| 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): August 9, 2004 (August 9, 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 5. Other Events and Regulation FD Disclosure.
On August 9, 2004, National HealthCare Corporation announced second quarter 2004 earning results. 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/ W. Andrew Adams | |
| Name: W. Andrew Adams | |
| Title: Chief Executive Officer | |
| By: /s/ Donald K. Daniel | |
| Name: Donald K. Daniel | |
| Title: Principal Accounting Officer | |
| Date: August 9, 2004 |
Exhibit Index
| Number | Exhibit |
| 99 | Press release, dated August 9, 2004 |
EXHIBIT 99
For release: August 9, 2004
Contact: Gerald Coggin, Sr. V.P. Investor Relations
Phone: (615) 890-2020
NHC reports second quarter earnings
MURFREESBORO, Tenn. -- National HealthCare Corporation (AMEX: NHC), today announced earnings for the quarter ended June 30 of $4,784,000 or 41 cents per basic share compared to $4,672,000 or 40 cents per basic share for the same period last year.
Revenues for the quarter were $122,737,000 versus $116,016,000 for the same period a year earlier.
For the six months ended June 30, net income was $8,737,000 compared to $8,095,000 for the same period last year. Earnings per share for the six months rose to 75 cents per basic share compared to 70 cents per basic share for the same period a year earlier. Revenues for the six months ended June 30 climbed to $242,681,000 compared to $229,221,000 for the first six months of 2003.
Pretax earnings for the quarter were negatively impacted by $955,000 of start-up costs for NHC Place at Cool Springs, our new facility located in Franklin, Tennessee, and by increased workers compensation costs of $1,491,000 based on actuary reports for workers compensation insurance. Earnings for the quarter were increased by the collection of management fees of $1,070,000, which had been doubtful of collection in prior years. Were it not for these events, pretax and after-tax earnings for the quarter would have increased approximately 20% over the prior year.
NHC provides services to 74 long-term health care centers with 9,208 beds. NHC also operates 32 homecare programs, seven independent living centers and assisted living centers at 6 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 second quarter earnings
| Condensed Statements of Income |
| (in thousands except share and per | Three Months Ended | Six Months Ended June |
| 2004 | 2003 | 2004 | 2003 | |||||||
| Revenues: | ||||||||||
| Net patient revenues | $ | 107,262 | $ | 104,682 | $ | 213,960 | $ | 205,846 | ||
| Other revenues | 15,475 | 11,334 | 28,721 | 23,375 | ||||||
| Net revenues | $ | 122,737 | $ | 116,016 | $ | 242,681 | $ | 229,221 | ||
| Costs and Expenses: | ||||||||||
| Salaries, wages and benefits | $ | 66,053 | $ | 62,496 | $ | 132,042 | $ | 123,898 | ||
| Other operating | 34,552 | 31,707 | 68,027 | 63,805 | ||||||
| Rent | 10,429 | 10,418 | 20,918 | 20,799 | ||||||
| Depreciation and | 3,380 | 3,053 | 6,444 | 6,108 | ||||||
| Interest | 290 | 556 | 543 | 1,120 | ||||||
| Total costs and | $ | 114,704 | $ | 108,230 | $ | 227,974 | $ | 215,730 | ||
| Income Before Income Taxes | 8,033 | 7,786 | 14,707 | 13,491 |
| Income Tax Provisions | (3,249) | (3,114) | (5,970) | (5,396) |
| Net Income | $ | 4,784 | $ | 4,672 | $ | 8,737 | $ | 8,095 | ||
| Earnings Per Share: | ||||||||||
| Basic | $ | .41 | $ | .40 | $ | .75 | $ | .70 | ||
| Diluted | $ | .38 | $ | .39 | $ | .71 | $ | .67 | ||
| Weighted average common shares | ||||||||||
| Basic | 11,671,78 | 11,596,5 | 11,667,79 | 11,596,2 | ||||||
| Diluted | 12,430,39 | 12,070,0 | 12,275,86 | 12,064,0 | ||||||
| Common dividends declared | $ | .125 | $ | --- | $ | .25 | $ | --- | ||
| Balance Sheet Data | June 30 | Decemb | ||||||||
| (in thousands) | 2004 | 2003 | ||||||||
| Cash and marketable securities | $ | 105,848 | $ | 93, 938 | ||||||
| Current assets | 230,020 | 204,796 | ||||||||
| Total assets | 369,712 | 352,393 | ||||||||
| Current liabilities | 142,637 | 131,809 | ||||||||
| Long-term obligations | 35,909 | 37,859 | ||||||||
| Deferred lease credits | 5,851 | 6,245 | ||||||||
| Deferred income | 26,655 | 24,641 | ||||||||
| Stockholders' capital | 157,807 | 151,027 | ||||||||
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