NHC first quarter net income decreases 36.5% to $10,508,000

National HealthCare Corporation (NYSE Amex: NHC) (NYSE Amex: NHC.PRA), a publicly traded long-term health care company, today announced net income available to common shareholders for the quarter ended March 31, 2012 of $10,508,000 compared to $16,556,000 for the quarter ended March 31, 2011, a decrease of 36.5%. Net income was $0.76 per common share basic for the quarter ended March 31, 2012 compared to $1.21 per common share basic for the quarter ended March 31, 2011. For comparative purposes, operating expenses for the 2011 three-month period included favorable results within our accrued risk reserves of $10,500,000 (approximately $6,825,000 after income taxes or $0.50 per common share basic). Excluding this adjustment, the quarter ended March 31, 2012 would have reflected an increase of 8.0% in net income available to common shareholders compared to the same period in 2011.

Revenues for the three months ended March 31, 2012 totaled $190,086,000 compared to $192,948,000 for the same three months of 2011, a decrease of 1.5%. Operating results for the first quarter of 2012 compared to the quarter last year were negatively affected by decreases in Medicare and Medicaid per diem rates and benefitted from an improved patient mix and cost saving measures.

Source: National HealthCare Corporation