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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Research Corp. (MM) | NASDAQ:NRCI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 60.10 | 0 | 01:00:00 |
[X]
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the fiscal year ended December 31, 2012
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from
to _______________
|
National Research Corporation | ||
(Exact name of registrant as specified in its charter)
|
Wisconsin
|
47-0634000
|
|||
(State or other jurisdiction
|
(I.R.S. Employer
|
|||
of incorporation or organization)
|
Identification No.)
|
|||
1245 Q Street
|
||||
Lincoln, Nebraska
|
68508
|
|||
(Address of principal executive offices)
|
(Zip code)
|
Title of Class | Name of Each Exchange on Which Registered | |
Common Stock, $.001 par value | The NASDAQ Stock Market |
Page
|
||
PART I
|
||
Item 1.
|
Business
|
1
|
Item 1A.
|
Risk Factors
|
8
|
Item 1B.
|
Unresolved Staff Comments
|
13
|
Item 2.
|
Properties
|
13
|
Item 3.
|
Legal Proceedings
|
13
|
Item 4.
|
Mine Safety Disclosures
|
13
|
PART II
|
||
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities
|
14
|
Item 6.
|
Selected Financial Data
|
16
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition
and Results of Operations
|
17
|
Item 7A.
|
Quantitative and Qualitative Disclosure About Market Risk
|
27
|
Item 8.
|
Financial Statements and Supplementary Data
|
28
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure
|
55
|
Item 9A.
|
Controls and Procedures
|
55
|
Item 9B.
|
Other Information
|
55
|
PART III
|
||
Item 10.
|
Directors and Executive Officers of the Registrant
|
57
|
Item 11.
|
Executive Compensation
|
57
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters
|
57
|
Item 13.
|
Certain Relationships and Related Transactions
|
58
|
Item 14.
|
Principal Accountant Fees and Services
|
58
|
PART IV
|
||
Item 15.
|
Exhibits and Financial Statement Schedules
|
59
|
Signatures
|
62
|
|
·
|
The possibility of non-renewal of the Company’s client service contracts;
|
|
·
|
The Company’s ability to compete in its markets, which are highly competitive, and the possibility of increased price pressure and expenses;
|
|
·
|
The effects of an economic downturn;
|
|
·
|
The possibility of consolidation in the healthcare industry;
|
|
·
|
The impact of federal healthcare reform legislation or other regulatory changes;
|
|
·
|
The Company’s ability to retain its limited number of key clients;
|
|
·
|
The Company’s ability to attract and retain key managers and other personnel;
|
|
·
|
The possibility that the Company’s intellectual property and other proprietary information technology could be copied or independently developed by its competitors;
|
|
·
|
Regulatory developments; and
|
|
·
|
The factors set forth under the caption “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K.
|
Name
|
Age
|
Position
|
Michael D. Hays
|
58
|
Chief Executive Officer
|
Susan L. Henricks
|
62
|
President and Chief Operating Officer
|
Kevin R. Karas
|
55
|
Senior Vice President Finance, Chief Financial Officer, Treasurer and Secretary
|
High
|
Low
|
Dividends Declared Per
Common Share
|
||||||||||
2011 Quarter Ended:
|
||||||||||||
March 31
|
$ | 34.25 | $ | 29.01 | $ | 0.22 | ||||||
June 30
|
$ | 36.89 | $ | 33.63 | $ | 0.22 | ||||||
September 30
|
$ | 44.44 | $ | 30.96 | $ | 0.22 | ||||||
December 31
|
$ | 38.96 | $ | 28.00 | $ | 0.22 | ||||||
2012 Quarter Ended:
|
||||||||||||
March 31
|
$ | 43.98 | $ | 36.58 | $ | 0.26 | ||||||
June 30
|
$ | 53.00 | $ | 41.00 | $ | 0.26 | ||||||
September 30
|
$ | 52.71 | $ | 46.19 | $ | 0.26 | ||||||
December 31
|
$ | 58.23 | $ | 49.51 | $ | 1.76 |
Period
|
Total Number of Shares
Purchased
|
Average Price
Paid per
Share
|
Total Number of Shares Purchased as Part of Publicly Announced
Plans or Programs
|
Maximum Number of Shares that May Yet Be Purchased Under the
Plans or Programs
|
||||||||||||
October 1 – October 31, 2012
|
28,194 | $ | 50.32 | 28,194 | 162,668 | |||||||||||
November 1 – November 30, 2012
|
-- | -- | -- | 162,668 | ||||||||||||
December 1 – December 31, 2012
|
19,270 | $ | 53.88 | 19,270 | 143,398 |
12/07 | 12/08 | 12/09 | 12/10 | 12/11 | 12/12 | |||||||||||||||||||
National Research Corporation
|
100.00 | 109.39 | 80.36 | 136.99 | 159.37 | 234.23 | ||||||||||||||||||
NASDAQ Composite
|
100.00 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 | ||||||||||||||||||
Russell 2000
|
100.00 | 66.21 | 84.20 | 106.82 | 102.36 | 119.09 |
Year Ended December 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||||||
Statement of Income Data:
|
||||||||||||||||||||
Revenue
|
$ | 86,421 | $ | 75,767 | $ | 63,398 | $ | 57,692 | $ | 51,013 | ||||||||||
Operating expenses:
|
||||||||||||||||||||
Direct
|
35,461 | 28,667 | 24,635 | 24,148 | 23,611 | |||||||||||||||
Selling, general and administrative
|
23,542 | 23,300 | 20,202 | 16,016 | 12,728 | |||||||||||||||
Depreciation and amortization
|
4,699 | 5,065 | 4,704 | 3,831 | 2,685 | |||||||||||||||
Total operating expenses
|
63,702 | 57,032 | 49,541 | 43,995 | 39,024 | |||||||||||||||
Operating income
|
22,719 | 18,735 | 13,857 | 13,697 | 11,989 | |||||||||||||||
Other expense
|
(512 | ) | (575 | ) | (542 | ) | (580 | ) | (6 | ) | ||||||||||
Income before income taxes
|
22,207 | 18,160 | 13,315 | 13,117 | 11,983 | |||||||||||||||
Provision for income taxes
|
7,139 | 6,596 | 4,816 | 4,626 | 4,538 | |||||||||||||||
Net income
|
$ | 15,068 | $ | 11,564 | $ | 8,499 | $ | 8,491 | $ | 7,445 | ||||||||||
Net income per share - basic
|
$ | 2.22 | $ | 1.73 | $ | 1.28 | $ | 1.28 | $ | 1.11 | ||||||||||
Net income per share - diluted
|
$ | 2.17 | $ | 1.69 | $ | 1.26 | $ | 1.26 | $ | 1.09 | ||||||||||
Dividends per share
|
$ | 2.54 | $ | 0.88 | $ | 0.76 | $ | 0.64 | $ | 0.56 | ||||||||||
Weighted average shares outstanding – basic
|
6,775 | 6,672 | 6,637 | 6,637 | 6,685 | |||||||||||||||
Weighted average shares outstanding – diluted
|
6,951 | 6,842 | 6,735 | 6,723 | 6,831 |
|
December 31,
|
|||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Working capital deficiency
|
$ | (11,483 | ) | $ | (2,262 | ) | $ | (8,809 | ) | $ | (4,432 | ) | $ | (10,650 | ) | |||||
Total assets
|
100,046 | 100,676 | 95,770 | 72,499 | 72,145 | |||||||||||||||
Total debt and capital lease obligations, including current portion
|
12,763 | 14,912 | 16,599 | 7,719 | 12,954 | |||||||||||||||
Total shareholders’ equity
|
$ | 56,742 | $ | 55,554 | $ | 48,584 | $ | 44,171 | $ | 38,598 |
●
|
Revenue recognition;
|
●
|
Valuation of goodwill and identifiable intangible assets; and
|
●
|
Income taxes.
