| 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): May 4, 2005 (May 3, 2005) | ||
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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 |
001-13489 |
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 May 3, 2005, National HealthCare Corporation issued a press release announcing its 2005 first quarter results. A copy of the press release is filed as Exhibit 99 to this Current Report on Form 8-K and is incorporated by reference herein.
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: May 4, 2005 |
Exhibit Index
| Number | Exhibit |
| 99 | Press release, dated May 3, 2005 |
EXHIBIT 99
For release: May 3, 2005
Contact: Gerald Coggin, Sr. V.P. Investor Relations
Phone: (615) 890-2020
NHC reports first quarter earnings up 24%
MURFREESBORO, Tenn. -- National HealthCare Corporation (AMEX: NHC), 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 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 units that were opened in August of 2004.
NHC provides services to 74 long-term health care centers with 9,177 beds. NHC also operates 31 homecare 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, 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.
Condensed Statements of Income
(in thousands except share and per share
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)
-30-Net Income
$
4,914
$
3,953
Earnings Per Share:
Basic
$
.40
$
.34
Diluted
$
.39
$
.33
Weighted average common shares
Basic
12,229,92
11,663,802
Diluted
12,753,63
12,121,950
Dividends per common share
$
.125
$
---
Balance Sheet Data
March 31
December
(in thousands)
2005
2004
Cash, restricted cash and marketable
$
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