National Research Corporation Announces Fourth Quarter and Year-End 2017 Results
LINCOLN, Neb., Feb. 13, 2018 (GLOBE NEWSWIRE) -- National Research Corporation (NASDAQ:NRCIA) (NASDAQ:NRCIB) today announced results for the fourth quarter and year end 2017.
Fourth Quarter
- Net New Sales $6.2 million
- Revenue up 5% to $29.9 million
- Net Income increased 14% to $6.5 million
Year-End 2017
- Net New Sales $22.2 million
- Revenue up 7% to $117.6 million
- Net Income increased 12% to $22.9 million
- Total Contract Value $125.1 million
Revenue for the fourth quarter ended December 31, 2017, was $29.9 million, compared to $28.4 million for the same quarter in 2016. Net income for the quarter ended December 31, 2017, was $6.5 million, compared to $5.7 million for the quarter ended December 31, 2016. Diluted earnings per share increased to $0.15 for Class A shares and $0.90 for Class B shares for the quarter ended December 31, 2017, from $0.13 for Class A shares and $0.80 for Class B shares for the quarter ended December 31, 2016.
Revenue for the year ended December 31, 2017, was $117.6 million, compared to $109.4 million for the same quarter in 2016. Net income for the year ended December 31, 2017, was $22.9 million, compared to $20.5 million for the year ended 2016. Diluted earnings per share increased to $0.52 for Class A shares and $3.18 for Class B shares for the year ended December 31, 2017, from diluted earnings per share of $0.48 for Class A shares and $2.88 for Class B shares for the year ended December 31, 2016.
Regarding the Company’s financial performance, Kevin Karas, chief financial officer of National Research Corporation, said, “We are encouraged by our growth in quarterly net new sales performance, achieving $6.2 million in the fourth quarter. Our financial results for the fourth quarter include approximately $500,000 in additional expenses for our proposed recapitalization, as well as a net tax benefit of $1.1 million for the initial estimated impact of the U.S. Tax Cuts and Jobs Act of 2017 (“Tax Act”) and our recent decision to repatriate certain foreign earnings. We continue to analyze the impact of the Tax Act and will make adjustments as we complete our analysis during 2018.”
A listen-only simulcast of National Research Corporation’s 2017 fourth quarter conference call will be available online at https://edge.media-server.com/m6/p/p59zya7p on February 14, 2018, 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.
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, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Revenue | $ | 29,897 | $ | 28,368 | $ | 117,559 | $ | 109,384 | |||||||
| Operating expenses: | |||||||||||||||
| Direct expenses | 12,362 | 11,836 | 49,068 | 45,577 | |||||||||||
| Selling, general and administrative | 7,665 | 6,619 | 29,686 | 28,385 | |||||||||||
| Depreciation and amortization | 1,209 | 1,079 | 4,586 | 4,225 | |||||||||||
| Total operating expenses | 21,236 | 19,534 | 83,340 | 78,187 | |||||||||||
| Operating income | 8,661 | 8,834 | 34,219 | 31,197 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 38 | 13 | 96 | 47 | |||||||||||
| Interest expense | (13 | ) | (32 | ) | (82 | ) | (190 | ) | |||||||
| Other, net | (27 | ) | 190 | 50 | 302 | ||||||||||
| Total other income (expense) | (2 | ) | 171 | 64 | 159 | ||||||||||
| Income before income taxes | 8,659 | 9,005 | 34,283 | 31,356 | |||||||||||
| Provision for income taxes | 2,142 | 3,280 | 11,340 | 10,838 | |||||||||||
| Net income | $ | 6,517 | $ | 5,725 | $ | 22,943 | $ | 20,518 | |||||||
| Earnings Per Share of Common Stock: | |||||||||||||||
| Basic Earnings Per Share: | |||||||||||||||
| Class A | $ | 0.15 | $ | 0.14 | $ | 0.54 | $ | 0.49 | |||||||
| Class B | $ | 0.93 | $ | 0.82 | $ | 3.26 | $ | 2.93 | |||||||
| Diluted Earnings Per Share: | |||||||||||||||
| Class A | $ | 0.15 | $ | 0.13 | $ | 0.52 | $ | 0.48 | |||||||
| Class B | $ | 0.90 | $ | 0.80 | $ | 3.18 | $ | 2.88 | |||||||
| Weighted average shares and share equivalents outstanding | |||||||||||||||
| Class A - basic | 20,802 | 20,717 | 20,770 | 20,713 | |||||||||||
| Class B - basic | 3,515 | 3,511 | 3,514 | 3,505 | |||||||||||
| Class A - diluted | 21,843 |
By: Nasdaq / GlobeNewswire
- 14 Feb 2018
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