MURFREESBORO, Tenn.--(BUSINESS WIRE)--National HealthCare Corporation (NYSE American: NHC), announces that its Board of Directors, at a regularly scheduled meeting, has authorized a new stock repurchase program. The program will allow for repurchases of up to $25 million of its common stock. The new stock repurchase plan will begin September 1, 2017 and will expire on August 31, 2018. The stock repurchase plan replaces the stock repurchase plan previously approved by the Board of Directors on August 4, 2016. Repurchases may be made under the previous plan until August 31, 2017
Under the stock repurchase program, the Company may repurchase its common stock from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions and other considerations. The Company’s repurchases may be executed using open market purchases, privately negotiated agreements or other transactions. The Company intends to fund repurchases under the new stock repurchase program from cash on hand, available borrowings or proceeds from potential debt or other capital market sources. The stock repurchase program may be suspended or discontinued at any time without prior notice. The Company will provide an update regarding any purchases made pursuant to the stock repurchase program each time it reports its results of operations.
Forward-Looking Statements
Statements in this press release
that are not historical facts are forward-looking statements. NHC
cautions investors that any forward-looking statements made involve
risks and uncertainties and are not guarantees of future performance.
The risks and uncertainties are detailed from time to time in reports
filed by NHC with the S.E.C., including Forms 8-K, 10-Q and 10-K, and
include, among others, the following: liabilities and other claims
asserted against us and patient care liabilities, as well as the
resolution of current litigation; availability of insurance and assets
for indemnification; national and local economic conditions; including
their effect on the availability and cost of labor, utilities and
materials; the effect of government regulations and changes in
regulations governing the healthcare industry, including our compliance
with such regulations; changes in Medicare and Medicaid payment levels
and methodologies and the application of such methodologies by the
government and its fiscal intermediaries, the ability of third parties
for whom we have guaranteed debt to refinance certain short term debt
obligations; and other factors referenced or incorporated by reference
in the S.E.C. filings. The risks included here are not exhaustive. All
forward-looking statements represent NHC’s best judgment as of the date
of this release.
About NHC
NHC affiliates operate for themselves and third
parties 76 skilled nursing centers with 9,597 beds. NHC affiliates also
operate 36 homecare programs, five independent living centers and 25
assisted living communities. NHC’s other services include Alzheimer’s
units, long-term care pharmacies, hospice, a rehabilitation services
company, and providing management and accounting services to third
parties. Other information about the company can be found on our web
site at www.nhccare.com.