First Quarter Results from ORC

Opinion Research Corporation has recently announced financial results for the first quarter ended March 31, 2003 showing revenues up to $43.2 million from $42.5 million in the year earlier period.

Social research revenues were $27.8 million, versus $24.0 million last year. Market research revenues were $12.0 million, versus $14.3 million in the prior year. Teleservices revenues were $3.4 million, versus $4.1 million last year.

Net income for the first quarter was $0.7 million, or $0.12 per diluted share, versus net income of $0.5 million, or $0.08 per diluted share, in last year's first quarter. Last year's results included a charge of $0.3 million, or $.05 per diluted share, for the cumulative effect of an accounting change.

In summarising the quarter's results, Chairman and CEO John F. Short said, 'We are pleased with the performance of our social research business, but the U.S. market research and teleservices units continue to suffer from the economic conditions in the United States.'

'While the strong growth in our social research business, where revenues grew by 16% over last year's first quarter, is encouraging, we continue to face significant challenges in restoring growth to our commercial market research segment,' continued Mr. Short. 'We expect our commercial market research business development efforts to yield results this year. We also expect to add contracts for our new inbound teleservices capability. Thus, we are maintaining our previously announced expectations for revenues in 2003 to be between $183 and $188 million, net income to be between $4.0 and $4.5 million and diluted earnings per share to be in the range of $0.62 to $0.69.'

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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