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 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. -0- *T 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 *T