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National Research Corporation Announces Second Quarter 2016 Results


/EINPresswire.com/ -- LINCOLN, NE--(Marketwired - August 02, 2016) - National Research Corporation (NASDAQ: NRCIA) (NASDAQ: NRCIB) today announced results for the second quarter of 2016.

  • Net New Sales $5.8 million
  • Total Contract Value $114.0 million
  • Revenue up 7% to $26.1 million
  • Net Income of $4.6 million, up 12%

Remarking on Company performance, Michael D. Hays, chief executive officer of National Research Corporation, said, "Our Voice of the Customer platform is bringing to life for our partner organizations a variety of enterprise-wide use cases which enhance customer loyalty. These innovative solutions are distancing National Research from other more traditional offerings and we will continue to accelerate investments."

Revenue for the quarter ended June 30, 2016, was $26.1 million, compared to $24.5 million for the same quarter in 2015. Net income for the quarter ended June 30, 2016, was $4.6 million, compared to $4.1 million for the quarter ended June 30, 2015. Diluted earnings per share increased to $0.11 for Class A shares and $0.64 for Class B shares for the quarter ended June 30 2016, from $0.10 for Class A shares and $0.57 for Class B shares for the quarter ended June 30, 2015. Combined diluted earnings per share (a non-GAAP measure) increased to $0.18 for the quarter ended June 30, 2016, from $0.16 for the second quarter 2015.

Regarding second quarter performance, Kevin Karas, chief financial officer of National Research Corporation, said, "We are encouraged by the continued trends both in the second quarter and on a year-to-date basis of increased revenue growth rates along with leveraging of revenue growth to expand our operating income margin."

A listen-only simulcast of National Research Corporation's 2016 second quarter conference call will be available online at http://edge.media-server.com/m/p/ztkgrv4d on August 3, 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  Six months ended 
                                            June 30,           June 30,     
                                      ------------------- ----------------- 
                                         2016      2015     2016      2015  
                                      ---------  -------- --------  ------- 
                                                                            
Revenue                               $  26,114  $ 24,464 $ 53,984  $50,734 
                                                                            
Operating expenses:                                                         
  Direct expenses                        10,734    10,440   22,273   22,239 
  Selling, general and administrative     7,270     6,636   14,627   14,263 
  Depreciation and amortization           1,092     1,024    2,060    2,039 
                                      ---------  -------- --------  ------- 
    Total operating expenses             19,096    18,100   38,960   38,541 
                                      ---------  -------- --------  ------- 
                                                                            
    Operating income                      7,018     6,364   15,024   12,193 
                                                                            
Other income (expense):                                                     
  Interest income                            11        16       22       32 
  Interest expense                          (36)      (57)    (121)    (120)
  Other, net                                 43         2      118        2 
                                      ---------  -------- --------  ------- 
                                                                            
    Total other income (expense)             18       (39)      19      (86)
                                      ---------  -------- --------  ------- 
                                                                            
    Income before income taxes            7,036     6,325   15,043   12,107 
                                                                            
Provision for income taxes                2,478     2,261    4,978    4,563 
                                      ---------  -------- --------  ------- 
                                                                            
    Net income                        $   4,558  $  4,064 $ 10,065  $ 7,544 
                                      =========  ======== ========  ======= 
                                                                            
Earnings Per Share of Common Stock:                                         
  Basic Earnings Per Share:                                                 
    Class A                           $    0.11  $   0.10 $   0.24  $  0.18 
                                      =========  ======== ========  ======= 
    Class B                           $    0.65  $   0.58 $   1.44  $  1.08 
                                      =========  ======== ========  ======= 
  Diluted Earnings Per Share:                                               
    Class A                           $    0.11  $   0.10 $   0.24  $  0.18 
                                      =========  ======== ========  ======= 
    Class B                           $    0.64  $   0.57 $   1.41  $  1.07 
                                      =========  ======== ========  ======= 
                                                                            
