Exhibit 99.1

For release: August 8, 2019

Contact: Brian F. Kidd, SVP/Controller

Phone: (615) 890-2020

NHC Reports Second Quarter 2019 Earnings

MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended June 30, 2019 totaled $247,151,000 compared to $242,142,000 for the quarter ended June 30, 2018, an increase of 2.1%.

For the quarter ended June 30, 2019, reported GAAP net income attributable to NHC was $13,711,000 compared to $22,461,000 for the second quarter of 2018. Excluding the quarterly unrealized gains and losses in our marketable equity securities portfolio, net income attributable to NHC for the quarter ended June 30, 2019 increased 4.0% compared to the second quarter of 2018. Adjusted net income for the quarter ended June 30, 2019 was $12,895,000 compared to $14,259,000 for the second quarter of 2018⁽¹⁾. For the quarter ended June 30, 2019, the reported GAAP diluted earnings per share was $0.89 and the adjusted diluted earnings per share was $0.84⁽¹⁾.

⁽¹⁾ See the tables below that provide a reconciliation of GAAP to non-GAAP items.

About NHC

NHC affiliates operate for themselves and third parties 75 skilled nursing facilities with 9,510 beds. NHC affiliates also operate 26 assisted living communities, five independent living communities, one behavioral health hospital, and 36 homecare programs. NHC’s other services include Alzheimer’s and memory care units, hospice services, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com.

Non-GAAP Financial Presentation

The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

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; 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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Consolidated Statements of Income

(in thousands, except share and per share amounts)

	Three Months Ended						Six Months Ended
	June 30						June 30
	2019			2018			2019			2018
	(unaudited)						(unaudited)
Revenues:
Net patient revenues	$	235,264		$	230,654		$	471,375		$	462,346
Other revenues		11,887			11,488			24,061			22,757
Net operating revenues		247,151			242,142			495,436			485,103
Costs and expenses:
Salaries, wages and benefits		147,878			145,466			289,266			285,561
Other operating		67,598			62,589			137,030			127,761
Facility rent		10,197			10,272			20,435			20,501
Depreciation and amortization		10,335			10,397			20,852			20,739
Interest		954			1,253			1,880			2,493
Total costs and expenses		236,962			229,977			469,463			457,055
Income from operations		10,189			12,165			25,973			28,048
Non-operating income		8,272			5,654			14,273			2,589
Unrealized gains/(losses) on marketable equity securities		(54	)		12,448			6,784			(3,069	)
Income before income taxes		18,407			30,267			47,030			27,568
Income tax provision		(4,725	)		(7,892	)		(12,117	)		(8,092	)
Net income		13,682			22,375			34,913			19,476
Net loss attributable to noncontrolling interest		29			86			67			194
Net income attributable to National HealthCare Corporation	$	13,711		$	22,461		$	34,980		$	19,670
Net income per common share
Basic	$	0.90		$	1.48		$	2.29		$	1.29
Diluted	$	0.89		$	1.47		$	2.28		$	1.29
Weighted average common shares outstanding
Basic		15,269,637			15,221,262			15,262,950			15,218,962
Diluted		15,352,702			15,228,305			15,338,520			15,224,958
Dividends declared per common share	$	0.52		$	0.50		$	1.02		$	0.98

Balance Sheet Data

(in thousands)	June 30		Dec. 31
	2019		2018
	(unaudited)
Cash, cash equivalents and marketable equity securities	$	176,753	$	183,470
Restricted cash, cash equivalents and marketable debt securities		191,731		184,266
Current assets		321,577		322,009
Property and equipment, net		544,586		534,650
Total assets		1,314,615		1,080,948
Current liabilities		171,687		157,924
Long-term debt		55,000		55,000
NHC stockholders' equity		759,152		733,278

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Selected Operating Statistics

	Three Months Ended					Six Months Ended
	June 30					June 30
	2019			2018	(1)		2019		2018	(1)
	(unaudited)					(unaudited)
Skilled Nursing Per Diems:
Medicare	$	457.03	$	462.67		$	459.30	$	462.09
Managed Care		389.81		398.65			392.65		400.21
Medicaid		196.57		188.87			196.23		189.37
Private Pay and Other		245.53		237.06			245.65		237.96
Average Skilled Nursing Per Diem	$	269.44	$	268.60		$	270.91	$	270.99
Skilled Nursing Patient Days:
Medicare		109,140		118,657			221,994		244,784
Managed Care		62,866		59,172			125,293		119,298
Medicaid		326,234		315,259			644,520		619,763
Private Pay and Other		178,453		177,169			353,809		351,611
Total Skilled Nursing Patient Days		676,693		670,257			1,345,616		1,335,456

⁽¹⁾ A skilled nursing facility in Madisonville, Kentucky was sold in the fourth quarter of 2018.  The per diems and patient days for this facility have been excluded in the 2018 column for comparative purposes.  

The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts; unaudited):

	Three Months Ended						Six Months Ended
	June 30						June 30
	2019			2018			2019			2018
Net income attributable to National Healthcare Corporation
Non-GAAP adjustments	$	13,711		$	22,461		$	34,980		$	19,670
Unrealized (gains)/losses on marketable equity securities		54			(12,448	)		(6,784	)		3,069
Gain on acquisition of equity method investment		(1,975	)		-			(1,975	)		-
Operating results for newly opened facilities not at full capacity (2)		137			500			731			1,056
Stock-based compensation expense		684			749			1,108			1,177
Legal costs and charges related to Caris' legal investigation		-			136			-			8,364
Provision of income taxes on non-GAAP adjustments		284			2,861			1,785			(2,714	)
Non-GAAP Net income	$	12,895		$	14,259		$	29,845		$	30,622
GAAP diluted earnings per share	$	0.89		$	1.47		$	2.28		$	1.29
Non-GAAP adjustments
Unrealized (gains)/losses on marketable equity securities		-			(0.61	)		(0.34	)		0.15
Gain on acquisition of equity method investment		(0.09	)		-			(0.09	)		-
Operating results for newly opened facilities not at full capacity (2)		0.01			0.02			0.04			0.05
Stock-based compensation expense		0.03			0.04			0.05			0.06
Legal costs and charges related to Caris' legal investigation		-			0.01			-			0.46
Non-GAAP diluted earnings per share	$	0.84		$	0.93		$	1.94		$	2.01

⁽²⁾ The newly opened facilities for the 2019 period presented consist of facilities opened from 2017 through 2019 (one skilled nursing facility, two assisted living facilities, and one memory care facility).  The newly opened facilities for the 2018 period presented consist of facilities opened from 2016 through 2018 (two skilled nursing facilities and three assisted living facilities).

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