EX-99 2 exhibit9911q99earnings.htm PRESS RELEASE Converted by EDGARwiz

Exhibit 99.1


[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 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. 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.


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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





Page 3

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