|
Percentage of Total Revenue
Year Ended December 31,
|
Percentage
Increase (Decrease)
|
|||||||||||||||||||
2012
|
2011
|
2010
|
2012 over
2011
|
2011 over
2010
|
||||||||||||||||
Revenue
|
100.0 | % | 100.0 | % | 100.0 | % | 14.1 | % | 19.5 | % | ||||||||||
Operating expenses:
|
||||||||||||||||||||
Direct
|
41.0 | 37.8 | 38.8 | 23.7 | 16.4 | |||||||||||||||
Selling, general and administrative
|
27.2 | 30.8 | 31.9 | 1.0 | 15.3 | |||||||||||||||
Depreciation and amortization
|
5.4 | 6.7 | 7.4 | (7.2 | ) | 7.7 | ||||||||||||||
Total operating expenses
|
73.7 | 75.3 | 78.1 | 11.7 | 15.1 | |||||||||||||||
Operating income
|
26.3 | % | 24.7 | % | 21.9 | % | 21.3 | % | 35.2 | % |
For the Year Ended December 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(In thousands)
|
||||||||||||
Provided by operating activities
|
$ | 19,132 | $ | 18,481 | $ | 14,603 | ||||||
Used in investing activities
|
(2,348 | ) | (6,927 | ) | (16,980 | ) | ||||||
(Used in) provided by financing activities
|
(16,687 | ) | (6,886 | ) | 3,254 | |||||||
Effect of exchange rate changes on cash
|
107 | (105 | ) | 130 | ||||||||
Net increase in cash and cash equivalents
|
204 | 4,563 | 1,007 | |||||||||
Cash and cash equivalents at end of period
|
$ | 8,286 | $ | 8,082 | $ | 3,519 |
Contractual Obligations
(1)
|
Total
Payments
|
Less than
One Year
|
One to
Three Years
|
Three to
Five Years
|
After
Five Years
|
|||||||||||||||
(In thousands)
|
||||||||||||||||||||
Operating leases
|
$ | 2,554 | $ | 687 | $ | 1,176 | $ | 573 | $ | 118 | ||||||||||
Capital leases
|
380 | 135 | 237 | 8 | -- | |||||||||||||||
Uncertain tax positions
(2)
|
224 | -- | -- | -- | -- | |||||||||||||||
Long-term debt
|
12,703 | 12,703 | -- | -- | -- | |||||||||||||||
Total
|
$ | 15,861 | $ | 13,525 | $ | 1,413 | $ | 581 | $ | 118 |
(1)
|
Amounts are inclusive of interest payments, where applicable
|
(2)
|
We have $224,000 in liabilities associated with uncertain tax positions. We are unable to reasonably estimate the expected cash settlement dates of these uncertain tax positions with the taxing authorities.
|
(In thousands, except per share data)
|
||||||||||||||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||||||||||||||
Dec. 31,
2012
|
Sept 30,
2012
|
June 30,
2012
|
Mar. 31,
2012
|
Dec. 31,
2011
|
Sept 30,
2011
|
June 30,
2011
|
Mar. 31,
2011
|
|||||||||||||||||||||||||
Revenue
|
$ | 21,996 | $ | 21,386 | $ | 20,632 | $ | 22,407 | $ | 19,111 | $ | 18,549 | $ | 18,316 | $ | 19,791 | ||||||||||||||||
Direct expenses
|
9,128 | 8,769 | 8,633 | 8,931 | 7,178 | 7,471 | 7,260 | 6,758 | ||||||||||||||||||||||||
Selling, general and administrative expenses
|
6,001 | 5,821 | 5,569 | 6,151 | 5,648 | 5,572 | 5,990 | 6,090 | ||||||||||||||||||||||||
Depreciation and amortization
|
1,093 | 1,149 | 1,214 | 1,243 | 1,275 | 1,312 | 1,235 | 1,243 | ||||||||||||||||||||||||
Operating income
|
5,774 | 5,647 | 5,216 | 6,082 | 5,010 | 4,194 | 3,831 | 5,700 | ||||||||||||||||||||||||
Other expense
|
(100 | ) | (155 | ) | (105 | ) | (152 | ) | (158 | ) | (77 | ) | (144 | ) | (196 | ) | ||||||||||||||||
Provision for income taxes
|
1,971 | 1,915 | 1,172 | 2,081 | 1,720 | 1,470 | 1,358 | 2,048 | ||||||||||||||||||||||||
Net income
|
$ | 3,703 | $ | 3,577 | $ | 3,939 | $ | 3,849 | $ | 3,132 | $ | 2,647 | $ | 2,329 | $ | 3,456 | ||||||||||||||||
Net income per share – basic
|
$ | 0.54 | $ | 0.53 | $ | 0.58 | $ | 0.57 | $ | 0.47 | $ | 0.40 | $ | 0.35 | $ | 0.52 | ||||||||||||||||
Net income per share – diluted
|
$ | 0.53 | $ | 0.51 | $ | 0.57 | $ | 0.56 | $ | 0.46 | $ | 0.39 | $ | 0.34 | $ | 0.51 | ||||||||||||||||
Weighted average shares outstanding – basic
|
6,838 | 6,791 | 6,751 | 6,719 | 6,691 | 6,679 | 6,665 | 6,654 | ||||||||||||||||||||||||
Weighted average shares outstanding – diluted
|
6,986 | 6,961 | 6,943 | 6,907 | 6,847 | 6,850 | 6,855 | 6,809 |
Assets
|
2012
|
2011
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 8,286 | $ | 8,082 | ||||
Trade accounts receivable, less allowance for doubtful accounts of $244 and $289, respectively
|
12,119 | 11,187 | ||||||
Unbilled revenue
|
932 | 913 | ||||||
Prepaid expenses
|
1,269 | 768 | ||||||
Income taxes receivable
|
158 | - | ||||||
Deferred income taxes
|
547 | 789 | ||||||
Other current assets
|
504 | 398 | ||||||
Total current assets
|
23,815 | 22,137 | ||||||
Net property and equipment
|
12,493 | 13,613 | ||||||
Intangible assets, net
|
5,794 | 7,073 | ||||||
Goodwill
|
57,799 | 57,730 | ||||||
Other
|
145 | 123 | ||||||
Total assets
|
$ | 100,046 | $ | 100,676 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of notes payable
|
