current liabilities
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180,430
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183,558
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Long-term debt
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10,000
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10,000
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Stockholders’ equity
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748,400
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734,148
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Selected Operating Statistics
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(unaudited)
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Three Months Ended
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March 31
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2015
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2014
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Per Diems:
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Medicare
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$
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433.29
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$
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431.94
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Managed Care
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$
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397.05
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$
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399.61
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Medicaid
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$
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171.35
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$
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169.26
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Private Pay and Other
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$
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217.36
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$
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212.90
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Patient Days:
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Medicare
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135,851
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126,148
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Managed Care
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53,020
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43,953
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Medicaid
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303,947
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300,775
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Private Pay and Other
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169,373
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162,993
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662,191
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633,869
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Average Per Diem
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$
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254.93
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$
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248.73
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Copyright Business Wire 2015