EX-99 2 ex99nhc2010firstquarterearni.htm PRESS RELEASE Converted by EDGARwiz

Exhibit 99.1



For release: May 6, 2010

Contact: Gerald Coggin, Sr. VP of Corporate Relations

Phone: (615) 890-2020


NHC Reports a 17.4% Increase in Net Income Available to Common Shareholders


MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE Amex: NHC;  NYSE Amex: NHCPR.A), a publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended March 31, 2010 of $8,239,000 compared to $7,016,000 for the quarter ended March 31, 2009, an increase of 17.4%.

Revenues for the three months ended March 31, 2010 totaled $172,037,000 compared to $164,689,000 for the same three months of 2009.  Net income was $.60 per common share basic for the quarter ended March 31, 2010 compared to $.53 per common share basic for the quarter ended March 31, 2009.

Highlights of the quarter include the opening of a new 120-bed skilled care and dementia center in Bluffton, South Carolina and a new 45-unit assisted living community in Mauldin, South Carolina.


Forward-Looking Statements

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.


About NHC

NHC affiliates operate for themselves and third parties 77 long-term health care centers with 9,892 beds.  NHC affiliates also operate 33 homecare programs, seven independent living centers and 16 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.  





Page 2

NHC Reports First Quarter Earnings

 

Condensed Statements of Income

 

 

 

(in thousands, except share and per share amounts)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31

Revenues:

 

2010

 

2009

 

Net patient revenues

 $  157,961

 

 $  153,067

 

Other revenues

       14,076

 

       11,622

 

 

Net revenues

     172,037

 

     164,689

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

Salaries, wages and benefits

       96,076

 

       90,726

 

Other operating

       49,003

 

       47,968

 

Rent

 

         8,178

 

         7,968

 

Depreciation and amortization

         6,427

 

         6,243

 

Interest

 

            114

 

            207

 

 

Total costs and expenses

     159,798

 

     153,112

 

 

 

 

 

 

 

Income Before Non-Operating Income

       12,239

 

       11,577

Non-Operating Income

         4,575

 

         3,980

 

 

 

 

 

 

 

Income Before Income Taxes

       16,814

 

       15,557

Income Tax Provision

      (6,407)

 

      (6,373)

 

 

 

 

 

 

 

Net Income

 

       10,407

 

         9,184

 

 

 

 

 

 

 

Dividends to Preferred Shareholders

      (2,168)

 

      (2,168)

 

 

 

 

 

 

 

Net income available to common shareholders

 $      8,239

 

 $      7,016

 

 

 

 

 

 

 

Earnings Per Common Share:

 

 

 

 

Basic

 

 $        0.60

 

 $        0.53

 

Diluted

 

 $        0.60

 

 $        0.53

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

Basic

 

13,721,570

 

13,228,845

 

Diluted

 

13,725,201

 

13,254,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data

 

 

 

 

 

 

(in thousands)

March 31

 

Dec. 31

 

 

 

 

2010

 

2009

 

 

 

Cash and marketable securities

 $  224,176

 

 $  226,586

 

 

 

Current assets

     302,411

 

     300,652

 

 

 

Total assets

     789,914

 

     788,532

 

 

 

Current liabilities

     203,101

 

     212,485

 

 

 

Long-term obligations

       33,139

 

       32,633

 

 

 

Deferred lease credit

         2,120

 

         2,423

 

 

 

Deferred revenue

       18,310

 

       15,212

 

 

 

Stockholders' equity

     533,244

 

     525,779




Page 3

NHC Reports First Quarter Earnings

 

Selected Operating Statistics

 

 

 

 

 

Three Months Ended

 

March 31

 

2010

 

2009

Per Diems:

 

 

 

Medicare

 $  371.27

 

 $   381.25

Medicaid

   155.40

 

     150.12

Private Pay and Other

      233.25

 

      224.34

 

 

 

 

Patient Days:

 

 

 

Medicare

    110,314

 

    105,852

Medicaid

    270,802

 

    268,771

Private Pay and Other

    165,082

 

    167,935

 

    546,198

 

    542,558

 

 

 

 

Average Per Diem

 $   222.53

 

 $   218.19