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National Instruments Announces 20 Percent Year-Over-Year Revenue Growth in First Quarter 1998Austin, Texas -- April 21, 1998 -- National Instruments (NASDAQ:NATI) today announced revenues for the first quarter were $65.4 million, up 20 percent from $54.6 million in the first quarter of 1997 (up 24 percent in local currencies). "Our strong first quarter was consistent with our historical pattern," said Dr. James Truchard, President and CEO. "Our diversity of business across many products, customers, industries, and geographies helped us get 1998 off to a solid start. The highlight of the quarter was the successful launch of LabVIEW 5.0, with more than 80 magazine front covers and thousands of people attending our launch event held in more than 130 cities around the world." Net income for the quarter was $8.8 million, up 17 percent from $7.6 million a year ago. The Company reported basic earnings per share of $0.27 for the first quarter of 1998 compared to basic earnings per share of $0.23 in the first quarter of 1997. National Instruments reported diluted earnings per share of $0.26 on 34.1 million weighted average shares outstanding for the first quarter of 1998, compared with diluted earnings per share of $0.23 on 33.5 million weighted average shares outstanding in the first quarter of 1997. Geographically, the breakdown of growth for the quarter was as follows: North America, 21 percent revenue growth; Europe, 27 percent revenue growth (35 percent in local currencies); and Asia/Pacific, 3 percent revenue growth (15 percent in local currencies). "We are pleased to announce very solid earnings results for the quarter," said Alex Davern, Chief Financial Officer. "Sales of LabVIEW 5.0 set an all-time record in March, surpassing the previous monthly record by more than 20 percent. Our earnings growth rate was impacted by a slight reduction in gross margins due to the release of LabVIEW 5.0 late in the quarter and the delayed release of LabWindows/CVI 5.0, which we expect to begin shipping in the second quarter." "We executed on two very key elements of our strategy in the first quarter," said Dr. Truchard. "The worldwide launch of LabVIEW and the investment in a record number of new employees have helped strengthen our infrastructure." National Instruments manufactures software and hardware products that scientists and engineers use to build measurement and automation systems in a variety of applications and industries. National Instruments is traded on the NASDAQ National Market System under the symbol NATI. More information on National Instruments is available from the company's SEC filings or by contacting the company's Investor Relations Department directly at 6504 Bridge Point Parkway, Austin, Texas 78730-5039, (512) 349-5090. General company, product, and financial information can be accessed through the National Instruments web site at www.ni.com The condensed consolidated statement of income and balance sheets to follow.
More information on National Instruments trademarks National Instruments Condensed Consolidated Balance Sheets (in thousands)
Condensed Consolidated Statements of Income (in thousands, except per share data)
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