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<SEC-DOCUMENT>0000897069-03-000540.txt : 20030502
<SEC-HEADER>0000897069-03-000540.hdr.sgml : 20030502
<ACCEPTANCE-DATETIME>20030502144747
ACCESSION NUMBER:		0000897069-03-000540
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030429
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL RESEARCH CORP
		CENTRAL INDEX KEY:			0000070487
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-TESTING LABORATORIES [8734]
		IRS NUMBER:				470634000
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29466
		FILM NUMBER:		03679360

	BUSINESS ADDRESS:	
		STREET 1:		1245 Q STREET
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
		BUSINESS PHONE:		4024752525

	MAIL ADDRESS:	
		STREET 1:		1245 Q STREET
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>irm308.txt
<DESCRIPTION>FORM 8-K
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                             _______________________

                                    FORM 8-K

                                 CURRENT REPORT


                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                             _______________________


                    Date of Report
                    (Date of earliest
                    event reported):        April 29, 2003


                          National Research Corporation
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)


   Wisconsin                        0-29466                    47-0634000
- ---------------                ----------------              --------------
(State or other                (Commission File              (IRS Employer
jurisdiction of                     Number)               Identification No.)
incorporation)




                    1245 "Q" Street, Lincoln, Nebraska 68508
           ----------------------------------------------------------
          (Address of principal executive offices, including zip code)


                                 (402) 475-2525
                          -----------------------------
                         (Registrant's telephone number)



<PAGE>



Item 7.   Financial Statements and Exhibits.
- ------    ---------------------------------

          (a)  Not applicable.

          (b)  Not Applicable.

          (c)  Exhibits. The following exhibits are being furnished herewith:

               (99.1) Press Release of National Research Corporation, dated
                      April 29, 2003.

               (99.2) Script for conference call, held April 30, 2003.

Item 9.   Regulation FD Disclosure (Information Being Provided Under Item 12).
- ------    -------------------------------------------------------------------

     On April 29, 2003, National Research Corporation (the "Company") issued a
press release announcing its earnings for the first quarter ended March 31, 2003
and confirming its earnings guidance for 2003. A copy of such press release is
furnished as Exhibit 99.1 and is incorporated by reference herein.

     On April 30, 2003, the Company held a conference call in connection with
the Company's announcement of its earnings for the first quarter ended March 31,
2003 and its confirmation of its earnings guidance for 2003. A copy of the
script for such conference call is furnished as Exhibit 99.2 and is incorporated
by reference herein. An archive of such conference call and the related question
and answer session will be available on the Company's web site at
www.nationalresearch.com.
- ------------------------


                                      -2-

<PAGE>

                                   SIGNATURES
                                   ----------

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to the report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                        NATIONAL RESEARCH CORPORATION



Date:  May 1, 2003                      By: /s/ Patrick E. Beans
                                           -------------------------------------
                                           Patrick E. Beans
                                           Vice President, Treasurer, Secretary
                                            and Chief Financial Officer



                                      -3-

<PAGE>

                          NATIONAL RESEARCH CORPORATION

                   Exhibit Index to Current Report on Form 8-K
                              Dated April 29, 2003


Exhibit
Number
- ------

(99.1) Press Release of National Research Corporation, dated April 29, 2003.

(99.2) Script for conference call, held April 30, 2003.




                                      -4-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>irm308a.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
[GRAPHIC OMITTED][NATIONAL RESEARCH CORPORATION LOGO]

                                                                 1245 "Q" Street
                                                               Lincoln, NE 68508
                                                            Phone:  402-475-2525
                                                               Fax: 402-475-9061

Contact:      Patrick E. Beans
              Chief Financial Officer
              402-475-2525


                     NATIONAL RESEARCH CORPORATION ANNOUNCES
                              FIRST QUARTER RESULTS


LINCOLN, Nebraska (April 29, 2003) -- National Research Corporation
(NASDAQ/NM:NRCI), a leader in healthcare performance measurement, today
announced results for the first quarter ended March 31, 2003.

