false 0001047335 0001047335 2024-05-09 2024-05-09
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 10, 2024 (May 10, 2024)
____________________________
 
NATIONAL HEALTHCARE CORPORATION
(Exact name of registrant as specified in its charter)
__________________________
 
 
Delaware
(State or other jurisdiction of
incorporation)
001-13489
(Commission File Number)
52-2057472
(I.R.S. Employer Identification
No.)
100 E. Vine Street
Murfreesboro, Tennessee
(Address of Principal Executive
Offices)
  
37130
(Zip Code)
 
Registrant’s telephone number, including area code: (615) 890-2020
 
Not Applicable
(Former name or former address, if changed since last report)
__________________________________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Exchange Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock, $.01 par value
NHC
NYSE American
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1988 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial standards pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
ITEM 2.02.         RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
 
National HealthCare Corporation (“NHC”) issued a press release on May 10, 2024, announcing its March 31, 2024 earnings. The entire press release is attached as Exhibit 99.1 and is incorporated by reference herein.
 
 
ITEM 9.01.         FINANCIAL STATEMENTS AND EXHIBITS.
 
(d)         Exhibits.
 
Exhibit No.
Description of Exhibit
   
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:         May 10, 2024
 
 
NATIONAL HEALTHCARE CORPORATION
  
       
 
By:/s/
Brian F. Kidd 
  
 
Name:
Brian F. Kidd
  
 
Title:
Senior VP/Chief Financial Officer
  
   
 
  
 
 
 
 

Exhibit 99.1

 

ex_670874img001.jpg

 

 

For release: May 10, 2024

Contact: Brian F. Kidd, SVP/CFO

Phone: (615) 890-2020

 

NHC Reports First Quarter 2024 Earnings

 

MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended March 31, 2024 totaled $297,176,000 compared to $269,563,000 for the quarter ended March 31, 2023, an increase of 10.2%.

For the quarter ended March 31, 2024, the reported GAAP net income attributable to NHC was $26,213,000 compared to $11,723,000 for the same period in 2023. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2024 was $15,048,000 compared to $12,071,000 for the same period in 2023, an increase of 24.7% (*). The GAAP diluted earnings per share were $1.69 for the quarter ended March 31, 2024 compared to $0.76 for the quarter ended March 31, 2023. Adjusted diluted earnings per share were $0.97 and $0.79 for the quarters ended March 31, 2024 and 2023, respectively (*).

 

(*) -          See the tables below that provide a reconciliation of GAAP to non-GAAP items.

 

 

About NHC

NHC affiliates operate for themselves and third parties 65 skilled nursing facilities with 8,421 beds. NHC affiliates also operate 24 assisted living communities with 1,365 units, five independent living communities with 475 units, three behavioral health hospitals, 34 homecare agencies, and 30 hospice agencies. NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com.

 

Non-GAAP Financial Presentation

The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

 

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. All forward-looking statements represent NHC’s best judgment as of the date of this release.

 

-more-

 

 
 

 

Page 2
 

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

 

   

Three Months Ended

  
   

March 31

  
   

2024

    

2023

  
   

(unaudited)

  

Revenues:

                

Net patient revenues

   $ 285,823     $ 258,007  

Other revenues

     11,353       11,556  

Net operating revenues

     297,176       269,563  
                 

Costs and expenses:

                

Salaries, wages and benefits

     183,138       167,824  

Other operating

     77,429       71,489  

Facility rent

     10,348       10,092  

Depreciation and amortization

     10,586       10,048  

Interest

     46       98  

Total costs and expenses

     281,547       259,551  
                 

Income from operations

     15,629       10,012  
                 

Non-operating income

     5,685       4,323  

Unrealized gains on marketable equity securities

     14,399       1,386  
                 

Income before income taxes

     35,713       15,721  

Income tax provision

     (9,462 )     (4,436 )

Net income

     26,251       11,285  
                 

Net (income)/loss attributable to noncontrolling interest

     (38 )     438  
                 

Net income attributable to National HealthCare Corporation

   $ 26,213     $ 11,723  
                 

Net income per common share

                