$ | 12,436 | $ | 1,861 | ||||
Accounts payable
|
291 | 783 | ||||||
Accrued wages, bonus and profit sharing
|
4,392 | 3,591 | ||||||
Accrued expenses
|
2,265 | 1,418 | ||||||
Income taxes payable
|
- | 145 | ||||||
Current portion of capital lease obligations
|
102 | 101 | ||||||
Deferred revenue
|
15,812 | 16,500 | ||||||
Total current liabilities
|
35,298 | 24,399 | ||||||
Notes payable, net of current portion
|
- | 12,625 | ||||||
Deferred income taxes
|
7,527 | 7,588 | ||||||
Deferred revenue
|
254 | 185 | ||||||
Capital lease obligations, net of current portion
|
225 | 325 | ||||||
Total liabilities
|
43,304 | 45,122 | ||||||
Shareholders’ equity:
|
||||||||
Common stock, $0.001 par value; authorized 20,000,000 shares, issued 8,376,592 in 2012 and 8,117,849 in 2011, outstanding 6,874,992 in 2012 and 6,724,280 in 2011
|
8 | 8 | ||||||
Additional paid-in capital
|
39,514 | 31,080 | ||||||
Retained earnings
|
44,700 | 46,995 | ||||||
Accumulated other comprehensive income, foreign currency translation adjustment
|
1,124 | 907 | ||||||
Treasury stock, at cost; 1,501,600 shares in 2012 and 1,393,569 shares in 2011
|
(28,604 | ) | (23,436 | ) | ||||
Total shareholders’ equity
|
56,742 | 55,554 | ||||||
Total liabilities and shareholders’ equity
|
$ | 100,046 | $ | 100,676 |
2012
|
2011
|
2010
|
||||||||||
Revenue
|
$ | 86,421 | $ | 75,767 | $ | 63,398 | ||||||
Operating expenses:
|
||||||||||||
Direct
|
35,461 | 28,667 | 24,635 | |||||||||
Selling, general and administrative
|
23,542 | 23,300 | 20,202 | |||||||||
Depreciation and amortization
|
4,699 | 5,065 | 4,704 | |||||||||
Total operating expenses
|
63,702 | 57,032 | 49,541 | |||||||||
Operating income
|
22,719 | 18,735 | 13,857 | |||||||||
Other income (expense):
|
||||||||||||
Interest income
|
32 | 13 | 6 | |||||||||
Interest expense
|
(541 | ) | (629 | ) | (491 | ) | ||||||
Other, net
|
(3 | ) | 41 | (57 | ) | |||||||
Total other expense
|
(512 | ) | (575 | ) | (542 | ) | ||||||
Income before income taxes
|
22,207 | 18,160 | 13,315 | |||||||||
Provision for income taxes
|
7,139 | 6,596 | 4,816 | |||||||||
Net income
|
$ | 15,068 | $ | 11,564 | $ | 8,499 | ||||||
Net income per share - basic
|
$ | 2.22 | $ | 1.73 | $ | 1.28 | ||||||
Net income per share - diluted
|
$ | 2.17 | $ | 1.69 | $ | 1.26 | ||||||
Weighted average shares and shares equivalent outstanding - basic
|
6,775 | 6,672 | 6,637 | |||||||||
Weighted average shares and shares equivalent outstanding - diluted
|
6,951 | 6,842 | 6,736 |
2012
|
2011
|
2010
|
||||||||||
Net Income
|
$ | 15,068 | $ | 11,564 | $ | 8,499 | ||||||
Other comprehensive income (loss):
|
||||||||||||
Cumulative translation adjustment
|
$ | 217 | $ | (201 | ) | $ | 339 | |||||
Other comprehensive income (loss)
|
$ | 217 | $ | (201 | ) | $ | 339 | |||||
Comprehensive Income
|
$ | 15,285 | $ | 11,363 | $ | 8,838 |
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Treasury
Stock
|
Total
|
|||||||||||||||||||
Balances at December 31, 2009
|
$ | 8 | $ | 27,871 | $ | 37,905 | $ | 769 | $ | (22,382 | ) | $ | 44,171 | |||||||||||
Purchase of 20,349 shares of treasury stock
|
-- | -- | -- | -- | (463 | ) | (463 | ) | ||||||||||||||||
Issuance of 17,573 common shares for the exercise of stock options
|
-- | 274 | -- | -- | -- | 274 | ||||||||||||||||||
Tax benefit from the exercise of options and vested restricted stock
|
-- | 46 | -- | -- | -- | 46 | ||||||||||||||||||
Issuance of 9,238 restricted common shares
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Non-cash stock
compensation expense
|
-- | 779 | -- | -- | -- | 779 | ||||||||||||||||||
Dividends declared of $0.76 per common share
|
-- | -- | (5,061 | ) | -- | -- | (5,061 | ) | ||||||||||||||||
Other comprehensive income (loss), foreign currency translation adjustment
|
-- | -- | -- | 339 | -- | 339 | ||||||||||||||||||
Net income
|
-- | -- | 8,499 | -- | -- | 8,499 | ||||||||||||||||||
Balances at December 31, 2010
|
$ | 8 | $ | 28,970 | $ | 41,343 | $ | 1,108 | $ | (22,845 | ) | $ | 48,584 | |||||||||||
Purchase of 17,288 shares of treasury stock
|
-- | -- | -- | -- | (591 | ) | (591 | ) | ||||||||||||||||
Issuance of 58,671 common shares for the exercise of stock options
|
-- | 940 | -- | -- | -- | 940 | ||||||||||||||||||
Tax benefit from the exercise of options and vested restricted stock
|
-- | 407 | -- | -- | -- | 407 | ||||||||||||||||||
Issuance of 14,323 restricted common shares, net of forfeitures
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Non-cash stock
compensation expense
|
-- | 763 | -- | -- | -- | 763 | ||||||||||||||||||
Dividends declared of $0.88 per common share