     In commenting on the first quarter results, Michael D. Hays, president and
chief executive officer of National Research Corporation, said, "Last year was a
record year, and our positive momentum has carried over to generate strong first
quarter performance. We continue to benefit from increasing demand in the
marketplace for measuring and improving the patient experience."

     Revenues for the first quarter ended March 31, 2003, increased 50% to $6.1
million compared with revenues of $4.0 million for the first quarter of 2002.
Net income for the first quarter of 2003 was $921,000, or $0.13 per basic and
diluted share, compared with net income of $294,000, or $0.04 per basic and
diluted share, in the prior-year quarter.

     Patrick E. Beans, chief financial officer of National Research Corporation,
said, "We are pleased with our strong financial results. The combination of
increased demand for our services and prudent fiscal policy is having the
desired effect on both top line and bottom line growth. Our success during the
first quarter makes us optimistic about the remainder of the year and supports
our confidence that we will achieve our previously announced guidance of $0.66
per diluted share for full year 2003."

     In closing, Mr. Hays added, "Growth of our core business is tracking at 38%
for the last four quarters, and we believe the implementation of the national
standard will further enhance that trend. In addition, we have numerous
opportunities for expansion, both in the United States and internationally.
Quality is no longer just a `buzzword;' it is a meaningful, measurable
differentiator of the caliber of service provided by healthcare institutions."


                                     -MORE-

<PAGE>

NRCI Announces First Quarter Results
Page 2
April 29, 2003

     A listen-only simulcast of National Research Corporation's first quarter
conference call will be available online at www.companyboardroom.com on April
30, 2003, beginning at 11:00 a.m. Eastern time. The online replay will follow
approximately two hours later and continue for 30 days.

     National Research Corporation, headquartered in Lincoln, Nebraska, is a
leading provider of ongoing survey-based performance measurement, analysis and
tracking services to the healthcare industry. The Company addresses the growing
need of healthcare providers and payors to measure the care outcomes,
specifically satisfaction and health status, of their patients and/or members.

     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 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 provisions of the Private Securities
Litigation Reform Act 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.


                                     -MORE-

<PAGE>

NRCI Announces First Quarter Results
Page 3
April 29, 2003


                          NATIONAL RESEARCH CORPORATION
                       Unaudited Statements of Operations
                      (In thousands, except per share data)

                                                         Three Months Ended
                                                              March 31,
                                                        --------------------
                                                          2003       2002
                                                        ---------  ---------

Revenues                                                $   6,058  $   4,049
                                                        ---------  ---------

Operating expenses:
    Direct expenses                                         2,816      1,795
    Selling, general and administrative                     1,284      1,273
    Depreciation and amortization                             446        405
                                                        ---------  ---------

        Total operating expenses                            4,546      3,473
                                                        ---------  ---------

        Operating income                                    1,512        576
                                                        ---------  ---------

Other income (expense):
    Interest income                                            69         64
    Interest expense                                         (106)      (106)
    Other, net                                                  4        (67)
                                                        ---------  ---------

        Total other income (expense)                          (33)      (109)
                                                        ---------  ---------

        Income before income taxes                          1,479        467
        Provision for income taxes                            558        173
                                                        ---------  ---------

Net income                                              $     921  $     294
                                                        =========  =========
Net income per share, basic and diluted                 $    0.13  $    0.04
                                                        =========  =========

Weighted average shares outstanding:
    Basic                                                   7,249      7,099
    Diluted                                                 7,296      7,166


                                     -MORE-


<PAGE>

NRCI Announces First Quarter Results
Page 4
April 29, 2003

<TABLE>
<CAPTION>
                          NATIONAL RESEARCH CORPORATION
                            Condensed Balance Sheets
                             (Dollars in thousands)

