First Half Results at ORC

Recent results from Opinion Research Corporation show revenues climbing to USD44.8 million in the second quarter of 2002 from USD45.2 million the year previously, whilst first half revenues stood at USD87.2 million compared to USD90 million.

For the second quarter of 2002, EBITDA was USD3.9 million compared to second quarter 2001 EBITDA of USD4.2 million. Operating income for the current quarter was USD2.8 million compared to USD2.1 million in the second quarter of 2001. Net income for the current quarter was USD977,000 compared to second quarter 2001 net income of USD354,000.

John F. Short, Chairman and Chief Executive Officer of Opinion Research Corporation, said, 'We are seeing improvement in our business with revenues and net income in the second quarter exceeding the same measures over each of the previous three quarters (excluding goodwill amortization expense from the 2001 measures, for comparison purposes). Results benefited from stronger performances in our Social Research and Teleservices business units while results in the US Market Research business continue to be weak. Nevertheless, we remain confident that our efforts to reduce costs, strengthen our professional staff and introduce new service offerings in the US Market Research business will yield improved performance.'

EBITDA for the first half of 2002 was USD7.5 million compared to USD9.6 million in the first half of last year. Operating income for the first six months of 2002 was USD5.3 million compared to USD5.4 million in the first six months of 2001.

Despite the continued economic uncertainty, the company is maintaining its existing net income and earnings per share outlook while slightly reducing revenue expectations. ORC now expects revenues in 2002 to be between USD178 and USD182 million and net income to be between USD4.0 and USD4.5 million.

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

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