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Announces Revised Estimates of the Impact of Certain Reimbursement Rate Reductions in Connecticut
SCARSDALE, N.Y., September 10, 2003--National Home
Health Care Corp. (NASDAQ:NHHC), a provider of home health care and
staffing services in the Northeast, today revised certain estimates
regarding the impact of certain reimbursement rate reductions in
Connecticut.
In April and June of this year, the Company disclosed in press
releases reductions by the Connecticut Department of Social Services
in Medicaid reimbursement rates for certain nursing visits. These rate
reductions were effective May 1, 2003. In the press releases, the
Company estimated that the rate reduction would result in annualized
decreases in net patient revenue of approximately $8,000,000 and in
net income of approximately $2,700,000. The estimates were based on
information available to the Company at the dates of the press
releases.
The Company is revising its estimates in light of the Company's
experience through the first three months of operations after the May
1 rate reductions became effective. The Company now estimates that the
rate reductions will result in reductions in the Company's annual net
patient revenue and net income of approximately $6,000,000 and
$1,560,000, respectively.
The revised estimates are based on the Company's judgments at this
time. There can be no assurances regarding the effect of the rate
changes as impacted by other developments regarding the Company's
operations and its industry. The Company does not intend to provide
further estimates with regard to the May 1 rate reductions.
The Company will be reporting its fourth quarter and year ended
July 31, 2003 financial results by mid-October 2003.
National Home Health Care Corp. is a provider of home health care
services in New York, New Jersey, Connecticut and Massachusetts and
also provides staffing services in New York, New Jersey and
Connecticut.
Certain matters set forth herein are forward-looking statements
that are dependent on risks and uncertainties, including risks and
uncertainties as to the future mix of nursing services delivered by
the Company, further changes in reimbursement rates, cost-saving
measures implemented by the Company in response to reduced
reimbursement rates, and other operational and regulatory factors in
the Company's highly regulated industry.
Announces Operating Results for Fiscal Third Quarter
SCARSDALE, N.Y., June 13, 2003--National Home
Health Care Corp. (NASDAQ:NHHC), a provider of home health care and
staffing services in the Northeast, today reported results for the its
fiscal third quarter ended April 30, 2003.
Revenue for the quarter ended April 30, 2003 was $25,120,000, an
increase of 22% over $20,620,000 for the quarter ended April 30, 2002.
Net income for the quarter ended April 30, 2003 was $1,494,000, or
$.26 per diluted share, compared to net income of $1,361,000, or $.24
per diluted share, for the quarter ended April 30, 2002.
Revenue for the nine months ended April 30, 2003 was $72,702,000,
an increase of 18% over $61,361,000 for the nine months ended April
30, 2002. Net income for the nine months ended April 30, 2003 was
$4,442,000, or $.77 per diluted share, compared to net income of
$4,197,000, or $.72 per diluted share, for the nine months ended April
30, 2002.
As stated in a previous press release dated April 24, 2003,
effective May 1, 2003, the Connecticut Department of Social Services
significantly reduced the Medicaid reimbursement rate for certain
nursing visits. The rate change has no impact on the Company's
historical results of operations, including the results of operations
for the three months ended April 30, 2003. However, the rate change
will impact periods following the May 1, 2003 effective date, and at
current levels of operations, the Company estimates that the rate
change will result in a decline in net patient revenue of
approximately $8,000,000 annually and a decrease in net income of
approximately $2,700,000.
Certain matters set forth in this release are forward-looking
statements that are dependent on certain risks and uncertainties,
including but 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 other
filings with the Securities and Exchange Commission.
Announces Reimbursement Rate Adjustments in Connecticut and Increases Stock Repurchase Plan
SCARSDALE, N.Y., April 24, 2003--National Home Health Care Corp. (NASDAQ National Market: NHHC) announced that the Connecticut Department of Social Services has, effective May 1, 2003, significantly reduced the Medicaid reimbursement rate for certain nursing visits.
The Company believes that the effect of this rate change could be a reduction of approximately 45% in the Company's pre-tax income on an annualized basis, absent other developments in the Company's operations. The Company believes that the decrease is a function of the continuing efforts by all third-party payors to contain or reduce costs. The rate change will impact periods following the effective date and will have no impact on the Company's historical results of operations, including results of operations for the quarter ending April 30, 2003. The Company will seek to offset a portion of the adverse impact of the rate adjustment by reductions in various costs relating to the affected services.
The Company's Board of Directors has increased its program to repurchase its Common Stock from $1,000,000 to $3,000,000. Purchases would be made from time to time in the open market and through privately-negotiated transactions, subject to general market and other conditions. The buyback program will be financed out of existing cash or cash equivalents. The Board of Directors of the Company believes its shares represent an attractive investment for the Company. The increase in the stock repurchase program reflects the Company's strong financial position and management's confidence in the Company's long-term prospects.
