2010 Annual Report
Six-Year Financial Overview
FISCAL YEAR ENDED DEC. 31, 2010
| | 2010 |
2009 |
2008 | 2007 | 2006 | 2005 |
|---|
| OPERATING RESULTS |
| Net revenue |
$873 |
$677 |
$821 | $740 | $660 | $572 |
| Gross margin |
$673 |
$507 |
$613 |
$555 | $490 | $423 |
| Operating income |
$128 |
$47 |
$96 | $102 | $88 | $78 |
| Net income |
$109 |
$17 |
$85 | $107 | $73 | $62 |
| Income per common share(1) |
|
| | | | |
| Basic |
$1.40 |
$0.22 |
$1.08 | $1.35 | $0.91 | $0.78 |
| Diluted |
$1.38 |
$0.22 |
$1.07 | $1.32 | $0.89 | $0.76 |
| PERCENT OF REVENUE |
| Gross margin |
77.1% |
74.9% |
74.8% | 75% | 74.2% | 73.9% |
| Operating income |
14.7% |
6.9% |
11.7% | 13.8% | 13.3% | 13.7% |
| Net income |
12.5% |
2.5% |
10.3% | 14.5% | 11.0% | 10.8% |
| Income tax rate |
14.8% |
66.0% |
13.6% |
5.6% |
23.7% |
23.8% |
| Net revenue, by region |
| Americas |
41% |
43% |
43% | 45% | 48% | 48% |
| Europe |
30% |
31% |
33% | 31% | 29% | 30% |
| Asia/ROW |
29% |
26% |
24% | 24% | 23% | 22% |
| FINANCIAL POSITION |
| Total current assets |
$651 |
$532 |
529 | $545 | $477 | $362 |
| Property, plant and equipment, net |
$160 |
$153 |
154 | $151 | $145 | $144 |
| Working capital |
$484 |
$414 |
398 | $420 | $380 | $275 |
| Total assets |
$960 |
$813 |
833 | $819 | $721 | $608 |
| Total current liabilities |
$166 |
$118 |
131 | $125 | $97 | $88 |
| Long-term debt |
- |
- | - | - | - | - |
| Stockholders’ equity |
$745 |
$654 |
664 | $661 | $597 | $504 |
| Total liabilities and stockholders’ equity |
$960 |
$813 |
833 | $819 | $721 | $608 |
| KEY RATIOS |
| Current ratio |
3.9 |
4.5 |
4.0 | 4.3 |
4.9 | 4.1 |
| Quick ratio |
2.9 |
3.3 |
2.7 | 3.4 |
3.8 | 3.1 |
| OTHER DATA |
| Employees |
5,280 |
5,120 |
5,157 | 4,647 | 4,149 | 3,812 |
| Investment in R&D |
$158 |
$133 |
$143 | $127 | $113 | $88 |
| Cash flow from operations |
$145 |
$136 |
$122 | $147 | $98 | $88 |
| Weighted average shares outstanding(1) |
| Basic |
78.0 |
77.5 |
78.6 | 79.5 | 79.5 | 78.6 |
| Diluted |
79.0 |
78.0 |
79.5 | 81 | 81.5 | 80.9 |
| Common shares outstanding (year-end)(1) |
78.6 |
77.4 |
77.2 | 79.4 | 79.9 | 79.3 |
| Closing stock price (Nasdaq: NATI) |
$37.64 | $29.45 |
24.36 |
$33.33 |
$27.24 |
$30.05 |
(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.
