Opinion Research (NASDAQ:ORCI)
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PRINCETON, N.J., May 9 /PRNewswire-FirstCall/ -- Opinion Research Corporation (NASDAQ:ORCI), today announced improved financial results for the first quarter ended March 31, 2006.
Income from continuing operations increased to $0.14 per diluted common share, or $753,000, from $0.06 per diluted common share, or $393,000, in the first quarter of 2005. Revenues increased to $47.3 million from $46.2 million in the first quarter of last year.
Revenues
Social research revenues were $34.7 million, increasing from $33.9 million in the first quarter of 2005. Market research revenues totaled $12.7 million, increasing from $12.4 million in the first quarter of last year.
Income from Continuing Operations
Income from continuing operations was $753,000, increasing from $393,000 in the first quarter of 2005.
In addition to increased operating income on increased revenues, a principal reason for the improved results in the quarter was the absence of refinancing costs incurred in the first quarter of 2005, offset in part by interest on subordinated debt issued in July 2005. The 2005 refinancing costs have been recovered by subsequent savings resulting from the refinancing.
Included in this quarter's results is expense of $127,000 reflecting our adoption of the Financial Accounting Standards Board Statement 123(R) on share-based payments.
Discontinued Operations
The loss from discontinued operations was $146,000 as compared to a loss from discontinued operations of $251,000 in the first quarter of last year.
Income per Common Share
Income from continuing operations was $0.14 per diluted share, increasing from $0.06 per diluted share in the first quarter of 2005, reflecting both the benefit of reduced shares outstanding and improved performance.
Loss from discontinued operations was $0.03 per diluted share as compared to a loss from discontinued operations of $0.04 per diluted share in the first quarter of last year.
Net income per diluted share was $0.11, increasing from $0.02 in the first quarter of 2005.
Conference Call
Chairman and Chief Executive Officer John F. Short and Chief Financial Officer Douglas L. Cox will conduct an investor conference call at 10:00 a.m. (EDT) on Wednesday, May 10. The dial-in number for the live conference call will be (866) 277-1182 or (617) 597-5359 outside the U.S. and Canada. The conference passcode is 16156392. There will be a live web cast of the conference call over the investor relations page of the company's Web site at http://www.opinionresearch.com/ as well as at http://www.earnings.com/.
For those who cannot listen to the live broadcast, an audio replay of the call will be available on the above web sites for 30 days. A telephone replay of the call will also be available from 12:00 p.m. on May 10 until 11:59 p.m. on May 17. To listen to the telephone replay dial (888) 286-8010 or (617) 801-6888 outside the U.S. and Canada and enter conference passcode 12490707.
About Opinion Research Corporation
Founded in 1938, Opinion Research Corporation provides commercial market research, health and demographic research for government agencies, information services and consulting. The company is a pioneering leader in the science of market and social research and has built an international organization to support market intelligence in both public and commercial markets. Further information is available at http://www.opinionresearch.com/.
Forward-looking Statements
This press release contains, within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995, forward- looking statements that are based on management's beliefs and assumptions, current expectations, estimates and projections. These statements are subject to risks and uncertainties and therefore actual results may materially differ. The Company disclaims any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise. Important factors and risks that may affect future results are described in the Company's filings with the Securities and Exchange Commission, copies of which are available on the Investor Relations section of the Company's website or upon request from the Company.
OPINION RESEARCH CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except share and per share amounts)
For The Three Months
Ended March 31,
2005 2006
Revenues $46,243 $47,354
Cost of revenues, exclusive of
depreciation 33,324 34,122
Gross profit 12,919 13,232
Selling, general and administrative
expenses 9,196 9,200
Depreciation and amortization 778 925
Operating income 2,945 3,107
Interest and other non-operating
expenses, net 2,302 1,630
Income before provision for
income taxes 643 1,477
Provision for income taxes 250 724
Income from continuing operations $393 $753
Discontinued Operations
Loss from discontinued
operations, net of tax $(251) $(146)
Net income $142 $607
Basic Earnings per common share:
Income from continuing operations $0.06 $0.14
Loss from discontinued
operations $(0.04) $(0.03)
Net income per common share $0.02 $0.11
Diluted Earnings per common share:
Income from continuing operations $0.06 $0.14
Loss from discontinued operations $(0.04) $(0.03)
Net income per common share $0.02 $0.11
Weighted average shares outstanding:
Basic 6,404,723 5,388,454
Diluted 6,605,578 5,432,793
OPINION RESEARCH CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
Assets 31-Dec-05 31-Mar-06
Current assets:
Cash and equivalents $- $996
Accounts receivable 26,959 23,911
Allowance for doubtful accounts (58) (4)
Unbilled services 17,600 20,308
Prepaid expenses and other current
assets 4,474 4,479
Assets of discontinued operations 505 316
Total current assets 49,480 50,006
Non-current assets:
Fixed assets, net of depreciation 8,833 9,052
Goodwill 26,903 26,934
Other intangibles, net of
amortization 224 221
Other non-current assets 6,516 6,191
Assets of discontinued operations 212 -
Total non-current assets 42,688 42,398
Total assets $92,168 $92,404
Liabilities and stockholders' equity 31-Dec-05 31-Mar-06
Current liabilities:
Accounts payable $6,269 $6,599
Accrued expenses 10,758 8,428
Deferred revenues 4,156 4,172
Short-term borrowings 3,000 3,000
Other current liabilities 3,143 2,499
Liabilities of discontinued operations 586 152
Total current liabilities 27,912 24,850
Long-term borrowings 55,321 57,744
Other liabilities 2,520 2,607
Liabilities of discontinued operations 154 -
Total stockholders' equity 6,261 7,203
Total liabilities and stockholders'
equity $92,168 $92,404
OPINION RESEARCH CORPORATION AND SUBSIDIARIES
Segment Information
(in thousands)
US UK
Market Market Social Total
Research Research Research Segments
Three months ended March 31, 2005:
Revenues from external customers $6,403 $5,437 $33,858 $45,698
Operating (loss) income (566) (28) 3,641 3,047
Interest and other non-operating
expenses, net
Income from continuing operations,
net of tax expense of $250
Loss from discontinued operations,
net of tax benefit of $132
Net income
Three months ended March 31, 2006:
Revenues from external customers $6,582 $5,621 $34,664 $46,867
Operating (loss) income (541) 124 3,690 3,273
Interest and other non-operating
expenses, net
Income from continuing operations,
net of tax expense of $724
Loss from discontinued operations,
net of tax expense of $1
Net income
Divested
Other Entities Consolidated
Three months ended March 31, 2005:
Revenues from external customers $545 $46,243
Operating (loss) income (102) 2,945
Interest and other non-operating
expenses, net 2,302
Income from continuing operations,
net of tax expense of $250 393
Loss from discontinued operations,
net of tax benefit of $132 (251) (251)
Net income 142
Three months ended March 31, 2006:
Revenues from external customers $487 $47,354
Operating (loss) income (166) 3,107
Interest and other non-operating
expenses, net 1,630
Income from continuing operations,
net of tax expense of $724 753
Loss from discontinued operations,
net of tax expense of $1 (146) (146)
Net income 607
DATASOURCE: Opinion Research Corporation
CONTACT: Douglas L. Cox, Executive Vice President, Chief Financial
Officer of Opinion Research Corporation, +1-609-452-5274
Web site: http://www.opinionresearch.com/