National Research Corporation Announces Fourth Quarter and Year-End 2012 Results
13 2월 2013 - 7:00AM
National Research Corporation (Nasdaq:NRCI) today announced results
for the fourth quarter and year-end 2012.
Fourth Quarter
- Net new sales of $5.9 million
- Revenue up 15% to $22.0 million
- Net income up 18% to $3.7 million
- Diluted earnings per share of $0.53, up 15%
Year-end 2012
- Total contract value at $94.5 million
- Revenue up 14% to $86.4 million
- Net income up 30% to $15.1 million
- Diluted earnings per share of $2.17, up 28%
Commenting on the fourth quarter and year-end results, Michael
D. Hays, chief executive officer of National Research Corporation,
said, "We clearly ended the year strong, which continues our
positive performance trends of the past several years. With sales
and client retention at record levels, combined with a robust new
product pipeline, the prospects for 2013 are very bright."
Revenue for the quarter ended December 31, 2012, was $22.0
million, compared to $19.1 million for the same quarter in 2011.
Net income for the quarter ended December 31, 2012, was $3.7
million, or $0.54 per basic share and $0.53 per diluted share,
compared to $3.1 million for the fourth quarter 2011, or $0.47 per
basic share and $0.46 per diluted share.
Revenue for the year ended December 31, 2012, was $86.4 million,
compared to $75.8 million for the same period in 2011, an increase
of 14%. Net income for the year ended December 31, 2012, was $15.1
million or $2.22 per basic share and $2.17 per diluted share,
compared to $11.6 million for the year ended December 31, 2011, or
$1.73 per basic share and $1.69 per diluted share.
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 double-digit
organic revenue growth and the increase in operating margin in
2012."
A listen-only simulcast of National Research Corporation's 2012
fourth quarter and year-end conference call will be available
online at www.earnings.com on February 13, 2013, 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 31 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 Consolidated
Statements of Income |
(In thousands, except per share
data) |
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
December
31, |
December
31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Revenue |
$ 21,996 |
$ 19,111 |
$ 86,421 |
$ 75,767 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Direct |
9,128 |
7,178 |
35,461 |
28,667 |
Selling, general and
administrative |
6,001 |
5,648 |
23,542 |
23,300 |
Depreciation and
amortization |
1,093 |
1,275 |
4,699 |
5,065 |
Total operating expenses |
16,222 |
14,101 |
63,702 |
57,032 |
|
|
|
|
|
Operating income |
5,774 |
5,010 |
22,719 |
18,735 |
|
|
|
|
|
Other income (expense), net: |
|
|
|
|
Interest income |
12 |
5 |
32 |
13 |
Interest expense |
(125) |
(149) |
(541) |
(629) |
Other, net |
13 |
(14) |
(3) |
41 |
|
|
|
|
|
Total other expense, net |
(100) |
(158) |
(512) |
(575) |
|
|
|
|
|
Income before income taxes |
5,674 |
4,852 |
22,207 |
18,160 |
Provision for income taxes |
1,971 |
1,720 |
7,139 |
6,596 |
|
|
|
|
|
Net income |
$ 3,703 |
$ 3,132 |
$ 15,068 |
$ 11,564 |
|
|
|
|
|
Net income per share, basic |
$ 0.54 |
$ 0.47 |
$ 2.22 |
$ 1.73 |
Net income per share, diluted |
$ 0.53 |
$ 0.46 |
$ 2.17 |
$ 1.69 |
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
6,838 |
6,691 |
6,775 |
6,672 |
Diluted |
6,986 |
6,847 |
6,951 |
6,842 |
|
|
NATIONAL RESEARCH
CORPORATION |
Unaudited Consolidated
Condensed Balance Sheets |
(Dollars in thousands, except
share amounts) |
|
|
|
|
Dec. 31, |
Dec. 31, |
|
2012 |
2011 |
ASSETS |
|
|
Current Assets: |
|
|
Cash and cash equivalents |
$ 8,286 |
$ 8,082 |
Accounts receivable, net |
12,119 |
11,187 |
Income taxes receivable |
158 |
-- |
Other current assets |
3,252 |
2,868 |
Total current assets |
23,815 |
22,137 |
|
|
|
Net property and equipment |
12,493 |
13,613 |
Goodwill |
57,799 |
57,730 |
Other, net |
5,939 |
7,196 |
|
|
|
Total Assets |
$ 100,046 |
$ 100,676 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
Current Liabilities: |
|
|
Accounts payable and accrued
expenses |
$ 2,658 |
$ 2,302 |
Deferred revenue |
15,812 |
16,500 |
Accrued compensation |
4,392 |
3,591 |
Income taxes payable |
-- |
145 |
Notes payable |
12,436 |
1,861 |
Total current liabilities |
35,298 |
24,399 |
|
|
|
Non-current liabilities |
8,006 |
20,723 |
|
|
|
Total Liabilities |
43,304 |
45,122 |
|
|
|
Shareholders' Equity: |
|
|
Common stock, $0.001 par value;
20,000,000 shares authorized; issued 8,376,592 in 2012 and
8,117,849 in 2011; outstanding 6,874,992 in 2012 and 6,724,280 in
2011 |
8 |
8 |
Additional paid-in capital |
39,514 |
31,080 |
Retained earnings |
44,700 |
46,995 |
Accumulated other comprehensive
income |
1,124 |
907 |
Treasury stock |
(28,604) |
(23,346) |
Total shareholders' equity |
56,742 |
55,554 |
Total liabilities and
shareholders' equity |
$ 100,046 |
$ 100,676 |
CONTACT: Kevin R. Karas
Chief Financial Officer
402-475-2525
National Research Corp. (MM) (NASDAQ:NRCI)
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