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Press Release

National Research Corporation Announces Second Quarter 2017 Results


Posted on: 01 Aug 17

LINCOLN, Neb., Aug. 01, 2017 (GLOBE NEWSWIRE) -- 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 
        


GlobeNewswire
globenewswire.com

Last updated on: 02/08/2017

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