EX-99.1
6
cmw2204e.htm
PRESS RELEASE
Exhibit 99.1
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
ACQUIRES ASSETS OF THE
GOVERNANCE INSTITUTE
LINCOLN, Nebraska (May 30, 2006)
- National Research Corporation (NASDAQ/NM:NRCI), a leader in healthcare performance
measurement and improvement, today announced the purchase of substantially all of the
assets of The Governance Institute (TGI), a portfolio company of Housatonic Partners. TGI
provides the essential knowledge and solutions necessary for Board members, executive
management and physician leaders of hospitals and health systems to achieve excellence
across a wide array of strategic issues that confront hospitals and their Boards.
Serving
as financial advisors in connection with the transaction were Coady Diemar Partners for
NRC and The Jordan, Edmiston Group for TGI.
TGI's
best practice research, proprietary benchmarking information, world class conferences and
group of leading experts have won the company a trusted seat at the senior leadership
table of over 450 member hospitals and health systems across the country.
Commenting
on the acquisition, Michael D. Hays, chief executive officer of National Research
Corporation, said, "TGI's attractive subscription-based business model, high
renewal rates and low capital requirements, combined with its highly recognized and
trusted brand built over the past 20 years, has all the aspects one looks for in great
companies with great talent".
Jim
Rice, PhD, vice chairman of The Governance Institute, said "NRC's depth in
performance measurement and improvement content, blended with its expertise, will allow
TGI to add material value to our member organizations on the very topics of the highest
priority. This combination will not only enhance services for our current members, it will
also provide expansion of TGI member services to NRC clients and, of course, opens up
Board and executive leadership access to NRC products and services".
Pat
Beans, chief financial officer of National Research Corporation, added, "Given
TGI's historical track record for profitability, we expect this acquisition to be
accretive to NRC's 2006 earnings. As a result, we can focus our energies on growing
the business and adding client value for both TGI members and NRC clients".
-MORE-
NRC Acquires Assets of
The Governance Institute
Page 2
May 30, 2006
Founded
in 1986, The Governance Institute will remain a San Diego-based organization with
substantially all of its current associates joining the NRC family. NRC's chief
operations officer, Jona Raasch, has today been named President of TGI and will
immediately assume the day-to-day leadership.
Selected
highlights of The Governance Institute transaction include:
December 31, 2005, Year-End Performance
Membership Count
436
Membership Retention
88%
Conference Attendance
1,386
Revenues
$6.2 million
Purchase Consideration
Cash at Closing
$19.8 million
Assumed Liabilities
$2.5 million
National Research
Corporation, headquartered in Lincoln, Nebraska, is a leading provider of performance
measurement and improvement services to the healthcare industry in the United States and
Canada.
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.
-END-

EX - 99 . 1 6 cmw2204e . htm PRESS RELEASE Exhibit 99 . 1 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 ACQUIRES ASSETS OF THE GOVERNANCE INSTITUTE LINCOLN , Nebraska ( May 30 , 2006 ) - National Research Corporation ( NASDAQ / NM : NRCI ) , a leader in healthcare performance measurement and improvement , today announced the purchase of substantially all of the assets of The Governance Institute ( TGI ) , a portfolio company of Housatonic Partners . TGI provides the essential knowledge and solutions necessary for Board members , executive management and physician leaders of hospitals and health systems to achieve excellence across a wide array of strategic issues that confront hospitals and their Boards . Serving as financial advisors in connection with the transaction were Coady Diemar Partners for NRC and The Jordan , Edmiston Group for TGI . TGI 's best practice research , proprietary benchmarking information , world class conferences and group of leading experts have won the company a trusted seat at the senior leadership table of over 450 member hospitals and health systems across the country . Commenting on the acquisition , Michael D . Hays , chief executive officer of National Research Corporation , said , " TGI 's attractive subscription - based business model , high renewal rates and low capital requirements , combined with its highly recognized and trusted brand built over the past 20 years , has all the aspects one looks for in great companies with great talent " . Jim Rice , PhD , vice chairman of The Governance Institute , said " NRC 's depth in performance measurement and improvement content , blended with its expertise , will allow TGI to add material value to our member organizations on the very topics of the highest priority . This combination will not only enhance services for our current members , it will also provide expansion of TGI member services to NRC clients and , of course , opens up Board and executive leadership access to NRC products and services " . Pat Beans , chief financial officer of National Research Corporation , added , " Given TGI 's historical track record for profitability , we expect this acquisition to be accretive to NRC 's 2006 earnings . As a result , we can focus our energies on growing the business and adding client value for both TGI members and NRC clients " . - MORE - NRC Acquires Assets of The Governance Institute Page 2 May 30 , 2006 Founded in 1986 , The Governance Institute will remain a San Diego - based organization with substantially all of its current associates joining the NRC family . NRC 's chief operations officer , Jona Raasch , has today been named President of TGI and will immediately assume the day - to - day leadership . Selected highlights of The Governance Institute transaction include : December 31 , 2005 , Year - End Performance Membership Count 436 Membership Retention 88 % Conference Attendance 1,386 Revenues $ 6.2 million Purchase Consideration Cash at Closing $ 19.8 million Assumed Liabilities $ 2.5 million National Research Corporation , headquartered in Lincoln , Nebraska , is a leading provider of performance measurement and improvement services to the healthcare industry in the United States and Canada . 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 . - END -
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