National Home Health Care (NASDAQ:NHHC)
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National Home Health Care Corp. (National Market: NHHC),
a provider of home health care and staffing services in the Northeast,
today reported results for the three and nine months ended April 30,
2006.
Net patient revenue for the three months ended April 30, 2006 was
$25,032,000, an increase of $831,000, or 3.4% from $24,201,000 for the
three months ended April 30, 2005. Net income for the three months
ended April 30, 2006 was $722,000, or $.13 per diluted share, compared
to a net income of $761,000, or $.13 per diluted share, for the three
months ended April 30, 2005.
Net patient revenue for the nine months ended April 30, 2006 was
$77,023,000, an increase of $4,433,000, or 6.1% from $72,590,000 for
the nine months ended April 30, 2005. Net income for the nine months
ended April 30, 2006 was $2,755,000, or $.48 per diluted share,
compared to a net income of $2,975,000, or $.52 per diluted share, for
the nine months ended April 30, 2005.
The increase in net patient revenue was primarily attributable to
the expansion of the Company's operations in New Jersey, as a result
of the Company's most recent acquisition in May 2005, and expansion of
business in Massachusetts and New York.
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 August 7, 2006 to holders of record of its
outstanding Common Stock on July 19, 2006.
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.
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STATEMENT OF OPERATIONS DATA:
Three months ended Nine months ended
April 30, April 30,
2006 2005 2006 2005
----------- ----------- ----------- -----------
Revenues $25,032,000 $24,201,000 $77,023,000 $72,590,000
Operating expenses 23,943,000 23,169,000 72,818,000 68,017,000
Income from
operations 1,089,000 1,032,000 4,205,000 4,573,000
Other income:
Interest 128,000 82,000 345,000 193,000
Income before income
taxes 1,217,000 1,114,000 4,550,000 4,766,000
Provision for income
taxes 495,000 353,000 1,795,000 1,791,000
Net income 722,000 761,000 2,755,000 2,975,000
Earnings per share -
diluted $0.13 $0.13 $0.48 $0.52
Weighted average
shares - diluted 5,741,722 5,751,360 5,742,485 5,727,175
Dividends declared
per share $0.075 $0.075 $0.225 $0.225
BALANCE SHEET DATA:
April 30,
2006 2005
----------- -----------
Cash and cash
equivalents $17,716,000 $16,767,000
Total current
assets 38,744,000 37,098,000
Total assets 56,626,000 55,420,000
Total current
liabilities 4,239,000 4,243,000
Non-current
liabilities - - - - - -
Stockholders'
equity 52,387,000 51,177,000
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