National Home Health Care Corp. is a provider of home health care services in New York, New Jersey, Connecticut and Massachusetts and also provides staffing services in New York, New Jersey and Connecticut.
Certain matters set forth herein are forward-looking statements that are dependent on certain risks and uncertainties, including the uncertainty of the impact on the Company of changing reimbursement rates, cost-saving measures associated therewith and other operational and regulatory factors in a highly regulated industry.
Acquires Certain Assets of Professional Relief Nurses, Inc. in Connecticut
SCARSDALE, N.Y., March 18, 2003--National Home Health Care Corp. (NASDAQ National Market: NHHC) announced that through a wholly-owned subsidiary in Connecticut, it has acquired certain assets from Professional Relief Nurses, Inc.("PRN").
PRN was a Medicare certified and licensed home health care company in Connecticut. Revenue for the last twelve months for PRN was approximately $4,000,000. The acquisition complements the Company's existing operations in Connecticut and expands its market share there.
Except for historical information contained herein, certain matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as the ability of the Company to identify, consummate and integrate acquisitions on favorable terms and other risks detailed in the Company's SEC filings.
National Home Health Care Corp. is a provider of home health care services in New York, New Jersey, Connecticut and Massachusetts and also provides staffing services in New York, New Jersey and Connecticut.
Announces Record Revenues And Net Income For The Three And Six Months Ended
SCARSDALE, N.Y., March 14, 2003--National Home
Health Care Corp. (National Market: NHHC), a provider of home health
care and staffing services in the Northeast, today reported record
results for the quarter and six months ended January 31, 2003.
Revenue for the quarter ended January 31, 2003 was $24,643,000, an
increase of 20% over $20,466,000 for the quarter ended January 31,
2002. Net income for the quarter ended January 31, 2003 was
$1,474,000, or $.26 per diluted share, compared to a net income of
$1,421,000, or $.24 per diluted share, for the quarter ended January
31, 2002.
Revenue for the six months ended January 31, 2003 was $47,582,000,
an increase of 17% over $40,741,000 for the six months ended January
31, 2002. Net income for the six months ended January 31, 2003 was
$2,948,000, or $.51 per diluted share, compared to a net income of
$2,836,000, or $.49 per diluted share, for the six months ended
January 31, 2002.
"We are very pleased with these operating results, given the
difficult times facing many home health care providers pertaining to
reductions in reimbursement", said Steven Fialkow, President and Chief
Executive Officer of National Home Health Care Corp. "Our second
quarter revenue is the Company's thirteenth consecutive quarter of
revenue growth and was fueled by the Company's recent acquisition of
certain assets of Medical Resources, Inc. and related entities on
September 4, 2002, expanding the Company's operations into
Massachusetts. These record results reflect the Company's expansion of
its operations and the successful integration of the Company's
acquisitions over the past few years."
Except for historical information contained herein, certain
matters set forth in this release may be deemed forward-looking
statements that are dependent on certain risks and uncertainties,
including such factors, among others, as the ability of the Company to
identify, consummate and integrate acquisitions on favorable terms;
market acceptance, pricing and demand for the Company's services;
changing regulatory environment; changing economic conditions; the
Company's ability to attract and retain qualified personnel; its
ability to manage growth and other risks detailed in the Company's SEC
filings.
To Present At UBS Warburg Conference
SCARSDALE, N.Y., January 28, 2003--National Home
Health Care Corp. (NASDAQ:NHHC) announced today that it will present
at the UBS Warburg Global Healthcare Services Conference on Monday,
February 3, 2003 at 1:30 p.m., at the Plaza Hotel in New York City.
Company executives will be available after their presentation to
meet with financial analysts and investors. To schedule a meeting,
contact the Company at (914) 722-9000.
Except for historical information contained herein, certain
matters set forth in this release are forward-looking statements that
are dependent on certain risks and uncertainties, including such
factors, among others, as the ability of the Company to identify,
consummate and integrate acquisitions on favorable terms; market
acceptance, pricing and demand for the Company's services; changing
regulatory environment; changing economic conditions; the Company's
ability to attract and retain qualified personnel; its ability to
manage growth and other risks detailed in the Company's SEC filings.
Acquires Certain Assets of Mary Baker's Health Care Services, Inc.
SCARSDALE, N.Y.,
January 3, 2003--National Home Health Care Corp. (NASDAQ National
Market: NHHC) announced that, through a wholly-owned subsidiary in
New Jersey, it has acquired certain assets from Mary Baker's Health
Care Services, Inc. ("Baker").
