LINCOLN, Neb, May 02, 2023 (GLOBE NEWSWIRE) -- National Research Corporation, dba NRC Health, (NASDAQ:NRC) today announced results for the first quarter 2023.
Regarding the Company's 2023 first quarter, Kevin Karas, Chief Financial Officer, said, "We remain focused on enabling healthcare organizations to deliver personalized care, including the recent announcement of MyView to integrate patient insights directly into the EHR to support care teams in understanding the unique and individual needs of the patients they serve. We are further expanding our sales and marketing resources in support of increased awareness and adoption of the Human Understanding Program to benefit both the patients being served and front-line caregivers."
The Company's Board of Directors maintained its capital allocation priorities of funding innovation and growth investments, including merger and acquisition activity, as well as internal projects, shareholder dividends and share repurchases during 2023. In the first quarter of 2023, the Company funded $2.9 million for innovation and growth, $3.0 million for dividend payments, and $2.0 million for share repurchases.
Diluted earnings per share decreased to $0.28 for the quarter ended March 31, 2023, from diluted earnings per share of $0.34 for the quarter ended March 31, 2022.
A live simulcast of National Research Corporation's 2023 first quarter conference call will be available online at https://events.q4inc.com/attendee/253347934 May 3, 2023, 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 40 years, NRC Health (NASDAQ: NRC) has led the charge to humanize healthcare and support organizations in their understanding of each unique individual. NRC Health's commitment to Human Understanding® helps leading healthcare systems get to know each person they serve not as point-in-time insights, but as an ongoing relationship. Guided by its uniquely empathic heritage, NRC Health's patient-focused approach, unmatched market research, and emphasis on consumer preferences are transforming the healthcare experience, creating strong outcomes for patients and entire healthcare systems. For more information, email info@nrchealth.com, or visit www.nrchealth.com.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as "believes," "expect," derivations thereof, and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements, including those risks and uncertainties as set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2022 and various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.
| NATIONAL RESEARCH CORPORATION AND SUBSIDIARY | |||||||
| Unaudited Condensed Consolidated Statements of Income | |||||||
| (In thousands, except per share data) | |||||||
| Three months ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Revenue | $ | 36,473 | $ | 38,441 | |||
| Operating expenses: | |||||||
| Direct | 14,280 | 14,779 | |||||
| Selling, general and administrative | 11,783 | 10,649 | |||||
| Depreciation and amortization | 1,394 | 1,316 | |||||
| Total operating expenses | 27,457 | 26,744 | |||||
| Operating income | 9,016 | 11,697 | |||||
| Other income (expense): | |||||||
| Interest income | 250 | 5 | |||||
| Interest expense | (241 | ) | (317 | ) | |||
| Other, net | (14 | ) | 48 | ||||
| Total other income (expense) | (5 | ) | (264 | ) | |||
| Income before income taxes | 9,011 | 11,433 | |||||
| Income tax provision | 2,047 | 2,894 | |||||
| Net income | $ | 6,964 | $ | 8,539 | |||
| Earnings Per Share of Common Stock: | |||||||
| Basic Earnings Per Share | $ | 0.28 | $ | 0.34 | |||
| Diluted Earnings Per Share | $ | 0.28 | $ | 0.34 | |||
| Weighted average shares and share equivalents outstanding | |||||||
| Basic | 24,585 | 25,251 | |||||
| Diluted | 24,738 | 25,390 | |||||
| NATIONAL RESEARCH CORPORATION AND SUBSIDIARY | |||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||||
| (Dollars in thousands, except share amounts and par value) | |||||||
| March 31, 2023 | December 31, 2022 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 23,724 | $ | 25,026 | |||
| Accounts receivable, net | 14,220 | 14,461 | |||||
| Other current assets | 7,228 | 4,229 | |||||
| Total current assets | 45,172 | 43,716 | |||||
| Property and equipment, net | 19,486 | 17,248 | |||||
| Goodwill | 61,614 | 61,614 | |||||
| Other, net | 8,034 | 7,883 | |||||
| Total assets | $ | 134,306 | $ | 130,461 | |||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities: | |||||||
| Current portion of notes payable | $ | 4,546 | $ | 4,491 | |||
| Accounts payable and accrued expenses | 5,193 | 5,136 | |||||
| Accrued compensation | 4,977 | 4,551 | |||||
| Deferred revenue | 15,896 | 15,198 | |||||
| Dividends payable | 2,953 | 2,956 | |||||
| Other current liabilities | 2,547 | 1,085 | |||||
| Total current liabilities | 36,112 | 33,417 | |||||
| Notes payable, net of current portion and unamortized debt issuance costs | 16,530 | 17,690 | |||||
| Other non-current liabilities | 6,999 | 7,321 | |||||
| Total liabilities | 59,641 | 58,428 | |||||
| Shareholders' equity: | |||||||
| Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued | -- | -- | |||||
| Common stock, $0.001 par value; authorized 110,000,000 shares, issued 30,943,119 in 2023 and 30,922,181 in 2022, outstanding 24,599,815 in 2023 and 24,628,173 in 2022 | 31 | 31 | |||||
| Additional paid-in capital | 176,057 | 175,453 | |||||
| Retained earnings (accumulated deficit) | (21,173 | ) | (25,184 | ) | |||
| Treasury stock | (80,250 | ) | (78,267 | ) | |||
| Total shareholders' equity | 74,665 | 72,033 | |||||
| Total liabilities and shareholders' equity | $ | 134,306 | $ | 130,461 | |||
Contact:
Kevin R. Karas
Chief Financial Officer
402-475-2525
