2008 Annual Report
Six-Year Financial Overview
FISCAL YEAR ENDED DEC. 31, 2008
| | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|
| OPERATING RESULTS |
| Net revenue | $821 | $740 | $660 | $572 | $514 | $426 |
| Gross margin | $613 | $558 | $490 | $423 | $379 | $314 |
| Operating income | $96 | $102 | $88 | $78 | $63 | $40 |
| Net income | $85 | $107 | $73 | $62 | $49 | $33 |
| Income per common share(1) | | | | | | |
| Basic | $1.08 | $1.35 | $0.91 | $0.78 | $0.62 | $0.43 |
| Diluted | $1.07 | $1.32 | $0.89 | $0.76 | $0.59 | $0.41 |
| PERCENT OF REVENUE |
| Gross margin | 74.8% | 75.4% | 7420.0% | 7390.0% | 73.6% | 73.8% |
| Operating income | 11.7% | 13.8% | 13.3% | 13.7% | 12.2% | 9.5% |
| Net income | 10.3% | 14.5% | 11.0% | 10.8% | 9.5% | 7.8% |
| Income tax rate | 13.6% | 6.0% | 24.0% | 23.0% | 24.0% | 25.0% |
| Net revenue, by region |
| Americas | 43% | 45% | 48% | 48% | 47% | 47% |
| Europe | 33% | 31% | 29% | 30% | 32% | 32% |
| Asia/ROW | 24% | 24% | 23% | 22% | 21% | 21% |
| FINANCIAL POSITION |
| Total current assets | 529 | $545 | $477 | $362 | $392 | $331 |
| Property, plant and equipment, net | 154 | $151 | $145 | $144 | $150 | $152 |
| Working capital | 398 | $420 | $380 | $275 | $310 | $255 |
| Total assets | 833 | $819 | $721 | $608 | $582 | $525 |
| Total current liabilities | 131 | $125 | $97 | $88 | $83 | $76 |
| Long-term debt | - | - | - | - | - | - |
| Stockholders’ equity | 664 | $661 | $597 | $504 | $486 | $439 |
| Total liabilities and stockholders’ equity | 833 | $819 | $721 | $608 | $582 | $525 |
| KEY RATIOS |
| Current ratio | 4.0 | 4.3 | 4.7 | 4.1 | 4.7 | 4.4 |
| Quick ratio | 2.7 | 3.4 | 3.6 | 3.1 | 3.8 | 3.6 |
| OTHER DATA |
| Employees | 5,157 | 4,647 | 4,149 | 3,812 | 3,465 | 3,078 |
| Investment in R&D | $143 | $127 | $113 | $88 | $85 | $71 |
| Cash flow from operations | $122 | $147 | $98 | $88 | $66 | $63 |
| Weighted average shares outstanding(1) |
| Basic | 78.6 | 79.5 | 79.5 | 78.6 | 78.7 | 77.4 |
| Diluted | 79.5 | 81 | 81.5 | 80.9 | 82.1 | 80.9 |
| Common shares outstanding (year-end)(1) | 77.2 | 79.4 | 79.9 | 79.3 | 78.9 | 78.3 |
| Closing stock price (Nasdaq: NATI) | 24.36 | $33.19 | $27.24 | $32.05 | $27.20 | $30.31 |
(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.
