Published: February 08, 2011
National Research Corporation Announces Fourth Quarter and Year-End 2010 Results
LINCOLN, Neb. - (BUSINESS WIRE) - National Research Corporation (NASDAQ:NRCI) today announced results for
the fourth quarter and year-end 2010.
Fourth Quarter:
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Revenue $15.9 million up 15%
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Net income $1.6 million down 30%
-
Diluted earnings per share $0.23 down 30%
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Net new contracts signed reached $5.1 million, up 80%
Year-end 2010
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Revenue $63.4 million up 10%
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Net income $8.5 million; diluted earnings per share $1.26
-
Net new contracts signed up 80%; total contract value up 22%
Commenting on the fourth quarter results, Michael D. Hays, president and
chief executive officer of National Research Corporation, said, "We
accelerated our investment in growth opportunities during the fourth
quarter in light of favorable conditions for Illuminate and our new
subscription-based offerings from NRC Picker, The Governance Institute
and My InnerView. We also continued sales force expansion. The returns
from these investments are continuing to materialize in the form of
increased sales and sustainable points of differentiation in the
marketplace."
Revenue for the quarter ended December 31, 2010, increased 15% to $15.9
million, compared to $13.8 million for the same period in 2009. Net
income for the fourth quarter was $1.6 million or $0.24 basic and $0.23
diluted earnings per share, compared with net income of $2.2 million or
$0.34 basic and $0.33 diluted earnings per share, in the prior year
period.
Revenue for the year ended December 31, 2010, was $63.4 million,
compared to $57.7 million for the same period in 2009, an increase of
10%. Net income for the years ended December 31, 2010 and 2009, was $8.5
million or $1.28 basic and $1.26 diluted earnings per share.
In closing, Patrick E. Beans, chief financial officer of National
Research Corporation, said, "The Company clearly diverted from
historical patterns by reinvesting all its incremental earnings for the
full year 2010 over 2009. To provide visibility related to the
anticipated return on these investments, today we are announcing
earnings guidance of $1.65 per dilutive share for the year ending
December 31, 2011."
The Company's Board of Directors has declared a regular quarterly cash
dividend of $0.22 (twenty-two cents) per share, an increase of 16% over
the prior quarter, payable March 31, 2011, to shareholders of record as
of the close of business on March 4, 2011.
A listen-only simulcast of National Research Corporation's 2010 fourth
quarter and year-end conference call will be available online at www.earnings.com
on February 9, 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
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Unaudited Consolidated Statements of Operations
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(In thousands, except per share data)
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|
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|
|
|
|
|
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|
|
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Three Months Ended
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Twelve Months Ended
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December 31,
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December 31,
|
|
|
|
|
|
2010
|
|
|
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2009
|
|
|
|
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2010
|
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2009
|
|
|
|
|
|
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|
|
|
|
|
|
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Revenue
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|
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$
|
15,883
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|
|
$
|
13,842
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|
|
|
$
|
63,398
|
|
|
$
|
57,692
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|
|
|
|
|
|
|
|
|
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|
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Operating expenses:
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|
|
|
|
|
|
|
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Direct expenses
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|
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6,265
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5,386
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|
|
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24,635
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|
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24,148
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Selling, general and administrative
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|
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5,937
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|
|
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4,204
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|
|
|
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20,202
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|
|
|
16,016
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Depreciation and amortization
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|
|
1,322
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|
|
|
928
|
|
|
|
|
4,704
|
|
|
|
3,831
|
|
|
Total operating expenses
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|
|
|
13,524
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|
|
|
10,518
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|
|
|
|
49,541
|
|
|
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43,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating income
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|
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2,359
|
|
|
|
3,324
|
|
|
|
|
13,857
|
|
|
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13,697
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|
|
|
|
|
|
|
|
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Other income (expense):
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Interest income
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1
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--
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|
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6
|
|
|
2
|
|
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Interest expense
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|
|
|
(163
|
)
|
|
|
(90
|
)
|
|
|
|
(491
|
)
|
|
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(405
|
)
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Other, net
|
|
|
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(39
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)
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(45
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)
|
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|
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(57
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)
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|
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(177
|
)
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|
|
|
|
|
|
|
|
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Total other income (expense)
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(201
|
)
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|
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(135
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)
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|
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(542
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)
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|
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(580
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)
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|
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|
|
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|
|
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Income before income taxes
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2,158
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|
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3,189
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|
|
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13,315
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|
|
|
13,117
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Provision for income taxes
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|
|
|
590
|
|
|
|
951
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|
|
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4,816
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|
|
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4,626
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|
|
|
|
|
|
|
|
|
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|
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Net income
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$
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1,568
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|
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$
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2,238
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$
|
8,499
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|
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$
|
8,491
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Net income per share, basic
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$
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0.24
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$
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0.34
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|
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$
|
1.28
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|
|
$
|
1.28
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Net income per share, diluted
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$
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0.23
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$
|
0.33
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$
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1.26
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$
|
1.26
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|
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Weighted average shares outstanding:
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Basic
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6,644
|
|
|
|
6,639
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|
|
|
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6,637
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|
|
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6,637
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Diluted
|
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6,780
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|
|
|
6,725
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|
|
|
|
6,736
|
|
|
|
6,723
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|
|
|
|
|
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NATIONAL RESEARCH CORPORATION
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Unaudited Consolidated Condensed Balance Sheets
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(Dollars in thousands)
|
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Dec. 31,
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Dec. 31,
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2010
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2009
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ASSETS
|
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Current Assets:
|
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|
|
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Cash and cash equivalents
|
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$
|
3,519
|
|
|
$
|
2,512
|
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Accounts receivable, net
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9,172
|
|
|
|
5,214
|
|
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Income taxes recoverable
|
|
|
1,277
|
|
|
|
803
|
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Other current assets
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3,373
|
|
|
|
3,135
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Total current assets
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17,341
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|
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11,664
|
|
|
|
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|
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Net property and equipment
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14,482
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|
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13,975
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Other, net
|
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63,793
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|
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46,860
|
|
|
|
|
|
|
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Total Assets
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|
$
|
95,616
|
|
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$
|
72,499
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current Liabilities:
|
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Accounts payable and accrued expenses
|
|
$
|
2,307
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|
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$
|
1,446
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Deferred revenue
|
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17,701
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11,907
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Accrued compensation
|
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|
4,161
|
|
|
|
1,926
|
|
|
Notes payable
|
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|
1,827
|
|
|
|
816
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Total current liabilities
|
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25,996
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|
|
|
16,095
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|
|
|
|
|
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Non-current liabilities
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|
|
21,036
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|
|
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12,233
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|
|
|
|
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Total Liabilities
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47,032
|
|
|
|
28,328
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|
|
|
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Shareholders' Equity:
|
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Common stock, $0.001 par value; 20,000,000 shares authorized;
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issued 8,044,855 in 2010 and 8,018,044 in 2009;
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outstanding 6,668,574 in 2010 and 6,662,111 in 2009
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8
|
|
|
8
|
|
|
Additional paid-in capital
|
|
|
28,970
|
|
|
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27,871
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Retained earnings
|
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41,343
|
|
|
|
37,905
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
1,108
|
|
|
|
769
|
|
|
Treasury stock
|
|
|
(22,845
|
)
|
|
|
(22,382
|
)
|
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Total shareholders' equity
|
|
|
48,584
|
|
|
|
44,171
|
|
|
|
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|
|
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Total liabilities and shareholders' equity
|
|
$
|
95,616
|
|
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$
|
72,499
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National Research Corporation
Patrick E. Beans, 402-475-2525
Chief
Financial Officer
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
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