                                                                     March 31,  Dec. 31,
                                                                       2003      2002
                                                                     --------  ---------
                                     ASSETS
<S>                                                                  <C>       <C>
Current Assets:
    Cash and cash equivalents                                        $  1,257  $     991
    Short-term investments                                             10,858      9,987
    Accounts receivable, net                                            5,090      4,579
    Other current assets                                                2,291      2,391
                                                                     --------  ---------
           Total current assets                                        19,496     17,948

Net property and equipment                                             12,419     12,346
Other, net                                                              9,933      8,538
                                                                     --------  ---------

           Total Assets                                              $ 41,848  $  38,832
                                                                     ========  =========
                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
    Accounts payable and accrued expenses                            $  1,026  $     933
    Deferred revenue                                                    4,282      3,277
    Accrued compensation                                                  757        633
    Notes payable                                                         133        132
    Income taxes payable                                                  432         55
                                                                     --------  ---------
           Total current liabilities                                    6,630      5,030

Noncurrent Liabilities                                                  6,235      5,784
                                                                     --------  ---------

           Total Liabilities                                           12,865     10,814
                                                                     --------  ---------

Shareholders' Equity:
    Common stock, $0.001 par value; 20,000,000 shares authorized;
      7,570,302 and 7,560,610 shares issued, respectively;
      7,254,802 and 7,245,110 outstanding, respectively                     8          8
    Additional paid-in capital                                         18,171     18,124
    Retained earnings                                                  12,368     11,447
    Accumulated other comprehensive income (loss)                          32         35
    Treasury stock                                                     (1,596)    (1,596)
                                                                     --------  ---------
           Total shareholders' equity                                  28,983     28,018
                                                                     --------  ---------

           Total Liabilities and Shareholders' Equity                $ 41,848  $  38,832
                                                                     ========  =========
</TABLE>

                                     -END-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>irm308b.txt
<DESCRIPTION>SCRIPT FOR CONFERENCE CALL
<TEXT>
MIKE
- ----
Thank you and welcome to NRC's 1st quarter 2003 review. My name is Mike Hays,
CEO of National Research Corporation. Joining me on our call today is Pat Beans
our CFO. We are excited to review with you our performance for the quarter.

Before we begin, I would ask Pat to review the forward-looking statement.  Pat.

PAT
- ---
Thank you, Mike. This conference call includes "forward-looking" statements
related to the company that involve 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 provisions of the Private Securities Litigation Reform Act of 1995. For
further information about the facts that could affect the company's future
results, please see the company's filings with the Securities and Exchange
Commission. With that I will turn it back to you Mike.

MIKE
- ----
Thank you Pat,
First quarter financial performance resulted in record revenue for the quarter,
up 50% from the 1st quarter 2002. Our first quarter performance builds upon
record revenue levels also achieved in the 2nd, 3rd and 4th quarters 2002, which
has generated top line growth in our core business of 38% over the last four
quarters. Along with the top line growth, the company generated EPS of $.13 this
past quarter, in line with our guidance and double the EPS reported for first
quarter 2002. The past four quarters has seen tripling of EPS driven in large
part by growth in our core business.

A key driver to NRC's revenue growth is the increased demand for our performance
measurement and improvement products which we believe will continue. I would at
this time ask Pat to review in more detail this part quarter's financial
performance. Pat.

<PAGE>

PAT
- ---
Thank you Mike.

During the 1st quarter of 2003, NRC produced a very solid revenue and EPS. The
revenue for the 1st quarter of 2003 increased 50% over the 1st quarter of 2002,
with revenues growing from $4.0 million in 2002 to $6.1 million this year. This
revenue growth is the outcome of an increase in demand for our products which
resulted in the addition of new clients last year, each of which carried revenue
into this year, 2003.

The EPS for the 1st quarter of 2003 was a great start for the year at $0.13
cents per share. The first quarter net income was $921,000 compared to $293,000
during the same period in 2002. This puts us on track towards meeting our goal
of $0.66 cents per share for 2003.

