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Press Release

National Research Corporation Announces Third Quarter 2017 Results


Posted on: 07 Nov 17

LINCOLN, Neb., Nov. 07, 2017 (GLOBE NEWSWIRE) --  National Research Corporation (NASDAQ:NRCIA) (NASDAQ:NRCIB) today announced results for the third quarter of 2017.

  • Net New Sales $5.4 million
  • Total Contract Value $123.6 million
  • Revenue up 7% to $29.0 million
  • Net Income of $4.2 million

Revenue for the third quarter ended September 30, 2017, was $29.0 million, compared to $27.0 million for the same quarter in 2016. Net income for the quarter ended September 30, 2017, was $4.2 million, compared to $4.7 million for the quarter ended September 30, 2016. Diluted earnings per share decreased to $0.09 for Class A shares and $0.57 for Class B shares for the quarter ended September 30 2017, from $0.11 for Class A shares and $0.66 for Class B shares for the quarter ended September 30, 2016.

Regarding third quarter performance, Kevin Karas, chief financial officer of National Research Corporation, said, “Third quarter net new sales increased by 5% over the same period last year as we continued to add new clients and increase contract value with existing clients during the quarter.  Our increase in operating income from revenue growth was offset by approximately $975,000 in expenses for our proposed recapitalization.”

A listen-only simulcast of National Research Corporation’s 2017 third quarter conference call will be available online at https://edge.media-server.com/m6/p/jfk3domr on November 8, 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
September 30,
Nine months ended
September 30,
  2017 2016 2017 2016 
     
Revenue$  28,951    $  27,032 $  87,661 $  81,016 
     
Operating expenses:    
Direct expenses 12,267  11,468    36,706    33,741 
Selling, general and administrative 8,430  7,139  22,021  21,766 
Depreciation and amortization   1,132    1,086    3,376     3,146 
      Total operating expenses 21,829  19,693  62,103  58,653 
     
  Operating income 7,122  7,339  25,558  22,363 
     
Other income (expense):    
  Interest income 29  12  58  34 
  Interest expense (18) (38) (68) (158)
  Other, net   40    (4)   76    112 
     
         Total other income (expense)   51    (30)   66    (12)
     
         Income before income taxes 7,173  7,309  25,624  22,351 
     
Provision for income taxes   3,020    2,580    9,198    7,558 
     
        Net income$  4,153 $  4,729 $  16,426 $  14,793 
     
Earnings Per Share of Common Stock:    
  Basic Earnings Per Share:    
      Class A$    0.10 $    0.11 $  0.39 $  0.35 
      Class B$    0.59 $    0.67 $  2.34 $  2.11 
  Diluted Earnings Per Share:    
      Class A$  0.09 $  0.11 $  0.38 $  0.35 
      Class B$  0.57 $  0.66 $  2.28 $  2.08 
     
Weighted average shares and share
equivalents outstanding
      Class A - basic
   20,788    20,716    20,759    20,712 
      Class B - basic    3,514     3,511    3,514    3,503 
      Class A - diluted   21,740    21,068    21,537    21,017 
      Class B - diluted   3,620    3,556    3,595    3,557 
             

 

      
NATIONAL RESEARCH CORPORATION AND SUBSIDIARY 
Unaudited Condensed Consolidated Balance Sheets 
(Dollars in thousands, except per share amounts and par value) 
      
 Sep. 30,  Dec. 31, 
 2017  2016 
ASSETS       
Current Assets:       
 Cash and cash equivalents$35,750  $33,021 
 Accounts receivable, net 13,588   10,864 
 Income taxes receivable 61   14 
 Other current assets 4,423   3,166 
  Total Current Assets 53,822   47,065 
        
Property and equipment, net 12,089   11,806 
Goodwill 58,036   57,861 
Other, net 4,793   3,892 
  Total Assets$128,740  $120,624 
        
LIABILITIES AND SHAREHOLDERS' EQUITY       
        
Current Liabilities:       
 Accounts payable and accrued expenses$3,757  $3,916 
 Deferred revenue 18,486   15,497 
 Accrued compensation 4,151   4,543 
 Dividends payable 4,218   4,213 
 Income taxes payable 1,862   662 
 Notes payable 1,693   2,683 
  Total Current Liabilities 34,167   31,514 
        
Non-Current Liabilities 5,729   6,304 
        
  Total Liabilities 39,896   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 25,799,230 in 2017 and 25,656,760 in 2016,
   outstanding 20,942,785 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 50,121   46,725 
 Retained earnings 75,278   71,507 
 Accumulated other comprehensive loss (1,528)  (2,626)
 Treasury stock (35,057)  (32,830)
  Total Shareholders' Equity 88,844   82,806 
  Total Liabilities and Shareholders' Equity$128,740  $120,624 
          
CONTACT: Contact: Kevin R. Karas   Chief Financial Officer 402-475-2525GlobeNewswire
globenewswire.com

Last updated on: 08/11/2017

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