EX-99 2 ex99earningsrelease.htm PRESS RELEASE Converted by EDGARwiz




Exhibit 99.1


[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 at www.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