NHC Announces $25 Million Stock Repurchase Program
August 09 2017 - 5:30AM
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 StatementsStatements 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 NHCNHC 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.
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National HealthCare CorporationJohn K. Lines,
615-890-2020SVP/General Counsel
National HealthCare (AMEX:NHC)
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