National Research Corporation (Nasdaq:NRCI) today announced results for the second quarter 2012.
  • Net new sales of $6.0 million, up 18%
  • Revenue up 13% to $20.6 million
  • Operating income $5.2 million, up 36%
  • Net income up 69% to $3.9 million
  • Diluted earnings per share of $0.57, up 67%

Announcing a record pace of net new sales, Michael D. Hays, chief executive officer of National Research Corporation, said, "Following record sales in the fourth quarter of 2011, we again matched that $6.0 million sales record in the second quarter of 2012. Strong market acceptance of our product portfolio is clearly being experienced by the Company. For example, Illuminate, our care transitions offering, has increased from $0.5 million to $1.9 million in contract value over the past twelve months."

Revenue for the quarter ended June 30, 2012, was $20.6 million, compared to $18.3 million for the same quarter in 2011. Net income for the quarter ended June 30, 2012, was $3.9 million, or $0.58 per basic share and $0.57 per diluted share, compared to $2.3 million for the second quarter 2011, or $0.35 per basic share and $0.34 per diluted share.        

In closing, Kevin Karas, chief financial officer of National Research Corporation, said, "Driven by increased net new sales, combined with favorable client contract renewal rates, our total contract value grew to $89.2 million as of June 30, 2012. Our second quarter financial results demonstrate the continued momentum and growth in contract value, revenue and earnings. It is important to note that our second quarter earnings included an income tax expense reduction of $620,000 as a result of favorable state income tax law changes."      

A listen-only simulcast of National Research Corporation's 2012 second quarter conference call will be available online at www.earnings.com on August 8, 2012, beginning at 11:00 a.m. Eastern time. The online replay will follow approximately one hour later and continue for 30 days.

For more than 30 years. National Research Corporation has been at the forefront of patient-centered care, helping healthcare providers measure and improve quality and services through analytics that offer a rich understanding of customers' experiences, preferences, risks and behaviors across the healthcare continuum.

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 Condensed Consolidated Statements of Operations
(In thousands, except per share data)
         
  Three Months Ended June 30, Six Months Ended June 30,
  2012 2011 2012 2011
         
Revenue  $ 20,632  $ 18,316  $ 43,039  $ 38,107
         
Operating expenses:        
Direct expenses 8,633 7,260 17,564 14,018
Selling, general and administrative 5,569 5,990 11,720 12,080
Depreciation and amortization 1,214 1,235 2,457 2,478
Total operating expenses 15,416 14,485 31,741 28,576
         
Operating income 5,216 3,831 11,298 9,531
         
Other income (expense), net:        
Interest income 6 3 12 5
Interest expense (140) (156) (282) (326)
Other, net 29 9 14 (19)
         
Total other expense, net (105) (144) (256) (340)
         
Income before income taxes  5,111 3,687 11,042 9,191
Provision for income taxes 1,172 1,358 3,253 3,406
         
Net income  $ 3,939  $ 2,329  $ 7,789  $ 5,785
Net income per share, basic  $ 0.58  $ 0.35  $ 1.16  $ 0.87
Net income per share, diluted  $ 0.57  $ 0.34  $ 1.12  $ 0.85
         
Weighted average shares outstanding:        
Basic 6,751 6,665 6,735 6,659
Diluted 6,943 6,855 6,931 6,832
 
NATIONAL RESEARCH CORPORATION
Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands)
     
  Jun. 30, 2012 Dec. 31, 2011
ASSETS    
Current Assets:    
Cash and cash equivalents  $ 11,168  $ 8,082
Accounts receivable, net 13,051 11,187
Income taxes receivable 171 --
Other current assets 3,834 2,868
Total current assets 28,224 22,137
     
Net property and equipment 13,124 13,613
Goodwill 57,715 57,730
Other, net 6,531 7,196
     
Total Assets  $ 105,594  $ 100,676
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Current Liabilities:    
Accounts payable and accrued expenses  $ 2,725  $ 2,302
Deferred revenue 17,413 16,500
Accrued compensation 3,041 3,591
Income taxes payable  -- 145
Notes payable 2,093 1,861
Total current liabilities 25,272 24,399
     
Non-current liabilities 19,259 20,723
     
Total Liabilities 44,531 45,122
     
Shareholders' Equity:    
Common stock, $0.001 par value; 20,000,000 shares authorized; issued 8,234,911 in 2012 and 8,117,849 in 2011; outstanding 6,796,510 in 2012 and 6,724,280 in 2011 8 8
Additional paid-in capital 34,280 31,080
Retained earnings 51,258 46,995
Accumulated other comprehensive income 848 907
Treasury stock (25,331) (23,436)
Total shareholders' equity 61,063 55,554
Total liabilities and shareholders' equity  $ 105,594  $ 100,676 
CONTACT: Kevin R. Karas
         Chief Financial Officer
         402-475-2525
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