National Research Corporation Announces Third Quarter 2011 Results
01 Novembro 2011 - 7:00PM
National Research Corporation (Nasdaq:NRCI) today announced results
for the third quarter 2011.
- Quarterly net new sales of $4.9 million
- Quarterly revenue up 16% to $18.5 million
- Quarterly net income up 24% to $2.6 million
- Quarterly diluted earnings per share of $0.39 up 22%
- Total Contract Value reaches $80.8 million
Commenting on the third quarter and overall company performance,
Michael D. Hays, chief executive officer of National Research
Corporation, said, "Again this quarter, we witnessed robust growth
driven by our unique product portfolio resulting in increased
current client spend, while also outpacing competitors' value
proposition at point of sale. To this latter point, in October, a
large healthcare system selected us based upon our differentiated
offering, which today pushes Total Contract Value to $84
million."
Revenue for the quarter ended September 30, 2011, was $18.5
million, compared to $16.0 million for the same quarter in
2010. Net income for the quarter ended September 30, 2011, was
$2.6 million, or $0.40 per basic share and $0.39 per diluted share,
compared to $2.1 million for the third quarter 2010, or $0.32 per
basic and diluted share.
In closing, Kevin Karas, chief financial officer of National
Research Corporation, said, "Subscription-based contracts accounted
for an increased percentage of the company's third quarter revenue.
As well, within the quarter we saw a growing number of current
clients purchase additional products. Both of these trends
support enhanced operating margins over time."
A listen-only simulcast of National Research Corporation's 2011
third quarter conference call will be available online at
www.earnings.com on November 2, 2011, beginning at 11:00 a.m.
Eastern time. The online replay will follow approximately one
hour later and continue for 30 days.
National Research Corporation, headquartered in Lincoln,
Nebraska, is a leading provider of performance measurement,
improvement services, and governance education to the healthcare
industry in the United States and Canada.
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.
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NATIONAL RESEARCH
CORPORATION |
Unaudited Consolidated
Statements of Income |
(In thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Revenue |
$ 18,549 |
$ 16,006 |
$ 56,655 |
$ 47,515 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Direct expenses |
7,471 |
6,038 |
21,489 |
18,370 |
Selling, general and
administrative |
5,572 |
5,250 |
17,651 |
14,265 |
Depreciation and
amortization |
1,312 |
1,225 |
3,790 |
3,382 |
Total operating expenses |
14,355 |
12,513 |
42,930 |
36,017 |
|
|
|
|
|
Operating income |
4,194 |
3,493 |
13,725 |
11,498 |
|
|
|
|
|
Other income (expense), net: |
|
|
|
|
Interest income |
4 |
1 |
8 |
5 |
Interest expense |
(155) |
(137) |
(480) |
(328) |
Other, net |
74 |
(24) |
55 |
(18) |
|
|
|
|
|
Total other income (expense),
net |
(77) |
(160) |
(417) |
(341) |
|
|
|
|
|
Income before income taxes |
4,117 |
3,333 |
13,308 |
11,157 |
Provision for income taxes |
1,470 |
1,191 |
4,876 |
4,226 |
|
|
|
|
|
Net income |
$ 2,647 |
$ 2,142 |
$ 8,432 |
$ 6,931 |
Net income per share, basic |
$ 0.40 |
$ 0.32 |
$ 1.26 |
$ 1.04 |
Net income per share, diluted |
$ 0.39 |
$ 0.32 |
$ 1.23 |
$ 1.03 |
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
6,679 |
6,632 |
6,666 |
6,635 |
Diluted |
6,850 |
6,727 |
6,845 |
6,725 |
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NATIONAL RESEARCH
CORPORATION |
Unaudited Consolidated
Condensed Balance Sheets |
(Dollars in thousands) |
|
|
|
|
Sept. 30, |
Dec. 31, |
|
2011 |
2010 |
ASSETS |
|
|
|
|
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Current Assets: |
|
|
Cash and cash equivalents |
$ 6,223 |
$ 3,519 |
Accounts receivable, net |
12,281 |
9,172 |
Income taxes recoverable |
369 |
1,277 |
Other current assets |
2,754 |
3,373 |
Total current assets |
21,627 |
17,341 |
|
|
|
Net property and equipment |
13,888 |
14,482 |
Other, net |
65,437 |
63,947 |
|
|
|
Total Assets |
$ 100,952 |
$ 95,770 |
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|
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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|
|
|
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Current Liabilities: |
|
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Accounts payable and accrued
expenses |
$ 2,964 |
$ 3,872 |
Deferred revenue |
18,423 |
17,701 |
Accrued compensation |
3,391 |
2,750 |
Notes payable |
1,878 |
1,827 |
Total current liabilities |
26,656 |
26,150 |
|
|
|
Non-current liabilities |
20,786 |
21,036 |
|
|
|
Total Liabilities |
47,442 |
47,186 |
|
|
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Shareholders' Equity: |
|
|
Common stock, $0.001 par value;
20,000,000 shares authorized; |
|
|
issued 8,112,412
in 2011 and 8,044,855 in 2010; |
|
|
outstanding
6,723,790 in 2011 and 6,668,574 in 2010 |
8 |
8 |
Additional paid-in capital |
30,630 |
28,970 |
Retained earnings |
45,340 |
41,343 |
Accumulated other comprehensive
income |
797 |
1,108 |
Treasury stock |
(23,265) |
(22,845) |
Total shareholders' equity |
53,510 |
48,584 |
Total liabilities and
shareholders' equity |
$ 100,952 |
$ 95,770 |
CONTACT: Kevin R. Karas
Chief Financial Officer
402-475-2525
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