NHC chief exec steps down, third-quarter earnings up
National HealthCare Corp. last week reported a switch in executive leadership, while also announcing an increase in third-quarter earnings.
For the quarter ending Sept. 30, NHC announced earnings of $6.5 million, or 55 cents per basic share, on revenues of $128 million. This represents a 22% increase over earnings of $5.3 million, or 46 cents per share, on revenues of $119 million in the same period in 2003.
NHC also announced that CEO Andy Adams had resigned that position and his brother, Robert Adams, the president of the company, would become the new CEO/president. While giving up day-to-day managerial responsibilities, Andy Adams, however, will remain on the NHC board as chairman and will focus on strategic planning for the company, according to an NHC announcement.
The Murfreesboro, TN, nursing home company operates 74 long-term facilities, 32 home care programs and 7 independent living and assisted living centers.