National Home Health Care Corp. Announces Operating Results for the Three and Six Months Ended January 31, 2007 and Declares Qua

  
    
  
  
    
      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 six months ended January 31, 
      2007.
    
    
      Net patient revenue for the three months ended January 31, 2007 was 
      $27,469,000, an increase of $1,799,000, or 7.0% from $25,670,000 for the 
      three months ended January 31, 2006. Net income for the three months 
      ended January 31, 2007 was $1,057,000, or $.18 per diluted share, 
      compared to a net income of $891,000, or $.16 per diluted share, for the 
      three months ended January 31, 2006.
    
    
      Net patient revenue for the six months ended January 31, 2007 was 
      $53,703,000, an increase of $1,712,000, or 3.3% from $51,991,000 for the 
      six months ended January 31, 2006. Net income for the six months ended 
      January 31, 2007 was $2,095,000, or $.36 per diluted share, compared to 
      a net income of $2,033,000, or $.35 per diluted share, for the six 
      months ended January 31, 2006.
    
    
      The increase in net patient revenue was attributable to the expansion of 
      the Company’s operations in Massachusetts, New 
      York and Connecticut. The increase in net income was offset by 
      non-operating related general and administrative expenses 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 May 4, 2007 to holders of record of its outstanding Common Stock 
      on April 18, 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
          
        
        
        
        
          Six months ended
        
      
      
        
        
        
        
        
          January 31,
        
        
        
        
          January 31,
        
      
      
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
          2007 
        
        
        
        
          2006 
        
      
      
        
        
        
        
        
          ----------------
        
        
        
        
          ----------------
        
        
        
        
          ----------------
        
        
        
        
          ----------------
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Revenues
        
        
        
        
          $27,469,000 
        
        
        
        
          $25,670,000 
        
        
        
        
          $53,703,000 
        
        
        
        
          $51,991,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Operating expenses
        
        
        
        
          25,921,000 
        
        
        
        
          24,306,000 
        
        
        
        
          50,628,000 
        
        
        
        
          48,875,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income from operations
        
        
        
        
          1,548,000 
        
        
        
        
          1,364,000 
        
        
        
        
          3,075,000 
        
        
        
        
          3,116,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Interest
        
        
        
        
          235,000 
        
        
        
        
          122,000 
        
        
        
        
          445,000 
        
        
        
        
          217,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income before taxes
        
        
        
        
          1,783,000 
        
        
        
        
          1,486,000 
        
        
        
        
          3,520,000 
        
        
        
        
          3,333,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Provision for income taxes
        
        
        
        
          726,000 
        
        
        
        
          595,000 
        
        
        
        
          1,425,000 
        
        
        
        
          1,300,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
          1,057,000 
        
        
        
        
          891,000 
        
        
        
        
          2,095,000 
        
        
        
        
          2,033,000 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share - diluted
        
        
        
        
          $0.18 
        
        
        
        
          $0.16 
        
        
        
        
          $0.36 
        
        
        
        
          $0.35 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Weighted average shares - diluted
        
        
        
        
          5,746,356 
        
        
        
        
          5,742,486 
        
        
        
        
          5,743,391 
        
        
        
        
          5,744,709 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Dividends declared per share
        
        
        
        
          $0.075 
        
        
        
        
          $0.075 
        
        
        
        
          $0.15 
        
        
        
        
          $0.15 
        
      
    
    
      
        
          BALANCE SHEET DATA:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
          January 31,
        
      
      
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
      
      
        
        
        
        
        
          ----------------
        
        
        
        
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          Cash and cash equivalents
        
        
        
        
          $19,177,000 
        
        
        
        
          $15,625,000 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total current assets
        
        
        
        
          41,543,000 
        
        
        
        
          38,257,000 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total assets
        
        
        
        
          59,248,000 
        
        
        
        
          56,240,000 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Total current liabilities
          
        
        
        
        
          5,140,000 
        
        
        
        
          4,150,000 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-current liabilities
        
        
        
        
          - - - 
        
        
        
        
          - - - 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Stockholders' equity
        
        
        
        
          54,108,000 
        
        
        
        
          52,090,000