Attached files
| file | filename |
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| 8-K - NATIONAL RESEARCH CORP | v210515_8-k.htm |
| EX-99.2 - NATIONAL RESEARCH CORP | v210515_ex99-2.htm |
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1245
“Q” Street
Lincoln,
NE 68508
Phone: 402-475-2525
Fax: 402-475-9061
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Contact:
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Patrick
E. Beans
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Chief Financial Officer
402-475-2525
NATIONAL
RESEARCH CORPORATION ANNOUNCES
FOURTH
QUARTER AND YEAR-END 2010 RESULTS
Company
Announces 2011 Earnings Per Share Guidance of $1.65
Board
of Directors Increase Quarterly Dividend to $0.22 Per Share
LINCOLN,
Nebraska (February 8, 2011) — National Research Corporation (NASDAQ:NRCI) today
announced results for the fourth quarter and year-end 2010.
Fourth
Quarter:
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·
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Revenue
$15.9 million up 15%
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·
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Net
income $1.6 million down 30%
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·
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Diluted
earnings per share $0.23 down 30%
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·
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Net
new contracts signed reached $5.1 million, up
80%
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Year-end
2010
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·
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Revenue
$63.4 million up 10%
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·
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Net
income $8.5 million; diluted earnings per share
$1.26
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·
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Net
new contracts signed up 80%; total contract value up
22%
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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.”
-MORE-
NRCI
Announces 2010 Fourth Quarter and Year End Results
Page
2
February
8, 2011
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.
-MORE-
NRCI
Announces 2010 Fourth Quarter and Year End Results
Page
3
February
8, 2011
NATIONAL
RESEARCH CORPORATION
Unaudited
Consolidated Statements of Operations
(In
thousands, except per share data)
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Three
Months Ended
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Twelve
Months Ended
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|||||||||||||||
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December 31,
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December 31,
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|||||||||||||||
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2010
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2009
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2010
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2009
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Revenue
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$ | 15,883 | $ | 13,842 | $ | 63,398 | $ | 57,692 | ||||||||
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Operating
expenses:
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Direct
expenses
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6,265 | 5,386 | 24,635 | 24,148 | ||||||||||||
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Selling,
general and administrative
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5,937 | 4,204 | 20,202 | 16,016 | ||||||||||||
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Depreciation
and amortization
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1,322 | 928 | 4,704 | 3,831 | ||||||||||||
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Total
operating expenses
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13,524 | 10,518 | 49,541 | 43,995 | ||||||||||||
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Operating
income
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2,359 | 3,324 | 13,857 | 13,697 | ||||||||||||
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Other
income (expense):
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||||||||||||||||
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Interest
income
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1 | -- | 6 | 2 | ||||||||||||
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Interest
expense
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(163 | ) | (90 | ) | (491 | ) | (405 | ) | ||||||||
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Other,
net
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(39 | ) | (45 | ) | (57 | ) | (177 | ) | ||||||||
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Total
other income (expense)
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(201 | ) | (135 | ) | (542 | ) | (580 | ) | ||||||||
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Income
before income taxes
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2,158 | 3,189 | 13,315 | 13,117 | ||||||||||||
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Provision
for income taxes
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590 | 951 | 4,816 | 4,626 | ||||||||||||
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Net
income
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$ | 1,568 | $ | 2,238 | $ | 8,499 | $ | 8,491 | ||||||||
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Net
income per share, basic
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$ | 0.24 | $ | 0.34 | $ | 1.28 | $ | 1.28 | ||||||||
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Net
income per share, diluted
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$ | 0.23 | $ | 0.33 | $ | 1.26 | $ | 1.26 | ||||||||
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Weighted
average shares outstanding:
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||||||||||||||||
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Basic
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6,644 | 6,639 | 6,637 | 6,637 | ||||||||||||
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Diluted
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6,780 | 6,725 | 6,736 | 6,723 | ||||||||||||
-MORE-
NRCI
Announces 2010 Fourth Quarter and Year End Results
Page
4
February
8, 2011
NATIONAL
RESEARCH CORPORATION
Unaudited
Consolidated Condensed Balance Sheets
(Dollars
in thousands)
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Dec.
31,
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Dec.
31,
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|||||||
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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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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
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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 | 11,664 | ||||||
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Net
property and equipment
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14,482 | 13,975 | ||||||
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Other,
net
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63,793 | 46,860 | ||||||
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Total
Assets
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$ | 95,616 | $ | 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
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$ | 2,307 | $ | 1,446 | ||||
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Deferred
revenue
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17,701 | 11,907 | ||||||
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Accrued
compensation
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4,161 | 1,926 | ||||||
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Notes
payable
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1,827 | 816 | ||||||
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Total
current liabilities
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25,996 | 16,095 | ||||||
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Non-current
liabilities
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21,036 | 12,233 | ||||||
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Total
Liabilities
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47,032 | 28,328 | ||||||
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Shareholders’
Equity:
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||||||||
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Common
stock, $0.001 par value; 20,000,000 shares authorized;
issued
8,044,855 in 2010 and 8,018,044 in 2009;
outstanding
6,668,574 in 2010 and 6,662,111 in 2009
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8 | 8 | ||||||
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Additional
paid-in capital
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28,970 | 27,871 | ||||||
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Retained
earnings
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41,343 | 37,905 | ||||||
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Accumulated
other comprehensive income (loss)
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1,108 | 769 | ||||||
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Treasury
stock
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(22,845 | ) | (22,382 | ) | ||||
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Total
shareholders’ equity
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48,584 | 44,171 | ||||||
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Total
liabilities and shareholders’ equity
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$ | 95,616 | $ | 72,499 | ||||
-END-