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National Instruments Announces Record Quarterly Revenue and Double Digit Year-Over-Year GrowthCompany Gains Market Share in Instrumentation Market Austin, Texas -- July 28, 1998 -- National Instruments (NASDAQ:NATI) today announced record revenues of $67.8 million for the second quarter of fiscal year 1998. "We are pleased with our double-digit growth and record revenues during an economic period in which many of our competitors experienced double-digit revenue decreases," said Dr. James Truchard, President and CEO. "In addition to our solid performance, our gain in market share in the instrumentation market is a testament to the mainstream acceptance of our cost-effective, computer-based measurement and automation approach." Revenues for the second quarter were $67.8 million, up 13 percent (16 percent in constant local currencies) from $60.1 million in the second quarter of 1997. Geographically, the breakdown of revenue growth for the quarter compared to second quarter of 1997 was as follows: North America 10 percent revenue growth; Europe 25 percent revenue growth (29 percent in local currencies); and Asia/Pacific remained constant (14 percent revenue growth in local currencies). Net income for the quarter increased by 7 percent to $9.2 million compared to net income of $8.6 million in the second quarter of 1997. National Instruments reported basic earnings per share of $0.28 for the second quarter of 1998 compared to basic earnings per share of $0.26 in the second quarter of 1997. The Company reported diluted earnings per share of $0.27 on 34.2 million weighted average shares outstanding for the second quarter of 1998 compared to diluted earnings per share of $0.26 on 33.4 million weighted average shares outstanding for the same period of the prior year. "The linear nature of our business enabled us to manage our expenses effectively and focus our investment in strategic new product areas," said Alex Davern, Chief Financial Officer. "Our diverse customer base helped insulate us from significant slowdowns in any given region or industry and helped us deliver results consistent with our business model. In fact, preliminary orders for July show some improvement in growth." Truchard added, "We are aggressively expanding our sales force and continually adding to our product lines. The economic situation has created new opportunities for our company to capitalize on our ability to focus, execute, and invest in the future." For the six months ended June 30, 1998, revenues were $133.1 million, compared with $114.7 million in the six-month period a year earlier, a 16 percent increase (20% in local currency). Results for the six-month period ended June 30, 1998 included a 12 percent increase in net income to $18.0 million, or $0.55 basic earnings per share, compared to $16.1 million for the six months ended June 30, 1997, or $0.50 basic earnings per share. The Company reported diluted earnings per share of $0.53 on 34.2 million weighted average shares outstanding for the six-month period ending June 30, 1998 compared to diluted earnings per share of $0.48 on 33.4 million weighted average shares outstanding for the prior year period. National Instruments, a leading supplier of computer-based measurement and automation products, manufactures hundreds of software and hardware products which, combined with industry-standard computers, 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. This release contains forward-looking statements that involve a number of risks and uncertainties. Actual results may differ materially from the expected results. 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)
Condensed Consolidated Statements of Income (in thousands, except per share data) (unaudited)
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