NHHC National Home Health Care Co (MM)

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 six months ended January 31, 2006. Net patient revenue for the three months ended January 31, 2006 was $25,670,000, an increase of $1,458,000, or 6.0% from $24,212,000 for the three months ended January 31, 2005. Net income for the three months ended January 31, 2006 was $891,000, or $.16 per diluted share, compared to a net income of $796,000, or $.14 per diluted share, for the three months ended January 31, 2005. Net patient revenue for the six months ended January 31, 2006 was $51,991,000, an increase of $3,602,000, or 7.4% from $48,389,000 for the six months ended January 31, 2005. Net income for the six months ended January 31, 2006 was $2,033,000, or $.35 per diluted share, compared to a net income of $2,214,000, or $.39 per diluted share, for the six months ended January 31, 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 May 5, 2006 to holders of record of its outstanding Common Stock on April 18, 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. -0- *T STATEMENT OF OPERATIONS DATA: Three months ended Six months ended January 31, January 31, 2006 2005 2006 2005 ----------- ------------ ----------- ----------- Revenues $25,670,000 $24,212,000 $51,991,000 $48,389,000 Operating expenses 24,306,000 22,951,000 48,875,000 44,848,000 Income from operations 1,364,000 1,261,000 3,116,000 3,541,000 Other income: Interest 122,000 63,000 217,000 111,000 Income before taxes 1,486,000 1,324,000 3,333,000 3,652,000 Provision for income taxes 595,000 528,000 1,300,000 1,438,000 Net income 891,000 796,000 2,033,000 2,214,000 Earnings per share - diluted $ 0.16 $ 0.14 $ 0.35 $ 0.39 Weighted average shares - diluted 5,742,486 5,666,644 5,744,709 5,686,051 Dividends declared per share $ 0.075 $ 0.075 $ 0.15 $ 0.15 BALANCE SHEET DATA: January 31, 2006 2005 ----------- ------------ Cash and cash equivalents $15,625,000 $18,802,000 Total current assets 38,257,000 39,873,000 Total assets 56,240,000 54,868,000 Total current liabilities 4,150,000 4,027,000 Non-current liabilities - - - - - - Stockholders' equity 52,090,000 50,841,000 *T