National Research Corporation Announces Second Quarter 2017 Results
August 01 2017 - 4:00PM
National Research Corporation (NASDAQ:NRCIA) (NASDAQ:NRCIB) today
announced results for the second quarter of 2017.
- Net New Sales $5.6 million
- Total Contract Value $121.7 million
- Revenue up 9% to $28.4 million
- Net Income of $5.8 million, up 26%
Revenue for the second quarter ended June 30,
2017, was $28.4 million, compared to $26.1 million for the same
quarter in 2016. Net income for the quarter ended June 30, 2017,
was $5.8 million, compared to $4.6 million for the quarter ended
June 30, 2016. Diluted earnings per share increased to $0.13 for
Class A shares and $0.80 for Class B shares for the quarter ended
June 30 2017, from $0.11 for Class A shares and $0.64 for Class B
shares for the quarter ended June 30, 2016.
Regarding second quarter performance, Kevin
Karas, chief financial officer of National Research Corporation,
said, “We continued to see positive growth in revenue and operating
income in the second quarter, bringing our 2017 year-to-date
revenue growth rate to 9% and operating income growth rate to 23%,
compared to the first half of 2016.”
A listen-only simulcast of National Research
Corporation’s 2017 second quarter conference call will be available
online at http://edge.media-server.com/m/p/v7vdqgk8 on August
2, 2017, 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 36 years, National Research
Corporation has been a leading provider of analytics and insights
that facilitate measurement and improvement of the patient and
employee experience while also increasing patient engagement and
customer loyalty for healthcare providers, payers and other
healthcare organizations in the United States and Canada. The
Company’s solutions enable its clients to understand the voice of
the customer with greater clarity, immediacy and depth.
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 AND
SUBSIDIARY |
Unaudited Condensed Consolidated Statements of
Income |
(In thousands, except per share data) |
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
28,435 |
|
|
$ |
26,114 |
|
|
$ |
58,710 |
|
$ |
53,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
expenses |
|
11,939 |
|
|
10,734 |
|
|
|
24,439 |
|
|
22,273 |
|
Selling,
general and administrative |
|
6,905 |
|
|
7,270 |
|
|
|
13,591 |
|
|
14,627 |
|
Depreciation and amortization |
|
1,139 |
|
|
1,092 |
|
|
|
2,244 |
|
|
2,060 |
|
Total
operating expenses |
|
19,983 |
|
|
|
19,096 |
|
|
|
40,274 |
|
|
38,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
8,452 |
|
|
7,018 |
|
|
|
18,436 |
|
|
15,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
15 |
|
|
11 |
|
|
|
29 |
|
|
22 |
|
Interest
expense |
|
(23 |
) |
|
(36 |
) |
|
|
(50 |
) |
|
(121 |
) |
Other,
net |
|
27 |
|
|
43 |
|
|
|
35 |
|
|
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other income (expense) |
|
19 |
|
|
18 |
|
|
|
14 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
8,471 |
|
|
7,036 |
|
|
|
18,450 |
|
|
15,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
2,719 |
|
|
2,478 |
|
|
|
6,178 |
|
|
4,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
5,752 |
|
|
$ |
4,558 |
|
|
$ |
12,272 |
|
$ |
10,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of
Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.29 |
|
$ |
0.24 |
|
Class B |
$ |
0.82 |
|
|
$ |
0.65 |
|
|
$ |
1.75 |
|
$ |
1.44 |
|
Diluted
Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
$ |
0.13 |
|
|
$ |
0.11 |
|
|
$ |
0.28 |
|
$ |
0.24 |
|
Class B |
$ |
0.80 |
|
|
$ |
0.64 |
|
|
$ |
1.71 |
|
$ |
1.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
and share equivalents outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A -
basic |
|
20,752 |
|
|
20,711 |
|
|
|
20,745 |
|
|
20,711 |
|
Class B -
basic |
|
3,514 |
|
|
3,508 |
|
|
|
3,514 |
|
|
3,498 |
|
Class A -
diluted |
|
21,525 |
|
|
20,992 |
|
|
|
21,404 |
|
|
21,002 |
|
Class B -
diluted |
|
3,591 |
|
|
3,565 |
|
|
|
3,584 |
|
|
3,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL RESEARCH CORPORATION AND
SUBSIDIARY |
Unaudited Condensed Consolidated Balance
Sheets |
(Dollars in thousands, except per share amounts and par
value) |
|
|
|
|
|
|
|
Jun. 30, |
|
|
Dec. 31, |
|
|
2017 |
|
|
2016 |
|
ASSETS |
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
31,628 |
|
|
$ |
33,021 |
|
Accounts receivable, net |
|
13,138 |
|
|
|
10,864 |
|
Income taxes receivable |
|
1,172 |
|
|
|
14 |
|
Other current assets |
|
5,045 |
|
|
|
3,166 |
|
Total Current Assets |
|
50,983 |
|
|
|
47,065 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
12,138 |
|
|
|
11,806 |
|
Goodwill |
|
57,942 |
|
|
|
57,861 |
|
Other, net |
|
3,513 |
|
|
|
3,892 |
|
Total Assets |
$ |
124,576 |
|
|
$ |
120,624 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
3,715 |
|
|
$ |
3,916 |
|
Deferred revenue |
|
16,735 |
|
|
|
15,497 |
|
Accrued compensation |
|
4,076 |
|
|
|
4,543 |
|
Dividends payable |
|
4,218 |
|
|
|
4,213 |
|
Income taxes payable |
|
-- |
|
|
|
662 |
|
Notes payable |
|
2,107 |
|
|
|
2,683 |
|
Total Current Liabilities |
|
30,851 |
|
|
|
31,514 |
|
|
|
|
|
|
|
|
|
Non-Current Liabilities |
|
5,895 |
|
|
|
6,304 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
36,746 |
|
|
|
37,818 |
|
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized 2,000,000 shares, |
|
|
|
|
|
|
|
none issued |
|
-- |
|
|
|
-- |
|
Class A Common stock, $0.001 par value; authorized 60,000,000
shares, issued 25,796,457 in 2017 and 25,656,760 in 2016,
outstanding 20,940,790 in 2017 and 20,891,069 in 2016 |
|
26 |
|
|
|
26 |
|
Class B Common stock, $0.001 par value; authorized 80,000,000
shares, issued 4,317,656 in 2017 and 4,308,875 in 2016, outstanding
3,540,244 in 2017 and 3,539,931 in 2016 |
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
49,620 |
|
|
|
46,725 |
|
Retained earnings |
|
75,343 |
|
|
|
71,507 |
|
Accumulated other comprehensive loss |
|
(2,127 |
) |
|
|
(2,626 |
) |
Treasury stock |
|
(35,036 |
) |
|
|
(32,830 |
) |
Total Shareholders’ Equity |
|
87,830 |
|
|
|
82,806 |
|
Total Liabilities and Shareholders’ Equity |
$ |
124,576 |
|
|
$ |
120,624 |
|
|
|
|
|
|
|
|
|
Contact: Kevin R. Karas
Chief Financial Officer
402-475-2525
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