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National Research Corporation Announces Third Quarter 2022 Results

LINCOLN, Neb., Nov. 01, 2022 (GLOBE NEWSWIRE) -- National Research Corporation, dba NRC Health, (NASDAQ:NRC) today announced results for the third quarter 2022.

Regarding the Company’s 2022 third quarter financial performance, Kevin Karas, Chief Financial Officer, said, “We continued to grow revenue from new and existing customers in our core offerings, including our new Human Understanding Program. Overall revenue was approximately flat compared with the 2021 quarter due to the phase out of our Canadian operations and a decline in other non-core offerings. From a margin standpoint, investments in innovation initiatives, marketing and associate retention, increased operating expenses for the quarter. In addition, for the quarter, we paid $5.9 million in dividends and $3.6 million related to share repurchases.”

Revenue for the third quarter ended September 30, 2022, was $37.7 million, compared to $37.8 million for the same quarter in 2021. Net income for the quarter ended September 30, 2022, was $8.3 million, compared to $9.7 million for the quarter ended September 30, 2021.

Diluted earnings per share decreased to $0.33 for the quarter ended September 30, 2022, from diluted earnings per share of $0.38 for the quarter ended September 30, 2021.

A live simulcast of National Research Corporation’s 2022 third quarter conference call will be available online at on November 2, 2022, 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 been committed to achieving Human Understanding and bringing healthcare organizations closer to their customers than ever before by illuminating and improving the key moments that define an experience and build trust. Guided by their uniquely empathic heritage, proprietary methods, skilled associates, and holistic approach, NRC Health helps its customers design experiences that exceed expectations, inspire loyalty, and improve well-being among patients, residents, physicians, nurses, and staff. For more information, email, or visit

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, 2021 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. 

Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data)

 Three months ended
September 30
  Nine months ended
September 30
 2022  2021  2022  2021 
Revenue$37,691  $37,767  $113,424  $109,656 
Operating expenses:               
Direct 14,524   13,707   43,062   38,184 
Selling, general and administrative 10,762   9,523   32,159   29,060 
Depreciation, amortization and impairment 1,296   1,399   3,902   5,016 
Total operating expenses 26,582   24,629   79,123   72,260 
Operating income 11,109   13,138   34,301   37,396 
Other income (expense):               
Interest income 15   4   34   10 
Interest expense (288)  (413)  (923)  (1,268)
Other, net 11   (105)  (69)  (8)
Total other income (expense) (262)  (514)  (958)  (1,266)
Income before income taxes 10,847   12,624   33,343   36,130 
Provision for income taxes 2,549   2,967   8,184   8,297 
Net income$8,298  $9,657  $25,159  $27,833 
Earnings Per Share of Common Stock:               
Basic Earnings Per Share$0.34  $0.38  $1.01  $1.09 
Diluted Earnings Per Share$0.33  $0.38  $1.00  $1.08 
Weighted average shares and share equivalents outstanding:               
Basic 24,716   25,427   25,014   25,423 
Diluted 24,847   25,650   25,147   25,655 

Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands, except share amounts and par value)

  September 30,  December 31, 
  2022  2021 
Current assets:        
Cash and cash equivalents $28,392  $54,361 
Accounts receivable, net  15,378   13,728 
Other current assets  5,335   5,618 
Total current assets  49,105   73,707 
Property and equipment, net  15,761   12,391 
Goodwill  61,614   61,614 
Other, net  8,503   9,828 
Total assets $134,983  $157,540 
Liabilities and Shareholders’ Equity        
Current liabilities:        
Current portion of notes payable, net unamortized debt issuance costs  $4,434  $4,278 
Accounts payable and accrued expenses  5,765   7,393 
Accrued compensation  6,023   7,139 
Deferred revenue  17,373   17,213 
Dividends payable  5,926   3,044 
Other current liabilities  1,563   1,321 
Total current liabilities  41,084   40,388 
Notes payable, net of current portion and unamortized debt issuance costs  18,837   22,269 
Other non-current liabilities  7,296   9,546 
Total liabilities  67,217   72,203 
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 30,922,181 in 2022 and 30,898,600 in 2021, outstanding 24,691,246 in 2022 and 25,361,409 in 2021  31   31 
Additional paid-in capital  175,162   173,942 
Retained earnings (accumulated deficit)  (28,870  (36,112
Accumulated other comprehensive loss, foreign currency translation adjustment  (2,608)  (2,375)
Treasury stock  (75,949)  (50,149)
Total shareholders’ equity  67,766   85,337 
Total liabilities and shareholders’ equity $134,983  $157,540 

Contact:Kevin R. Karas
 Chief Financial Officer

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