“At NIC, we take pride in our ability to help government bring efficiencies to citizens and businesses by deploying new services,” said Herington. “Once again our portal business continued to produce solid organic revenue growth, as same-state non-DMV revenues grew a healthy 21 percent. In fact our Company’s growth was recognized for the fourth consecutive year by Forbes, as NIC recently ranked No. 31 among their list of the ‘100 Best Small Companies in America.’”
Current quarter revenues from the Maryland portal, which began generating revenues in May 2012, were $1.4 million, while revenues from the Oregon portal, which began generating revenues in June 2012, were $1.2 million. Quarterly revenues from the Delaware portal, which began generating revenues in October 2011, were $0.3 million. Current quarter cost of portal revenues included approximately $2.7 million in costs from these portals. Cost of portal revenues in the prior year quarter included approximately $0.3 million in new portal start-up costs. The portal gross profit percentage was 37 percent in the current quarter, down from 38 percent in the third quarter of 2011, due in part to non-recurring start-up and transition costs totaling approximately $0.9 million related to the Oregon portal.
“NIC achieved significant operational milestones during the current quarter, as we completed the start-up phase and transition of legacy services in Oregon and launched the first service in the Texas DPS Direct suite of services on schedule in September,” said NIC’s Chief Financial Officer Steve Kovzan. “While the Oregon and Texas DPS contracts required significant start-up investment, we currently expect these contracts will begin to contribute favorably to our bottom line, serving as catalysts for future growth.”
Software & services revenues were $3.0 million in the current quarter, up 6 percent from the prior year quarter, driven by revenues from the Company’s self-funded contract with the U.S. Department of Transportation’s Federal Motor Carrier Safety Administration to operate the Pre-Employment Screening Program.
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