November 06, 2012 at 17:00 PM EST
National Research Corporation Announces Third Quarter 2012 Results
Organic Growth Drives Solid Top Line and Bottom Line Performance

LINCOLN, Neb., Nov. 6, 2012 (GLOBE NEWSWIRE) -- National Research Corporation (Nasdaq:NRCI) today announced results for the third quarter 2012.

  • Net new sales of $4.7 million
  • Revenue up 15% to $21.4 million
  • Operating income of $5.6 million, up 35%
  • Net income up 35% to $3.6 million  
  • Diluted earnings per share of $0.51, up 31%

Commenting on the company's quarterly performance, Michael D. Hays, chief executive officer of National Research Corporation, said, "I'm pleased to report that expanded relationships with current clients, equally matched by signing new clients in the third quarter, continues the all-organic top-line growth trend we have been experiencing from the beginning of the year."

Revenue for the quarter ended September 30, 2012, was $21.4 million, compared to $18.5 million for the same quarter in 2011. Net income for the quarter ended September 30, 2012, was $3.6 million, or $0.53 per basic share and $0.51 per diluted share, compared to $2.6 million for the second quarter 2011, or $0.40 per basic share and $0.39 per diluted share. 

Kevin Karas, chief financial officer of National Research Corporation, said, "Thirty-five percent growth in net income on 15% revenue growth in the quarter, clearly illustrates the attractiveness of the company's business model.  Our total contract value, which was $91.7 million as of September 30, 2012, continues to build and additional opportunities for leverage are being realized." 

In closing, the company's Board of Directors announced it has declared a regular quarterly dividend of twenty-six cents ($0.26) per share and a special one-time dividend of one dollar and fifty cents ($1.50) per share both payable Tuesday, December 18, 2012, to shareholders of record as of the close of business on Friday, November 16, 2012.

A listen-only simulcast of National Research Corporation's 2012 third quarter conference call will be available online at www.earnings.com on November 7, 2012, 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 31 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.

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
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months EndedNine Months Ended
 September 30, September 30,
 2012201120122011
Revenue $ 21,386 $ 18,549 $ 64,425 $ 56,655
Operating expenses:
Direct 8,769 7,471 26,333 21,489
Selling, general and administrative 5,821 5,572 17,541 17,651
Depreciation and amortization 1,149 1,312 3,606 3,790
Total operating expenses 15,739 14,355 47,480 42,930
Operating income 5,647 4,194 16,945 13,725
Other income (expense), net:
Interest income 8 4 20 8
Interest expense (134) (155) (416) (480)
Other, net (29) 74 (16) 55
Total other expense, net (155) (77) (412) (417)
Income before income taxes  5,492 4,117 16,533 13,308
Provision for income taxes 1,915 1,470 5,168 4,876
Net income $ 3,577 $ 2,647 $ 11,365 $ 8,432
Net income per share, basic $ 0.53 $ 0.40 $ 1.68 $ 1.26
Net income per share, diluted $ 0.51 $ 0.39 $ 1.64 $ 1.23
Weighted average shares outstanding:
Basic 6,791 6,679 6,754 6,666
Diluted 6,961 6,850 6,941 6,845
NATIONAL RESEARCH CORPORATION
Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands)
Sept. 30,Dec. 31,
 20122011
ASSETS
Current Assets:
Cash and cash equivalents $ 15,026 $ 8,082
Accounts receivable, net 14,206 11,187
Income taxes receivable 90 --
Other current assets 3,129 2,868
Total current assets 32,451 22,137
Net property and equipment 12,907 13,613
Goodwill 57,839 57,730
Other, net 6,232 7,196
Total Assets $ 109,429 $ 100,676
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 3,305 $ 2,302
Deferred revenue 17,527 16,500
Accrued compensation 3,779 3,591
Income taxes payable  --  145
Notes payable 13,076 1,861
Total current liabilities 37,687 24,399
Non-current liabilities 7,673 20,723
Total Liabilities 45,360 45,122
Shareholders' Equity:
Common stock, $0.001 par value; 20,000,000 shares authorized; issued 8,278,491 in 2012 and 8,117,849 in 2011; outstanding 6,824,355 in 2012 and 6,724,280 in 2011 8 8
Additional paid-in capital 35,880 31,080
Retained earnings 53,061 46,995
Accumulated other comprehensive income 1,267 907
Treasury stock (26,147) (23,436)
Total shareholders' equity 64,069 55,554
Total liabilities and shareholders' equity $ 109,429 $ 100,676
CONTACT: Kevin R. Karas
         Chief Financial Officer
         402-475-2525
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