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NHC Reports Second Quarter Earnings

Posted 08/06/2014



MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE MKT: NHC, NHC.PRA), the nation's oldest publicly traded senior health care company, today announced net income available to common shareholders for the quarter ended June 30, 2014 of $10,344,000 compared to $12,174,000 for the quarter ended June 30, 2013. Financial results for the second quarter of 2014 compared to the prior year period were negatively impacted by a decrease in non-operating income and also start-up expenses incurred from the eleven newly leased or constructed skilled nursing centers. Excluding the decrease in non-operating income and the start-up losses from the eleven skilled nursing centers, net income available to common shareholders for the quarter ended June 30, 2014 would have been $12,414,000, which is an increase of 2.0% over the same three month period in 2013.

Net operating revenues for the three months ended June 30, 2014 totaled $216,555,000 compared to $192,011,000 for the same three months of 2013, an increase of 12.8%. Net income was $0.75 per common share basic for the quarter ended June 30, 2014 compared to $0.88 per common share basic for the quarter ended June 30, 2013.

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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





2014



2013



2014



2013

Revenues:



(unaudited)



(unaudited)

Net patient revenues

$ 205,632



$ 178,401



$ 405,401



$ 356,831

Other revenues

10,923



13,610



21,685



29,558

Net operating revenues

216,555



192,011



427,086



386,389



















Costs and Expenses:















Salaries, wages and benefits

125,614



109,358



245,339



216,421

Other operating

55,696



48,728



111,438



103,139

Facility rent



9,913



9,870



19,799



19,738

Depreciation and amortization

8,605



6,972



16,505



13,928

Interest



644



82



934



166

Total costs and expenses

200,472



175,010



394,015



353,392



















Income Before Non-Operating Income

16,083



17,001



33,071



32,997

Non-Operating Income

4,281



6,632



8,853



13,250



















Income Before Income Taxes

20,364



23,633



41,924



46,247

Income Tax Provision

(7,853)



(9,291)



(16,184)



(18,100)



















Net Income



12,511



14,342



25,740



28,147



















Dividends to Preferred Stockholders

(2,167)



(2,168)



(4,335)



(4,336)



















Net Income Available to Common Stockholders

$ 10,344



$ 12,174



$ 21,405



$ 23,811



















Earnings Per Common Share















Basic



$ 0.75



$ 0.88



$ 1.54



$ 1.72

Diluted



$ 0.72



$ 0.86



$ 1.50



$ 1.68



















Weighted average common shares outstanding















Basic



13,868,470



13,816,536



13,855,900



13,838,936

Diluted



14,282,785



16,682,970



14,226,887



16,708,889



















Dividends declared per common share

$ 0.34



$ 0.32



$ 0.66



$ 0.62



















Balance Sheet Data















(in thousands)

June 30



Dec. 31













2014



2013









Cash and marketable securities

$ 193,376



$ 186,714









Restricted cash and marketable securities

162,405



155,932









Current assets

311,014



299,666









Property and equipment, net

502,288



456,798









Total assets

1,044,589



984,358









Current liabilities

160,020



167,760









Long-term debt

10,000



10,000









Stockholders' equity

716,807



688,112












Selected Operating Statistics













(unaudited)

















Three Months Ended



Six Months Ended



June 30



June 30



2014



2013



2014



2013

Per Diems:















Medicare

$ 433.88



$ 422.78



$ 432.90



$ 425.74

Managed Care

$ 396.04



$ 394.51



$ 397.77



$ 405.80

Medicaid

$ 168.51



$ 163.26



$ 168.88



$ 164.24

Private Pay and Other

$ 210.28



$ 199.15



$ 211.54



$ 198.61

















Patient Days:















Medicare

124,624



121,023



250,772



241,939

Managed Care

47,151



34,762



91,104



70,803

Medicaid

313,426



259,461



614,201



514,886

Private Pay and Other

176,740



145,485



339,733



291,437



661,941



560,731



1,295,810



1,119,065

















Average Per Diem

$ 245.83



$ 242.92



$ 247.25



$ 245.01




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