EX-99.1 2 ex_813776.htm EXHIBIT 99.1 ex_813776.htm

Exhibit 99.1

 

nhc01.jpg

 

For release: May 9, 2025

Contact: Brian F. Kidd, SVP/CFO

Phone: (615) 890-2020

 

NHC Reports First Quarter 2025 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, 2025 totaled $373,697,000 compared to $297,176,000 for the quarter ended March 31, 2024, an increase of 25.7%. The increase in net operating revenues for the first quarter of 2025 compared to the first quarter of 2024 was due to an 8.5% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Management, Inc. (“White Oak”). The White Oak operations consist of 22 healthcare operations, which include 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy.

For the quarter ended March 31, 2025, the reported GAAP net income attributable to NHC was $32,205,000 compared to $26,213,000 for the same period in 2024. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2025 was $24,838,000 compared to $15,386,000 for the same period in 2024, an increase of 61.4% (*). The GAAP diluted earnings per share were $2.07 and $1.69 for the quarters ending March 31, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.59 and $0.99 for the quarters ending March 31, 2025 and 2024, 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 80 skilled nursing facilities with 10,329 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 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.

 

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Consolidated Statements of Operations

(in thousands, except share and per share amounts)

 

   

Three Months Ended

 
   

March 31

 
   

2025

   

2024

 
   

(unaudited)

 

Revenues:

               

Net patient revenues

  $ 361,607     $ 285,823  

Other revenues

    12,090       11,353  

Net operating revenues

    373,697       297,176  
                 

Costs and expenses:

               

Salaries, wages and benefits

    228,130       183,138  

Other operating

    92,457       77,429  

Facility rent

    11,365       10,348  

Depreciation and amortization

    10,978       10,586  

Total costs and expenses

    342,930       281,501  
                 

Income from operations

    30,767       15,675  
                 

Non-operating income

    4,079       5,685  

Interest expense

    (2,106 )     (46 )

Unrealized gains on marketable equity securities

    10,982       14,399  
                 

Income before income taxes

    43,722       35,713  

Income tax provision

    (11,432 )     (9,462 )

Net income

    32,290       26,251  
                 

Net income attributable to noncontrolling interest

    (85 )     (38 )
                 

Net income attributable to National HealthCare Corporation

  $ 32,205     $ 26,213  
                 

Net income per common share

               

Basic

  $ 2.09     $ 1.71  

Diluted

  $ 2.07     $ 1.69  
                 

Weighted average common shares outstanding

               

Basic

    15,438,306       15,350,240  

Diluted

    15,575,752       15,505,096  
                 

Dividends declared per common share

  $ 0.61     $ 0.59  

 

 

Balance Sheet Data

 

March 31

   

December 31

 

(in thousands)

 

2025

   

2024

 
   

(unaudited)

         
                 

Cash, cash equivalents and marketable securities

  $ 243,171     $ 216,185  

Restricted cash, cash equivalents and marketable securities

    167,639       163,795  

Current assets

    455,204       424,408  

Property and equipment, net

    679,448       684,289  

Total assets

    1,548,821       1,524,429  

Current liabilities, excluding long-term debt due within one year

    231,725       227,297  

Current and long-term debt

    134,000       137,000  

NHC stockholders' equity

    1,004,895       980,161  

 

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Selected Operating Statistics

               
   

Three Months Ended

 
   

March 31

 
   

2025

   

2024

 
   

(unaudited)

 

Skilled Nursing Per Diems:

               

Medicare

  $ 612.13     $ 581.75  

Managed Care

    492.40       470.56  

Medicaid

    281.67       265.27  

Private Pay and Other

    337.04       307.84  
                 

Average Skilled Nursing Per Diem

  $ 360.14     $ 343.48 (1)
                 

Skilled Nursing Patient Days:

               

Medicare

    86,254       81,156  

Managed Care

    83,646       65,431  

Medicaid

    363,642       281,821  

Private Pay and Other

    184,594       157,443  
                 

Total Skilled Nursing Patient Days

    718,136       585,851 (1)

 

(1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the first quarter of 2024, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $275.64 and 20,267 patient days.

 

 

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

 

   

Three Months Ended

 
   

March 31

 
   

2025

   

2024

 
   

(unaudited)

 
                 

Net income attributable to National Healthcare Corporation

  $ 32,205     $ 26,213  

Non-GAAP adjustments

               

Unrealized gains on marketable equity securities

    (10,982 )     (14,399 )

Gain on sale of unconsolidated company

    -       (1,025 )

Stock-based compensation expense

    1,027       793  

Income tax provision on non-GAAP adjustments

    2,588       3,804  

Non-GAAP Net income

  $ 24,838     $ 15,386  
                 

GAAP diluted earnings per share

  $ 2.07     $ 1.69  

Non-GAAP adjustments

               

Unrealized gains on marketable equity securities

    (0.71 )     (0.93 )

Gain on sale of unconsolidated company

    -       (0.07 )

Stock-based compensation expense

    0.06       0.05  

Income tax provision on non-GAAP adjustments

    0.17       0.25  

Non-GAAP diluted earnings per share

  $ 1.59     $ 0.99  

 

 

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