National Research Corporation Announces Fourth Quarter and Year-End 2016 Results
14 Febrero 2017 - 4:00PM
National Research Corporation (NASDAQ:NRCIA) (NASDAQ:NRCIB) today
announced results for the fourth quarter and year-end 2016.
Fourth Quarter
- Net New Sales $7.1 million
- Revenue up 8% to $28.4 million
- Net Income declined 3% to $5.7 million
Year-End 2016
- Net New Sales $24.0 million
- Revenue up 7% to $109.4 million
- Net Income increased 17% to $20.5 million
Remarking on Company performance, Michael D.
Hays, chief executive officer of National Research Corporation
said, “An increasing proportion of our revenue is being derived
from more contemporary and innovative products which support our
rebranding focused on 'Human understanding'--an aspiration to keep
us at the forefront of a dynamic healthcare environment.”
Revenue for the quarter ended December 31, 2016,
was $28.4 million, compared to $26.4 million for the same quarter
in 2015. Net income for the quarter ended December 31, 2016, was
$5.7 million, compared to $5.9 million for the quarter ended
December 31, 2015. Diluted earnings per share decreased to $0.13
for Class A shares and $0.80 for Class B shares for the quarter
ended December 31, 2016, from $0.14 for Class A shares and $0.84
for Class B shares for the quarter ended December 31, 2015.
Combined diluted earnings per share (a non-GAAP measure) decreased
to $0.23 for the quarter ended December 31, 2016, from $0.24 for
the fourth quarter 2015.
Revenue for the year ended December 31, 2016,
was $109.4 million, compared to $102.3 million for the same quarter
in 2015. Net income for the year ended December 31, 2016, was $20.5
million, compared to $17.6 million for the year ended 2015. Diluted
earnings per share increased to $0.48 for Class A shares and $2.88
for Class B shares for the year ended December 31, 2016, from
diluted earnings per share of $0.41 for Class A shares and $2.49
for Class B shares for the year ended December 31, 2015. Combined
diluted earnings per share (a non-GAAP measure) increased to $0.83
for the year ended December 31, 2016, from $0.71 for the year ended
2015.
Regarding the Company’s financial 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 more than
doubled over the prior year and operating income increased by 18%.
Net income for the fourth quarter of 2016 was lower than the prior
year’s fourth quarter due to the $1.1 million pre-tax gain on the
sale of our clinical workflow product in 2015.”
The Company also announced that its Board of
Directors has declared a quarterly cash dividend of $.10 (ten
cents) per Class A share and $.60 (sixty cents) per Class B share
payable April 14, 2017, to shareholders of record as of the close
of business on March 31, 2017.
A listen-only simulcast of National Research
Corporation’s 2016 fourth quarter conference call will be available
online at http://edge.media-server.com/m/p/7gyz3aqq on
February 15, 2017, 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 December 31, |
|
Twelve months ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
28,368 |
|
|
$ |
26,365 |
|
$ |
109,384 |
|
|
$ |
102,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
expenses |
|
11,836 |
|
|
|
11,365 |
|
|
45,577 |
|
|
|
44,610 |
|
Selling,
general and administrative |
|
6,619 |
|
|
|
6,294 |
|
|
28,385 |
|
|
|
27,177 |
|
Depreciation and amortization |
|
1,079 |
|
|
|
1,000 |
|
|
4,225 |
|
|
|
4,109 |
|
Total
operating expenses |
|
19,534 |
|
|
|
18,659 |
|
|
78,187 |
|
|
|
75,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
8,834 |
|
|
|
7,706 |
|
|
31,197 |
|
|
|
26,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
13 |
|
|
|
14 |
|
|
47 |
|
|
|
60 |
|
Interest
expense |
|
(31 |
) |
|
|
(48 |
) |
|
(190 |
) |
|
|
(220 |
) |
Other,
net |
|
189 |
|
|
|
1,096 |
|
|
302 |
|
|
|
1,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other income (expense) |
|
171 |
|
|
|
1,062 |
|
|
159 |
|
|
|
913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
9,005 |
|
|
|
8,768 |
|
|
31,356 |
|
|
|
27,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
3,280 |
|
|
|
2,841 |
|
|
10,838 |
|
|
|
9,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
5,725 |
|
|
$ |
5,927 |
|
$ |
20,518 |
|
|
$ |
17,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of
Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
$ |
0.14 |
|
|
$ |
0.14 |
|
$ |
0.49 |
|
|
$ |
0.42 |
|
Class
B |
$ |
0.82 |
|
|
$ |
0.85 |
|
$ |
2.93 |
|
|
$ |
2.52 |
|
Diluted
Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
$ |
0.13 |
|
|
$ |
0.14 |
|
$ |
0.48 |
|
|
$ |
0.41 |
|
Class
B |
$ |
0.80 |
|
|
$ |
0.84 |
|
$ |
2.88 |
|
|
$ |
2.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
and share equivalents outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A -
basic |
|
20,717 |
|
|
|
20,656 |
|
|
20,713 |
|
|
|
20,741 |
|
Class B -
basic |
|
3,511 |
|
|
|
3,478 |
|
|
3,505 |
|
|
|
3,478 |
|
Class A -
diluted |
|
21,118 |
|
|
|
20,936 |
|
|
21,037 |
|
|
|
20,981 |
|
Class B -
diluted |
|
3,569 |
|
|
|
3,523 |
|
|
3,560 |
|
|
|
3,522 |
|
NATIONAL RESEARCH CORPORATION
AND SUBSIDIARY |
Unaudited Condensed Consolidated Balance
Sheets |
(Dollars in thousands, except per share amounts and par
value) |
|
|
Dec. 31, |
|
|
Dec. 31, |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
ASSETS |
Current
Assets: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
33,021 |
|
|
$ |
42,145 |
|
Accounts
receivable, net |
10,864 |
|
|
9,808 |
|
Income
taxes receivable |
14 |
|
|
157 |
|
Other
current assets |
3,166 |
|
|
2,951 |
|
Total
Current Assets |
47,065 |
|
|
55,061 |
|
|
|
|
|
|
|
Property
and equipment, net |
11,806 |
|
|
11,125 |
|
Goodwill |
57,861 |
|
|
57,792 |
|
Other,
net |
3,892 |
|
|
4,071 |
|
Total
Assets |
$ |
120,624 |
|
|
$ |
128,049 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
Accounts
payable and accrued expenses |
$ |
3,916 |
|
|
$ |
3,394 |
|
Deferred
revenue |
15,497 |
|
|
14,843 |
|
Accrued
compensation |
4,543 |
|
|
4,391 |
|
Dividends
payable |
4,213 |
|
|
18,440 |
|
Income
taxes payable |
662 |
|
|
701 |
|
Notes
payable |
2,683 |
|
|
2,402 |
|
Total
Current Liabilities |
31,514 |
|
|
44,171 |
|
|
|
|
|
|
|
Non-Current Liabilities |
6,304 |
|
|
9,656 |
|
|
|
|
|
|
|
Total
Liabilities |
37,818 |
|
|
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 25,656,760 in 2016 and 25,592,812 in 2015, outstanding
20,891,069 in 2016 and 20,848,168 in 2015 |
26 |
|
|
26 |
|
Class B
Common stock, $0.001 par value; authorized 80,000,000 shares,
issued 4,308,875 in 2016 and 4,271,413 in 2015, outstanding
3,539,931 in 2016 and 3,510,150 in 2015 |
4 |
|
|
4 |
|
Additional paid-in capital |
46,725 |
|
|
44,103 |
|
Retained
earnings |
71,507 |
|
|
65,313 |
|
Accumulated other comprehensive loss |
(2,626 |
) |
|
(2,995 |
) |
Treasury
stock |
(32,830 |
) |
|
(32,229 |
) |
Total
Shareholders’ Equity |
82,806 |
|
|
74,222 |
|
Total
Liabilities and Shareholders’ Equity |
$ |
120,624 |
|
|
$ |
128,049 |
|
NATIONAL RESEARCH CORPORATION
AND SUBSIDIARY |
Unaudited Non-GAAP Combined Earnings Per Share
Schedule |
(In thousands, except per share data) |
|
|
Three months ended December 31, |
|
Twelve months ended December 31,
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
Combined Earnings Per
Share |
|
|
|
|
Basic
Earnings Per Share |
$ |
0.23 |
|
$ |
0.24 |
|
$ |
0.84 |
|
$ |
0.72 |
Diluted
Earnings Per Share |
$ |
0.23 |
|
$ |
0.24 |
|
$ |
0.83 |
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
Combined weighted
average shares and share equivalents outstanding |
|
|
|
|
|
|
|
|
Combined
- Basic |
24,228 |
|
24,134 |
|
24,218 |
|
24,219 |
Combined
- Diluted |
24,687 |
|
24,459 |
|
24,597 |
|
24,503 |
Contact:
Kevin R. Karas
Chief Financial Officer
402-475-2525
National Research Corp. (delisted) (NASDAQ:NRCIA)
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