Full Press Release Details
| Contact: | Kevin R. Karas | ||
| Chief Financial Officer | |||
| 402-475-2525 |
NATIONAL RESEARCH CORPORATION ANNOUNCES
FIRST QUARTER 2013 RESULTS
CG-CAHPS + Illuminate Surpass 10% of Contract Value
LINCOLN, Nebraska (May 7, 2013) National Research Corporation (NASDAQ:NRCI) today announced results for the first quarter 2013.
Remarking on quarterly performance, Michael D. Hays, chief executive officer of National Research Corporation, said, Quarter-over-quarter, revenue growth of 23% from acute care products was very strong and accounted for 71% of revenue. On the post-acute side, changes made late last year resulted in new sales that surpassed each of the last six quarters. Given this turnaround, post-acute can return to a positive growth driver of our consolidated financial performance."
Revenue for the quarter ended March 31, 2013, was $24.9 million, compared to
$22.4 million for the same quarter in 2012. Net income for the quarter ended March 31, 2013, was $4.5 million, or $0.65 per basic share and $0.64 per diluted share, compared to $3.8 million for the first quarter 2012, or $0.57 per basic share and $0.56 per diluted share.
In closing, Kevin Karas, chief financial officer of National Research Corporation, said, Our acute care patient experience products (up 24%), as well as Ticker (up 25%),
CG-CAHPS (up 36%), Illuminate (up 143%), and our NRC Canada division (up 24%), recorded robust revenue growth in the quarter. In addition, overall net new sales for the quarter grew by 17% over the same quarter last year and contract value ended the quarter at $96.4 million, establishing a very solid start for the year.
NRCI Announces First Quarter 2013 Results
A listen-only simulcast of National Research Corporation s 2013 first quarter conference call will be available online at www.earnings.com on May 8, 2013, beginning at 11:00 a.m. Eastern time. The online replay will follow approximately one hour later and continue for
For more than 32 years, National Research Corporation has been at the forefront of patient-centered care, helping healthcare providers measure and improve quality and services through analytics that offer a rich understanding of customers experiences, preferences, risks and behaviors across the healthcare continuum.
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.
NRCI Announces First Quarter 2013 Results
NATIONAL RESEARCH CORPORATION
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
| Three Months Ended March 31, | ||||||||
| 2013 | 2012 | |||||||
| Revenue | $ | 24,906 | $ | 22,407 | ||||
| Operating expenses: | ||||||||
| Direct | 10,246 | 8,931 | ||||||
| Selling, general and administrative | 6,493 | 6,151 | ||||||
| Depreciation and amortization | 950 | 1,243 | ||||||
| Total operating expenses | 17,689 | 16,325 | ||||||
| Operating income | 7,217 | 6,082 | ||||||
| Other income (expense): | ||||||||
| Interest income | 19 | 5 | ||||||
| Interest expense | (117 | ) | (142 | ) | ||||
| Other, net | 14 | (15 | ) | |||||
| Total other expense | (84 | ) | (152 | ) | ||||
| Income before income taxes | 7,133 | 5,930 | ||||||
| Provision for income taxes | 2,663 | 2,081 | ||||||
| Net income | $ | 4,470 | $ | 3,849 | ||||
| Net income per share, basic | $ | 0.65 | $ | 0.57 | ||||
| Net income per share, diluted | $ | 0.64 | $ | 0.56 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 6,890 | 6,719 | ||||||
| Diluted | 7,021 | 6,907 |
NRCI Announces First Quarter 2013 Results
NATIONAL RESEARCH CORPORATION
Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands, except par value)
| Mar 31, 2013 | Dec. 31, 2012 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 9,234 | $ | 8,286 | ||||
| Accounts receivable, net | 14,378 | 12,119 | ||||||
| Income taxes receivable | -- | 158 | ||||||
| Other current assets | 4,257 | 3,252 | ||||||
| Total current assets | 27,869 | 23,815 | ||||||
| Property and equipment, net | 12,192 | 12,493 | ||||||
| Goodwill | 57,736 | 57,799 | ||||||
| Other, net | 5,705 | 5,939 | ||||||
| Total Assets | $ | 103,502 | $ | 100,046 | ||||
| LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 3,953 | $ | 2,658 | ||||
| Deferred revenue | 15,541 | 15,812 | ||||||
| Accrued compensation | 2,803 | 4,392 | ||||||
| Income taxes payable | 1,341 | -- | ||||||
| Notes payable | 12,110 | 12,436 | ||||||
| Total current liabilities | 35,748 | 35,298 | ||||||
| Non-current liabilities | 7,807 | 8,006 | ||||||
| Total Liabilities | 43,555 | 43,304 | ||||||
| Shareholders Equity: | ||||||||
| Common stock, $0.001 par value; 20,000,000 shares authorized issued 8,416,343 in 2013 and 8,376,592 in 2012; outstanding 6,910,928 in 2013 and 6,874,992 in 2012 | 8 | 8 | ||||||
| Additional paid-in capital | 40,832 | 39,514 | ||||||
| Retained earnings | 47,028 | 44,700 | ||||||
| Accumulated other comprehensive income | 889 | 1,124 | ||||||
| Treasury stock | (28,810 | ) | (28,604 | ) | ||||
| Total shareholders equity | 59,947 | 56,742 | ||||||
| Total liabilities and shareholders equity | $ | 103,502 | $ | 100,046 |