National Research Corporation Announces Third Quarter 2016 Results
01 Noviembre 2016 - 3:00PM
National Research Corporation (NASDAQ:NRCIA) (NASDAQ:NRCIB) today
announced results for the third quarter of 2016.
- Net New Sales $5.2 million
- Total Contract Value $115.2 million
- Revenue up 7% to $27.0 million
- Net Income of $4.7 million, up 14%
Remarking on Company performance, Michael D. Hays,
chief executive officer of National Research Corporation said,
“NRC’s strategy of bundling our various point solutions is today,
creating enterprise-wide value for our clients and driving enhanced
margins for the Company. Going forward, the uniqueness of these
bundled offerings should accelerate growth rates in net new
sales.”
Revenue for the quarter ended September 30, 2016,
was $27.0 million, compared to $25.2 million for the same quarter
in 2015. Net income for the quarter ended September 30, 2016, was
$4.7 million, compared to $4.1 million for the quarter ended
September 30, 2015. Diluted earnings per share increased to $0.11
for Class A shares and $0.66 for Class B shares for the quarter
ended September 30, 2016, from $0.10 for Class A shares and $0.59
for Class B shares for the quarter ended September 30, 2015.
Combined diluted earnings per share (a non-GAAP measure) increased
to $0.19 for the quarter ended September 30, 2016, from $0.17 for
the third quarter
2015.
Regarding third quarter performance, Kevin Karas,
chief financial officer of National Research Corporation, said, “We
continue to see positive results from our focus on revenue growth
and expanding our operating income margin. Revenue and total
contract value growth rates on a year-to-date basis have more than
doubled over prior year.”
A listen-only simulcast of National Research
Corporation’s 2016 third quarter conference call will be available
online at http://edge.media-server.com/m/p/xcfef9v7 on November 2,
2016, 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 35 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.
The information discussed within this release
includes financial results and projections that are in accordance
with accounting principles generally accepted in the United States
(GAAP). In addition, certain non-GAAP financial measures have been
provided that calculate combined earnings per share based on
combined Class A and Class B shares and share equivalents
outstanding, respectively. The non-GAAP measures should be read in
conjunction with the corresponding GAAP measures and should be
considered in addition to, and not as an alternative or substitute
for, the measures prepared in accordance with GAAP. Please note
that the Company’s non-GAAP measures may be different than those
used by other companies. The additional non-GAAP financial
information the Company presents should be considered in
conjunction with, and not as a substitute for, the Company’s
financial information presented in accordance with GAAP. The
non-GAAP financial measures are provided in an effort to provide
information that investors may deem relevant to evaluate results
from the company's core business operations and to compare the
company's performance with prior periods. The company uses
both GAAP and these non-GAAP financial measures for evaluating
comparable financial performance against prior periods.
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, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
27,032 |
|
|
$ |
25,244 |
|
|
$ |
81,016 |
|
|
$ |
75,979 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Direct expenses |
|
11,468 |
|
|
|
11,006 |
|
|
|
33,741 |
|
|
|
33,246 |
|
Selling, general and
administrative |
|
7,139 |
|
|
|
6,620 |
|
|
|
21,766 |
|
|
|
20,883 |
|
Depreciation and amortization |
|
1,086 |
|
|
|
1,070 |
|
|
|
3,146 |
|
|
|
3,109 |
|
Total operating expenses |
|
19,693 |
|
|
|
18,696 |
|
|
|
58,653 |
|
|
|
57,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
7,339 |
|
|
6,548 |
|
|
|
22,363 |
|
|
|
18,741 |
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
Interest income |
|
12 |
|
|
14 |
|
|
|
34 |
|
|
|
46 |
|
Interest expense |
|
(38 |
) |
|
(52 |
) |
|
|
(158 |
) |
|
|
(172 |
) |
Other, net |
|
(4 |
) |
|
|
(25 |
) |
|
|
112 |
|
|
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense) |
