U.S. Markets close in 3 hrs 50 mins

NHC Reports Third Quarter Earnings

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

National HealthCare Corporation (NHC), the nation's oldest publicly traded senior health care company, today announced net income available to common shareholders for the quarter ended September 30, 2017 of $11,352,000 compared to $11,110,000 for the quarter ended September 30, 2016, an increase of 2.2%. Excluding the operating losses from the newly constructed skilled nursing facility and two assisted living facilities placed in service in 2017, net income available to common shareholders for the quarter ended September 30, 2017 would have been $11,824,000.

Net operating revenues for the three months ended September 30, 2017 totaled $241,985,000 compared to $231,281,000 for the same three months of 2016, an increase of 4.6%. Net income was $0.75 per common share basic for the quarter ended September 30, 2017 compared to $0.73 per common share basic for the quarter ended September 30, 2016, an increase of 2.7%.

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, the ability of third parties for whom we have guaranteed debt to refinance certain short term debt obligations; 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 76 skilled nursing centers with 9,597 beds. NHC affiliates also operate 36 homecare programs, 24 assisted living communities and five independent living communities. 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     Nine Months Ended
September 30 September 30
2017     2016 2017     2016
(unaudited)
Revenues:
Net patient revenues $ 230,048 $ 218,647 $ 685,854 $ 653,240
Other revenues   11,937     12,634     34,831     35,397  
Net operating revenues   241,985     231,281     720,685     688,637  
 
Costs and Expenses:
Salaries, wages and benefits 145,900 140,403 426,639 405,491
Other operating 64,039 58,956 190,778 177,571
Facility rent 10,106 10,314 30,273 30,960
Depreciation and amortization 10,833 9,998 31,609 28,847
Interest   1,322     1,020     3,599     2,913  
Total costs and expenses   232,200     220,691     682,898     645,782  
 
Income Before Non-Operating Income 9,785 10,590 37,787 42,855
Non-Operating Income   6,090     5,091     16,047     14,789  
 
Income Before Income Taxes 15,875 15,681 53,834 57,644
Income Tax Provision   (4,691 )   (4,571 )   (19,448 )   (20,969 )
Net Income 11,184 11,110 34,386 36,675
 
Loss Attributable To Noncontrolling Interest   168     -     349     -  
 
Net Income Attributable to National HealthCare Corporation $ 11,352   $ 11,110   $ 34,735   $ 36,675  
 
Earnings Per Common Share
Basic 0.75 $ 0.73 $ 2.29 $ 2.42
Diluted 0.75 $ 0.73 $ 2.28 $ 2.41
 
Weighted average common shares outstanding
Basic 15,195,394 15,198,696 15,186,315 15,128,728
Diluted 15,220,567 15,222,648 15,217,797 15,216,838
 
Dividends declared per common share $ 0.48 $ 0.45 $ 1.41 $ 1.30
 
Balance Sheet Data
(in thousands) Sept. 30 Dec. 31
2017 2016
(unaudited)
Cash, cash equivalents and marketable securities $ 213,553 $ 164,348
Restricted cash, cash equivalents and marketable securities 176,560 188,958
Current assets 336,096 290,857
Property and equipment, net 552,343 559,624
Total assets 1,110,837 1,087,447
Current liabilities 147,609 150,928
Long-term debt 120,000 120,000
NHC Stockholders' equity 690,868 669,611
 
 
Selected Operating Statistics
(unaudited)
      Three Months Ended     Nine Months Ended
September 30 September 30
2017     2016 2017     2016
Per Diems:
Medicare $ 459.63 $ 453.08 $ 461.38 $ 449.26
Managed Care 402.86 402.45 407.16 401.86
Medicaid 179.08 174.12 177.49 173.92
Private Pay and Other 230.73 224.68 231.76 224.04
 
Average Per Diem $ 261.35 $ 254.62 $ 262.69 $ 255.04
 
Patient Days:
Medicare 117,634 117,503 360,285 359,667
Managed Care 64,327 54,591 186,487 166,293
Medicaid 325,886 322,564 959,779 958,782
Private Pay and Other   183,339   181,175   541,827   531,783
691,186 675,833 2,048,378 2,016,525
 

View source version on businesswire.com: http://www.businesswire.com/news/home/20171109006743/en/

  • Will Ford's (F) Best-Seller F-Series Drive Q3 Earnings?
    Finance
    Zacks

    Will Ford's (F) Best-Seller F-Series Drive Q3 Earnings?

