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National Instruments Achieves Record Revenues and 22 Percent Earnings GrowthNational Instruments Corporation Declares 3-for-2 Stock Split AUSTIN, Texas -- July 22, 1999 -- National Instruments (NASDAQ:NATI) today announced record revenues and record earnings for the second quarter of 1999. "We are delighted to have another quarter of record revenues and record earnings,"said James Truchard, President and CEO. "We increased our growth rate significantly and were successful in aggressively increasing our investment in both R&D and the Web. We were especially pleased to see sales through our new online store increase by 400 percent over the previous quarter and Web commerce grow to two percent of our overall business." Revenues for the second quarter were $79.8 million, up 18 percent from $67.8 million in the second quarter of 1998. Geographically, the breakdown of revenue growth for the quarter compared to second quarter of 1998 was as follows: Americas 11 percent revenue growth; Europe 24 percent revenue growth; and Asia/Pacific 46 percent revenue growth. Net income for the quarter increased by 22 percent to $11.3 million compared to net income of $9.2 million in the second quarter of 1998. National Instruments reported basic earnings per share of $0.34 for the second quarter of 1999 compared to basic earnings per share of $0.28 in the second quarter of 1998. The Company reported diluted earnings per share of $0.33 on 34.6 million weighted average shares outstanding for the second quarter of 1999 compared to diluted earnings per share of $0.27 for the same period last year. "We were pleased to see a strong increase in revenue growth and earnings," said Alex Davern, Chief Financial Officer. "This gives us the resources and confidence to make the significant incremental investments in R&D and in the Web, which we believe are necessary to fuel our long-term growth." 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 the Asian economies 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, 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. 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) 683-5090, by sending e-mail to nati@ni.com, or on the Web at www.ni.com/nati Beginning Thursday, July 22 at 7:00 p.m. CDT, interested parties may listen to a replay of the National Instruments quarterly conference call by visiting the Company's Web site at www.ni.com/nati (replay available through Thursday, July 29 at 12:00 a.m. CDT) or by calling (719) 457-0820; confirmation code # 708094 (replay available through Thursday, August 5 at 12:00 a.m. CDT). 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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