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National Instruments Announces Record Revenues and Record EarningsAUSTIN, Texas -- Jan. 26, 1999 -- National Instruments (NASDAQ:NATI) today announced record revenues of $73.2 million for the fourth quarter of 1998, and record earnings per share of $0.33 (basic). "We're pleased to have continued our pattern of double-digit growth in earnings and revenues during this difficult economic period for the test and measurement industry," said Dr. James Truchard, President and CEO. "We believe that we may see a turnaround in 1999 in the test and measurement industry, and plan to invest carefully in anticipation of this." Revenues for the fourth quarter were $73.2 million, up 12 percent from $65.6 million in the fourth quarter of 1997 (11 percent in constant local currencies). Geographically, the breakdown of revenue growth for the quarter compared to the fourth quarter of 1997 was as follows: North America was flat; Europe 36 percent revenue growth (31 percent in local currencies); and Asia/Pacific 4 percent revenue growth (9 percent in local currencies). Net income for the quarter increased by 10 percent to $10.8 million, or $0.33 basic earnings per share, compared to net income of $9.9 million, or $0.30 basic earnings per share, in the fourth quarter of 1997. Fully diluted earnings per share was $0.32 on 34.1 million weighted average shares outstanding compared to $0.29 on 34 million weighted average shares outstanding in the fourth quarter of 1997. "In the last quarter of a difficult year for the industry, we generated a record $12 million in free cash," said Alex Davern, Chief Financial Officer. "While economic conditions for the future are uncertain, we are committed to providing the investment necessary for sustained long-term growth." For the year ended December 31, 1998, revenues were $274.2 million, compared with $240.9 million in 1997, a 14 percent increase (16 percent in constant local currencies). Results for the year ended December 31, 1998 included an 11 percent increase in net income to $37.4 million, or $1.14 basic earnings per share, compared to $33.6 million for 1997, or $1.03 basic earnings per share. The Company reported fully diluted earnings per share of $1.10 on 34.1 million weighted average shares outstanding for 1998 compared to fully diluted earnings per share of $1.00 on 33.7 million weighted average shares outstanding for 1997. National Instruments, a leading supplier of computer-based measurement and automation products, manufactures hundreds of software and hardware products which, when combined with industry-standard computers, are used for test, measurement, and industrial automation applications. This release contains "forward-looking statements" (as defined under securities laws) regarding an expected turnaround in the industry in 1999, the company's expenditures in 1999, and the performance of the company, which are subject to a number of risks and uncertainties. Actual results may differ materially from the expected results. Specific risks include the Asian economies not improving or even worsening; risk that there may be no turnaround in the Automated Test Equipment and semiconductor industries or in the test and measurement industry; and risk with regard to the Company's expanded sales force being able to execute effectively. The Company directs you to documents filed with the SEC for risks associated with the company's future performance. National Instruments invites you to attend its presentations at the following conferences: 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, by sending e-mail to nati@ni.com, or on the Web at www.ni.com/nati Interested parties may listen to a replay of the National Instruments Quarterly Conference Call starting Tuesday, January 26 at 7 p.m. through Friday, January 29 at midnight by calling (719) 457-0820; confirmation code #598510. The condensed consolidated statement of income and balance sheets to follow. Condensed Consolidated Balance Sheets (in thousands)
Condensed Consolidated Statements of Income (in thousands, except per share data)
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