• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

National Home Health Care Corp. Announces Operating Results for Its Fiscal First Quarter Ended October 31, 2006 and Declares Quarterly Cash Dividend of $.075 Per Share

Posted on: Friday, 15 December 2006, 09:01 CST

National Home Health Care Corp. (NASDAQ National Market:NHHC), a provider of home health care and staffing services in the Northeast, today reported results for the quarter ended October 31, 2006.

Net patient revenue for the quarter ended October 31, 2006 was $26,234,000, a decrease of $87,000, or .3% from $26,321,000 for the quarter ended October 31, 2005. Net income for the quarter ended October 31, 2006 was $1,038,000, or $.18 per diluted share, compared to net income of $1,142,000, or $.20 per diluted share for the quarter ended October 31, 2005.

The decrease in net income was primarily attributable to an increase in allowance for possible losses, as a result of the recent bankruptcy of a Medicare certified agency in New York and non-operating related general and administrative expenses incurred in connection with the recently announced merger agreement between the Company and an affiliate of Angelo, Gordon & Co.

The Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $.075 per share on its Common Stock, payable February 2, 2007 to holders of record of its outstanding Common Stock on January 16, 2007.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements may be identified by the use of forward-looking terminology such as "may,""will,""expect,""believe,""estimate,""project,""anticipate,""continue," or similar terms, variations of those terms or the negative of those terms. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K, the Company's Quarterly Reports on Form 10-Q, and other filings and releases. These include but are not limited to risks and uncertainties relating to whether the Company can identify, consummate and integrate on favorable terms acquisitions or market penetrations; market acceptance; pricing and demand for the Company's services; changing regulatory environment; changing economic conditions; whether the Company can attract and retain qualified personnel; ability to manage the Company's growth; and other risks detailed in the Company's filings with the SEC.

STATEMENT OF OPERATIONS DATA:

Three months ended

October 31,

2006 

2005 

Net patient revenue

$26,234,000 

$26,321,000 

Cost of revenue

17,432,000 

17,315,000 

General and administrative

6,815,000 

7,039,000 

Amortization of intangibles

80,000 

110,000 

Allowance for possible losses

380,000 

105,000 

Total operating expenses

24,707,000 

24,569,000 

Income from operations

1,527,000 

1,752,000 

Other income:

Interest

210,000 

95,000 

Income before taxes

1,737,000 

1,847,000 

Provision for income taxes

699,000 

705,000 

Net income

1,038,000 

1,142,000 

Earnings per share - diluted

$0.18 

$0.20 

Weighted average shares - diluted

5,740,426 

5,746,943 

Dividends declared per share

$0.075 

$0.075 

BALANCE SHEET DATA:

October 31,

2006 

2005 

Cash and cash equivalents

$20,827,000 

$17,110,000 

Total current assets

40,831,000 

38,687,000 

Total assets

58,538,000 

56,735,000 

Total current liabilities

5,062,000 

5,096,000 

Non-current liabilities

- - - 

- - - 

Stockholders' equity

53,476,000 

51,639,000 

Source: Business Wire

More News in this Category