CORRECTING and REPLACING National Research Corporation Reports Year-End Revenue Growth of 20%; Company Awarded Contract for First Major Use of National Standard Survey.Business Editors CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. ...by National Research Corporation LINCOLN Lincoln, city and district, England Lincoln, city (1991 pop. 79,980) and district, Lincolnshire, E England, in the Parts of Kesteven, on the Witham River. , Neb.--(BUSINESS WIRE)--Feb. 11, 2004 In BW6032 issued Feb. 10, 2004: In the first table titled, Unaudited Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Operations, the net income per share, basic and the net income per share, diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. for the year ended December December: see month. 31, 2003, should read $0.60 sted $0.61. The net income per share, basic and the net income per share, diluted for the year ended December 31, 2003 were correctly stated in the text of the release as $0.60. The corrected release reads: NATIONAL RESEARCH CORPORATION REPORTS YEAR-END year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. REVENUE GROWTH OF 20%; COMPANY AWARDED CONTRACT FOR FIRST MAJOR USE OF NATIONAL STANDARD SURVEY National Research Corporation (NASDAQ/NM:NRCI NRCI Northeast Regional Cancer Institute (northeastern Pennsylvania) ), a leader in healthcare performance measurement, today announced results for the fourth quarter and year ended December 31, 2003. Commenting on the year-end performance, Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. D. Hays Hays, city (1990 pop. 17,767), seat of Ellis co., W central Kans.; inc. 1885. It is a rail, trade, and medical center in a grain, cattle, and oil area. Manufactures include electronic equipment, plastics, feeds, medical supplies, aircraft, and motorcycles. , president and chief executive officer of National Research Corporation, said, "We are pleased with our 20% revenue growth for 2003, and we believe that we can meet or exceed that growth rate in 2004. A major new driver of revenue in 2004 will be 'The Quality Initiative,' the national program to publicly report hospital performance. Voluntary participation in the program increased 59% to 2,711 hospitals from 1,700 last quarter, due in part to the financial incentive enacted into law by Congress. It is anticipated now that many more of the approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4,661 hospitals targeted will take advantage of this financial incentive. We are also pleased that National Research Corporation was awarded the contract for the first major use of the new Hospital CAHPS CAHPS Consumer Assessment of Health Plans Study CAHPS Consumer Assessment of Healthcare Providers and Systems survey, which includes fielding the pilot survey for 200 hospitals. This contract represents the first tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. revenue resulting from the national program and will commence in the first quarter of 2004." Revenues for the fourth quarter ended December 31, 2003, increased 8.4% to $6.7 million compared with revenues of $6.2 million for the fourth quarter of 2002. Net income for the fourth quarter of 2003 remained flat with the year 2002, both at $1.2 million, or $0.17 per basic and diluted share. Revenues for the year ended December 31, 2003, increased 20.3% to $26.9 million compared with revenues of $22.4 million for the year ended December 31, 2002. Net income for the year ended December 31, 2003, increased 13.9% to $4.4 million, or $0.60 per basic and diluted share, compared with net income of $3.9 million, or $0.54 per basic and diluted share, in 2002. Patrick E. Beans See JavaBeans. , chief financial officer of National Research Corporation, added, "During the fourth quarter, our stepped-up stepped-up adj. Increased in pace or intensity; heightened: a stepped-up political campaign. focus on business development resulted in increased expenses of $302,000, or $0.03 per share, over the prior year level. Notwithstanding the fact that these additional expenses resulted in $0.02 less in earnings per share than our goal for the fourth quarter, our belief is that these development efforts will position National Research Corporation to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. revenue opportunities in 2004. Given our current visibility, we are anticipating earnings per share for the first quarter of 2004 of $0.16, an increase in excess of 23% over the prior year period." A listen-only simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. of National Research Corporation's fourth quarter and year-end conference call will be available online at www.fulldisclosure.com on February February: see month. 11, 2004, beginning at 11:00 a.m. Eastern time. The online replay will follow approximately two hours later and continue for 30 days. National Research Corporation, headquartered in Lincoln, Nebraska The City of Lincoln is the capital and the second most populous city of the U.S. state of Nebraska. Lincoln is also the county seat of Lancaster County and the home of the University of Nebraska. , is a leading provider of ongoing survey-based performance measurement, analysis and tracking services to the healthcare industry. The Company addresses the growing need of healthcare providers and payors to measure the care outcomes, specifically satisfaction and health status, of their patients and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. members. This press release includes "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements related to the Company that can generally be identified as describing the Company's future plans, objectives or goals. Such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
----------------- ----------------
2003 2002 2003 2002
-------- ------- ------- -------
Revenues $6,742 $6,222 $26,922 $22,387
Operating expenses:
Direct expenses 2,748 2,593 12,029 9,556
Selling, general and
administrative 1,606 1,175 5,987 4,738
Depreciation and amortization 478 451 1,941 1,675
-------- ------- ------- -------
Total operating expenses 4,832 4,219 19,957 15,969
-------- ------- ------- -------
Operating income 1,910 2,003 6,965 6,418
Other income (expense):
Interest income 79 70 293 258
Interest expense (107) (109) (428) (450)
Other, net 38 6 85 (65)
-------- ------- ------- -------
Total other income (expense) 10 (33) (49) (257)
Income before income taxes 1,920 1,970 6,916 6,161
Provision for income taxes 665 735 2,532 2,311
-------- ------- ------- -------
Net income $1,255 $1,235 $4,384 $3,850
======== ======= ======= =======
Net income per share, basic $0.17 $0.17 $0.60 $0.54
======== ======= ======= =======
Net income per share, diluted $0.17 $0.17 $0.60 $0.54
======== ======= ======= =======
Weighted average
shares outstanding:
Basic 7,271 7,236 7,259 7,163
Diluted 7,314 7,264 7,326 7,193
NATIONAL RESEARCH CORPORATION
Unaudited Consolidated Condensed Balance Sheets
(Dollars in thousands)
Dec. 31, Dec. 31,
2003 2002
------- -------
ASSETS
Current Assets:
Cash and cash equivalents $3,441 $991
Short-term investments 12,767 9,987
Accounts receivable, net 5,479 4,579
Other current assets 1,834 2,391
------- -------
Total current assets 23,521 17,948
Net property and equipment 12,189 12,346
Other, net 9,963 8,538
------- -------
Total Assets $45,673 $38,832
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $1,074 $933
Deferred revenue 4,439 3,277
Accrued compensation 805 633
Notes payable 142 132
Income taxes payable 244 55
------- -------
Total current liabilities 6,704 5,030
Noncurrent liabilities 6,545 5,784
------- -------
Total Liabilities 13,249 10,814
------- -------
Shareholders' Equity:
Common stock, $0.001 par value; 20,000,000
shares authorized; 7,639,819 and 7,560,610
shares issued, respectively; 7,305,819 and
7,245,110 outstanding, respectively 8 8
Additional paid-in capital 18,875 18,124
Retained earnings 15,831 11,447
Unearned compensation (394) 0
Accumulated other comprehensive income (27) 35
Treasury stock (1,869) (1,596)
------- -------
Total shareholders' equity 32,424 28,018
------- -------
Total Liabilities and Shareholders' Equity $45,673 $38,832
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