National Research Corporation Announces Fourth Quarter and Year-End 2011 Results
14 Fevereiro 2012 - 8:00PM
Company Achieves Record Net New Sales in Fourth
Quarter 2011
Board of Directors Increases Quarterly Dividend
to $.26 Per Share
National Research Corporation (Nasdaq:NRCI) today announced results
for the fourth quarter and year-end 2011.
Fourth Quarter
- Net new sales of $6.0 million
- Revenue up 20% to $19.1 million
- Net income up 100% to $3.1 million
- Diluted earnings per share of $0.46, up 100%
Year-end 2011
- Net new sales up 22%
- Revenue up 20% to $75.8 million
- Net income up 36% to $11.6 million
- Diluted earnings per share of $1.69, up 34%
Commenting on the fourth quarter results and overall company
performance, Michael D. Hays, chief executive officer of National
Research Corporation, said, "We clearly had a very good quarter,
highlighted by record-breaking net new sales and strong revenue
growth, which simply topped off what has been a very strong year
overall."
Revenue for the quarter ended December 31, 2011, was $19.1
million, compared to $15.9 million for the same quarter in 2010.
Net income for the quarter ended December 31, 2011, was $3.1
million, or $0.47 per basic share and $0.46 per diluted share,
compared to $1.6 million for the fourth quarter 2010, or $0.24 per
basic share and $0.23 per diluted share.
Revenue for the year ended December 31, 2011, was $75.8 million,
compared to $63.4 million for the same period in 2010, an increase
of 20%. Net income for the year ended December 31, 2011, was $11.6
million or $1.73 per basic share and $1.69 per diluted share,
compared to $8.5 million for the year ended December 31, 2010, or
$1.28 per basic share and $1.26 per diluted share.
The Company's Board of Directors has declared a regular
quarterly cash dividend of $0.26 (twenty-six cents) per share, an
increase of 18% over the prior quarter, payable March 30, 2012, to
shareholders of record as of the close of business on March 2,
2012.
In closing, Kevin Karas, chief financial officer of National
Research Corporation, said, "We are very pleased with the financial
performance in both the fourth quarter and full year that has been
achieved as a result of our current business model. In particular,
we are very encouraged with our continued trend of strong organic
revenue growth and an increase in our operating margin."
A listen-only simulcast of National Research Corporation's 2011
fourth quarter and year-end conference call will be available
online at www.earnings.com on February 15, 2012, 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.
NATIONAL RESEARCH
CORPORATION |
Unaudited Consolidated
Statements of Income |
(In thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
December
31, |
December
30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Revenue |
$19,111 |
$15,883 |
$75,767 |
$63,398 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Direct expenses |
7,178 |
6,264 |
28,667 |
24,635 |
Selling, general and administrative |
5,648 |
5,938 |
23,300 |
20,202 |
Depreciation and amortization |
1,275 |
1,322 |
5,065 |
4,704 |
Total operating expenses |
14,101 |
13,524 |
57,032 |
49,541 |
|
|
|
|
|
Operating income |
5,010 |
2,359 |
18,735 |
13,857 |
|
|
|
|
|
Other income (expense), net: |
|
|
|
|
Interest income |
5 |
1 |
13 |
6 |
Interest expense |
(149) |
(163) |
(629) |
(491) |
Other, net |
(14) |
(38) |
41 |
(57) |
|
|
|
|
|
Total other expense, net |
(158) |
(200) |
(575) |
(542) |
|
|
|
|
|
Income before income taxes |
4,852 |
2,159 |
18,160 |
13,315 |
Provision for income taxes |
1,720 |
590 |
6,596 |
4,816 |
|
|
|
|
|
Net income |
$3,132 |
$1,569 |
$11,564 |
$8,499 |
|
|
|
|
|
Net income per share, basic |
$0.47 |
$0.24 |
$1.73 |
$1.28 |
Net income per share, diluted |
$0.46 |
$0.23 |
$1.69 |
$1.26 |
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
6,691 |
6,644 |
6,672 |
6,637 |
Diluted |
6,847 |
6,780 |
6,842 |
6,736 |
|
|
|
|
|
NATIONAL RESEARCH
CORPORATION |
Unaudited Consolidated
Condensed Balance Sheets |
(Dollars in thousands) |
|
|
|
|
Dec. 31, |
Dec. 31, |
|
2011 |
2010 |
|
|
|
ASSETS |
|
|
Current Assets: |
|
|
Cash and cash equivalents |
$8,082 |
$3,519 |
Accounts receivable, net |
11,187 |
9,172 |
Income taxes recoverable |
-- |
1,277 |
Other current assets |
2,868 |
3,373 |
Total current assets |
22,137 |
17,341 |
|
|
|
Net property and equipment |
13,613 |
14,482 |
Goodwill |
57,730 |
55,133 |
Other, net |
7,196 |
8,814 |
|
|
|
Total Assets |
$100,676 |
$95,770 |
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Current Liabilities: |
|
|
Accounts payable and accrued
expenses |
$2,302 |
$2,307 |
Deferred revenue |
16,500 |
17,701 |
Accrued compensation |
3,591 |
4,315 |
Income taxes payable |
145 |
-- |
Notes payable |
1,861 |
1,827 |
Total current liabilities |
24,399 |
26,150 |
|
|
|
Non-current liabilities |
20,723 |
21,036 |
|
|
|
Total Liabilities |
45,122 |
47,186 |
|
|
|
Shareholders' Equity: |
|
|
Common stock, $0.001 par value;
20,000,000 shares authorized; |
|
|
issued 8,117,849 in 2011 and 8,044,855 in
2010; |
|
|
outstanding 6,724,280 in 2011 and
6,668,574 in 2010 |
8 |
8 |
Additional paid-in capital |
31,080 |
28,970 |
Retained earnings |
46,995 |
41,343 |
Accumulated other comprehensive
income |
907 |
1,108 |
Treasury stock |
(23,436) |
(22,845) |
Total shareholders' equity |
55,554 |
48,584 |
Total liabilities and shareholders'
equity |
$100,676 |
$95,770 |
|
|
|
CONTACT: Kevin R. Karas
Chief Financial Officer
402-475-2525
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