| [February 09, 2010] |
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National Research Corporation Announces Fourth Quarter and Year-End 2009 Results
LINCOLN, Neb. --(Business Wire)--
National Research Corporation (NASDAQ:NRCI) today announced results for the fourth quarter and year-end 2009.
Quarterly revenue $13.8 million up 14%
Quarterly net income $2.2 million up 18%
Quarterly earnings per share $0.33 up 18%
Year-end revenue $57.7 million; net income $8.5 million; diluted earnings per share $1.26
Year-to-date growth: revenue up 13%, net income up 14%, diluted earnings per share up 16%, EBITDA up 20%
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.
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)
Year Ended
December 31,
2009
2008
Net income
$
8,491
$
7,445
Provision for income taxes
4,626
4,538
Total other (income) expense
580
6
Depreciation and amortization
3,831
2,685
EBITDA
$
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.
NATIONAL RESEARCH CORPORATION
Unaudited Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2009
2008
2009
2008
Revenue
$
13,842
$
12,189
$
57,692
$
51,013
Operating expenses:
Direct expenses
5,548
5,766
24,574
23,611
Selling, general and administrative
4,042
2,768
15,590
12,728
Depreciation and amortization
928
682
3,831
2,685
Total operating expenses
10,518
9,216
43,995
39,024
Operating income
3,324
2,973
13,697
11,989
Other income (expense):
Interest income
--
9
2
42
Interest expense
(90
)
(21
)
(405
)
(139
)
Other, net
(45
)
82
(177
)
91
Total other income (expense)
(135
)
70
(580
)
(6
)
Income before income taxes
3,189
3,043
13,117
11,983
Provision for income taxes
951
1,148
4,626
4,538
Net income
$
2,238
$
1,895
$
8,491
$
7,445
Net income per share, basic
$
0.34
$
0.29
$
1.28
$
1.11
Net income per share, diluted
$
0.33
$
0.28
$
1.26
$
1.09
Weighted average shares outstanding:
Basic
6,639
6,642
6,637
6,685
Diluted
6,725
6,782
6,723
6,831
NATIONAL RESEARCH CORPORATION
Unaudited Consolidated Condensed Balance Sheets
(Dollars in thousands)
Dec. 31,
Dec. 31,
2009
2008
ASSETS
Current Assets:
Cash and cash equivalents
$
2,512
$
1,109
Accounts receivable, net
5,214
6,531
Income taxes recoverable
803
574
Other current assets
3,134
2,225
Total current assets
11,663
10,439
Net property and equipment
13,975
13,747
Other, net
46,861
47,959
Total Assets
$
72,499
$
72,145
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses
$
1,446
$
2,208
Deferred revenue
11,907
12,926
Accrued compensation
1,926
1,375
Notes payable
816
4,581
Total current liabilities
16,095
21,090
Non-current liabilities
12,233
12,457
Total Liabilities
28,328
33,547
Shareholders' Equity:
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
8
8
Additional paid-in capital
27,871
27,217
Retained earnings
37,905
33,677
Accumulated other comprehensive income (loss)
769
(6
)
Treasury stock
(22,382
)
(22,298
)
Total shareholders' equity
44,171
38,598
Total liabilities and shareholders' equity
$
72,499
$
72,145
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