|
(30 |
) |
|
|
(63 |
) |
|
|
(12 |
) |
|
|
(148 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
7,309 |
|
|
6,485 |
|
|
|
22,351 |
|
|
|
18,593 |
|
|
|
|
|
|
Provision for income
taxes |
|
2,580 |
|
|
|
2,346 |
|
|
|
7,558 |
|
|
|
6,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
4,729 |
|
|
$ |
4,139 |
|
|
$ |
14,793 |
|
|
$ |
11,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
Per Share of Common Stock: |
|
|
|
|
Basic Earnings Per Share: |
|
|
|
|
Class A |
$ |
0.11 |
|
|
$ |
0.10 |
|
|
$ |
0.35 |
|
|
$ |
0.28 |
|
Class B |
$ |
0.67 |
|
|
$ |
0.59 |
|
|
$ |
2.11 |
|
|
$ |
1.67 |
|
Diluted
Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
$ |
0.11 |
|
|
$ |
0.10 |
|
|
$ |
0.35 |
|
|
$ |
0.28 |
|
Class B |
$ |
0.66 |
|
|
$ |
0.59 |
|
|
$ |
2.08 |
|
|
$ |
1.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
and share equivalents outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A - basic |
|
20,716 |
|
|
|
20,726 |
|
|
|
20,712 |
|
|
|
20,769 |
|
Class B - basic |
|
3,511 |
|
|
|
3,478 |
|
|
|
3,503 |
|
|
|
3,478 |
|
Class A - diluted |
|
21,068 |
|
|
|
20,937 |
|
|
|
21,017 |
|
|
|
21,002 |
|
Class B - diluted |
|
3,556 |
|
|
|
3,521 |
|
|
|
3,557 |
|
|
|
3,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL RESEARCH CORPORATION AND
SUBSIDIARY |
Unaudited Condensed Consolidated Balance
Sheets |
(Dollars in thousands, except per share amounts and par
value) |
|
|
|
Sept. 30, |
|
Dec. 31, |
|
|
2016 |
|
2015 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
Cash and cash equivalents |
$ |
28,878 |
|
|
$ |
42,145 |
|
|
Accounts receivable, net |
|
14,115 |
|
|
|
9,808 |
|
|
Income taxes receivable |
|
12 |
|
|
|
157 |
|
|
Other current assets |
|
2,912 |
|
|
|
2,951 |
|
|
Total Current Assets |
|
45,917 |
|
|
|
55,061 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
11,659 |
|
|
|
11,125 |
|
|
Goodwill |
|
57,913 |
|
|
|
57,792 |
|
|
Other, net |
|
3,812 |
|
|
|
4,071 |
|
|
Total Assets |
$ |
119,301 |
|
|
$ |
128,049 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable and accrued
expenses |
$ |
3,918 |
|
|
$ |
3,394 |
|
|
Deferred revenue |
|
17,409 |
|
|
|
14,843 |
|
|
Accrued compensation |
|
3,893 |
|
|
|
4,391 |
|
|
Dividends payable |
|
3,372 |
|
|
|
18,440 |
|
|
Income taxes payable |
|
79 |
|
|
|
701 |
|
|
Notes payable |
|
2,460 |
|
|
|
2,402 |
|
|
Total Current Liabilities |
|
31,131 |
|
|
|
44,171 |
|
|
|
|
|
|
|
|
|
Non-Current Liabilities |
|
6,945 |
|
|
|
9,656 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
38,076 |
|
|
|
53,827 |
|
|
|
|
|
|
|
|
|
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 25,665,773 in 2016 and
25,592,812 in 2015, outstanding 20,900,082 in 2016 and 20,848,168
in 2015 |
|
26 |
|
|
|
26 |
|
|
Class B Common stock, $0.001 par
value; authorized 80,000,000 shares, issued 4,310,377 in 2016 and
4,271,413 in 2015, outstanding 3,541,433 in 2016 and 3,510,150 in
2015 |
|
4 |
|
|
|
4 |
|
|
Additional paid-in capital |
|
46,345 |
|
|
|
44,103 |
|
|
Retained earnings |
|
69,995 |
|
|
|
65,313 |
|
|
Accumulated other comprehensive
loss |
|
(2,315 |
) |
|
|
(2,995 |
) |
|
Treasury stock |
|
(32,830 |
) |
|
|
(32,229 |
) |
|
Total Shareholders’ Equity |
|
81,225 |
|
|
|
74,222 |
|
|
Total Liabilities and Shareholders’
Equity |
$ |
119,301 |
|
|
$ |
128,049 |
|
|
|
|
|
|
|
|
|
|
|
NATIONAL RESEARCH CORPORATION AND
SUBSIDIARY |
Unaudited Non-GAAP Combined Earnings Per Share
Schedule |
(In thousands, except per share data) |
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
Combined Earnings Per
Share |
|
|
|
|
|
Basic Earnings Per Share |
|
$ |
0.19 |
|
|
$ |
0.17 |
|
|
$ |
0.61 |
|
|
$ |
0.48 |
|
Diluted Earnings Per Share |
|
$ |
0.19 |
|
|
$ |
0.17 |
|
|
$ |
0.60 |
|
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined weighted average
shares and share equivalents outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined - Basic |
|
|
24,227 |
|
|
|
24,204 |
|
|
|
24,215 |
|
|
|
24,247 |
|
Combined - Diluted |
|
|
24,623 |
|
|
|
24,459 |
|
|
|
24,574 |
|
|
|
24,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Kevin R. Karas
Chief Financial Officer
402-475-2525
National Research Corp. (delisted) (NASDAQ:NRCIA)
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