Basic

   $ 1.71     $ 0.76  

Diluted

   $ 1.69     $ 0.76  
                 

Weighted average common shares outstanding

                

Basic

     15,350,240       15,337,423  

Diluted

     15,505,096       15,356,335  
                 

Dividends declared per common share

   $ 0.59     $ 0.57  
                 
                 

Balance Sheet Data

  

March 31

    

December 31

  

(in thousands)

  

2024

    

2023

  
   

(unaudited)

          
                 

Cash, cash equivalents and marketable securities

   $ 217,506     $ 223,620  

Restricted cash, cash equivalents and marketable securities

     180,598       167,971  

Current assets

     417,586       406,235  

Property and equipment, net

     488,698       493,329  

Total assets

     1,319,640       1,310,796  

Current liabilities

     206,429       214,476  

NHC stockholders' equity

     924,748       908,752  
                 

 

-more-

 

 

 
 

 

Page 3
 

Selected Operating Statistics

 

   

Three Months Ended

  
   

March 31

  
   

2024

    

2023

  
   

(unaudited)

  

Skilled Nursing Per Diems:

                

Medicare

   $ 581.75     $ 555.85  

Managed Care

     470.56       444.95  

Medicaid

     265.27       236.78  

Private Pay and Other

     307.84       278.55  
                 

Average Skilled Nursing Per Diem

   $ 343.48     $ 315.81  
                 

Skilled Nursing Patient Days:

                

Medicare

     81,156       84,032  

Managed Care

     65,431       58,446  

Medicaid

     281,821       276,506  

Private Pay and Other

     157,443       157,422  
                 

Total Skilled Nursing Patient Days

     585,851       576,406  

 

 

The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):

 

   

Three Months Ended

  
   

March 31

  
   

2024

    

2023

  
   

(unaudited)

  
                 

Net income attributable to National Healthcare Corporation

   $ 26,213     $ 11,723  

Non-GAAP adjustments

                

Unrealized gains on marketable equity securities

     (14,399 )     (1,386 )

Operating results for newly opened operations not at full capacity (2)

     (457 )     1,217  

Gain on sale of unconsolidated company

     (1,025 )     -  

Stock-based compensation expense

     793       639  

Income tax provision on non-GAAP adjustments

     3,923       (122 )

Non-GAAP Net income

   $ 15,048     $ 12,071  
                 

GAAP diluted earnings per share

   $ 1.69     $ 0.76  

Non-GAAP adjustments

                

Unrealized gains on marketable equity securities

     (0.69 )     (0.06 )

Operating results for newly opened operations not at full capacity (2)

     (0.02 )     0.06  

Gain on sale of unconsolidated company

     (0.05 )     -  

Stock-based compensation expense

     0.04       0.03  

Non-GAAP diluted earnings per share

   $ 0.97     $ 0.79  

 

         

(2) The newly opened operations not at full capacity for the 2024 period presented consisted of operations opened from 2022 through 2024. This consisted of two behavioral health hospitals, two homecare agencies and two hospice agencies. The newly opened operations for the 2023 period presented consisted of operations opened from 2021 through 2023. This consisted of two behavioral health hospitals, one homecare agency and two hospice agencies.

         

###

 

 

 

 

 

 

 
v3.24.1.1.u2
Document And Entity Information
May 09, 2024
Document Information [Line Items]  
Entity, Registrant Name NATIONAL HEALTHCARE CORPORATION
Document, Type 8-K
Document, Period End Date May 10, 2024
Entity, Incorporation, State or Country Code DE
Entity, File Number 001-13489
Entity, Tax Identification Number 52-2057472
Entity, Address, Address Line One 100 E. Vine Street
Entity, Address, City or Town Murfreesboro
Entity, Address, State or Province TN
Entity, Address, Postal Zip Code 37130
City Area Code 615
Local Phone Number 890-2020
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol NHC
Security Exchange Name NYSE
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001047335
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