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National Instruments Reports Record Earnings, First $100 Million QuarterRevenue Climbs 25 Percent in Ninth Consecutive Quarter of Record Revenue AUSTIN, Texas -- July 20, 2000 -- National Instruments (Nasdaq:NATI), a leading supplier of computer-based measurement and automation products, today announced record revenue for the second quarter of 2000, as revenue grew by 25 percent and earnings climbed 28 percent. "Achieving our first $100 million quarter is a significant milestone toward becoming a multibillion dollar company," said James Truchard, NI President and CEO. "In the past 12 months, our success in recruiting top engineering talent enabled us to increase R&D staff by more than 50 percent and achieve our strategic goal of investing 14 percent of revenue in R&D." Revenue for the second quarter was $100 million, up 25 percent from $80 million in the second quarter of 1999. Geographically, the breakdown of revenue growth for the quarter as compared to the second quarter of 1999 was as follows: Americas 23 percent revenue growth, Europe 29 percent revenue growth, and Asia/Pacific 20 percent revenue growth. In constant currency terms, total revenue would have increased by 28 percent. "Q2 2000 was a very strong quarter, delivering our ninth consecutive quarter of record revenue," said Alex Davern, CFO of NI. "In addition to consistent top line execution, NI continued to deliver strong earnings growth with net income up 28 percent." Net income for the quarter increased by 28 percent to a record $14.4 million compared to net income of $11.3 million in the second quarter of 1999. NI reported basic earnings per share of $0.29 for the second quarter of 2000 compared to basic earnings per share of $0.23 in the second quarter of 1999. The Company reported diluted earnings per share of $0.27 on 53.6 million weighted average shares outstanding for the second quarter of 2000 compared to diluted earnings per share of $0.22 for the same period last year. Quarterly Highlights
About National Instruments NI 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) 683-5090, by sending an e-mail to nati@ni.com, or on the Web at ni.com/nati Beginning Thursday, July 20 at 7 p.m. CDT through Thursday, July 27 at 12 a.m. CDT, interested parties may listen to a replay of the NI quarterly conference call by visiting the Company's Web site at ni.com/call or by calling (719) 457-0820, confirmation code #442933. This release may contain "forward-looking statements" (as defined under securities laws), which are subject to a number of risks and uncertainties. Actual results may differ materially from the expected results. Specific risks include: customer acceptance of and demand for our new products; business conditions in general economy and in the markets NI serves; currency fluctuations; inability to protect intellectual property rights or successfully defend infringement claims by others; inventory obsolescence risks; deliveries of products containing errors or defects; changes in product and sales mix which affect gross margins; the availability of parts and supplies from third-party suppliers on a timely basis and at reasonable prices; technological difficulties; resource constraints encountered in developing new products; and economic and regulatory risks of overseas operations. The Company directs you to documents filed with the SEC for risks associated with the Company's future performance. The condensed consolidated statement of income and balance sheets to follow. Condensed Consolidated Balance Sheets (in thousands)
National Instruments Condensed Consolidated Statements of Income (in thousands, except per share data)
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