NHC Reports Second Quarter Earnings
Posted by Gerald Coggin on August 1, 2012
For release: August 1, 2012
Contact: Gerald Coggin, Sr. VP of Corporate Relations
Phone: (615) 890-2020
MURFREESBORO, Tenn. – National HealthCare Corporation (NYSE MKT: NHC, NHC.PRA), a publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended June 30, 2012 of $11,446,000 compared to $11,443,000 for the quarter ended June 30, 2011. Net income was $0.83 per common share basic for the quarter ended June 30, 2012, as well as $0.83 per common share basic for the same quarter a year ago. Revenues for the three months ended June 30, 2012 totaled $187,765,000 compared to $190,783,000 for the three months ended June 30, 2011, a decrease of 1.6%.
Revenues for the second quarter of 2012 compared to the quarter last year were negatively affected by decreases in Medicare per diem rates, but the rate decreases were partially offset by improved patient mix. Furthermore, cost saving measures helped to reduce total costs and expenses compared to the prior year period.
Net income available to common shareholders for the six month period ended June 30, 2012 was $21,954,000 compared to $27,999,000, a decrease of 21.6%. Net income was $1.59 per common share basic for the six month period ended June 30, 2012 compared to $2.04 per common share basic for the same period in 2011. For comparative purposes, operating expenses for the 2011 six month period included favorable results within our accrued risk reserves of $10,500,000 (approximately $6,825,000 after income taxes or $0.50 per common share basic). Excluding this adjustment, the six months ended June 30, 2012 would have reflected an increase of 3.7% in net income available to common shareholders compared to the same period in 2011.