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 nine months ended April 30, 2007. Net patient revenue for the three months ended April 30, 2007 was $27,938,000, an increase of $2,906,000, or 11.6% from $25,032,000 for the three months ended April 30, 2006. The Company recorded a net loss of ($244,000), or ($.04) per diluted share, compared to a net income of $722,000, or $.13 per diluted share, for the three months ended April 30, 2006. Net patient revenue for the nine months ended April 30, 2007 was $81,641,000, an increase of $4,618,000, or 6.0% from $77,023,000 for the nine months ended April 30, 2006. Net income for the nine months ended April 30, 2007 was $1,851,000, or $.32 per diluted share, compared to a net income of $2,755,000, or $.48 per diluted share, for the nine months ended April 30, 2006. The increase in net patient revenue was attributable to the expansion of the Company�s operations in Massachusetts, New York and Connecticut. The decrease in net income was attributable to non-tax deductible professional fees of $1,438,000 and $2,132,000, respectively, for the three and nine month periods ended April 30, 2007, 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 August 8, 2007 to holders of record of its outstanding Common Stock on July 20, 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 Nine months ended April 30, April 30, 2007� 2006� 2007� 2006� ---------------- ---------------- ---------------- ---------------- � Revenues $ 27,938,000� $ 25,032,000� $ 81,641,000� $ 77,023,000� � Operating expenses 27,197,000� 23,943,000� 77,825,000� 72,818,000� � Income from operations 741,000� 1,089,000� 3,816,000� 4,205,000� � Other income: Interest 216,000� 128,000� 661,000� 345,000� � Income before taxes 957,000� 1,217,000� 4,477,000� 4,550,000� � Provision for income taxes 1,201,000� 495,000� 2,626,000� 1,795,000� � Net income (loss) (244,000) 722,000� 1,851,000� 2,755,000� � Earnings per share - diluted ($0.04) $ 0.13� $ 0.32� $ 0.48� � Weighted average shares - diluted 5,745,797� 5,741,722� 5,743,131� 5,742,485� � Dividends declared per share $ 0.075� $ 0.075� $ 0.225� $ 0.225� � � BALANCE SHEET DATA: April 30, 2007� 2006� ---------------- ---------------- � Cash and cash equivalents $ 20,422,000� $ 17,716,000� � Total current assets 42,171,000� 38,744,000� � Total assets 59,901,000� 56,626,000� � Total current liabilities 6,462,000� 4,239,000� � Non-current liabilities - - -� - - -� � Stockholders' equity 53,439,000� 52,387,000