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National Instruments Announces Record Fourth Quarter and Record Fiscal Year 1997 Revenues, EarningsNet Income for Q4 Up 20 Percent Over Prior Year Austin, Texas -- Jan. 29, 1998 -- National Instruments (Nasdaq: NATI) today announced record revenues for the fourth quarter of fiscal year 1997 of $65.6 million. For the year ended December 31, 1997, the Company had record revenues of $241 million. National Instruments ends the year by marking its fourteenth consecutive year of at least 20 percent or greater revenue growth. "Our pattern of consistent growth was due in large part to our diverse products and a customer base that spans many different market segments and geographic regions," explained Dr. James Truchard, National Instruments President and CEO. "Our investment in research and development has helped drive our best U.S. growth in three years." Revenues for the fourth quarter were $65.6 million, up 21 percent from $54.4 million in the fourth quarter of 1996, and up 8 percent from the $60.6 million reported in the third quarter of 1997. The breakdown of year over year revenue growth for the quarter was as follows: North America, 25 percent revenue growth; Europe, 18 percent revenue growth (31 percent in local currencies); and Asia/Pacific, 9 percent revenue growth (25 percent in local currencies). Net income in the quarter was $9.9 million, up 20 percent from $8.2 million a year ago, and up 30 percent from the $7.6 million reported in the immediately prior quarter. National Instruments reported diluted earnings per share of $0.29 on 34 million weighted average shares outstanding, compared with diluted earnings per share of $0.25 on 33.3 million weighted average shares outstanding in the fourth quarter of 1996, and $0.23 on 33.7 million weighted average shares outstanding in the third quarter of 1997. The Company reported basic earnings per share of $0.30 for the fourth quarter of 1997 compared to basic earnings per share of $0.25 in the fourth quarter of 1996. The Company's fourth quarter earnings were negatively impacted by $1.2 million in foreign currency exchange losses primarily related to the devaluation of Asian currencies. "National Instruments, like many companies with business in Asia, is challenged by the consequences of currency turmoil. However, in 1998 we have taken additional steps to manage foreign exchange risk by expanding the foreign currency hedging program to hedge anticipated sales in some of our most significant markets," stated Alex Davern, National Instruments CFO and Treasurer. For the year ended December 31, 1997, revenues were $241 million, compared with $201 million in 1996, a 20 percent increase. For the year ended December 31, 1997, income from operations was $50 million, compared with $37 million in 1996, a 33 percent increase. Results for the year ended December 31, 1997 included net income of $34 million or $1.00 per share (diluted) on 34 million weighted average shares outstanding, compared with $25 million and $0.77 per share (diluted) on 33 million weighted average shares outstanding for 1996. Basic earnings per share was $1.03 per share for 1997 compared to $0.79 per share in 1996. Net income increased 32 percent from the year ended December 31, 1996. National Instruments, a leading supplier of computer-based measurement and automation products, was founded in 1976. The company manufactures hundreds of software and hardware products which, combined with industry-standard computers, are used to replace and/or communicate with traditional instrumentation to acquire, analyze, and display data and to monitor and control processes. These computer-based instrumentation systems are used for test, measurement, and industrial automation applications. National Instruments stock is traded on the Nasdaq National Market System under the symbol NATI. Investment information may be obtained from the company's Investor Relations Department at (512) 349-5090 or by sending e-mail to nati@ni.com. For More Information National Instruments tel (512) 794-0100, toll free in the U.S. and Canada (800) 258-7022, fax (512) 794-8411, e-mail info@ni.com. General company and financial information is available on the company's web site at / 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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