    Ford Motor Company F is scheduled to announce third-quarter 2018 results on Oct 24, before the market opens. In the past three months, shares of Ford have outperformed the industry it belongs to. On the contrary, Ford’s traditional sedans witnessed a downward trend in the same time frame.

  • Walmart is aggressively shifting away from its most legendary shopping format
    Finance
    Yahoo Finance

    Walmart is aggressively shifting away from its most legendary shopping format

    Walmart (WMT) continues to kill off the American shopping creation it’s most known for, the massive supercenter that sells everything under one roof. With the U.S. market already having more than 3,500 Walmart supercenters and a focus by CEO Doug McMillon to increase spending on eCommerce and India, Walmart said Tuesday it will open a mere 10 supercenters in 2019. The company has reduced emphasis on the store format pioneered by founder Sam Walton – which could average a gargantuan 178,000 square feet – in recent years.

  • Business
    Benzinga

    Jim Cramer Advises His Viewers On Cisco, Microsoft And More

    On CNBC's "Mad Money Lightning Round", Jim Cramer said Microsoft Corporation (NASDAQ: MSFT) can still be bought, but only a half of a position. United Technologies Corporation (NYSE: UTX) is going to be stuck until it buys Rockwell Collins, Inc. (NYSE

  • A Look at AT&T’s Dividends
    Business
    Market Realist

    A Look at AT&T’s Dividends

    What Investors Should Know about AT&T’s Growth Prospects (Continued from Prior Part) Shareholder returns Increasing capital returns to shareholders is one of AT&T’s (T) main priorities. In the second quarter, the company returned $3.1 billion to shareholders

  • Finance
    TheStreet.com

    Johnson & Johnson Bumps Full-Year Earnings Guidance Higher After Solid Q3

    Johnson & Johnson posted solid third quarter earnings Tuesday, and boosted its full-year profit guidance, thanks in part to a stronger-than-expected performance for key cancer treatments that offset fading sales for Remicade, its blockbuster arthritis

  • Jamal Khashoggi was accidentally killed during interrogation: report
    Politics
    Fox Business Videos

    Jamal Khashoggi was accidentally killed during interrogation: report

    Fox Business foreign policy analyst Walid Phares on the report that Saudi journalist Jamal Khashoggi was accidentally killed.

  • Where Will NVIDIA Be in 5 Years?
    Business
    Motley Fool

    Where Will NVIDIA Be in 5 Years?

    At one time, NVIDIA (NASDAQ: NVDA) floated under the radar in the technology sector. Its graphics processing units (GPUs) were then niche tech products that appealed mainly to graphic artists and hardcore PC gamers, but that all changed over the last

  • $400 Oil? Don't Bet on It
    Business
    Motley Fool

    $400 Oil? Don't Bet on It

    It has been almost two weeks since journalist Jamal Khashoggi disappeared after entering the Saudi consulate in Turkey. The Turkish government claims that Saudi Arabia had him murdered, which Saudi Arabia has flatly denied, though recent reports suggest the country has admitted that he was killed during an interrogation attempt. President Trump, meanwhile, threatened "severe punishment" against Saudi Arabia if it turned out that the country was behind the journalist's disappearance.

  • Brits Are All Making the Same Joke About the New Royal Baby
    News
    Time

    Brits Are All Making the Same Joke About the New Royal Baby

    Meghan Markle, the Duchess of Sussex, is expecting her first child with Prince Harry. The news, announced Monday morning by Kensington Palace, has already been greeted by hundreds of messages of congratulations for the royal couple on social media. The U.K. is set to leave the European Union on March 29, exactly two years after Prime Minister Theresa May started the formal process for doing so by invoking Article 50 of the Lisbon Treaty.