|
-- | -- | (5,912 | ) | -- | -- | (5,912 | ) | ||||||||||||||||
Other comprehensive income (loss), foreign currency translation adjustment
|
-- | -- | -- | (201 | ) | -- | (201 | ) | ||||||||||||||||
Net income
|
-- | -- | 11,564 | -- | -- | 11,564 | ||||||||||||||||||
Balances at December 31, 2011
|
$ | 8 | $ | 31,080 | $ | 46,995 | $ | 907 | $ | (23,436 | ) | $ | 55,554 | |||||||||||
Purchase of 108,031 shares of treasury stock
|
-- | -- | -- | -- | (5,168 | ) | (5,168 | ) | ||||||||||||||||
Issuance of 262,101 common shares for the exercise of stock options
|
-- | 5,968 | -- | -- | -- | 5,968 | ||||||||||||||||||
Tax benefit from the exercise of options and vested restricted stock
|
-- | 2,078 | -- | -- | -- | 2,078 | ||||||||||||||||||
Issuance of restricted common shares, net of forfeitures (3,358)
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Non-cash stock
compensation expense
|
-- | 388 | -- | -- | -- | 388 | ||||||||||||||||||
Dividends declared of $2.54 per common share
|
-- | -- | (17,363 | ) | -- | -- | (17,363 | ) | ||||||||||||||||
Other comprehensive income (loss), foreign currency translation adjustment
|
-- | -- | -- | 217 | -- | 217 | ||||||||||||||||||
Net income
|
-- | -- | 15,068 | -- | -- | 15,068 | ||||||||||||||||||
Balances at December 31, 2012
|
$ | 8 | $ | 39,514 | $ | 44,700 | $ | 1,124 | $ | (28,604 | ) | $ | 56,742 |
2012
|
2011
|
2010
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
$ | 15,068 | $ | 11,564 | $ | 8,499 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
4,699 | 5,065 | 4,704 | |||||||||
Deferred income taxes
|
(421 | ) | 1,297 | 614 | ||||||||
(Gain) Loss on sale of property and equipment
|
4 | (1 | ) | 1 | ||||||||
Tax benefit from exercise of stock options
|
601 | 66 | 33 | |||||||||
Non-cash stock compensation expense
|
388 | 763 | 779 | |||||||||
Change in assets and liabilities, net of effect of acquisitions:
|
||||||||||||
Trade accounts receivable
|
(879 | ) | (2,064 | ) | (2,489 | ) | ||||||
Unbilled revenue
|
(11 | ) | 194 | 91 | ||||||||
Prepaid expenses
|
(357 | ) | 253 | 1425 | ||||||||
Other current assets
|
(106 | ) | (121 | ) | 429 | |||||||
Accounts payable
|
(516 | ) | 52 | (1,391 | ) | |||||||
Accrued expenses, wages, bonus and profit sharing
|
1,602 | 1,176 | 113 | |||||||||
Income taxes payable and recoverable
|
(303 | ) | 1,420 | (442 | ) | |||||||
Deferred revenue
|
(637 | ) | (1,183 | ) | 2,237 | |||||||
Net cash provided by operating activities
|
19,132 | 18,481 | 14,603 | |||||||||
Cash flows from investing activities:
|
||||||||||||
Purchases of property and equipment
|
(2,348 | ) | (2,812 | ) | (1,539 | ) | ||||||
Acquisitions, net of cash acquired and earn-out on acquisitions
|
-- | (4,115 | ) | (15,441 | ) | |||||||
Net cash used in investing activities
|
(2,348 | ) | (6,927 | ) | (16,980 | ) | ||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from notes payable
|
-- | 4,545 | 11,300 | |||||||||
Payments on notes payable
|
(2,050 | ) | (6,218 | ) | (2,799 | ) | ||||||
Payments on capital lease obligations
|
(108 | ) | (130 | ) | (43 | ) | ||||||
Proceeds from exercise of stock options
|
1,283 | 568 | 274 | |||||||||
Excess tax benefit from share-based compensation
|
2,078 | 407 | 46 | |||||||||
Purchase of treasury stock
|
-- | -- | (399 | ) | ||||||||
Repurchase of shares for payroll tax withholdings related to share-based compensation
|
(527 | ) | (146 | ) | (64 | ) | ||||||
Payment of dividends on common stock
|
(17,363 | ) | (5,912 | ) | (5,061 | ) | ||||||
Net cash (used in) provided by financing activities
|
(16,687 | ) | (6,886 | ) | 3,254 | |||||||
Effect of exchange rate changes on cash
|
107 | (105 | ) | 130 | ||||||||
Net increase in cash and cash equivalents
|
204 | 4,563 | 1,007 | |||||||||
Cash and cash equivalents at beginning of period
|
8,082 | 3,519 | 2,512 | |||||||||
Cash and cash equivalents at end of period
|
$ | 8,286 | $ | 8,082 | $ | 3,519 | ||||||
Supplemental disclosure of cash paid for:
|
||||||||||||
Interest expense, net of capitalized amounts
|
$ | 554 | $ | 542 | $ | 497 | ||||||
Income taxes
|
$ | 5,108 | $ | 3,383 | $ | 4,549 |
●
|
Significant underperformance in comparison to historical or projected operating results;
|
●
|
Significant changes in the manner or use of acquired assets or the Company’s overall strategy;
|
●
|
Significant negative trends in the Company’s industry or the overall economy;
|
●
|
A significant decline in the market price for the Company’s common stock for a sustained period; and
|
●
|
The Company’s market capitalization falling below the book value of the Company’s net assets
.
