Full Press Release Details
| Contact: | Patrick E. Beans |
| Chief Financial Officer 402-475-2525 |
RESEARCH CORPORATION ANNOUNCES
QUARTER 2010 RESULTS
Revenue, Income and Earnings Per Share Set All-Time Record.
Nebraska (May 4, 2010) - National Research Corporation (NASDAQ:NRCI) today
announced results for the first quarter 2010.
Commenting on the first quarter
results, Michael D. Hays, president and chief executive officer of National
Research Corporation, said, "Our syndicated and membership-based businesses are
driving expanded margins for the Company which helped accelerate quarterly net
income past the $3 million mark for the first time."
Revenue for the quarter ended March 31,
2010, was $17.4 million, compared to $16.7 million for the same quarter in
2009. Net income for the quarter ended March 31, 2010, was $3.1
million, or $0.47 per basic and diluted share, compared to $2.7 million for the
first quarter 2009, or $0.40 per basic and $0.39 per diluted share.
In closing, Patrick E. Beans, chief
financial officer of National Research Corporation, said, "We witnessed the
power of leverage within Ticker and The Governance Institute this past
quarter. As well, My InnerView margins more than doubled over the
fourth quarter 2009 as we realized benefits from past expense reductions which
should continue for the balance of the year."
listen-only simulcast of National Research Corporation's 2010 first quarter
conference call will be available online at www.earnings.com
on May 5, 2010, beginning at 11:00 a.m. Eastern time. The online
replay will follow approximately one hour later and continue for 30
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.
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.
Announces First Quarter 2010 Results
RESEARCH CORPORATION
Consolidated Statements of Operations
thousands, except per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2010 | 2009 | |||||||
| Revenue | $ | 17,370 | $ | 16,740 | ||||
| Operating expenses: | ||||||||
| Direct expenses | 6,456 | 7,276 | ||||||
| Selling, general and administrative | 4,469 | 3,980 | ||||||
| Depreciation and amortization | 1,098 | 1,110 | ||||||
| Total operating expenses | 12,023 | 12,366 | ||||||
| Operating income | 5,347 | 4,374 | ||||||
| Other income (expense), net: | ||||||||
| Interest income | 1 | 1 | ||||||
| Interest expense | (98 | ) | (138 | ) | ||||
| Other, net | (43 | ) | 40 | |||||
| Total other income (expense), net | (140 | ) | (97 | ) | ||||
| Income before income taxes | 5,207 | 4,277 | ||||||
| Provision for income taxes | 2,079 | 1,627 | ||||||
| Net income | $ | 3,128 | $ | 2,650 | ||||
| Net income per share, basic | $ | 0.47 | $ | 0.40 | ||||
| Net income per share, diluted | $ | 0.47 | $ | 0.39 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 6,640 | 6,633 | ||||||
| Diluted | 6,711 | 6,713 |
Announces First Quarter 2010 Results
RESEARCH CORPORATION
Consolidated Statements of Operations
thousands, except per share data)
| March. 31, | Dec. 31, | |||||||
| 2010 | 2009 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 6,261 | $ | 2,512 | ||||
| Accounts receivable, net | 8,113 | 5,214 | ||||||
| Income taxes recoverable | -- | 803 | ||||||
| Other current assets | 2,852 | 3,135 | ||||||
| Total current assets | 17,226 | 11,664 | ||||||
| Net property and equipment | 13,503 | 13,975 | ||||||
| Other, net | 46,655 | 46,860 | ||||||
| Total Assets | $ | 77,384 | $ | 72,499 | ||||
| LIABILITIES AND SHAREHOLDERS ' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 2,447 | $ | 1,446 | ||||
| Deferred revenue | 14,139 | 11,907 | ||||||
| Accrued compensation | 1,640 | 1,926 | ||||||
| Income taxes payable | 374 | -- | ||||||
| Notes payable | 808 | 816 | ||||||
| Total current liabilities | 19,408 | 16,095 | ||||||
| Non-current liabilities | 11,872 | 12,233 | ||||||
| Total Liabilities | 31,280 | 28,328 | ||||||
| Shareholders ' Equity: | ||||||||
| Common stock, $0.001 par value; 20,000,000 shares authorized; | ||||||||
| issued 8,027,282 in 2010 and 8,018,044 in 2009; | ||||||||
| outstanding 6,657,600 in 2010 and 6,662,111 in 2009 | 8 | 8 | ||||||
| Additional paid-in capital | 28,057 | 27,871 | ||||||
| Retained earnings | 39,768 | 37,905 | ||||||
| Accumulated other comprehensive income | 953 | 769 | ||||||
| Treasury stock | (22,682 | ) | (22,382 | ) | ||||
| Total shareholders ' equity | 46,104 | 44,171 | ||||||
| Total liabilities and shareholders ' equity | $ | 77,384 | $ | 72,499 |