Attached files
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| 8-K - NATIONAL RESEARCH CORP | v173593_8k.htm |
| EX-99.2 - NATIONAL RESEARCH CORP | v173593_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
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402-475-2525
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NATIONAL
RESEARCH CORPORATION ANNOUNCES
FOURTH
QUARTER AND YEAR-END 2009 RESULTS
Growth
Rates Shows Material Improvement
LINCOLN,
Nebraska (February 9, 2010) — National Research Corporation (NASDAQ:NRCI) today
announced results for the fourth quarter and year-end 2009.
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·
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Quarterly
revenue $13.8 million up 14%
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·
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Quarterly
net income $2.2 million up 18%
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·
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Quarterly
earnings per share $0.33 up 18%
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·
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Year-end
revenue $57.7 million; net income $8.5 million; diluted earnings per share
$1.26
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·
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Year-to-date
growth: revenue up 13%, net income up 14%, diluted earnings per
share up 16%, EBITDA up 20%
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Commenting on the fourth quarter
results, Michael D. Hays, president and chief executive officer of National
Research Corporation, said, “Growth rates improved materially in the fourth
quarter which contributed to a more positive year-end than
anticipated. Most encouraging was the fact that we registered net new
contracts at NRC Picker for the quarter 150% greater than the first three
quarters combined.”
Revenue for the quarter ended December
31, 2009, increased 14% to $13.8 million, compared to $12.2 million for the same
period in 2008. Net income for the fourth quarter was $2.2 million,
or $0.34 basic and $0.33 diluted earnings per share, compared with net income of
$1.9 million, or $0.29 basic and $0.28 diluted earnings per share, in the prior
year period. Operating income increased 12% to $3.3 million for the
quarter ended December 31, 2009, compared to $3.0 million for the same period in
2008.
Revenue for the year ended December 31,
2009, was $57.7 million, compared to $51.0 million for the same period in 2008,
an increase of 13%. Net income for the year ended December 31, 2009,
increased 14% to $8.5 million, resulting in $1.28 basic and $1.26 diluted
earnings per share, up 15% and 16%, respectfully over the same period in
2008.
-MORE-
NRCI
Announces 2009 Fourth Quarter and Year End Results
Page
2
February
9, 2010
In closing, Patrick E. Beans, chief
financial officer of National Research Corporation, said, “NRC Picker, which
represented 44% of 2009 revenue, materially constrained our consolidated
performance for the year. Now, with improving sales, I look forward
to positive contributions from that part of our business.”
NATIONAL
RESEARCH CORPORATION
Reconciliation
of Consolidated Net Earnings to Consolidated EBITDA (Unaudited)
(In
thousands)
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Year
Ended
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||||||||
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December 31,
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||||||||
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2009
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2008
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|||||||
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Net
income
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$ | 8,491 | $ | 7,445 | ||||
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Provision
for income taxes
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4,626 | 4,538 | ||||||
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Total
other (income) expense
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580 | 6 | ||||||
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Depreciation
and amortization
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3,831 | 2,685 | ||||||
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EBITDA
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$ | 17,528 | $ | 14,674 | ||||
We define EBITDA as net income
excluding provision for income taxes, total other (income) expenses (which is
primarily interest expense, interest income and changes in foreign currency
exchange rates), depreciation and amortization. EBITDA is not a
measure of performance calculated in accordance with accounting principles
generally accepted in the United States. EBITDA, as we calculate it,
may not be comparable to EBITDA reported by other companies.
A
listen-only simulcast of National Research Corporation’s 2009 fourth quarter and
year-end conference call will be available online at www.earnings.com on
February 10, 2010, 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 2009 Fourth Quarter and Year End Results
Page
3
February
9, 2010
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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2009
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2008
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2009
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2008
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Revenue
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$ | 13,842 | $ | 12,189 | $ | 57,692 | $ | 51,013 | ||||||||
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Operating
expenses:
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Direct
expenses
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5,548 | 5,766 | 24,574 | 23,611 | ||||||||||||
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Selling,
general and administrative
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4,042 | 2,768 | 15,590 | 12,728 | ||||||||||||
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Depreciation
and amortization
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928 | 682 | 3,831 | 2,685 | ||||||||||||
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Total
operating expenses
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10,518 | 9,216 | 43,995 | 39,024 | ||||||||||||
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Operating
income
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3,324 | 2,973 | 13,697 | 11,989 | ||||||||||||
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Other
income (expense):
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Interest
income
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— | 9 | 2 | 42 | ||||||||||||
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Interest
expense
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(90 | ) | (21 | ) | (405 | ) | (139 | ) | ||||||||
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Other,
net
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(45 | ) | 82 | (177 | ) | 91 | ||||||||||
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Total
other income (expense)
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(135 | ) | 70 | (580 | ) | (6 | ) | |||||||||
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Income
before income taxes
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3,189 | 3,043 | 13,117 | 11,983 | ||||||||||||
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Provision
for income taxes
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951 | 1,148 | 4,626 | 4,538 | ||||||||||||
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Net
income
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$ | 2,238 | $ | 1,895 | $ | 8,491 | $ | 7,445 | ||||||||
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Net
income per share, basic
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$ | 0.34 | $ | 0.29 | $ | 1.28 | $ | 1.11 | ||||||||
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Net
income per share, diluted
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$ | 0.33 | $ | 0.28 | $ | 1.26 | $ | 1.09 | ||||||||
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Weighted
average shares outstanding:
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Basic
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6,639 | 6,642 | 6,637 | 6,685 | ||||||||||||
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Diluted
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6,725 | 6,782 | 6,723 | 6,831 | ||||||||||||
-MORE-
NRCI
Announces Fourth Quarter and Year-End 2009 Results
Page
4
February
9, 2010
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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2009
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2008
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ASSETS
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Current
Assets:
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Cash
and cash equivalents
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$ | 2,512 | $ | 1,109 | ||||
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Accounts
receivable, net
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5,214 | 6,531 | ||||||
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Income
taxes recoverable
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803 | 574 | ||||||
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Other
current assets
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3,134 | 2,225 | ||||||
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Total
current assets
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11,663 | 10,439 | ||||||
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Net
property and equipment
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13,975 | 13,747 | ||||||
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Other,
net
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46,861 | 47,959 | ||||||
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Total
Assets
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$ | 72,499 | $ | 72,145 | ||||
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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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$ | 1,446 | $ | 2,208 | ||||
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Deferred
revenue
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11,907 | 12,926 | ||||||
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Accrued
compensation
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1,926 | 1,375 | ||||||
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Notes
payable
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816 | 4,581 | ||||||
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Total
current liabilities
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16,095 | 21,090 | ||||||
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Non-current
liabilities
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12,233 | 12,457 | ||||||
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Total
Liabilities
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28,328 | 33,547 | ||||||
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Shareholders’
Equity:
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Common
stock, $0.001 par value; 20,000,000 shares authorized; issued 8,018,044 in
2009 and 8,019,922 in 2008; outstanding 6,662,111 in 2009 and 6,667,517 in
2008
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8 | 8 | ||||||
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Additional
paid-in capital
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27,871 | 27,217 | ||||||
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Retained
earnings
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37,905 | 33,677 | ||||||
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Accumulated
other comprehensive income (loss)
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769 | (6 | ) | |||||
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Treasury
stock
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(22,382 | ) | (22,298 | ) | ||||
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Total
shareholders’ equity
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44,171 | 38,598 | ||||||
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Total
liabilities and shareholders’ equity
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$ | 72,499 | $ | 72,145 | ||||
-END-