Baker, based in Clifton, New Jersey, provided home health care
services in Bergen and Passaic Counties, New Jersey. The acquisition
complements the Company's existing operations in those counties
and expands its market share there.
Except for historical information contained herein, certain matters
set forth in this release are forward-looking statements that are
dependent on certain risks and uncertainties, including such factors,
among others, as the ability of the Company to identify, consummate
and integrate acquisitions on favorable terms and other risks detailed
in the Company's SEC filings.
National Home Health Care Corp. is a provider of home health care
services in New York, New Jersey, Connecticut and Massachusetts
and also provides staffing services in New York, New Jersey and
Connecticut.
Announces Record Revenues and Net Income for the Quarter Ended October 31 SCARSDALE, N.Y., December 6, 2002--National Home Health Care Corp. (National Market: NHHC), a provider of home health care and staffing services in the Northeast region, today reported record results for the quarter ended October 31, 2002. Revenue for the quarter ended October 31, 2002 was $22,939,000 compared to $20,274,000 for the quarter ended October 31, 2001. Net income for the quarter ended October 31, 2002 was $$1,474,000, or $.26 per share, compared to net income of $1,414,000, or $.24 per share, for the quarter ended October 31, 2001. "We are very pleased with our first quarter results for fiscal 2003, said Steven Fialkow, President and Chief Executive Officer of National Home Health Care Corp. Our first quarter revenue is the Company's twelfth consecutive quarter of revenue growth and was fueled by the Company's most recent acquisition of Medical Resources, Inc. and related entities on September 4, 2002, expanding the Company's operations into the state of Massachusetts. These record results reflect the Company's expansion of its operations and the successful integration of the Company's acquisitions over the past few years." Except for historical information contained herein, certain matters set forth in this release may be deemed forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as the ability of the Company to identify, consummate and integrate acquisitions on favorable terms; market acceptance, pricing and demand for the Company's services; changing regulatory environment; changing economic conditions; the Company's ability to attract and retain qualified personnel; its ability to manage growth and other risks detailed in the Company's SEC filings. Announces Earnings for the Quarter and Fiscal Year SCARSDALE, N.Y., October 15, 2002-- National Home Health Care Corp. (National Market: NHHC), a provider of home health care and staffing services in the Northeast region, today reported results for the quarter and fiscal year ended July 31, 2002. Revenue for the quarter ended July 31, 2002 was $20,812,000, an increase of 6% over $19,551,000 for the quarter ended July 31, 2001. Net income for the quarter ended July 31, 2002 was $1,075,000, or $.19 per share, as compared to a net income of $1,304,000, or $.23 per share, for the quarter ended July 31, 2001. The Company adopted SFAS No. 142 in the year ended July 31, 2002, thus requiring that the Company no longer amortize goodwill. The quarter ended July 31, 2001 included a charge for amortization of goodwill of $.01 per share. The reduced net income over the quarters principally resulted from certain nonrecurring general and administrative expenses as well as costs incurred with the startup and development of supplemental staffing operations in New York and New Jersey. Revenue for the fiscal year ended July 31, 2002 was $82,172,000, an increase of 10% over $74,492,000 for the fiscal year ended July 31, 2001. Net income for the fiscal year ended July 31, 2002 was $5,271,000, or $.91 per share, compared to a net income of $4,200,000, or $.75 per share, for the fiscal year ended July 31, 2001. The fiscal year ended July 31, 2001 included a charge for the amortization of goodwill of $.07 per share. "We are very pleased with our fiscal year results," said Steven Fialkow, President and Chief Executive Officer of National Home Health Care Corp. "Our fourth quarter revenue is the Company's eleventh consecutive quarter of revenue growth. These record results reflect the Company's expansion of its operations in all three markets that it serves and the successful integration of the Company's acquisitions over the past two years." The Company has continued for an additional year its program to repurchase its Common Stock. Purchases in the aggregate amount of up to $1,000,000 in purchase price during the one-year extension would be made from time to time in the open market and through privately-negotiated transactions, subject to general market and other conditions. The buyback program would be financed out of existing cash or cash equivalents. The Board of Directors of the Company believes its shares represent an attractive investment for the Company. The extension of the stock repurchase program reflects the Company's strong financial position and management's confidence in the Company's long-term prospects. Except for historical information contained herein, certain matters set forth in this release may be deemed forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as the ability of the Company to identify, consummate and integrate acquisitions on favorable terms; market acceptance, pricing and demand for the Company's services; changing regulatory environment; changing economic conditions; the Company's ability to attract and retain qualified personnel; its ability to manage growth and other risks detailed in the Company's SEC filings. |