UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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): April 29, 2003 (April 28, 2003)
National HealthCare Corporation
(Exact name of Registrant as specified in its charter)
Delaware	333-37185	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)

Item 12. Results of Operations and Financial Condition

On April 28,2003, National HealthCare Corporation made its first quarter earnings announcement. A copy of the press release is furnished as an exhibit to this Form 8-K and is incorporated herein by reference.

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/ W. Andrew Adams
	Name: W. Andrew Adams
	Title: Chief Executive Officer
	By: /s/ Donald K. Daniel
	Name: Donald K. Daniel
	Title: Principal Accounting Officer
Date: April 29, 2003

Exhibit Index

Number	Exhibit
99	Press release, dated April 28, 2003

EXHIBIT 99

For release: April 28, 2003

Contact: Gerald Coggin, V.P. Investor Relations

Phone: (615) 890-2020

NHC reports first quarter earnings up 10.9%

MURFREESBORO, Tenn. -- National HealthCare Corporation (AMEX: NHC), today announced earnings for the quarter ended March 31 of $3,423,000 or 30 cents per basic share compared to $3,087,000 or 27 cents per basic share for the same period last year, an increase of 10.9%

Revenues for the quarter rose to $113,205,000 compared to $111,226,000 for the same period a year earlier, a 1.8% increase. Management estimates that the October 2002 Medicare rate cuts for skilled nursing centers and home health care services reduced our revenues by approximately $2,700,000 for the quarter ended March 31, 2003. These Medicare rate cuts were offset by Medicaid increases and by census mix improvements. Previous year net income included a $2,760,000 note receivable write-down.

NHC provides services to 78 long-term health care centers with 9,584 beds. NHC also operates 32 homecare programs, seven independent living centers and assisted living centers at 21 locations. NHC's other services include managed care specialty medical units, Alzheimer's units and a rehabilitation services company. NHC also provides accounting services for over 30 long-term healthcare centers and three assisted living centers. 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 first quarter earnings up 10.9%

Condensed Statements of Income

(in thousands, except share and per share amounts) Three Months Ended March 31

		2003		2002
Revenues:
Net patient revenues	$	101,164	$	100,292
Other revenues		12,041		10,934
Net revenues	$	113,205	$	111,226
Costs and Expenses:
Salaries, wages and benefits	$	61,402	$	59,926
Other operating		32,098		29,073
Rent		10,381		10,394
Write-off of note receivable		---		2,760
Depreciation and amortization		3,055		3,005
Interest		564		926
Total costs and expenses	$	107,500	$	106,084
Income Before Income Taxes		5,705		5,142

Income Tax Provisions (2,282) (2,055)

Net Income	$	3,423	$	3,087
Earnings Per Share:
Basic	$	.30	$	.27
Diluted	$	.28	$	.26
Weighted average common shares
Basic		11,596,53		11,505,070
Diluted		12,058,68		11,941,902
Balance Sheet Data		March 31		December
(in thousands)		2003		2002
Cash and marketable securities	$	102,391	$	104,038
Current assets		170,446		164,611
Total assets		310,569		305,575
Current liabilities		114,799		114,077
Long-term obligations		38,979		40,107
Deferred lease credits		6,843		7,043
Deferred income		26,530		23,457
Stockholder's capital		122,631		120,141

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