National Research Corporation Announces First Quarter 2006 Results
02 Maio 2006 - 7:35PM
Business Wire
Sales Set New Record Under Sales Expansion Plan National Research
Corporation (NASDAQ/NM:NRCI), a leader in healthcare performance
measurement, today announced results for the first quarter ended
March 31, 2006. -- Quarterly net new contracts reached $3.8 million
-- Quarterly revenues increased by 44% -- Quarterly net income up
63% -- Quarterly earnings per share growth equals 80% Commenting on
the results, Michael D. Hays, chief executive officer of National
Research Corporation, said, "Our first quarter performance was
excellent and provides for a very strong start to 2006." Revenues
for the quarter ended March 31, 2006, were $9.5 million compared
with revenues of $6.6 million for the same period in 2005. Net
income for the quarter ended March 31, 2006, was $1.2 million, or
$0.18 per basic and diluted share, compared with net income of
$748,100, or $0.10 per basic and diluted share, in the prior-year
period. Excluding the $0.02 impact per basic and diluted share
related to the Company's adoption of Statement of Financial
Accounting Standards ("SFAS") No. 123R on January 1, 2006, for its
share-based compensation plans, earnings per basic and diluted
share for the quarter ended March 31, 2006, was $0.20. In closing,
Patrick E. Beans, chief financial officer of National Research
Corporation, added, "The first quarter's revenue growth, generated
across the Company's various business units, speaks to the
viability of the multiple growth runways we have established over
the last few years." A listen-only simulcast of National Research
Corporation's first quarter 2006 conference call will be available
online at www.earnings.com on May 3, 2006, beginning at 11:00 a.m.
Eastern time. The online replay will follow approximately an hour
later and continue for 30 days. National Research Corporation,
headquartered in Lincoln, Nebraska, is a leading provider of
ongoing survey-based performance measurement, analysis, tracking
and improvement services to the healthcare industry in the United
States and Canada. The Company addresses the growing need of
healthcare providers and payors to measure the care outcomes,
specifically satisfaction and health status, of their patients
and/or members. The Company develops tools that enable healthcare
organizations to obtain performance measurement information
necessary to improve their business practices. This press release
includes "forward-looking" statements related to the Company that
can generally be identified as describing the Company's future
plans, objectives or goals. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results
or outcomes to differ materially from those currently anticipated.
These forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. For further information about the factors that could
affect the Company's future results, please see the Company's
filings with the Securities and Exchange Commission. -0- *T
NATIONAL RESEARCH CORPORATION Unaudited Consolidated Statements of
Operations (In thousands, except per share data) Three Months Ended
March 31, ------------------ 2006 2005 -------- -------- Revenues
$9,476 $6,597 Operating expenses: Direct expenses 4,100 2,750
Selling, general and administrative 3,006 2,185 Depreciation and
amortization 470 424 -------- -------- Total operating expenses
7,576 5,359 -------- -------- Operating income 1,900 1,238 Other
income (expense): Interest income 82 109 Interest expense (10)
(101) Other, net (14) (5) ------- ------- Total other income 58 3
-------- -------- Income before income taxes 1,958 1,241 Provision
for income taxes 741 493 -------- -------- Net income $1,217 $748
======== ======== Net income per share, basic $0.18 $0.10 ========
======== Net income per share, diluted $0.18 $0.10 ========
======== Weighted average shares outstanding: Basic 6,819 7,150
Diluted 6,918 7,202 NATIONAL RESEARCH CORPORATION Consolidated
Condensed Balance Sheets (Dollars in thousands) March 31, Dec. 31,
2006 2005 ------------------ ASSETS (Unaudited) (Audited) Current
Assets: Cash and cash equivalents $1,031 $844 Short-term
investments 8,692 9,452 Accounts receivable, net 5,730 5,495 Other
current assets 2,417 2,427 -------- -------- Total current assets
17,870 18,218 Net property and equipment 11,860 11,891 Other, net
14,559 14,566 -------- -------- Total Assets $44,289 $44,675
======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current
Liabilities: Accounts payable and accrued expenses $1,246 $2,007
Deferred revenue 5,630 5,434 Accrued compensation 1,230 1,248 Notes
payable 200 1,471 Income taxes payable 208 -- -------- --------
Total current liabilities 8,514 10,160 Non-current liabilities
1,925 1,922 -------- -------- Total Liabilities 10,439 12,082
-------- -------- Shareholders' Equity: Common stock, $0.001 par
value; 20,000,000 shares authorized; issued 7,786,576 in 2006 and
7,740,571 in 2005; outstanding 6,891,576 in 2006 and 6,845,571 in
2005 8 8 Additional paid-in capital 20,837 20,046 Retained earnings
23,889 23,360 Unearned compensation (509) (433) Accumulated other
comprehensive income 313 300 Treasury stock (10,688) (10,688)
-------- -------- Total shareholders' equity 33,850 32,593 --------
-------- Total Liabilities and Shareholders' Equity $44,289 $44,675
======== ======== *T
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