2004 Annual Report
Five-Year Financial Overview
| OPERATING RESULTS |
| Net revenue | $514 | $426 | $391 | $385 | $410 |
| Gross margin | $379 | $314 | $286 | $284 | $312 |
| Operating income | $63 | $40 | $40 | $48 | $76 |
| Net income | $49 | $33 | $31 | $36 | $55 |
| Income per common share(1) | | | | | |
| Basic | $0.62 | $0.43 | $0.41 | $0.48 | $0.73 |
| Diluted | $0.59 | $0.41 | $0.39 | $0.45 | $0.69 |
| PERCENT OF REVENUE |
| Gross margin | 73.6% | 73.8% | 73.1% | 73.7% | 76.0% |
| Operating income | 12.2% | 9.5% | 10.3% | 12.6% | 18.6% |
| Net income | 9.5% | 7.8% | 8.0% | 9.4% | 13.4% |
| Income tax rate | 25.0% | 25.0% | 28.0% | 32.0% | 32.0% |
| Net revenue, by region |
| Americas | 47% | 47% | 50% | 51% | 53% |
| Europe | 32% | 32% | 31% | 33% | 32% |
| Asia/ROW | 21% | 21% | 19% | 16% | 15% |
| FINANCIAL POSITION |
| Total current assets | $392 | $331 | $278 | $264 | $285 |
| Property, plant and equipment, net | $150 | $152 | $152 | $137 | $85 |
| Working capital | $310 | $255 | $211 | $210 | $220 |
| Total assets | $582 | $525 | $459 | $425 | $389 |
| Total current liabilities | $83 | $76 | $67 | $54 | $64 |
| Long-term debt | - | - | - | - | - |
| Stockholders’ equity | $486 | $439 | $386 | $366 | $321 |
| Total liabilities and stockholders’ equity | $582 | $525 | $459 | $425 | $389 |
| KEY RATIOS |
| Current ratio | 4.7 | 4.4 | 4.1 | 4.9 | 4.5 |
| Quick ratio | 4.1 | 3.9 | 3.6 | 4.3 | 3.9 |
| OTHER DATA |
| Employees | 3,465 | 3,078 | 3,008 | 2,849 | 2,511 |
| Investment in R&D | $85 | $71 | $64 | $61 | $56 |
| Cash flow from operations | $66 | $63 | $49 | $57 | $55 |
| Weighted average shares outstanding(1) |
| Basic | 78.7 | 77.4 | 76.8 | 76.4 | 75.5 |
| Diluted | 82.1 | 80.9 | 80.1 | 80.3 | 80.3 |
| Common shares outstanding (year-end)(1) | 78.9 | 78.3 | 76.6 | 76.7 | 75.9 |
| Closing stock price (Nasdaq: NATI) | $27.20 | $30.31 | $21.66 | $24.97 | $32.37 |
(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 February 2004 and August 1999.
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