|
2012
|
2011
|
2010
|
||||||||||
(In thousands)
|
||||||||||||
Amounts charged against income, before income tax benefit
|
$ | 388 | $ | 763 | $ | 779 | ||||||
Amount of related income tax benefit
|
153 | 302 | 309 | |||||||||
Total net income impact
|
$ | 235 | $ | 461 | $ | 470 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
As of December 31, 2012
|
||||||||||||||||
Money Market Funds
|
$ | 5,245 | $ | -- | $ | -- | $ | 5,245 | ||||||||
Commercial Paper
|
$ | 2,242 | $ | -- | $ | -- | $ | 2,242 | ||||||||
Total
|
$ | 7,487 | $ | -- | $ | -- | $ | 7,487 | ||||||||
As of December 31, 2011
|
||||||||||||||||
Money Market Funds
|
$ | 3,243 | $ | -- | $ | -- | $ | 3,243 | ||||||||
Commercial Paper
|
$ | 4,659 | $ | -- | $ | -- | $ | 4,659 | ||||||||
Total
|
$ | 7,902 | $ | -- | $ | -- | $ | 7,902 |
December 31
, 2012
|
December 31,
2011
|
|||||||
(In thousands)
|
||||||||
Total carrying amount of long-term debt
|
$ | 12,436 | $ | 14,486 | ||||
Estimated fair value of long-term debt
|
$ | 12,490 | $ | 14,498 |
2012
|
2011
|
2010
|
||||||||||
(In thousands)
|
||||||||||||
Common stock
|
6,775 | 6,672 | 6,637 | |||||||||
Dilutive effect of options
|
164 | 158 | 87 | |||||||||
Dilutive effect of restricted stock
|
12 | 12 | 12 | |||||||||
Weighted average shares used for dilutive per share information
|
6,951 | 6,842 | 6,736 |
Weighted-Average Life
(years)
|
||||||||
Current Assets
|
$ | 3,615 | ||||||
Property and equipment
|
1,632 | |||||||
Customer relationships
|
10 | 2,330 | ||||||
Trade name
|
5 | 330 | ||||||
Non-compete Agreements
|
3 | 430 | ||||||
Goodwill
|
13,502 | |||||||
Total acquired assets
|
21,839 | |||||||
Current liabilities
|
6,310 | |||||||
Long-term liabilities
|
260 | |||||||
Total liabilities assumed
|
6,570 | |||||||
Net assets acquired
|
$ | 15,269 |
December 31,
2010
|
||||
(in thousands)
|
||||
Revenue
|
$ | 67,341 | ||
Net income
|
$ | 7,664 | ||
Net income per share – basic
|
$ | 1.15 | ||
Net income per share – diluted
|
$ | 1.14 |
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Furniture and equipment
|
$ | 3,797 | $ | 3,667 | ||||
Computer equipment and software
|
17,647 | 15,866 | ||||||
Building
|
9,322 | 9,271 | ||||||
Land
|
425 | 425 | ||||||
31,191 | 29,229 | |||||||
Less accumulated depreciation and amortization
|
18,698 | 15,616 | ||||||
Net property and equipment
|
$ | 12,493 | $ | 13,613 |
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Furniture and equipment
|
$ | 514 | $ | 527 | ||||
Computer equipment and software
|
47 | 47 | ||||||
561 | 574 | |||||||
Less accumulated amortization
|
196 | 117 | ||||||
Net assets under capital lease
|
$ | 365 | $ | 457 |
Useful Life
|
Gross
|
Accumulated
Amortization
|
Net
|
||||||||||||||
(In years) | (In thousands) | ||||||||||||||||
Goodwill
|
$ | 57,799 | $ | 57,799 | |||||||||||||
Non-amortizing intangible assets:
|
|||||||||||||||||
Indefinite trade name
|
1,191 | 1,191 | |||||||||||||||
Amortizing intangible assets:
|
|||||||||||||||||
Customer related
|
5 | - | 15 | 10,521 | 6,709 | 3,812 | |||||||||||
Non-competes
|
3 | 430 | 346 | 84 | |||||||||||||
Trade names
|
5 | - | 10 | 1,902 | 1,195 | 707 | |||||||||||
Total amortizing intangibles
|
12,853 | 8,250 | 4,603 | ||||||||||||||
Total intangible assets other than goodwill
|
$ | 14,044 | $ | 8,250 | $ | 5,794 |
Useful Life
|
Gross
|
Accumulated
Amortization
|
Net
|
||||||||||||||
(In years) | (In thousands) | ||||||||||||||||
Goodwill
|
$ | 57,730 | $ | 57,730 | |||||||||||||
Non-amortizing intangible assets:
|
|||||||||||||||||
Indefinite trade name
|
1,191 | 1,191 | |||||||||||||||
Amortizing intangible assets:
|
|||||||||||||||||
Customer related
|
5 | - | 15 | 10,513 | 5,789 | 4,724 | |||||||||||
Non-competes
|
3 | 430 | 203 | 227 | |||||||||||||
Trade names
|
5 | - | 10 | 1,902 | 971 | 931 | |||||||||||
Total amortizing intangibles
|
12,845 | 6,963 | 5,882 | ||||||||||||||
Total intangible assets other than goodwill
|
$ | 14,036 | $ | 6,963 | $ | 7,073 |
Balance as of December 31, 2010
|
$ | 55,133 | ||
MIV contingent consideration earned
|
2,550 | |||
OCS correcting entries
|
106 | |||
Foreign currency translation
|
(59 | ) | ||
Balance as of December 31, 2011
|
$ | 57,730 | ||
Foreign currency translation
|
69 | |||
Balance as of December 31, 2012
|
$ | 57,799 |
2012
|
2011
|
2010
|
||||||||||
U.S. Operations
|
$ | 19,836 | $ | 16,017 | $ | 11,353 | ||||||
Foreign Operations
|
2,371 | 2,143 | 1,962 | |||||||||
$ | 22,207 | $ | 18,160 | $ | 13,315 |
2012
|
2011
|
2010
|
||||||||||
Federal
:
|
||||||||||||
Current
|
$ | 5,488 | $ | 4,018 | $ | 3,450 | ||||||
Deferred
|
1,140 | 1,170 | 458 | |||||||||
Total
|
$ | 6,628 | $ | 5,188 | $ | 3,908 | ||||||
Foreign
:
|
||||||||||||
Current
|
$ | 684 | $ | 606 | $ | 477 | ||||||
Deferred
|
(6 | ) | (1 | ) | 28 | |||||||
Total
|
$ | 678 | $ | 605 | $ | 505 | ||||||
State
:
|
||||||||||||
Current
|
$ | 787 | $ | 609 | $ | 275 | ||||||
Deferred
|
(954 | ) | 194 | 128 | ||||||||
Total
|
$ | (167 | ) | $ | 803 | $ | 403 | |||||
Total
|
$ | 7,139 | $ | 6,596 | $ | 4,816 |
2012
|
2011
|
2010
|
||||||||||
Expected federal income taxes
|
$ | 7,772 | $ | 6,356 | $ | 4,527 | ||||||
Foreign tax rate differential
|
(203 | ) | (145 | ) | (59 | ) | ||||||
