PRINCETON, N.J., May 9 /PRNewswire-FirstCall/ -- Opinion Research
Corporation (NASDAQ:ORCI), today announced improved financial
results for the first quarter ended March 31, 2006. Income from
continuing operations increased to $0.14 per diluted common share,
or $753,000, from $0.06 per diluted common share, or $393,000, in
the first quarter of 2005. Revenues increased to $47.3 million from
$46.2 million in the first quarter of last year. Revenues Social
research revenues were $34.7 million, increasing from $33.9 million
in the first quarter of 2005. Market research revenues totaled
$12.7 million, increasing from $12.4 million in the first quarter
of last year. Income from Continuing Operations Income from
continuing operations was $753,000, increasing from $393,000 in the
first quarter of 2005. In addition to increased operating income on
increased revenues, a principal reason for the improved results in
the quarter was the absence of refinancing costs incurred in the
first quarter of 2005, offset in part by interest on subordinated
debt issued in July 2005. The 2005 refinancing costs have been
recovered by subsequent savings resulting from the refinancing.
Included in this quarter's results is expense of $127,000
reflecting our adoption of the Financial Accounting Standards Board
Statement 123(R) on share-based payments. Discontinued Operations
The loss from discontinued operations was $146,000 as compared to a
loss from discontinued operations of $251,000 in the first quarter
of last year. Income per Common Share Income from continuing
operations was $0.14 per diluted share, increasing from $0.06 per
diluted share in the first quarter of 2005, reflecting both the
benefit of reduced shares outstanding and improved performance.
Loss from discontinued operations was $0.03 per diluted share as
compared to a loss from discontinued operations of $0.04 per
diluted share in the first quarter of last year. Net income per
diluted share was $0.11, increasing from $0.02 in the first quarter
of 2005. Conference Call Chairman and Chief Executive Officer John
F. Short and Chief Financial Officer Douglas L. Cox will conduct an
investor conference call at 10:00 a.m. (EDT) on Wednesday, May 10.
The dial-in number for the live conference call will be (866)
277-1182 or (617) 597-5359 outside the U.S. and Canada. The
conference passcode is 16156392. There will be a live web cast of
the conference call over the investor relations page of the
company's Web site at http://www.opinionresearch.com/ as well as at
http://www.earnings.com/. For those who cannot listen to the live
broadcast, an audio replay of the call will be available on the
above web sites for 30 days. A telephone replay of the call will
also be available from 12:00 p.m. on May 10 until 11:59 p.m. on May
17. To listen to the telephone replay dial (888) 286-8010 or (617)
801-6888 outside the U.S. and Canada and enter conference passcode
12490707. About Opinion Research Corporation Founded in 1938,
Opinion Research Corporation provides commercial market research,
health and demographic research for government agencies,
information services and consulting. The company is a pioneering
leader in the science of market and social research and has built
an international organization to support market intelligence in
both public and commercial markets. Further information is
available at http://www.opinionresearch.com/. Forward-looking
Statements This press release contains, within the meaning of the
safe harbor provision of the Private Securities Litigation Reform
Act of 1995, forward- looking statements that are based on
management's beliefs and assumptions, current expectations,
estimates and projections. These statements are subject to risks
and uncertainties and therefore actual results may materially
differ. The Company disclaims any obligation to update any
forward-looking statements whether as a result of new information,
future events, or otherwise. Important factors and risks that may
affect future results are described in the Company's filings with
the Securities and Exchange Commission, copies of which are
available on the Investor Relations section of the Company's
website or upon request from the Company. OPINION RESEARCH
CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (in
thousands, except share and per share amounts) For The Three Months
Ended March 31, 2005 2006 Revenues $46,243 $47,354 Cost of
revenues, exclusive of depreciation 33,324 34,122 Gross profit
12,919 13,232 Selling, general and administrative expenses 9,196
9,200 Depreciation and amortization 778 925 Operating income 2,945
3,107 Interest and other non-operating expenses, net 2,302 1,630
Income before provision for income taxes 643 1,477 Provision for
income taxes 250 724 Income from continuing operations $393 $753
Discontinued Operations Loss from discontinued operations, net of
tax $(251) $(146) Net income $142 $607 Basic Earnings per common
share: Income from continuing operations $0.06 $0.14 Loss from
discontinued operations $(0.04) $(0.03) Net income per common share
$0.02 $0.11 Diluted Earnings per common share: Income from
continuing operations $0.06 $0.14 Loss from discontinued operations
$(0.04) $(0.03) Net income per common share $0.02 $0.11 Weighted
average shares outstanding: Basic 6,404,723 5,388,454 Diluted
6,605,578 5,432,793 OPINION RESEARCH CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (in thousands) Assets 31-Dec-05
31-Mar-06 Current assets: Cash and equivalents $- $996 Accounts
receivable 26,959 23,911 Allowance for doubtful accounts (58) (4)
Unbilled services 17,600 20,308 Prepaid expenses and other current
assets 4,474 4,479 Assets of discontinued operations 505 316 Total
current assets 49,480 50,006 Non-current assets: Fixed assets, net
of depreciation 8,833 9,052 Goodwill 26,903 26,934 Other
intangibles, net of amortization 224 221 Other non-current assets
6,516 6,191 Assets of discontinued operations 212 - Total
non-current assets 42,688 42,398 Total assets $92,168 $92,404
Liabilities and stockholders' equity 31-Dec-05 31-Mar-06 Current
liabilities: Accounts payable $6,269 $6,599 Accrued expenses 10,758
8,428 Deferred revenues 4,156 4,172 Short-term borrowings 3,000
3,000 Other current liabilities 3,143 2,499 Liabilities of
discontinued operations 586 152 Total current liabilities 27,912
24,850 Long-term borrowings 55,321 57,744 Other liabilities 2,520
2,607 Liabilities of discontinued operations 154 - Total
stockholders' equity 6,261 7,203 Total liabilities and
stockholders' equity $92,168 $92,404 OPINION RESEARCH CORPORATION
AND SUBSIDIARIES Segment Information (in thousands) US UK Market
Market Social Total Research Research Research Segments Three
months ended March 31, 2005: Revenues from external customers
$6,403 $5,437 $33,858 $45,698 Operating (loss) income (566) (28)
3,641 3,047 Interest and other non-operating expenses, net Income
from continuing operations, net of tax expense of $250 Loss from
discontinued operations, net of tax benefit of $132 Net income
Three months ended March 31, 2006: Revenues from external customers
$6,582 $5,621 $34,664 $46,867 Operating (loss) income (541) 124
3,690 3,273 Interest and other non-operating expenses, net Income
from continuing operations, net of tax expense of $724 Loss from
discontinued operations, net of tax expense of $1 Net income
Divested Other Entities Consolidated Three months ended March 31,
2005: Revenues from external customers $545 $46,243 Operating
(loss) income (102) 2,945 Interest and other non-operating
expenses, net 2,302 Income from continuing operations, net of tax
expense of $250 393 Loss from discontinued operations, net of tax
benefit of $132 (251) (251) Net income 142 Three months ended March
31, 2006: Revenues from external customers $487 $47,354 Operating
(loss) income (166) 3,107 Interest and other non-operating
expenses, net 1,630 Income from continuing operations, net of tax
expense of $724 753 Loss from discontinued operations, net of tax
expense of $1 (146) (146) Net income 607 DATASOURCE: Opinion
Research Corporation CONTACT: Douglas L. Cox, Executive Vice
President, Chief Financial Officer of Opinion Research Corporation,
+1-609-452-5274 Web site: http://www.opinionresearch.com/
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