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National Instruments Announces Record RevenuesNational Instruments Corporation Declares 3-for-2 Stock Split Austin, Texas -- Oct. 21, 1997 -- National Instruments (Nasdaq: NATI) today announced record revenues for the third quarter of fiscal year 1997. National Instruments Corporation also announced that its Board of Directors authorized a 3-for-2 stock split with an effective record date of October 28, 1997. This will increase the number of outstanding shares of Common Stock from approximately 21.7 million to approximately 32.6 million shares. Revenues for the third quarter were $60.6 million, up 22 percent (28 percent in local currencies) from $49.7 million in the third quarter of 1996, and up 1 percent from the $60.1 million reported in the second quarter of 1997. Geographically, the breakdown of growth for the quarter was as follows: North America, 27 percent revenue growth; Europe, 10 percent revenue growth (28 percent in local currencies); and Asia/Pacific, 26 percent revenue growth (36 percent in local currencies). Net income for the quarter increased by 20 percent to $7.6 million, or $0.34 per share, compared to net income of $6.4 million, or $0.29 per share, in the third quarter of 1996. The foregoing amounts include a $1.4 million and a $0.5 million charge for the write-off of in-process research and development for the third quarter of 1997 and 1996, respectively. Excluding these charges, third-quarter net income would have been $8.6 million, or $0.38 per share and $6.7 million, or $0.30 per share in 1997 and 1996, respectively. This would have resulted in a 28 percent increase in net income from the third quarter of 1996 to the third quarter of 1997. Including the acquisition charge, net income for the third quarter of 1997 decreased 11 percent from $8.6 million, or $0.38 per share, reported in the immediately prior quarter. Excluding the acquisition charge, net income for the third quarter of 1997 remained steady at $8.6 million when compared to the prior quarter. For the nine months ended September 30, 1997, revenues were $175.3 million, compared with $146.3 million for the nine-month period a year earlier, a 20 percent increase (25 percent in local currencies). Results for the nine-month period ended September 30, 1997 included a 38 percent increase in net income to $23.7 million, or $1.06 per share, compared to $17.2 million, or $0.79 per share, for the nine months ended September 30, 1996. "We are pleased with our rebound in the Pacific rim during the third quarter," said Dr. James Truchard, President and CEO of National Instruments. "That success, combined with another strong quarter in the U.S., led to record revenues for National Instruments." Truchard continued, "Our challenge to continue growing will hinge on our ability to recruit. We are aggressively laying the foundation by targeting the best and brightest engineers from top schools around the world." 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. Upcoming Events The condensed consolidated statement of income and balance sheets to follow.
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Condensed Consolidated Statements of Income (in thousands, except per share data)
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