Opinion Research Reports Results for the First Quarter of 2005
PRINCETON, N.J., April 27 /PRNewswire-FirstCall/ -- Opinion
Research Corporation (NASDAQ:ORCI), today announced financial
results for the first quarter ended March 31, 2005. Revenues
Revenues for the quarter were $48.9 million versus $48.0 million in
the prior year's first quarter. Social research revenues were up
over 9% to $33.9 million versus $30.9 million in last year's first
quarter. Market research revenues totaled $13.0 million versus
$13.4 million in the prior year's first quarter. Teleservices
revenues were $2.1 million versus $3.6 million in last year's first
quarter. Income Net income for the quarter was $142,000, or $0.02
per diluted share, versus net income of $938,000, or $0.15 per
diluted share, in last year's first quarter. Net income for the
first quarter was impacted by $776,000, or $0.12 per diluted share,
net of tax benefits, for previously announced refinancing charges.
The income tax provision in both periods is higher than statutory
rates due to the fact that we are not deriving tax benefits from
non-US and state losses. Business Outlook Summarizing the quarter's
results, Chairman and CEO, John F Short, said, "We believe that the
outlook for our market research business continues to improve,
based on increased new business bookings and backlog, and we expect
continued good performance from our social research business, our
largest segment. In the quarter, we experienced disappointing
results in our teleservices segment which we expect will improve
during the course of the year." The company expects revenues in
2005 to be between $200 and $205 million, net income to be between
$4.2 and $4.7 million and diluted earnings per share to be between
$0.62 and $0.70. These net income and earnings per share
expectations include the benefit of the reduced interest expense
from our refinancing and the one-time refinancing charges, but do
not include the impact of a potential common stock offering in
2005. The statements above concerning the company's business
outlook for 2005 are based on current expectations. These
statements are forward-looking and actual results may differ
materially. See "Forward-looking Statements" below. About Opinion
Research Corporation Founded in 1938, Opinion Research Corporation
provides health and demographic research for government agencies,
commercial market research, information services, teleservices and
consulting. The company is a pioneering leader in the science of
market and social research and has built a worldwide
data-collection network. Further information is available at
http://www.opinionresearch.com/. Forward-looking Statements This
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.
Many of the factors that will determine the company's financial
results are beyond the ability of the company to control or
predict. These statements are subject to risks and uncertainties,
including general economic conditions, the loss of one or more of
our large clients, the impact of litigation and the impact of a
common stock offering; therefore, actual results may materially
differ. Other 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 upon request
from the company. The company disclaims any obligation to update
any forward-looking statements whether as a result of new
information, future events, or otherwise. OPINION RESEARCH
CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (in
thousands, except share and per share amounts) For The Three Months
Ended March 31, 2004 2005 Revenues $47,961 $48,938 Cost of
revenues, exclusive of depreciation 33,718 34,841 Gross profit
14,243 14,097 Selling, general and administrative expenses 9,898
10,645 Depreciation and amortization 942 969 Operating income 3,403
2,483 Interest and other non-operating expenses, net 1,599 2,223
Income before provision for income taxes 1,804 260 Provision for
income taxes 866 118 Net income $938 $142 Net income per common
share: Basic $0.15 $0.02 Diluted $0.15 $0.02 Weighted average
shares outstanding: Basic 6,148,927 6,404,723 Diluted 6,334,952
6,605,578 OPINION RESEARCH CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (in thousands) Liabilities and
stockholders' Assets 31-Mar-05 31-Dec-04 equity 31-Mar-05 31-Dec-04
Current assets: Current liabilities: Cash and equivalents $921 $467
Accounts payable $6,201 $6,254 Accounts receivable 25,065 26,001
Accrued expenses 9,215 9,191 Allowance for doubtful accounts (65)
(93) Deferred revenues 4,788 4,344 Unbilled services 18,828 17,986
Short-term borrowings 3,000 2,000 Prepaid expenses and other Other
current current assets 4,550 3,672 liabilities 4,090 2,823 Total
current Total current assets 49,299 48,033 liabilities 27,294
24,612 Non-current assets: Fixed assets, net Long-term of
depreciation 10,158 10,105 borrowings 38,593 40,286 Goodwill 32,702
32,748 Other liabilities 1,545 1,542 Other intangibles, net of
amortization 361 421 Other non-current assets 6,334 6,376
Redeemable equity 8,900 8,900 Total non-current Total stockholders'
assets 49,555 49,650 equity 22,522 22,343 Total assets $98,854
$97,683 Total liabilities and stockholders' equity $98,854 $97,683
OPINION RESEARCH CORPORATION AND SUBSIDIARIES Segment Information
(in thousands) US Market UK Market Tele- Social Total Consol-
Research Research services Research Segments Other idated Three
months ended March 31, 2004: Revenues from external customers
$6,315 $5,920 $3,608 $30,933 $ 46,776 $1,185 $47,961 Operating
income (loss) (516) 213 390 3,339 3,426 (23) 3,403 Interest and
other non- operating expenses, net 1,599 Income before provision
for income taxes 1,804 Three months ended March 31, 2005: Revenues
from external customers $6,504 $5,437 $2,079 $33,858 $ 47,878
$1,060 $48,938 Operating income (loss) (566) (28) (393) 3,641 2,654
(171) 2,483 Interest and other non- operating expenses, net 2,223
Income before provision for income taxes 260 DATASOURCE: Opinion
Research Corporation CONTACT: Douglas L. Cox, Executive Vice
President, Chief Financial Officer of Opinion Research Corporation,
+1-607-452-5274 Web site: http://www.opinionresearch.com/
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