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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): August 2, 2005 (August 2, 2005) National HealthCare Corporation (Exact name of Registrant as specified in its charter) Delaware 001-13489 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)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Item 2.02 Results of Operations and Financial Condition.
On August 1, 2005, National HealthCare Corporation issued a press release announcing its 2005 second quarter results. A copy of the press release is filed as Exhibit 99 to this Current Report on Form 8-K and is incorporated by reference herein.
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/ Robert G. Adams | |
Name: Robert G. Adams | |
Title: Chief Executive Officer | |
Date: August 2, 2005 |
Exhibit Index
Number | Exhibit |
99 | Press release, dated August 1, 2005 |
Exhibit 99
For release: August 1, 2005
Contact: Gerald Coggin, Sr. V.P. Investor Relations
Phone: (615) 890-2020
NHC reports second quarter earnings up 23.5%
MURFREESBORO, Tenn. -- National HealthCare Corporation (AMEX: NHC), today announced net income for the quarter ended June 30 of $5,908,000 or 48 cents per basic share compared to $4,784,000 or 41 cents per basic share for the same period last year, an increase of 23.5% and 17.1%, respectively.
Net revenues for the quarter were $134,330,000 versus $122,737,000 for the same period a year earlier.
For the six months ended June 30, net income was up to $10,822,000 compared to $8,737,000 for the same period last year, an increase of 23.9%. Earnings per share for the six months rose to $.88 per basic share compared to $.75 per basic share, an increase of 17.3%. Net revenues for the six months ended June 30 climbed to $265,045,000 compared to $242,681,000 for 2004.
NHC provides services to 74 long-term health care centers with 9,177 beds. NHC also operates 31 homecare programs, six independent living centers and assisted living centers at 22 locations. NHC's other services include managed care specialty medical units, Alzheimer's units, hospice and a rehabilitation services company. 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 at www.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 second quarter earnings up 23.5%
Condensed Statements of Income |
(in thousands except share and per share | Three Months Ended June 30 | Six Months Ended June 30 |
2005 | 2004 | 2005 | 2004 | |||||||
Revenues: | ||||||||||
Net patient revenues | $ | 118,759 | $ | 107,262 | $ | 235,091 | $ | 213,960 | ||
Other revenues | 15,571 | 15,475 | 29,954 | 28,721 | ||||||
Net revenues | $ | 134,330 | $ | 122,737 | $ | 265,045 | $ | 242,681 | ||
Costs and Expenses: | ||||||||||
Salaries, wages and benefits | $ | 72,071 | $ | 66,053 | $ | 142,584 | $ | 132,042 | ||
Other operating | 37,679 | 34,552 | 74,775 | 68,027 | ||||||
Writeoff of notes receivable | --- | --- | 1,000 | --- | ||||||
Rent | 10,855 | 10,429 | 20,811 | 20,918 | ||||||
Depreciation and amortization | 3,728 | 3,380 | 7,442 | 6,444 | ||||||
Interest | 378 | 290 | 808 | 543 | ||||||
Total costs and expenses | $ | 124,711 | $ | 114,704 | $ | 247,420 | $ | 227,974 | ||
Income Before Income Taxes | 9,619 | 8,033 | 17,625 | 14,707 |
Income Tax Provisions | (3,711) | (3,249) | (6,803) | (5,970) |
Net Income | $ | 5,908 | $ | 4,784 | 10,822 | $ | 8,737 | |||
Earnings Per Share: | ||||||||||
Basic | $ | .48 | $ | .41 | $ | .88 | $ | .75 | ||
Diluted | $ | .46 | $ | .38 | $ | .85 | $ | .71 | ||
Weighted average common shares | ||||||||||
Basic | 12,240,890 | 11,671,786 | 12,235,437 | 11,667,794 | ||||||
Diluted | 12,753,192 | 12,430,394 | 12,753,444 | 12,275,863 | ||||||
Balance Sheet Data | June 30 | December 31 | ||||||||
(in thousands) | 2005 | 2004 | ||||||||
Cash, restricted cash and marketable | $ | 183,553 | $ | 168,721 | ||||||
Current assets | 239,374 | 227,734 | ||||||||
Total assets | 385,575 | 373,117 | ||||||||
Current liabilities | 131,300 | 128,605 | ||||||||
Long-term obligations | 30,559 | 30,726 | ||||||||
Deferred lease credits | 5,053 | 5,452 | ||||||||
Deferred income | 27,597 | 25,112 | ||||||||
Stockholder's equity | 190,135 | 182,348 | ||||||||
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