National Information Consortium Inc. (EGOV, Financial) filed Quarterly Report for the period ended 2010-06-30.
National Information Consortium Inc. has a market cap of $457.5 million; its shares were traded at around $7.21 with a P/E ratio of 31.4 and P/S ratio of 3.4. National Information Consortium Inc. had an annual average earning growth of 17.2% over the past 5 years.EGOV is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
On February 1, 2010, the Company s Board of Directors declared a special cash dividend of $0.30 per share, payable to stockholders of record as of February 16, 2010. The dividend, totaling approximately $19.3 million, was paid on February 26, 2010 on 63,276,943 outstanding shares of common stock. A dividend equivalent of $0.30 per share was also paid simultaneously on 1,099,352 unvested shares of restricted stock granted under the Company s 2006 Stock Option and Incentive Plan. The dividend was paid out of the Company s available cash.
During the first and second quarters of 2010, the Board of Directors of the Company granted certain management-level employees and executive officers service-based restricted stock awards totaling 79,523 and 16,287 shares, respectively, with a grant-date fair value of $8.34 and $7.06 per share, totaling approximately $0.7 million and $0.1 million. Such restricted stock awards vest beginning one year from the date of grant in cumulative annual installments of 25%. Restricted stock is valued at the date of grant, based on the closing market price of the Company s common stock, and expensed using the straight-line method over the requisite service period.
During the first quarter of 2010, the Board of Directors of the Company also granted certain executive officers performance-based restricted stock awards pursuant to the terms of the Company s executive compensation program totaling 126,219 shares, with a grant date fair value of $8.34 per share, totaling approximately $1.1 million, which represents the maximum number of shares able to be earned by the executive officers at the end of a three-year performance period ending December 31, 2012. The actual number of shares earned will be based on the Company s performance related to the following performance criteria over the performance period:
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National Information Consortium Inc. has a market cap of $457.5 million; its shares were traded at around $7.21 with a P/E ratio of 31.4 and P/S ratio of 3.4. National Information Consortium Inc. had an annual average earning growth of 17.2% over the past 5 years.EGOV is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company limits its exposure to credit loss by depositing its cash with high credit quality financial institutions and monitoring the financial stability of those institutions. In November 2008, the Federal Deposit Insurance Corporation adopted the Temporary Liquidity Guarantee Program (“TLGP”) to strengthen investor confidence and encourage liquidity in the banking system by providing full coverage on noninterest bearing deposit transaction accounts, regardless of dollar amount, for participating banks through December 31, 2009. In August 2009, the FDIC extended the Transaction Account Guarantee (“TAG”) portion of the TLGP to allow participating banks to continue in the program through June 30, 2010. In April 2010, the FDIC extended the TAG portion of the TLGP to allow participating banks to continue in the program through December 31, 2010. At June 30, 2010, the amount of cash held by the Company in domestic non-interest bearing checking accounts was approximately $51.6 million (of which approximately $8.4 million was either held at banks electing to continue participation in the TAG or subject to FDIC insurance, while approximately $43.2 million exceeded FDIC insurance limits), while the amount of cash held in interest-bearing sweep accounts was approximately $1.5 million. With respect to the cash held in sweep accounts, the Company limits its exposure to credit loss by investing the cash held in its sweep accounts primarily in U.S. government money market accounts that purchase U.S. agency instruments, direct obligations of the U.S. Treasury or repurchase agreements secured by U.S. agency instruments. The Company performs ongoing credit evaluations of its customers and generally requires no collateral to secure accounts receivable. The Company has not experienced any significant credit losses for the periods reported.On February 1, 2010, the Company s Board of Directors declared a special cash dividend of $0.30 per share, payable to stockholders of record as of February 16, 2010. The dividend, totaling approximately $19.3 million, was paid on February 26, 2010 on 63,276,943 outstanding shares of common stock. A dividend equivalent of $0.30 per share was also paid simultaneously on 1,099,352 unvested shares of restricted stock granted under the Company s 2006 Stock Option and Incentive Plan. The dividend was paid out of the Company s available cash.
During the first and second quarters of 2010, the Board of Directors of the Company granted certain management-level employees and executive officers service-based restricted stock awards totaling 79,523 and 16,287 shares, respectively, with a grant-date fair value of $8.34 and $7.06 per share, totaling approximately $0.7 million and $0.1 million. Such restricted stock awards vest beginning one year from the date of grant in cumulative annual installments of 25%. Restricted stock is valued at the date of grant, based on the closing market price of the Company s common stock, and expensed using the straight-line method over the requisite service period.
During the first quarter of 2010, the Board of Directors of the Company also granted certain executive officers performance-based restricted stock awards pursuant to the terms of the Company s executive compensation program totaling 126,219 shares, with a grant date fair value of $8.34 per share, totaling approximately $1.1 million, which represents the maximum number of shares able to be earned by the executive officers at the end of a three-year performance period ending December 31, 2012. The actual number of shares earned will be based on the Company s performance related to the following performance criteria over the performance period:
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