National Home Health Care Corp. Announces Operating Results for the Three and Nine Months Ended April 30, 2007 and Declares Quar

  
    
  
  
    
      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 three and nine months ended April 30, 
      2007.
    
    
      Net patient revenue for the three months ended April 30, 2007 was 
      $27,938,000, an increase of $2,906,000, or 11.6% from $25,032,000 for 
      the three months ended April 30, 2006. The Company recorded a net loss 
      of ($244,000), or ($.04) per diluted share, compared to a net income of 
      $722,000, or $.13 per diluted share, for the three months ended April 
      30, 2006.
    
    
      Net patient revenue for the nine months ended April 30, 2007 was 
      $81,641,000, an increase of $4,618,000, or 6.0% from $77,023,000 for the 
      nine months ended April 30, 2006. Net income for the nine months ended 
      April 30, 2007 was $1,851,000, or $.32 per diluted share, compared to a 
      net income of $2,755,000, or $.48 per diluted share, for the nine months 
      ended April 30, 2006.
    
    
      The increase in net patient revenue was attributable to the expansion of 
      the Company’s operations in Massachusetts, New 
      York and Connecticut. The decrease in net income was attributable to 
      non-tax deductible professional fees of $1,438,000 and $2,132,000, 
      respectively, for the three and nine month periods ended April 30, 2007, 
      incurred in connection with the 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 August 8, 2007 to holders of record of its outstanding Common 
      Stock on July 20, 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
        
        
        
        
          Nine months ended
        
      
      
        
        
        
        
        
          April 30,
        
        
        
        
          April 30,
        
      
      
        
        
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
      
      
        
        
        
        
        
        
        
          ----------------
        
        
        
        
          ----------------
        
        
        
        
        
        
          ----------------
        
        
        
        
          ----------------
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Revenues
        
        
        
        
          $
        
        
          27,938,000 
        
        
          $
        
        
          25,032,000 
        
        
        
        
          $
        
        
          81,641,000 
        
        
          $
        
        
          77,023,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Operating expenses
        
        
        
        
        
        
          27,197,000 
        
        
        
        
          23,943,000 
        
        
        
        
        
        
          77,825,000 
        
        
        
        
          72,818,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income from operations
        
        
        
        
        
        
          741,000 
        
        
        
        
          1,089,000 
        
        
        
        
        
        
          3,816,000 
        
        
        
        
          4,205,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Interest
        
        
        
        
        
        
          216,000 
        
        
        
        
          128,000 
        
        
        
        
        
        
          661,000 
        
        
        
        
          345,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income before taxes
        
        
        
        
        
        
          957,000 
        
        
        
        
          1,217,000 
        
        
        
        
        
        
          4,477,000 
        
        
        
        
          4,550,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for income taxes
        
        
        
        
        
        
          1,201,000 
        
        
        
        
          495,000 
        
        
        
        
        
        
          2,626,000 
        
        
        
        
          1,795,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income (loss)
        
        
        
        
        
        
          (244,000)
        
        
        
        
          722,000 
        
        
        
        
        
        
          1,851,000 
        
        
        
        
          2,755,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share - diluted
        
        
        
        
        
        
          ($0.04)
        
        
          $
        
        
          0.13 
        
        
        
        
          $
        
        
          0.32 
        
        
          $
        
        
          0.48 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Weighted average shares - diluted
        
        
        
        
        
        
          5,745,797 
        
        
        
        
          5,741,722 
        
        
        
        
        
        
          5,743,131 
        
        
        
        
          5,742,485 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Dividends declared per share
        
        
        
        
          $
        
        
          0.075 
        
        
          $
        
        
          0.075 
        
        
        
        
          $
        
        
          0.225 
        
        
          $
        
        
          0.225 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          BALANCE SHEET DATA:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
          April 30,
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          ----------------
        
        
        
        
          ----------------
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cash and cash equivalents
        
        
        
        
          $
        
        
          20,422,000 
        
        
          $
        
        
          17,716,000 
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total current assets
        
        
        
        
        
        
          42,171,000 
        
        
        
        
          38,744,000 
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total assets
        
        
        
        
        
        
          59,901,000 
        
        
        
        
          56,626,000 
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total current liabilities
        
        
        
        
        
        
          6,462,000 
        
        
        
        
          4,239,000 
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-current liabilities
        
        
        
        
        
        
          - - - 
        
        
        
        
          - - - 
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Stockholders' equity
        
        
        
        
        
        
          53,439,000 
        
        
        
        
          52,387,000