U.S. tax graduated rates
|
11 | (99 | ) | -- | ||||||||
State income taxes, net of federal benefit and state tax credits
|
552 | 522 | 257 | |||||||||
Federal tax credits
|
(282 | ) | (132 | ) | (110 | ) | ||||||
Uncertain tax positions
|
(73 | ) | 9 | 72 | ||||||||
Deferred tax adjustment due to
change in state tax law
|
(661 | ) | -- | 138 | ||||||||
Other
|
23 | 85 | (9 | ) | ||||||||
Total
|
$ | 7,139 | $ | 6,596 | $ | 4,816 |
2012
|
2011
|
|||||||
Deferred tax assets:
|
||||||||
Allowance for doubtful accounts
|
$ | 86 | $ | 108 | ||||
Accrued expenses
|
356 | 345 | ||||||
Share based compensation
|
859 | 1,449 | ||||||
Capital loss carryforward
|
1,132 | 1,268 | ||||||
Net operating loss
|
170 | 719 | ||||||
Tax credit carryforward
|
319 | -- | ||||||
Gross deferred tax assets
|
2,922 | 3,889 | ||||||
Less Valuation Allowance
|
(1,138 | ) | (1,352 | ) | ||||
Deferred tax assets
|
1,784 | 2,537 | ||||||
Deferred tax liabilities:
|
||||||||
Prepaid expenses
|
324 | 142 | ||||||
Property and equipment
|
1,790 | 2,505 | ||||||
Intangible assets
|
6,415 | 6,506 | ||||||
Other
|
235 | 184 | ||||||
Deferred tax liabilities
|
8,764 | 9,337 | ||||||
Net deferred tax liabilities
|
$ | (6,980 | ) | $ | (6,800 | ) |
(In thousands)
|
||||
Balance of unrecognized tax benefits at December 31, 2010
|
$ | 269 | ||
Reductions due to lapse of applicable statue of limitations
|
(38 | ) | ||
Additions based on tax positions of prior years
|
3 | |||
Additions based on tax positions related to the current year
|
32 | |||
Balance of unrecognized tax benefits at December 31, 2011
|
$ | 266 | ||
Reductions due to lapse of applicable statue of limitations
|
(117 | ) | ||
Additions based on tax positions of prior years
|
84 | |||
Reductions based on tax positions of prior years
|
(9 | ) | ||
Additions based on tax positions related to the current year
|
-- | |||
Balance of unrecognized tax benefits at December 31, 2012
|
$ | 224 |
2012 | 2011 | 2010 | |||||||||
Expected dividend yield at date of grant
|
2.63 |
to
|
3.98% | 2.00 |
to
|
2.55% | 2.86 |
to
|
3.09% | ||
Expected stock price volatility
|
29.10 |
to
|
31.70% | 28.70 |
to
|
32.00% | 28.40 |
to
|
31.20% | ||
Risk-free interest rate
|
0.56 |
to
|
1.15% | 1.70 |
to
|
2.14% | 1.55 |
to
|
2.56% | ||
Expected life of options (in years)
|
4 |
to
|
6 | 4 |
to
|
6 | 4 |
to
|
6 |
Number of
Options
|
Weighted Average Exercise
Price
|
Weighted Average Remaining Contractual
Terms (Years)
|
Aggregate Intrinsic
Value
(In thousands)
|
|||||||||||||
Outstanding at beginning of period
|
769,401 | $ | 25.73 | |||||||||||||
Granted
|
79,630 | $ | 45.28 | |||||||||||||
Exercised
|
(262,101 | ) | $ | 22.77 | ||||||||||||
Forfeited
|
(131,012 | ) | $ | 27.47 | ||||||||||||
Outstanding at end of period
|
455,918 | $ | 30.34 | 6.38 | $ | 10,877 | ||||||||||
Exercisable at end of period
|
208,423 | $ | 24.19 | 4.74 | $ | 6,254 |
Shares Outstanding
|
Weighted Average Grant Date Fair
Value Per Share
|
|||||||
Outstanding at beginning of period
|
30,002 | $ | 30.57 | |||||
Granted
|
7,823 | $ | 38.35 | |||||
Forfeitures
|
(11,181 | ) | $ | 32.31 | ||||
Vested
|
(6,441 | ) | $ | 24.22 | ||||
Outstanding at end of period
|
20,203 | $ | 34.65 |
2010 Restructuring Plan One-time Termination
Benefits
|
2010 Restructuring Plan Contract
Terminations
|
OCS
One-time Termination
Benefits
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Balance, Restructuring liability
at December 31, 2009
|
$ | -- | $ | -- | $ | -- | $ | -- | ||||||||
Severance assumed in OCS acquisition
|
-- | -- | 333 | 333 | ||||||||||||
Accrual for severance and employee related costs
|
143 | -- | 14 | 157 | ||||||||||||
Payments
|
(106 | ) | -- | (333 | ) | (439 | ) | |||||||||
Balance, Restructuring liability
at December 31, 2010
|
$ | 37 | $ | -- | $ | 14 |
$ 51_
|
|||||||||
Accrual for Contract Terminations
|
-- | 280 | -- | 280 | ||||||||||||
Payments
|
(37 | ) | (280 | ) | (14 | ) | (331 | ) | ||||||||
Balance, Restructuring liability at December 31, 2011 and 2012
|
$ | -- | $ | -- | $ | -- | $ |
--_
|
As of December 31,
|
Capital
Leases
|
Operating
Leases
|
||||||
(In thousands)
|
||||||||
2013
|
$ | 135 | $ | 687 | ||||
2014
|
135 | 591 | ||||||
2015
|
102 | 584 | ||||||
2016
|
8 | 341 | ||||||
2017
|
-- | 233 | ||||||
Total minimum lease payments
|
380 | |||||||
Less: Amount representing interest
|
53 | |||||||
Present value of minimum lease payments
|
327 | |||||||
Less: Current maturities
|
102 | |||||||
Capital lease obligations, net of current portion
|
$ | 225 |
2012
|
2011
|
2010
|
||||||||||
(In thousands)
|
||||||||||||
Revenue:
|
||||||||||||
United States
|
$ | 79,895 | $ | 70,074 | $ | 58,598 | ||||||
Canada
|
6,526 | 5,693 | 4,800 | |||||||||
Total
|
$ | 86,421 | $ | 75,767 | $ | 63,398 | ||||||
Long-lived assets:
|
||||||||||||
United States
|
$ | 72,817 | $ | 75,355 | ||||||||
Canada
|
3,414 | 3,184 | ||||||||||
Total
|
$ | 76,231 | $ | 78,539 | ||||||||
Total assets:
|
||||||||||||
United States
|
$ | 87,670 | $ | 90,253 | ||||||||
Canada
|
12,376 | 10,423 | ||||||||||
Total
|
$ | 100,046 | $ | 100,676 |
Plan Category
|
Number of securities
to be issued upon
the exercise of
outstanding options,
warrants and rights
|
Weighted-average
exercise price of outstanding
