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24.03.17
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NHC Reports Year End Earnings

Mittwoch, 15.02.2017 12:20



MURFREESBORO, Tenn. --(BUSINESS WIRE)--

National HealthCare Corporation (NYSE MKT: NHC), the nation's oldest publicly traded long-term health care company, today announced net operating revenues for the year ended December 31, 2016 totaled $926,638,000 compared to $906,622,000 for the year ended December 31, 2015, an increase of 2.2%. For the year ended December 31, 2016, net income available to common shareholders was $50,538,000 compared to $46,324,000 for the 2015 year, an increase of 9.1%. Excluding the operating losses from the two newly constructed skilled nursing facilities and two assisted living facilities placed in service in 2016 and 2015, net income available to common shareholders for the year ended December 31, 2016 would have been $55,164,000, which is an increase of 13.5% over the 2015 year. Net income was $3.34 per share basic for each of the years ended December 31, 2016 and 2015.

Net operating revenues for the three months ended December 31, 2016 totaled $238,001,000 compared to $233,927,000 for the same three months in 2015, an increase of 1.7%. Fourth quarter of 2016 net income available to common shareholders was $13,863,000, or $0.92 per basic share, compared to $14,644,000, or $1.03 per basic share, in the fourth quarter of 2015.

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.

About NHC

NHC affiliates operate for themselves and third parties 74 skilled nursing facilities with 9,398 beds. NHC affiliates also operate 21 assisted living communities, five independent living communities, and 36 homecare programs. 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.

       
Consolidated Statements of Income
(in thousands, except share and per share amounts)
 
Three Months Ended Year Ended
December 31 December 31
  2016     2015     2016     2015  
Revenues: (unaudited)
Net patient revenues $ 227,484 $ 223,001 $ 880,724 $ 864,846
Other revenues   10,517     10,926     45,914     41,776  
Net operating revenues   238,001     233,927     926,638     906,622  
 
Costs and Expenses:
Salaries, wages and benefits 142,516 139,969 548,007 532,735
Other operating 56,262 53,242 233,833 227,072
Facility rent 10,332 9,995 41,292 39,967
Depreciation and amortization 10,176 9,672 39,023 37,114
Interest   1,028     826     3,941     2,608  
Total costs and expenses   220,314     213,704     866,096     839,496  
 
Income Before Non-Operating Income 17,687 20,223 60,542 67,126
Non-Operating Income   4,876     5,246     19,665     18,148  
 
Income Before Income Taxes 22,563 25,469 80,207 85,274
Income Tax Provision   (8,700 )   (10,493 )   (29,669 )   (32,131 )
 
Net Income 13,863 14,976 50,538 53,143
 
Dividends to Preferred Stockholders   -     (332 )   -     (6,819 )
 
Net Income Available to Common Stockholders $ 13,863   $ 14,644   $ 50,538   $ 46,324  
 
Earnings Per Common Share
Basic $ 0.92 $ 1.03 $ 3.34 $ 3.34
Diluted $ 0.91 $ 0.99 $ 3.32 $ 3.20
 
Weighted average common shares outstanding
Basic 15,150,514 14,216,818 15,134,518 13,889,134
Diluted 15,176,453 14,865,545 15,206,997 14,491,433
 
Dividends declared per common share $ 0.45 $ 0.40 $ 1.75 $ 1.54
 
Balance Sheet Data
(in thousands) Dec. 31 Dec. 31
  2016     2015  
Cash and marketable securities $ 164,348 $ 154,376
Restricted cash and marketable securities 188,958 180,972
Current assets 290,857 278,942
Property and equipment, net 559,624 536,046
Total assets 1,087,447 1,045,329
Current liabilities 150,928 150,656
Long-term debt 120,000 120,000
Stockholders' equity 669,611 630,996
     
Selected Operating Statistics
(unaudited)
  Three Months Ended Year Ended
December 31 December 31
  2016   2015   2016   2015
Per Diems:
Medicare $ 462.59 $ 447.84 $ 452.51 $ 439.87
Managed Care 413.40 407.14 404.78 402.85
Medicaid 177.87 175.23 174.92 171.81
Private Pay and Other 225.98 219.07 224.53 217.50
 
Average Per Diem $ 258.85 $ 255.81 $ 256.00 $ 253.53
 
Patient Days:
Medicare 115,970 125,285 475,637 510,086
Managed Care 56,342 55,141 222,635 220,290
Medicaid 325,940 321,603 1,284,722 1,256,942
Private Pay and Other   180,787   176,679   712,570   700,418
679,039 678,708 2,695,564 2,687,736

View source version on businesswire.com: http://www.businesswire.com/news/home/20170215005389/en/

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