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2002 Annual Report

Five-Year Financial Overview



FISCAL YEAR ENDED DEC. 31, 2002
  2002 2001 2000 1999 1998
OPERATING RESULTS
Net revenue $391 $385 $410 $330 $274
Gross margin $286 $284 $312 $254 $209
Operating income $40 $48 $76 $63 $53
Net income $31 $36 $55 $45 $37
Income per common share(1)          
Basic $0.61 $0.72 $1.10 $0.91 $0.76
Diluted $0.59 $0.68 $1.03 $0.87 $0.73
PERCENT OF REVENUE
Gross margin 73.1% 73.7% 76.0% 76.9% 76.2%
Operating income 10.3% 12.6% 18.6% 19.1% 19.3%
Net income 8.0% 9.4% 13.4% 13.7% 13.6%
Income tax rate 28.0% 32.0% 32.0% 32.0% 33.0%
Net revenue, by region
Americas 50% 51% 53% 53% 56%
Europe 31% 33% 32% 33% 32%
Asia/ROW 19% 16% 15% 14% 12%
FINANCIAL POSITION
Total current assets $278 $264 $285 $231 $174
Property, plant and equipment, net $152 $137 $85 $70 $66
Working capital $211 $210 $220 $174 $133
Total assets $459 $425 $389 $319 $250
Total current liabilities $67 $54 $64 $57 $41
Long-term debt - - - $5 $4
Stockholders’ equity $386 $366 $321 $254 $204
Total liabilities and stockholders’ equity $459 $425 $389 $319 $250
KEY RATIOS
Current ratio 4.2 4.9 4.5 4.1 4.2
Quick ratio 3.6 4.3 3.9 3.6 3.9
OTHER DATA
Employees 3,008 2,849 2,511 1,955 1,554
Investment in R&D $64 $61 $56 $46 $35
Cash flow from operations $49.10 $57.20 $55.00 $46.70 $46.20
Weighted average shares outstanding(1)
Basic 51.2 50.9 50.3 49.8 49.2
Diluted 53.4 53.7 53.6 52.2 51.2
Common shares outstanding (year-end)(1) 51.1 51.2 50.6 50 49.4
Closing stock price (Nasdaq: NATI) $32.49 $37.46 $48.56 $38.25 $22.75

(Dollars in millions, except per-share, per-employee data)

(1) Share and per-share information had been restated to reflect 3-for-2 splits of the common stock in November 1997 and August 1999.