Key Developments: NIC Inc (EGOV.O)
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9 Feb 2010
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Latest Key Developments
NIC, Inc. Issues FY 2010 Guidance Below Analysts' Estimates; Declares Special Cash Dividend Of $0.30 Per Share
NIC Inc announced that for fiscal 2010, it expects total revenues of $156.0-$161.0 million, operating income to range from $24.0-$26.5 million and net income of $14.5-$16.0 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $166.7 million, EBIT of $32.3 million and net profit of $19.3 million for the same period. The Company also announced that on February 1, 2010, its Board of Directors declared a special cash dividend of $0.30 per share payable on February 26, 2010, to shareholders of record on February 16, 2010.
Nebraska Signs New eGovernment Services Contract With NIC, Inc.'s Nebraska Interactive
NIC, Inc. announced that the state of Nebraska has signed a new contract with Nebraska Interactive, part NIC`s family of companies, to manage its official government portal Nebraska.gov, for up to six years. The contract has an initial term of four years with one, two-year renewal option.
NIC, Inc. To Meet Or Exceed Prior FY 2009 Guidance
NIC, Inc. announced that it is on track to comfortably meet or exceed the top end of fiscal 2009 financial guidance for revenue, operating income and net income.
Federal Department of Transportation Awards NIC, Inc.'s NIC Technologies With Contract For National Motor Carrier Pre-Employment Screening System
NIC, Inc. announced that The U.S. Department of Transportation, Federal Motor Carrier Safety Administration (FMCSA), has awarded NIC Technologies, LLC, the contract for a National Motor Carrier Pre-Employment Screening System. NIC Technologies is part of the NIC Inc. family of companies. The contract has an initial one-year term, with four, single-year renewals. The system will be developed and maintained using a self-funded, transaction-based model. It is anticipated that users of the service will pay a subscription fee of $100 per year and a $10 transaction fee for each record pulled. There will be additional fees for records requested via fax or mail. Individual drivers requesting their own record will not be subject to any subscription fee.
The Commonwealth of Kentucky Signs New Long Term eGovernment Portal Contract with NIC, Inc.'s Kentucky Interactive, LLC
NIC, Inc.'s Kentucky Interactive, LLC., announced that The Commonwealth of Kentucky has signed a new long-term contract with Kentucky Interactive, LLC., to manage its official state Web portal (http://www.kentucky.gov) for up to six years. The contract includes an initial three-year term and three single-year renewal options that run through September 2016. Kentucky Interactive signed its original multiyear contract with Kentucky in 2003. After fulfilling the original contract, the state issued a competitive bid for eGovernment portal services in December 2008 and the contract was awarded again to Kentucky Interactive.
NIC, Inc. Issues FY 2009 Guidance; Revenue Guidance Above Analysts' Estimates; EBIT Guidance Below Analysts' Estimates
NIC, Inc. updated its fiscal 2009 guidance to reflect the recently acquired Texas portal contract, a partial year of start-up operations from the New Mexico portal contract, lower portal management revenues from the Arizona portal contract, as a result of a state-mandated budget reduction that commenced in the first quarter of 2009, and lower portal transactional revenues in the second half of the year due to normal seasonality. For fiscal 2009, NIC, Inc. currently expects total revenues to be in the range of $128.0-$130.0 million and expects operating income (EBIT) to range from $19.0- $20.6 million and net income of $12.1-$13.1 million. According to Reuters Estimates, analysts are expecting the Company to report EBIT of $21.6 million, net profit of $12.9 million on revenues of $121.2 million.
Texas Signs New Long Term Contract With NIC, Inc.'s NICUSA, LLC To Manage Official State Portal
NIC, Inc.'s NICUSA, LLC announced that The state of Texas has signed a new seven-year contract to manage TexasOnline 2.0, the official government portal for the state of Texas. The state of Texas issued a Request for Offers for its official state portal and awarded the contract to Texas NICUSA following a nine-month competitive procurement. The new contract was awarded on July 31, 2009.
Utah Signs New Long Term Contract With NIC, Inc. To Manage Official State Portal
NIC, Inc. announced the state of Utah has signed a new contract with NIC, Inc. to manage its official government portal, for up to 10 years. The contract has an initial term of four years with six, single-year renewal options.
NIC, Inc. Wins New Mexico Motor Vehicle Division Contract For Driver History Database
NIC, Inc. announced that it has been awarded the New Mexico Motor Vehicle Division (MVD) contract to manage the state's driver history database for up to four years. The contract has an initial one year term and MVD has three annual renewal options that run through June 2013. The work will be executed under a no cost, self funded model in which the Company earns revenue from modest transaction fees.
NIC, Inc. Reiterates FY 2009 Guidance-Conference Call
NIC, Inc. reiterated guidance for fiscal 2009 that remains unchanged, both top and bottom line. According to Reuters Estimates, analysts on an average are expecting the Company to report EBIT of $20.5 million and net profit of $12.1 million on revenue of $111.5 million for the same period.
NIC Q3 results
NIC INC : * NIC operating income rises 23 percent in third quarter * Third quarter earnings per share $0.06 * Third quarter revenue $21.6 million * Forecasts fiscal year 2007 revenue $84.1 million to $84.7 million * Reuters Estimates third quarter earnings per share view $0.04, revenue view $20.40 million * Reuters Estimates fiscal year 2007 revenue view $80.75 million
Earnings vs. 
Estimates
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