Murfreesboro, TN-based National Health Care Corp. on Friday reported a year-over-year net operating revenues and grant income of 1.1% at the end of 2022. The increase to $1.08 million happened despite a reduction in government stimulus income of $51.9 million compared with 2021, the company said.

NHC operates for themselves and third parties 68 skilled nursing facilities. Company affiliates also operate 23 assisted living communities, five independent living communities, three behavioral health hospitals, 35 homecare agencies and 29 hospice agencies. 

In 2022, net income was $22.44 million, compared with $138.59 million for 2021. Excluding unrealized gains and losses in the marketable equity securities portfolio and other adjustments, adjusted net income for 2022 was $37.323 million, compared with $62.64 million for 2021.

“The decrease in non-GAAP [generally accepted accounting principles] earnings for 2022 compared to 2021 was primarily due to the $51.9 million decrease of government stimulus income recorded,” the company said.

GAAP diluted earnings per share were $1.45, compared with $8.99, for 2022 and 2021, respectively. Adjusted diluted earnings per share were $2.42, compared with $4.06, for 2022 and 2021, respectively.

Fourth-quarter earnings

For the fourth quarter of 2022, net income was $6.35 million, compared with $15.78 for the same period in 2021. Adjusted net income for the quarter was $11.046 million compared with $15.8 million for the same period in 2021. 

“The decrease in non-GAAP earnings for the quarter ended Dec. 31, 2022, compared to the fourth quarter of 2021 was primarily due to the $14.5 million decrease of government stimulus income recorded,” the company said.

The GAAP diluted earnings per share were $0.41, compared with $1.02, for the fourth quarters of 2022 and 2021, respectively. Adjusted diluted earnings per share were $0.72 and $1.02 for the fourth quarters of 2022 and 2021, respectively.

NHC announced earlier this month that on May 1 it will pay a first-quarter 2023 dividend of 57 cents per common share to shareholders of record on March 31