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National Healthcare Corporation (NYSE American:NHC), a skilled nursing care facilities provider, announced today that long-time board member Ernest G. Burgess, III will retire effective July 31, 2024. Burgess, who has served as a director since 1997, is departing without any disagreement with the company, according to the 8-K filing with the Securities and Exchange Commission.
Burgess, 84, is a member of the company's Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. His retirement marks the end of a significant era for National Healthcare Corp, as he has been part of the board for over two decades.
The company's filing did not indicate who would succeed Burgess or how his retirement would affect the composition of the board's committees. National Healthcare Corp, headquartered in Murfreesboro, Tennessee, operates under the organization name 08 Industrial Applications and Services and is incorporated in Delaware.
The announcement comes at a time when corporate governance and board composition are increasingly in the spotlight, with companies across various industries seeking to enhance board effectiveness and diversity.
The retirement of a long-standing board member like Burgess could signal a period of transition for National Healthcare Corp as it continues to navigate the healthcare industry's evolving landscape.
The information in this article is based on a press release statement from National Healthcare Corp's SEC filing.
In other recent news, National HealthCare Corporation has embarked on a significant expansion with the acquisition of White Oak Senior Living's portfolio. The transaction, which includes fifteen skilled nursing facilities and a long-term care pharmacy across North Carolina and South Carolina, is anticipated to enhance NHC's regional presence.
This acquisition, which adds 1,928 skilled nursing beds, 48 assisted living units, and 302 independent living units to NHC's network, is expected to positively impact future profits.
In parallel developments, NHC has announced a 3.4% increase in its quarterly dividend, amounting to 61 cents per common share. This move represents NHC's ongoing commitment to shareholder value and reflects the company's financial stability. However, the company has cautioned investors about potential risks that could affect future performance, as detailed in its SEC filings.
These are among the latest developments for National HealthCare Corporation, a company continually striving for strategic advancement in the healthcare sector.
InvestingPro Insights
As National Healthcare Corporation (NYSE American:NHC) prepares for the retirement of board member Ernest G. Burgess, III, the company's financial health and stability remain a key focus for investors.
In the last twelve months as of Q1 2024, National Healthcare Corp has demonstrated solid revenue growth of 8.13%, with a noteworthy quarterly increase of 10.24%. This financial robustness is further underscored by a gross profit margin of 37.43%, reflecting the company's ability to maintain profitability in a challenging healthcare market.
InvestingPro Tips highlight that National Healthcare Corp has raised its dividend for 10 consecutive years and maintained dividend payments for 21 consecutive years, signifying a strong commitment to shareholder returns. Moreover, the company has shown a high return over the last year with a 106.04% price total return, which may be of particular interest to investors seeking growth in addition to income stability.
For those looking to delve deeper into National Healthcare Corp's performance and strategic outlook following Burgess's retirement, additional InvestingPro Tips can be accessed through Investing.com's Pro platform. Subscribers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further insights into the company's moderate level of debt and profitability over the last twelve months.
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