options,
warrants and rights
|
Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected
in the first column)
|
|||||||||
Equity compensation plans approved by security holders
(1)
|
455,918 | $ | 30.34 | 545,830 | (2) | |||||||
Equity compensation plans not approved by security holders
|
-- | -- | -- | |||||||||
Total
|
455,918 | $ | 30.34 | 545,830 |
|
(1)
|
Includes the Company’s 2006 Equity Incentive Plan, 2004 Director Plan, and the 2001 Equity Incentive Plan.
|
|
(2)
|
As of December 31, 2012, the Company had authority to award up to 161,854 additional shares of restricted Common Stock to participants under the 2001 Equity Incentive Plan, provided that the total of such shares awarded may not exceed the total number of shares remaining available for issuance under the 2001 Equity Incentive Plan, which totaled 38,897 as of December 31, 2012. Under the 2006 Equity Incentive Plan, the Company had authority to award up to 147,682 additional shares of restricted Common Stock to participants under the 2006 Equity Incentive Plan, provided that the total of such shares awarded may not exceed the total number of shares remaining available for issuance under the 2006 Equity Incentive Plan, which totaled 373,933 as of December 31, 2012.
|
1.
|
Consolidated financial statements. The consolidated financial statements listed in the accompanying index to the consolidated financial statements and financial statement schedule are filed as part of this Annual Report on Form 10-K.
|
2.
|
Financial statement schedule. The financial statement schedule listed in the accompanying index to the consolidated financial statements and financial statement schedule is filed as part of this Annual Report on Form 10-K.
|
3.
|
Exhibits. The exhibits listed in the accompanying exhibit index are filed as part of this Annual Report on Form 10-K.
|
Balance at
Beginning
of Year
|
Acquisition
|
Bad Debt
Expense
|
Write-offs
Net of
Recoveries
|
Balance
at End
of Year
|
||||||||||||||||
Allowance for doubtful accounts:
|
||||||||||||||||||||
Year Ended December 31, 2010
|
279 | 42 | 39 | 23 | 337 | |||||||||||||||
Year Ended December 31, 2011
|
337 | 0 | 80 | 128 | 289 | |||||||||||||||
Year Ended December 31, 2012
|
289 | 0 | 173 | 218 | 244 |
Page in this
Form 10-K
|
||
Report of Independent Registered Public Accounting Firm
|
29
|
|
Consolidated Balance Sheets as of December 31, 2012 and 2011
|
30
|
|
Consolidated Statements of Income for the Three Years Ended December 31, 2012
|
31
|
|
Consolidated Statements of Comprehensive Income for the
Three Years Ended December 31, 2012
|
32
|
|
Consolidated Statements of Shareholders’ Equity for the Three Years Ended December 31, 2012
|
33
|
|
Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2012
|
34
|
|
Notes to Consolidated Financial Statements
|
35
|
|
Schedule II — Valuation and Qualifying Accounts
|
60
|
NATIONAL RESEARCH CORPORATION
|
|||
By
|
/s/ Michael D. Hays | ||
Michael D. Hays
|
|||
Chief Executive Officer
|
Signature
|
Title
|
Date
|
||
/s/ Michael D. Hays
|
Chief Executive Officer and Director (Principal
|
March 1, 2013
|
||
Michael D. Hays
|
Executive Officer) | |||
/s/ Kevin R. Karas
|
Senior Vice President Finance, Chief Financial
|
March 1, 2013
|
||
Kevin R. Karas
|
Officer, Treasurer and Secretary (Principal Financial and Accounting Officer) | |||
/s/ JoAnn M. Martin
|
Director
|
March 1, 2013
|
||
JoAnn M. Martin
|
||||
/s/ John N. Nunnelly
|
Director
|
March 1, 2013
|
||
John N. Nunnelly
|
||||
/s/ Paul C. Schorr III
|
Director
|
March 1, 2013
|
||
Paul C. Schorr III
|
||||
/s/ Gail L. Warden
|
Director
|
March 1, 2013
|
||
Gail L. Warden
|
Exhibit
Number
|
Exhibit Description
|
(2.1)#
|
Merger Agreement, dated as of November 26, 2008, by and among National Research Corporation, NRC Acquisition, Inc., My Innerview, Inc., Neil L. Gulsvig and Janice L. Gulsvig [Incorporated by reference to Exhibit (2.1) to National Research Corporation’s Current Report on Form 8-K dated November 26, 2008 (File No. 0-29466)]
|
(2.2)#
|
Stock Purchase Agreement, dated as of August 3, 2010, by and among National Research Corporation, Outcome Concept Systems, Inc. and the holders of Outcome Concept Systems’ shares of common stock and warrants to purchase such shares [Incorporated by reference to Exhibit (2.1) to National Research Corporation’s Current Report on Form 8-K dated
ugust 3, 2010 (File No. 0-29466)]
|
(3.1)
|
Articles of Incorporation of National Research Corporation, as amended to date [Incorporated by reference to Exhibit (3.1) to National Research Corporation’s Registration Statement on Form S-1 (Registration No. 333-33273)]
|
(3.2)
|
By-Laws of National Research Corporation, as amended to date [Incorporated by reference to Exhibit (3.2) to National Research Corporation’s Current Report on Form 8-K dated
May 8, 2009 (File No. 0-29466)]
|
(4.1)
|
Installment or Single Payment Note, dated as of December 19, 2008, from National Research Corporation to U.S. Bank National Association [Incorporated by reference to Exhibit (4.1) to National Research Corporation’s Current Report on Form 8-K dated December 19, 2008 (File No. 0-294660)]
|
(4.2)
|
