|
National Instruments Announces Record Quarterly Revenues and Double-Digit GrowthCompany Announces Stock Repurchase Plan AUSTIN, Texas -- Oct. 27, 1998 -- National Instruments (NASDAQ:NATI) today announced record revenues of $67.9 million for the third quarter of 1998, and fully diluted earnings per share of $0.27, excluding acquisition charges. In a separate announcement, the company also announced that it has authorized a stock repurchase program whereby up to 1,000,000 shares of its common stock may be, from time to time, purchased on the open market. "Our diverse customer base has helped insulate us from significant slowdowns in given regions and industries," stated Dr. James Truchard, President and CEO. "We are pleased that our computer-based approach continued to gain market share and that we delivered record revenues during this difficult economic period." Revenues for the third quarter were $67.9 million, up 12 percent from $60.6 million in the third quarter of 1997 (14 percent in constant local currencies). Geographically, the breakdown of revenue growth for the quarter compared to the third quarter of 1997 was as follows: North America 5 percent revenue growth; Europe 35 percent revenue growth (34 percent in local currencies); and Asia/Pacific 4 percent revenue growth (21 percent in local currencies). Net income for the quarter increased by 12 percent to $8.5 million, or $0.26 basic earnings per share, compared to net income of $7.6 million, or $0.23 basic earnings per share, in the third quarter of 1997. The foregoing amounts include a $750,000 and a $1.4 million charge related to acquisitions for the third quarter of 1998 and 1997, respectively. Excluding these charges, third quarter net income would have been $9.0 million, or $0.27 basic earnings per share and $8.5 million, or $0.26 basic earnings per share in 1998 and 1997, respectively. Excluding the acquisition charges, fully diluted earnings per share would have been $0.27 on 34.0 million weighted average shares outstanding and $0.25 on 33.8 million weighted average shares outstanding for the third quarters ending in 1998 and 1997, respectively. Including the acquisition charge, fully diluted earnings per share was $0.25 for the third quarter of 1998 compared to $0.23 for the same period of the prior year. "Our results are consistent with our historical pattern and business model," added Alex Davern, Chief Financial Officer. "The linear nature of our business and the wise stewardship of our resources enabled us to manage our expenses very effectively while continuing to invest in strategic new product areas." For the nine months ended September 30, 1998, revenues were $201.0 million, compared with $175.3 million in the nine-month period a year earlier, a 15 percent increase (18 percent in constant local currencies). Results for the nine-month period ended September 30, 1998 included a 12 percent increase in net income to $26.6 million, or $0.81 basic earnings per share, compared to $23.7 million for the nine months ended September 30, 1997, or $0.73 basic earnings per share. The Company reported fully diluted earnings per share of $0.78 on 34.1 million weighted average shares outstanding for the nine-month period ending September 30, 1998 compared to fully diluted earnings per share of $0.71 on 33.5 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, 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 by visiting the company's Web site at www.ni.com/investor, sending e-mail to nati@ni.com or by calling (512) 349-5090. 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)
Contact:
###
Related Links: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
