National Research Corporation Announces 2008 Fourth Quarter and Year-End Results.Total Contract Value Ends Year at $61.3 Million, Up 26%; Provides Strong Start to 2009
LINCOLN, Neb. -- National Research Corporation (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :NRCI NRCI Northeast Regional Cancer Institute (northeastern Pennsylvania) ) today announced results for the fourth quarter and year-end 2008.
* Quarterly revenue up 13% to $12.2 million
* Quarterly diluted earnings per share diluted earnings per share
An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.28, up 78%
* Quarterly net new contracts $3.0 million
* Year-end revenue $51.0 million; net income $7.4 million
* Year-end new contracts up 19%; subscription-based new contracts up 93%
Commenting on the 2008 fourth quarter and year-end results, Michael D. Hays, president and chief executive officer of National Research Corporation, said, "A good fourth quarter topped off a positive year which included our focus on new product development--the Healthcare Market Guide Ticker ticker
An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. was launched, we added new revenue runways, and populated pop·u·late
tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates
1. To supply with inhabitants, as by colonization; people.
2. a robust pipeline of additional new products yet to be launched. As well, The Governance Institute completed its board support membership upgrade which contributed to their strong 2008 financial performance."
Mr. Hays added, "Turning to 2009, I'm delighted that we are entering the year with booked contracts of more than $60 million which, if completed, suggests a 20% revenue growth in 2009 over 2008."
Revenue for the quarter ended December 31, 2008, was $12.2 million, compared to $10.8 million for the same quarter in 2007. Net income for the quarter ended December 31, 2008, was $1.9 million compared to $1.1 million for the fourth quarter 2007.
Revenue for the year ended December 31, 2008, was $51.0 million, compared to $48.9 million for the same period in 2007. Net income for 2008 was $7.4 million, compared to $6.8 million for 2007. Year-end 2008 performance resulted in $1.11 per basic and $1.09 per diluted earnings per share, compared to 2007 performance of $1.00 per basic and $.98 per diluted earnings per share.
In closing, Patrick E. Beans, chief financial officer of National Research Corporation, said, "It's a positive achievement to have rolled out the HealthCare Market Guide Ticker product, which required deferring some high margin revenue into 2009, and still maintain our net income target of 15% of Company revenue in 2008."
A listen-only simulcast of National Research Corporation's 2008 fourth quarter and year-end conference call will be available online at www.earnings.com on February 11, 2009, beginning at 11:00 a.m. Eastern time. The online replay will follow approximately one hour 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 performance measurement, improvement services, and governance education to the healthcare industry in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada.
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 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.
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