Weighted average shares and share                                           
 equivalents outstanding                                                    
  Class A - basic                        20,711    20,790   20,711   20,791 
                                      =========  ======== ========  ======= 
  Class B - basic                         3,508     3,478    3,498    3,478 
                                      =========  ======== ========  ======= 
  Class A - diluted                      20,992    21,029   21,002   21,031 
                                      =========  ======== ========  ======= 
  Class B - diluted                       3,565     3,522    3,557    3,523 
                                      =========  ======== ========  ======= 
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                NATIONAL RESEARCH CORPORATION AND SUBSIDIARY                
              Unaudited Condensed Consolidated Balance Sheets               
       (Dollars in thousands, except per share amounts and par value)       
                                                                            
                                                        June 30,   Dec. 31, 
                                                          2016       2015   
                                                       ---------  --------- 
                                   ASSETS                                   
Current Assets:                                                             
  Cash and cash equivalents                            $  27,192  $  42,145 
  Accounts receivable, net                                11,075      9,808 
  Income taxes receivable                                    728        157 
  Other current assets                                     3,746      2,951 
                                                       ---------  --------- 
    Total Current Assets                                  42,741     55,061 
                                                                            
Property and equipment, net                               11,843     11,125 
Goodwill                                                  57,946     57,792 
Other, net                                                 3,969      4,071 
                                                       ---------  --------- 
    Total Assets                                       $ 116,499  $ 128,049 
                                                       =========  ========= 
                                                                            
                    LIABILITIES AND SHAREHOLDERS' EQUITY                    
                                                                            
Current Liabilities:                                                        
  Accounts payable and accrued expenses                $   3,535  $   3,394 
  Deferred revenue                                        16,100     14,843 
  Accrued compensation                                     3,823      4,391 
  Dividends payable                                        3,371     18,440 
  Income taxes payable                                         -        701 
  Notes payable                                            2,441      2,402 
                                                       ---------  --------- 
    Total Current Liabilities                             29,270     44,171 
                                                                            
Non-Current Liabilities                                    7,571      9,656 
                                                       ---------  --------- 
                                                                            
    Total Liabilities                                     36,841     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 25,646,624 in 2016 and                         
   25,592,812 in 2015, outstanding 20,894,893 in 2016                       
   and 20,848,168 in 2015                                     26         26 
  Class B Common stock, $0.001 par value; authorized                        
   80,000,000 shares, issued 4,307,186 in 2016 and                          
   4,271,413 in 2015, outstanding 3,540,521 in 2016 and                     
   3,510,150 in 2015                                           4          4 
  Additional paid-in capital                              45,645     44,103 
  Retained earnings                                       68,638     65,313 
  Accumulated other comprehensive loss                    (2,117)    (2,995)
  Treasury stock                                         (32,538)   (32,229)
                                                       ---------  --------- 
    Total Shareholders' Equity                            79,658     74,222 
                                                       ---------  --------- 
    Total Liabilities and Shareholders' Equity         $ 116,499  $ 128,049 
                                                       =========  ========= 
                                                                            
                                                                                          
                                                                                          
                                                                            
                                                                            
                NATIONAL RESEARCH CORPORATION AND SUBSIDIARY                
           Unaudited Non-GAAP Combined Earnings Per Share Schedule          
                    (In thousands, except per share data)                   
                                                                            
                                       Three months ended  Six months ended 
                                            June 30,           June 30,     
                                       -------------------------------------
                                          2016     2015     2016      2015  
                                       --------- ------------------ --------
                                                                            
Combined Earnings Per Share                                                 
  Basic Earnings Per Share             $    0.19 $   0.17  $   0.41 $   0.31
                                       ========= ========  ======== ========
  Diluted Earnings Per Share           $    0.18 $   0.16  $   0.41 $   0.31
                                       ========= ========  ======== ========
Combined weighted average shares and                                        
 share equivalents outstanding                                              
  Combined - Basic                        24,220   24,268    24,209   24,269
                                       ========= ========  ======== ========
  Combined - Diluted                      24,557   24,551    24,559   24,554
                                       ========= ========  ======== ========
                                                                            
                                                                            

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