Daily Research News Online no. 1969 - Record Results at ORC

Record Results at ORC

October 31 2002

Opinion Research Corporation has this week reported record third quarter revenues and a 25% increase in third quarter earnings per share for the three months ended September 30, 2002.

Revenues were a third quarter record $43.3 million, an increase of 3% compared to $41.9 million in the third quarter of 2001. Earnings per share for the quarter were $0.15, an increase of 25% compared to $0.12 in the third quarter of 2001.

John F. Short, Chairman and Chief Executive Officer of Opinion Research Corporation, commenting on these results said: 'We achieved the company's best third quarter revenue performance entirely from organic growth, amid one of our industry's most severe downturns. In addition, we are generating positive cash flow and paying down debt in a weak economic and industry environment. Reflective of our nine month results, our business continues to be adversely impacted by the prolonged slump in our US Market Research business. Looking forward, record bookings at our Social Research business through the first nine months of the year have created a strong backlog, and performance should also benefit from the recent additional cost reductions in the US Market Research business. Once economic and industry conditions improve, we expect performance to more appropriately reflect the strength of our overall business.'

For the third quarter, EBITDA (earnings before interest, taxes, depreciation and amortization) was $3.7 million, compared to $3.7 million in the third quarter of 2001. Compared to December 31, 2001, the company's borrowings have been reduced by $5.0 million during the first nine months of 2002.

Operating income was $2.5 million in the third quarter of 2002 as compared to $2.5 million in the third quarter of 2001. Net income was $891,000 in the third quarter of 2002 as compared to $740,000 in the third quarter of 2001. For the first nine months of 2002, revenues were $130.6 million compared to $132.9 million in the first nine months of 2001. EBITDA for the first nine months of 2002 was $11.2 million compared to $13.3 million in the first nine months of 2001. Operating income for the first nine months of 2002 was $7.8 million compared to $9.8 million for the first nine months of 2001.

All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.