Installment or Single Payment Note, dated as of July 30, 2010, from National Research Corporation to U.S. Bank N.A. to refinance the prior December 19, 2008, note of National Research Corporation [Incorporated by reference to Exhibit (4.2) to National Research Corporation’s Current Report on Form 8-K dated August 3, 2010 (File No. 0-29466)]
|
(4.3)
|
Installment or Single Payment Note, dated as of July 30, 2010, from National Research Corporation to U.S. Bank N.A. to fund a portion of the acquisition of Outcome Concept Systems, Inc. [Incorporated by reference to Exhibit (4.1) to National Research Corporation’s Current Report on Form 8-K dated August 3, 2010 (File No. 0-29466)]
|
(10.1)*
|
National Research Corporation 2001 Equity Incentive Plan [Incorporated by reference to National Research Corporation’s Proxy Statement for the 2002 Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on April 3, 2002 (File No. 0-29466)]
|
(10.2)*
|
National Research Corporation 2006 Equity Incentive Plan [Incorporated by reference to National Research Corporation’s Proxy Statement for the 2006 Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on April 3, 2006 (File No. 0-29466)]
|
(10.3)*
|
National Research Corporation Director Stock Plan, as amended to date [Incorporated by reference to Exhibit (10.2) to National Research Corporation’s Annual Report on Form 10-K for the year ended December 31, 1997 (File No. 0-29466)]
|
Exhibit
Number
|
Exhibit Description
|
(10.4)*
|
National Research Corporation 2004 Non-Employee Director Stock Plan [Incorporated by reference to Exhibit (10) to National Research Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (File No. 0-29466)]
|
(10.5)*
|
Form of Nonqualified Stock Option Agreement (for new associates) used in connection with the 2001 Equity Incentive Plan [Incorporated by reference to Exhibit 4.4 to National Research Corporation’s Registration Statement on Form S-8 (Registration No. 333-120530)]
|
(10.6)*
|
Form of Nonqualified Stock Option Agreement (for officers) used in connection with the 2001 Equity Incentive Plan [Incorporated by reference to Exhibit 4.5 to National Research Corporation’s Registration Statement on Form S-8 (Registration No. 333-120530)]
|
(10.7)*
|
Form of Restricted Stock Agreement for executive officers used in connection with the 2001 Equity Incentive Plan [Incorporated by reference to Exhibit 10.2 to National Research Corporation’s Current Report on Form 8-K dated March 19, 2005 (File No. 0-29466)]
|
(10.8)*
|
Form of Restricted Stock Agreement (one year vesting) used in connection with the 2001 Equity Incentive Plan [Incorporated by reference to Exhibit 4.6 to National Research Corporation’s Registration Statement on Form S-8 (Registration No. 333-120530)]
|
(10.9)*
|
Form of Restricted Stock Agreement (five year vesting) used in connection with the 2001 Equity Incentive Plan [Incorporated by reference to Exhibit 4.7 to National Research Corporation’s Registration Statement on Form S-8 (Registration No. 333-120530)]
|
(10.10)*
|
Form of Nonqualified Stock Option Agreement used in connection with the 2006 Equity Incentive Plan [Incorporated by reference to Exhibit (10.14) to National Research Corporation’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 0-29466)]
|
(10.11)*
|
Form of Restricted Stock Agreement used in connection with the 2006 Equity Incentive Plan [Incorporated by reference to Exhibit (10.15) to National Research Corporation’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 0-29466)]
|
(21)
|
Subsidiary of National Research Corporation
|
(23)
|
Consent of Independent Registered Public Accounting Firm
|
(31.1)
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
(31.2)
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
(32)
|
Certification of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Exhibit
Number
|
Exhibit Description
|
(99)
|
Proxy Statement for the 2013 Annual Meeting of Shareholders [To be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after December 31, 2012; except to the extent specifically incorporated by reference, the Proxy Statement for the 2013 Annual Meeting of Shareholders shall not be deemed to be filed with the Securities and Exchange Commission as part of this Annual Report on Form 10-K]
|
(101)**
|
Financial statements from the Annual Report on Form 10-K of National Research Corporation for the year ended December 31, 2012, formatted in eXtensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, (vi) the Notes to the Consolidated Financial Statements, and (vii) document and entity information.
|
*
|
A management contract or compensatory plan or arrangement.
|
#
|
The schedules to this agreement are not being filed herewith. The registrant agrees to furnish supplementally a copy of any such schedule to the Securities and Exchange Commission upon request.
|
+
|
Portions of this exhibit have been redacted and are subject to a confidential treatment request filed with the Secretary of the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The redacted material was filed separately with the Securities and Exchange Commission.
|
**
|
In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1034, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
|
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