  • Marijuana stocks to watch: Canopy Growth is the cannabis business’s $4 billion gorilla
    Business
    MarketWatch

    Marijuana stocks to watch: Canopy Growth is the cannabis business’s $4 billion gorilla

    The following article is part of a package of stories that MarketWatch is publishing to mark the start of full legalization of cannabis for adult use in Canada on Wednesday. Smith Falls, Ontario–based Canopy Growth Corp. made headlines and drove cannabis stocks to new heights over the summer when it announced that Corona brewer Constellation Brands Inc. was going to invest an additional $4 billion in the company. Billed by both companies as a strategic partnership, the additional $4 billion investment adds to the 9.9% stake that Constellation bought in October of last year and sets the company up to either be bought outright by Constellation — via warrants that could increase its stake to more than 50% — or continue to work with the beverage company to create a range of consumer-focused cannabis products that may one day appear in markets in dozens of countries.

  • Forget Gilead Sciences: Intercept Pharmaceuticals, Inc. Is a Better Growth Stock
    Business
    Motley Fool

    Forget Gilead Sciences: Intercept Pharmaceuticals, Inc. Is a Better Growth Stock

    Gilead Sciences (NASDAQ: GILD) has clearly lost its luster as a growth stock over the last three years, thanks to a suite of setbacks for its oncology and hepatitis C franchises, as well as an increasingly competitive HIV marketplace. Gilead's stock, for instance, has woefully underperformed the broader biotech landscape during the past 36 months. With a price-to-sales ratio of 18.9 at present, Intercept's stock might not look like an outright bargain.

  • These are the bad things about early retirement that no one talks about
    News
    MarketWatch

    These are the bad things about early retirement that no one talks about

    For all the glamour of living an early retirement lifestyle, there are plenty of negatives I’ve come to discover since I permanently left my job in 2012. As a result, you’re repeatedly forced to will yourself into action.

  • Many U.S. mall owners say good riddance to Sears
    Finance
    Reuters

    Many U.S. mall owners say good riddance to Sears

    The real estate investment trusts that own the malls and shopping centers where many Sears stores are anchor tenants have waited years for the retailer's demise to renovate the sites and boost rent, although redevelopment costs may strain some plans. Most large U.S. malls are controlled by REITs. In recent years, the REITs have cut their exposure to Sears Holdings Corp, which filed for Chapter 11 bankruptcy on Monday.

  • 3 Top Large-Cap Stocks to Buy in October
    Business
    Motley Fool

    3 Top Large-Cap Stocks to Buy in October

    If you're looking for high-quality large-cap stocks to add to your portfolio this month, three of our Motley Fool contributors have some ideas. Here's why you should consider Berkshire Hathaway (NYSE: BRK.B), Cisco Systems (NASDAQ: CSCO), and AT&T (NYSE: T). Tyler Crowe (Berkshire Hathaway): Perhaps one of the most ridiculous investment takes out there right now is that Berkshire Hathaway's immense cash pile isn't a good thing.

  • JCPenney Stock: Do Analysts Foresee Any Upside?
    Business
    Market Realist

    JCPenney Stock: Do Analysts Foresee Any Upside?

    Can New CEO Bring JCPenney Back on Track? (Continued from Prior Part) Consensus “hold” rating Most analysts currently have a “hold” recommendation for JCPenney (JCP) stock. The mid-tier department store chain was rated a “hold” by 75%, or 12 out of 16

  • Remembering Microsoft co-founder Paul Allen, dead at 65
    Finance
    Yahoo Finance

    Remembering Microsoft co-founder Paul Allen, dead at 65

    Yahoo Finance’s Alexis Christoforous, Editor-in-chief Andy Serwer, Sibile Marcellus, Jared Blikre, Julia La Roche, Scott Gamm, Brian Sozzi and Heidi Chung discuss today’s top stories.  Today’s topics include: Roger McNamee reflects on the death of Paul

  • Goldman Sachs and Raymond James cut Netflix price target ahead of earnings
    Business
    Yahoo Finance Video

    Goldman Sachs and Raymond James cut Netflix price target ahead of earnings

    Netflix getting its price target slashed by both Goldman Sachs and Raymond James ahead of its highly expected earnings report tomorrow. Both firms are concerned that rising interest rates could pinch the company’s valuation.

