NHC Reports First Quarter Earnings Up 24%.MURFREESBORO Murfreesboro (mûr`frēzbûr'ə), city (1990 pop. 44,922), seat of Rutherford co., central Tenn., on Stones River; inc. 1817. It is the processing center of a dairy, livestock, and farm area. , Tenn. -- National HealthCare Corporation (AMEX AMEXSee: American Stock Exchange :NHC NHC National Hurricane Center NHC Naval Historical Center NHC National Housing Conference NHC National Hurricane Conference NHC National Healthcare Corporation NHC No Homers Club (Simpsons cartoon) ), today announced first quarter net income of $4,914,000 or 40 cents per basic share, compared to $3,953,000 or 34 cents per basic share in the first quarter of 2004, an increase of 24%. Earnings this year include the impact of the writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. of notes receivable of $600,000, after taxes, or five cents per basic share. Revenues increased to $130,715,000 compared to $119,944,000 for the same period a year earlier. First quarter occupancy at owned and leased skilled nursing centers averaged 94.0% compared to 93.2% a year ago. First quarter results also include the effect of adding 190 skilled nursing center beds that were opened in May of 2004 and 46 assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. units that were opened in August of 2004. NHC provides services to 74 long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. health care centers with 9,177 beds. NHC also operates 31 homecare British Gas HomeCare is the name for British Gas Services which operates in the United Kingdom, which was originally set up to provide maintenance for central heating and other gas appliances. programs, six independent living centers and assisted living centers at 22 locations. NHC's other services include managed care specialty medical units, Alzheimer's units, hospice hospice, program of humane and supportive care for the terminally ill and their families; the term also applies to a professional facility that provides care to dying patients who can no longer be cared for at home. , and a rehabilitation rehabilitation: see physical therapy. services company. In order to understand in all material respects the financial condition, results of operations and cash flows of NHC, the investor must review our most recent Form 10-Q Form 10-Q See 10-Q. quarterly report, Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. annual report and press releases which are available on our web site at www.NHCcare.com. Statements in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. All forward-looking statements represent NHC's best judgment as of the date of this release.
Condensed Statements of Income
(in thousands except share and per share amounts)
Three Months Ended March 31
2005 2004
------------ ------------
Revenues:
Net patient revenues $ 116,332 $ 106,698
Other revenues 14,383 13,246
------------ ------------
Net revenues $ 130,715 $ 119,944
------------ ------------
Costs and Expenses:
Salaries, wages and benefits $ 70,513 $ 65,989
Other operating 37,096 33,475
Write-off of notes receivable 1,000 ---
Rent 9,956 10,489
Depreciation and amortization 3,714 3,064
Interest 430 253
------------ ------------
Total costs and expenses $ 122,709 $ 113,270
------------ ------------
Income Before Income Taxes 8,006 6,674
Income Tax Provisions (3,092) (2,721)
------------ ------------
Net Income $ 4,914 $ 3,953
============ ============
Earnings Per Share:
Basic $ .40 $ .34
Diluted $ .39 $ .33
Weighted average common shares
outstanding
Basic 12,229,923 11,663,802
Diluted 12,753,635 12,121,950
Dividends per common share $ .125 $ ---
Balance Sheet Data March 31 December 31
(in thousands) 2005 2004
------------ ------------
Cash, restricted cash and marketable
securities $ 169,405 $ 168,721
Current assets 231,368 227,734
Total assets 379,163 373,117
Current liabilities 131,332 128,605
Long-term obligations 30,133 30,726
Deferred lease credits 5,253 5,452
Deferred revenue 28,242 25,112
Stockholder's capital 183,296 182,348
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion