National Research Corporation (NASDAQ:NRCIA) and (NASDAQ:NRCIB) today announced results for the first quarter of 2017.
  • Net New Sales $4.9 million
  • Total Contract Value $119.6 million
  • Revenue up 9% to $30.3 million
  • Net Income up 18% to $6.5 million

Remarking on Company performance, Michael D. Hays, chief executive officer of National Research Corporation said, “Our first quarter performance was mixed.  Revenue and net income growth were positive while we fell short on our target for Net New Sales.”

Revenue for the quarter ended March 31, 2017, was $30.3 million, compared to $27.9 million for the same quarter in 2016. Net income for the quarter ended March 31, 2017, was $6.5 million, compared to $5.5 million for the quarter ended March 31, 2016. Diluted earnings per share increased to $0.15 for Class A shares and $0.91 for Class B shares for the quarter ended March 31 2017, from diluted earnings per share of $0.13 for Class A shares and $0.77 for Class B shares for the quarter ended March 31, 2016. Combined diluted earnings per share (a non-GAAP measure) increased to $0.26 for the quarter ended March 31, 2017, from $0.22 for the first quarter of 2016.

Regarding first quarter performance, Kevin Karas, chief financial officer of National Research Corporation, said, “Both record revenue and net income results were achieved in the first quarter of 2017 as we were able to continue our positive revenue growth trend and leverage that growth to expand operating margin.”

A listen-only simulcast of National Research Corporation’s 2017 first quarter conference call will be available online at http://edge.media-server.com/m/p/e8x7g72o on May 3, 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 36 years, National Research Corporation has been a leading provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and customer loyalty for healthcare providers, payers and other healthcare organizations in the United States and Canada.  The Company’s solutions enable its clients to understand the voice of the customer with greater clarity, immediacy and depth.

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 SUBSIDIARYUnaudited Condensed Consolidated Statements of Income(In thousands, except per share data)
 
  Three months endedMarch 31,
    2017       2016  
               
Revenue $ 30,276     $ 27,870  
               
Operating expenses:              
Direct   12,500       11,539  
Selling, general and administrative   6,686       7,357  
Depreciation and amortization   1,106       968  
Total operating expenses   20,292       19,864  
               
Operating income   9,984       8,006  
               
Other income (expense):              
Interest income   14       11  
Interest expense   (27 )     (85 )
Other, net   9       74  
               
Total other income (expense)   (4 )     --  
               
Income before income taxes   9,980       8,006  
               
Provision for income taxes   3,459       2,500  
               
Net income $ 6,521     $ 5,506  
               
Earnings Per Share of Common Stock:              
Basic Earnings Per Share:              
Class A $ 0.15     $ 0.13  
Class B $ 0.93     $ 0.79  
Diluted Earnings Per Share:              
Class A $ 0.15     $ 0.13  
Class B $ 0.91     $ 0.77  
               
Weighted average shares and share equivalents outstanding              
Class A - Basic   20,737       20,710  
Class B - Basic   3,513       3,489  
Class A - Diluted   21,245       21,012  
Class B - Diluted   3,576       3,549  

 

   
NATIONAL RESEARCH CORPORATION AND SUBSIDIARY  
Unaudited Condensed Consolidated Balance Sheets  
(Dollars in thousands, except per share amounts and par value)  
                 
    Mar. 31,   Dec. 31,
    2017   2016
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 34,664     $ 33,021  
Accounts receivable, net     13,524       10,864  
Income taxes receivable     24       14  
Other current assets     4,171       3,166  
Total Current Assets     52,383       47,065  
                 
Property and equipment, net     12,133       11,806  
Goodwill     57,881       57,861  
Other, net     3,662       3,892  
Total Assets   $ 126,059     $ 120,624  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
                 
Current Liabilities:                
Accounts payable and accrued expenses   $ 3,576     $ 3,916  
Deferred revenue     17,189       15,497  
Accrued compensation     3,306       4,543  
Dividends payable     4,218       4,213  
Income taxes payable     3,563       662  
Notes payable     2,499       2,683  
Total Current Liabilities     34,351       31,514  
                 
Non-Current Liabilities     6,136       6,304  
                 
Total Liabilities     40,487       37,818  
                 
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 25,753,828 in 2017 and 25,656,760 in 2016, outstanding 20,916,570 in 2017 and 20,891,069 in 2016     26       26  
Class B Common stock, $0.001 par value; authorized 80,000,000 shares, issued 4,320,875 in 2017 and 4,308,875 in 2016, outstanding 3,543,463 in 2017 and 3,539,931 in 2016     4       4  
Additional paid-in capital     48,787       46,725  
Retained earnings     73,810       71,507  
Accumulated other comprehensive loss     (2,508 )      (2,626 ) 
Treasury stock     (34,547 )      (32,830 ) 
Total Shareholders’ Equity     85,572       82,806  
Total Liabilities and Shareholders’ Equity   $ 126,059     $ 120,624  
 
NATIONAL RESEARCH CORPORATION AND SUBSIDIARYUnaudited Non-GAAP Combined Earnings Per Share Schedule(In thousands, except per share data)
 
    Three months endedMarch 31,
    2017   2016
Combined Earnings Per Share (1)            
Basic Earnings Per Share   $   0.27   $   0.23
Diluted Earnings Per Share   $   0.26   $   0.22
Combined weighted average shares and share equivalents outstanding (2)            
Combined - Basic       24,250       24,198
Combined - Diluted        24,821        24,561
(1) Combined net income attributable to Class A and Class B common shareholders divided by combined weighted average shares and share equivalents outstanding.
(2) Represents the sum of the Class A and Class B weighted average shares and share equivalents outstanding reported in accordance with GAAP. 

Contact:  

Kevin R. Karas   
Chief Financial Officer
402-475-2525
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