NHHC National Home Health Care Co (MM)

National Home Health Care Corp. (NASDAQ 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, 2007. Net patient revenue for the three months ended January 31, 2007 was $27,469,000, an increase of $1,799,000, or 7.0% from $25,670,000 for the three months ended January 31, 2006. Net income for the three months ended January 31, 2007 was $1,057,000, or $.18 per diluted share, compared to a net income of $891,000, or $.16 per diluted share, for the three months ended January 31, 2006. Net patient revenue for the six months ended January 31, 2007 was $53,703,000, an increase of $1,712,000, or 3.3% from $51,991,000 for the six months ended January 31, 2006. Net income for the six months ended January 31, 2007 was $2,095,000, or $.36 per diluted share, compared to a net income of $2,033,000, or $.35 per diluted share, for the six months ended January 31, 2006. The increase in net patient revenue was attributable to the expansion of the Company�s operations in Massachusetts, New York and Connecticut. The increase in net income was offset by non-operating related general and administrative expenses incurred in connection with the announced merger agreement between the Company and an affiliate of Angelo, Gordon & Co. 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 4, 2007 to holders of record of its outstanding Common Stock on April 18, 2007. 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. STATEMENT OF OPERATIONS DATA: � Three months ended Six months ended January 31, January 31, 2007� 2006� 2007� 2006� ---------------- ---------------- ---------------- ---------------- � Revenues $27,469,000� $25,670,000� $53,703,000� $51,991,000� � Operating expenses 25,921,000� 24,306,000� 50,628,000� 48,875,000� � Income from operations 1,548,000� 1,364,000� 3,075,000� 3,116,000� � Other income: Interest 235,000� 122,000� 445,000� 217,000� � Income before taxes 1,783,000� 1,486,000� 3,520,000� 3,333,000� � Provision for income taxes 726,000� 595,000� 1,425,000� 1,300,000� � Net income 1,057,000� 891,000� 2,095,000� 2,033,000� � Earnings per share - diluted $0.18� $0.16� $0.36� $0.35� � Weighted average shares - diluted 5,746,356� 5,742,486� 5,743,391� 5,744,709� � Dividends declared per share $0.075� $0.075� $0.15� $0.15� BALANCE SHEET DATA: January 31, 2007� 2006� ---------------- ---------------- � Cash and cash equivalents $19,177,000� $15,625,000� � Total current assets 41,543,000� 38,257,000� � Total assets 59,248,000� 56,240,000� � Total current liabilities 5,140,000� 4,150,000� � Non-current liabilities - - -� - - -� � Stockholders' equity 54,108,000� 52,090,000