| SECURITIES AND EXCHANGE COMMISSION | ||
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Washington, D.C. 20549 | ||
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FORM 8-K | ||
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CURRENT REPORT | ||
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Pursuant to Section 13 or 15(d) of the | ||
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Securities Exchange Act of 1934 | ||
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Date of Report (Date of earliest event reported): November 4, 2004 (November 3, 2004) | ||
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National HealthCare Corporation | ||
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(Exact name of Registrant as specified in its charter) | ||
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Delaware |
333-37185 |
52-2057472 |
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(State of Incorporation) |
(Commission File No.) |
(IRS Employer |
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Identification Number) | ||
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100 Vine Street |
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Murfreesboro, TN 37130 |
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(Address of principal executive offices, including zip code) | ||
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(615) 890-2020 |
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(Registrant's telephone number, including area code) | ||
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Not Applicable |
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(Former name or former address, if changed since last report) | ||
Item 2.02. Results of Operations and Financial Condition.
On November 3, 2004, National HealthCare Corporation announced it's third quarter earnings. A copy of the press release is furnished as an exhibit to this Form 8-K and is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| National HealthCare Corporation | |
| By: /s/ Robert G. Adams | |
| Name: Robert G. Adams | |
| Title: President | |
| By:/s/ Donald K. Daniel | |
| Name: Donald K. Daniel | |
| Title: Principal Accounting Officer | |
| Date: November 4, 2004 |
Exhibit Index
| Number | Exhibit |
| 99 | Press release, dated November 3, 2004 |
EXHIBIT 99
For release: November 3, 2004
Contact: Gerald Coggin, Sr. V.P. Investor Relations
Phone: (615) 890-2020
NHC reports third quarter earnings up 22.0%
MURFREESBORO, Tenn. -- National HealthCare Corporation (AMEX: NHC), today announced earnings for the quarter ended September 30 of $6,458,000 or 55 cents per basic share compared to $5,294,000 or 46 cents per basic share for the same period last year, an increase of 22.0%.
Revenues for the quarter were $128,116,000 versus $119,086,000 for the same period a year earlier.
For the nine months ended September 30, net income was up to $15,195,000 compared to $13,389,000 for the same period last year, an increase of 13.5%. Earnings per share for the nine months rose to $1.30 per basic share compared to $1.15 per basic share, an increase of 13.0%. Revenues for the nine months ended September 30 climbed to $370,797,000 compared to $348,307,000 for 2003.
NHC provides services to 74 long-term health care centers with 9,214 beds. NHC also operates 32 homecare programs, seven independent living centers and assisted living centers at six locations. NHC's other services include managed care specialty medical units, Alzheimer's units and a rehabilitation 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 quarterly report, Form 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. 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.
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NHC reports third quarter earnings up 22.0%
| Condensed Statements of Income |
| (in thousands except share and per share | Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 |
| 2004 | 2003 | 2004 | 2003 | |||||||
| Revenues: | ||||||||||
| Net patient revenues | $ | 112,235 | $ | 105,928 | $ | 326,195 | $ | 311,774 | ||
| Other revenues | 15,881 | 13,158 | 44,602 | 36,533 | ||||||
| Net revenues | $ | 128,116 | $ | 119,086 | $ | 370,797 | $ | 348,307 | ||
| Costs and Expenses: | ||||||||||
| Salaries, wages and benefits | $ | 68,007 | $ | 64,801 | $ | 200,049 | $ | 188,699 | ||
| Other operating | 35,426 | 31,541 | 103,453 | 95,346 | ||||||
| Rent | 9,827 | 10,418 | 30,745 | 31,217 | ||||||
| Depreciation and amortization | 3,624 | 3,116 | 10,068 | 9,224 | ||||||
| Interest | 379 | 512 | 922 | 1,632 | ||||||
| Total costs and expenses | $ | 117,263 | $ | 110,388 | $ | 345,237 | $ | 326,118 | ||
| Income Before Income Taxes | 10,853 | 8,698 | 25,560 | 22,189 |
| Income Tax Provisions | (4,395) | (3,404) | (10,365) | (8,800) |
| Net Income | $ | 6,458 | $ | 5,294 | 15,195 | $ | 13,389 | |||
| Earnings Per Share: | ||||||||||
| Basic | $ | .55 | $ | .46 | $ | 1.30 | $ | 1.15 | ||
| Diluted | $ | .52 | $ | .44 | $ | 1.23 | $ | 1.11 | ||
| Weighted average common shares | ||||||||||
| Basic | 11,674,212 | 11,617,284 | 11,669,955 | 11,604,324 | ||||||
| Diluted | 12,432,498 | 12,058,725 | 12,325,124 | 12,062,353 | ||||||
| Balance Sheet Data | Sept. 30 | Dec. 31 | ||||||||
| (in thousands) | 2004 | 2003 | ||||||||
| Cash, restricted cash and marketable | $ | 169,732 | $ | 155,427 | ||||||
| Current assets | 229,506 | 204,796 | ||||||||
| Total assets | 379,587 | 352,393 | ||||||||
| Current liabilities | 151,970 | 131,809 | ||||||||
| Long-term obligations | 30,188 | 37,859 | ||||||||
| Deferred lease credits | 5,652 | 6,245 | ||||||||
| Deferred income | 26,254 | 24,641 | ||||||||
| Stockholder's capital | 164,614 | 151,027 | ||||||||
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