Our direct expenses as a percentage of revenue were 46% for the quarter. As we
had stated in our last conference call, direct expenses as a percent of revenue
will increase in the 1st quarter of 2003 compared to the 4th quarter of 2002.
This is normal and has been the trend for the last few years. It was also
slightly higher due to one project and the startup of the Canada projects. The
annualized percentage for the year 2003 should be similar to what we achieved in
2002.

The Selling, General and Administrative expenses, along with depreciation and
amortization, improved again this year as a percentage of revenue compared to
2002. As a percent of revenue, we had projected the combined range for these
expenses for 2003 would be between 28 and 29 percent. For the 1st quarter of
2003, SG&A was at 28.6% and as a percent of revenue, this was a great
improvement compared to 2002.

We have been managing our costs along with higher revenue which have resulted in
growth of net earnings. We expect the net earnings to continue to grow as we
reaffirm our goal of earnings per share for 2st quarter of 2003, of $0.16 and
our annual EPS for the year 2003 to $0.66 cents per share, a 22% increase year
over year.

                                       2

<PAGE>

The company again continues to improve its strong financial position. The
balance sheet is excellent and should improve even more during this quarter.
Cash flow from operations for the 1st quarter 2003 was $2.6 million. Cash and
short-term investments as of March 31, 2003, were over $12 million or $1.67 per
share. The net cash and short-term investments improved by $1.1 million during
1st quarter of 2003. March was the highest billing month in the history of the
company which is why the accounts receivable have increased slightly since our
December report. The strong revenue and earnings growth has the momentum to
continue improving our financial position.

I will now turn it back over to Mike for additional discussions.

MIKE
- ----
Thank you, Pat.

Before I open the call to questions, I would like to provide an update on a few
topics.

First off is HEALTHSOUTH. HEALTHSOUTH, as many of you know, has been rocked by
an accounting scandal. Last year HEALTHSOUTH represented 8% of NRC's revenue.
Given our revenue growth, the percentage HEALTHSOUTH represents of 2003 revenue
will be less, and by all indications, we will carry forward working with this
client. However, the situation is clearly fluid. As of today, we continue to do
work for HEALTHSOUTH and all receivables are current.

I am happy to report the federal government's program to establish a national
standard for the measurement and public reporting of patient experience is on
track with national implementation strategy and dates to be finalized this
September as previously planned. While many of our competitors have publicly
suggested that this program will result in a virtual monopoly for NRC/Picker, I
caution any of us on assuming such an event will take place. We will need to
work hard each and every day to capitalize on the opportunity, which is exactly
what we have been doing. Our plans and products are well

                                       3

<PAGE>

in place and to date we've seen positive market reaction and clearly marked
increases in proposal activity.

As you know, the exact growth NRC will realize from the national standard is
impossible to forecast at this point in time. Consequently, we are unable today
to add to our four-quarter rolling guidance in a way that would accurately
incorporate the national standard. We do know that our core business growth
should remain strong, producing growth in the 25% range. Once the exact date for
implementation of the national standard is established, we will better
understand the revenue flow and will be in a position to provide EPS guidance
for 2004. Again, we would assume that information would be available in
September.

In February, we completed a transaction to acquire a company in Canada and also
added a new sales associate in Montreal, which we believe, will provide for a
more rapid expansion across Canada than we had originally planned. Various
provinces in Canada are establishing standardized measurement and public
reporting of the patient experience and we expect many to select our Picker
family of surveys as the exclusive standard as has already been done in Ontario.

On another topic, registration for the Picker Symposium is way ahead of last
year's at this point in time, with the attendee levels for 2002 already
achieved. Acceptance of our other education and improvement products and service
are also finding marketplace acceptance which will position and further
differentiate NRC/Picker from others.

- --------------------------------------------------------------------------------
I would now like to open the call for Q &A.
- --------------------------------------------------------------------------------

In summary, our past 4-quarters growth rate speaks to the acceptance of our
unique product offerings, and we look forward to building upon that trend by
capitalizing on the emerging events that are beginning to expand our category. I
thank you for your time today and look forward to updating you again in a few
months.


                                       4

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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