MURFREESBORO, Tenn.--(BUSINESS WIRE)--Aug 10, 2018--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 June 30, 2018 totaled $242,142,000 compared to $238,695,000 for the quarter ended June 30, 2017, an increase of 1.4%.
For the quarter ended June 30, 2018, reported GAAP net income attributable to NHC was $22,461,000 compared to $10,655,000 for the second quarter of 2017. The increase in GAAP net income was primarily due to the new accounting standard of recording the quarterly market value change of our marketable equity securities through the income statement. Excluding the $12.4 million unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended June 30, 2018 was $14,155,000 compared to $11,882,000 for the second quarter of 2017, an increase of 19.1% (1). For the quarter ended June 30, 2018, the reported GAAP diluted earnings per share was $1.47 and the adjusted diluted earnings per share was $0.93 (1).
(1) See the tables below that provide a reconciliation of GAAP to non-GAAP items.
NHC affiliates operate for themselves and third parties 76 skilled nursing facilities with 9,629 beds. NHC affiliates also operate 24 assisted living communities, five independent living communities, and 36 homecare programs. NHC’s other services include Alzheimer’s and memory care units, hospice services, 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.
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, and include, among others, the following: liabilities and other claims asserted against us and patient care liabilities, as well as the resolution of current litigation; availability of insurance and assets for indemnification; national and local economic conditions; including their effect on the availability and cost of labor, utilities and materials; the effect of government regulations and changes in regulations governing the healthcare industry, including our compliance with such regulations; changes in Medicare and Medicaid payment levels and methodologies and the application of such methodologies by the government and its fiscal intermediaries; and other factors referenced or incorporated by reference in the S.E.C. filings. The risks included here are not exhaustive. All forward-looking statements represent NHC’s best judgment as of the date of this release.
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