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2011 Annual Report

Six-Year Financial Overview


FISCAL YEAR ENDED DEC. 31, 2011
  20112010 2009 200820072006
OPERATING RESULTS
Net revenue $1,024$873 $677 $821$740$660
Gross margin $783$673 $507 $613 $555$490
Operating income $113$128 $47 $96$102$88
Net income $94 $109 $17 $85$107$73
Income per common share(1)        
Basic   $1.40 $0.22 $1.08$1.35$0.91
Diluted   $1.38 $0.22 $1.07$1.32$0.89
PERCENT OF REVENUE
Gross margin 76.5% 77.1% 74.9% 74.8%75%74.2%
Operating income 11% 14.7% 6.9% 11.7%13.8%13.3%
Net income 9.2% 12.5% 2.5% 10.3%14.5%11.0%
Income tax rate   14.8% 66.0% 13.6% 5.6% 23.7%
Net revenue, by region
Americas   41% 43% 43%45%48%
Europe   30% 31% 33%31%29%
Asia/ROW   29% 26% 24%24%23%
FINANCIAL POSITION
Total current assets $720 $651 $532 529$545$477
Property, plant and equipment, net $190 $160 $153 154$151$145
Working capital   $484 $414 398$420$380
Total assets $1,154 $960 $813 833$819$721
Total current liabilities $223 $166 $118 131$125$97
Long-term debt - - ----
Stockholders' equity $852 $745 $654 664$661$597
Total liabilities and stockholders' equity $1,154 $960 $813 833$819$721
KEY RATIOS
Current ratio   3.9 4.5 4.04.3 4.9
Quick ratio   2.9 3.3 2.73.4 3.8
OTHER DATA
Employees 6,235 5,280 5,120 5,1574,6474,149
Investment in R&D $199 $158 $133 $143$127$113
Cash flow from operations $170 $145 $136 $122$147$98
Weighted average shares outstanding(1)
Basic   78.0 77.5 78.679.579.5
Diluted   78.0 79.58181.580.9
Common shares outstanding (year-end)(1)   78.6 77.4 77.279.479.9
Closing stock price (Nasdaq: NATI)   $37.64 $29.45 24.36 $33.33 $27.24

(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.