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): July 30, 2003 (July 29, 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 July 29,2003, National HealthCare Corporation made its second 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: July 30, 2003

Exhibit Index

Number	Exhibit
99	Press release, dated July 29, 2003

EXHIBIT 99

For release: July 29, 2003

Contact: Gerald Coggin, V.P. Investor Relations

Phone: (615) 890-2020

NHC reports second quarter earnings up 10.4%

MURFREESBORO, Tenn. -- National HealthCare Corporation (AMEX: NHC), today announced earnings for the quarter ended June 30 of $4,672,000 or 40 cents per basic share compared to $4,231,000 or 37 cents per basic share for the same period last year, an increase of 10.4%.

Revenues for the quarter were $116,016,000 versus $113,765,000 for the same period a year earlier.

For the six months ended June 30, net income was up to $8,095,000 compared to $7,318,000 for the same period last year, an increase of 10.6%. Earnings per share for the six months rose to 70 cents per basic share compared to 64 cents per basic share, an increase of 9.4%. Revenues for the six months ended June 30 climbed to $229,221,000 compared to $224,991,000 for the first six months of 2002.

Management estimates that the October 2002 Medicare rate cuts for skilled nursing centers and homecare services reduced our revenues by approximately $2,700,000 for the quarter ended June 30. These Medicare rate cuts were offset by Medicaid increases, improved census mix and improved census.

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. 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.

-more-

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NHC reports second quarter earnings up 10.4%

Condensed Statements of Income

(in thousands except share and per Three Months Ended June Six Months Ended June 30

		2003		2002		2003		2002
Revenues:
Net patient revenues	$	104,682	$	101,074	$	205,846	$	201,366
Other revenues		11,334		12,691		23,375		23,625
Net revenues	$	116,016	$	113,765	$	229,221	$	224,991
Costs and Expenses:
Salaries, wages and benefits	$	62,496	$	59,829	$	123,898	$	119,755
Other operating		31,707		32,609		63,805		61,682
Rent		10,418		10,362		20,799		20,756
Write-off of note receivable		---		---		---		2,760
Depreciation and		3,053		3,001		6,108		6,006
Interest		556		887		1,120		1,813
Total costs and	$	108,230	$	106,688	$	215,730	$	212,772
Income Before Income Taxes		7,786		7,077		13,491		12,219

Income Tax Provisions (3,114) (2,846) (5,396) (4,901)

Net Income	$	4,672	$	4,231	$	8,095	$	7,318
Earnings Per Share:
Basic	$	.40	$	.37	$	.70	$	.64
Diluted	$	.39	$	.35	$	.67	$	.61
Weighted average common shares
Basic		11,596,57		11,504,10		11,596,22		11,511,18
Diluted		12,070,07		11,970,70		12,064,05		11,962,76
Balance Sheet Data		June 30		Decembe
(in thousands)		2003		2002
Cash and marketable securities	$	118,208	$	104,038
Current assets		178,227		164,611
Total assets		322,721		305,575
Current liabilities		119,021		114,077
Long-term obligations		39,051		40,107
Deferred lease credits		6,644		7,043
Deferred income		26,245		23,457
Stockholder's capital		130,966		120,141

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