  • Finance
    CNBC

    Morgan Stanley: The stock sell-off is going to get worse

    The stock market is in the middle of a rolling bear market, says Morgan Stanley's Mike Wilson. "It's being caused by a drain in liquidity and peaking growth," Wilson says. The stock market sell-off is only going to get worse, predicts Morgan Stanley's chief U.S. equity strategist, Mike Wilson.

  • Why New Age Beverage Corp. Stock Popped Today
    Business
    Motley Fool

    Why New Age Beverage Corp. Stock Popped Today

    Shares of New Age Beverage Corp. (NASDAQ: NBEV) were climbing again today, riding a surge on marijuana stocks as growers like Tilray, Cronos Group, and Canopy Growth all jumped by double digits. Along with the bullish sentiment in the industry, a number of other factors seemed to be driving New Age shares higher, including the recent hiring of a new CFO, the upcoming legalization of recreational marijuana in Canada on Wednesday, and the market's reaction to its launch last week of a new line of beverages infused with cannabidiol (CBD). On Friday, New Age named Gregory Gould as its new CFO, a notable move as Gould brings experience from the pharmaceutical industry, which should help the beverage company as it moves into CBD products.

  • KMI, EPD, ETE, and OKE: Key Midstream Rating Updates
    Business
    Market Realist

    KMI, EPD, ETE, and OKE: Key Midstream Rating Updates

    MLPs Fell Last Week, Outperformed the Broader Markets (Continued from Prior Part) Credit Suisse updated its ratings Credit Suisse updated its ratings on several MLP and midstream stocks last week. Credit Suisse started coverage on Plains All American

  • Here's the Average Social Security Benefit for 2019
    Business
    Motley Fool

    Here's the Average Social Security Benefit for 2019

    Millions of seniors collect Social Security, and without it, they'd be underwater on their bills. At present, the average retiree gets $1,422 a month in Social Security benefits. There's a world of misinformation surrounding Social Security, and perhaps one of the most detrimental myths out there is the notion that the program is enough to sustain seniors by itself.

  • Paul Allen's passions: Rock n' roll, sports and philanthropy
    News
    Associated Press

    Paul Allen's passions: Rock n' roll, sports and philanthropy

    Personal computers, conservation, pro football, rock n' roll and rocket ships: Paul G. Allen couldn't have asked for a better way to spend, invest and donate the billions he reaped from co-founding Microsoft with childhood friend Bill Gates. Allen used the fortune he made from Microsoft — whose Windows operating system is found on most of the world's desktop computers — to invest in other ambitions, from tackling climate change and advancing brain research to finding innovative solutions to solve some of the world's biggest challenges. Allen died Monday in Seattle from complications of non-Hodgkin's lymphoma, according to his company Vulcan Inc. He was 65.

  • Can Philip Morris’s Q3 2018 Earnings Boost Its Stock Price?
    Business
    Market Realist

    Can Philip Morris’s Q3 2018 Earnings Boost Its Stock Price?

    Can Philip Morris Outperform Analysts’ Expectations in Q3 2018? Philip Morris International (PM) is scheduled to announce its third-quarter earnings before the market opens on October 18. On October 12, the company was trading at $82.31, which represents a rise of 0.2% since the announcement of its second-quarter earnings on July 19. In the second quarter, which ended on June 30, Philip Morris posted adjusted EPS of $1.41 on revenues of $7.73 billion.

  • Apple Earnings: The Most Important Metric to Watch
    Business
    Motley Fool

    Apple Earnings: The Most Important Metric to Watch

    Apple (NASDAQ: AAPL) earnings are coming up -- and lots of investors will be watching. Scheduled for Nov. 1, the earnings release will give investors a better idea of how sustainable the company's reinvigorated growth rates are. Both Apple's revenue and earnings-per-share growth rates have accelerated recently.

  • Better Buy: Western Digital Corporation vs. Intel Corporation
    Business
    Motley Fool

    Better Buy: Western Digital Corporation vs. Intel Corporation

    Western Digital (NASDAQ: WDC) and Intel (NASDAQ: INTC) are both mature tech companies that lead their respective industries. WD is the world's top maker of HDDs (hard disk drives), and Intel is the top manufacturer of CPUs for PCs and data centers. WD's stock tumbled 40% over the past six months, while Intel's stock slumped 15%.