Investor Relations
1999 Annual Review
Five-Year Financial Overview
(Dollars in millions, except per-share, per-employee data)
| FISCAL YEAR ENDED DEC. 31, | 1999 | 1998 | 1997 | 1996 | 1995 |
| OPERATING RESULTS |
| Net revenue | $330 | $274 | $241 | $201 | $165 |
| Gross margin | $254 | $209 | $186 | $151 | $125 |
| Operating income (1) | $ 66 | $54 | $51 | $38 | $26 |
| Net income (1) | $47 | $38 | $35 | $26 | $17 |
| Income per common share (1) (2)
|
| Basic | $0.95 | $0.77 | $0.71 | $0.54 | $0.37 |
| Diluted | $0.91 | $0.74 | $0.68 | $0.53 | $0.37 |
| PERCENT OF REVENUE |
| Gross margin | 76.9 % | 76.2 % | 77.1 % | 75.2 % | 76.0 % |
| Operating income (1) | 20.0 % | 19.6 % | 21.3 % | 19.1 % | 16.1 % |
| Net income (1) | 14.3 % | 13.8 % | 14.3 % | 13.0 % | 10.6 % |
| Income tax rate | 32.0 % | 33.0 % | 33.0 % | 33.0 % | 36.0 % |
| Net revenue, by region
|
| Americas | 53 % | 56 % | 59 % | 57 % | 56 % |
| Europe | 33 % | 32 % | 27 % | 29 % | 31 % |
| Asia/ROW | 14 % | 12 % | 14 % | 14 % | 13 % |
| Investment in R&D | 13.8 % | 12.7 % | 12.6 % | 12.2 % | 12.1 % |
| (1) Operating income, net income and income per common share exclude acquisition charges and cumulative effect of accounting charges. |
| (2) Share and per-share information has been restated to reflect 3-for-2 splits of the common stock in November 1997 and August 1999. |
| |
| FISCAL YEAR ENDED DEC. 31, | 1999 | 1998 | 1997 | 1996 | 1995 |
| FINANCIAL POSITION |
| Total current assets | $231 | $174 | $149 | $132 | $101 |
| Property, plant and equipment, net | $70 | $66 | $47 | $32 | $33 |
| Working capital | $174 | $133 | $112 | $99 | $75 |
| Total assets | $319 | $250 | $204 | $169 | $137 |
| Total current liabilities | $57 | $41 | $37 | $32 | $26 |
| Long-term debt | $5 | $4 | $5 | $9 |
$12 |
| Stockholders' equity | $254 | $204 | $162 | $127 | $99 |
| Total liabilities and stockholders' equity | $319 | $250 | $204 | $169 | $137 |
| KEY RATIOS |
| Current ratio | 4.05 | 4.24 | 4.03 | 4.13 | 3.88 |
| Quick ratio | 3.60 | 3.85 | 3.59 | 3.75 | 3.31 |
| Return on equity, excluding cash | 40 % | 40 % | 47 % | 42 % | 33 % |
| OTHER DATA |
| Employees | 1,955 | 1,554 | 1,371 | 1,142 | 1,028 |
| Investment in R&D | $46 | $35 | $30 | $24 | $20 |
| Gross margin per employee | $145 K | $143 K | $148 K | $139 K | $131 K |
| Cash flow from operations | $46.7 | $46.2 | $31.7 | $40.3 | $14.9 |
| Weighted average shares outstanding (2)
|
| Basic | 49.8 | 49.2 | 48.8 | 48.5 | 46.7 |
| Diluted | 52.2 | 51.2 | 50.5 | 49.4 | 47.1 |
| Common shares outstanding (year-end)(2) | 50.0 | 49.4 | 49.0 | 48.7 | 48.3 |
| Closing stock price (NASDAQ: NATI) | $38.25 | $22.75 | $19.33 | $14.22 | $9.00 |
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