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National Instruments Announces Record Revenues and 22 Percent GrowthEarnings Up 26 Percent Excluding Acquisition Charges AUSTIN, Texas -- Oct. 21, 1999 -- National Instruments (NASDAQ:NATI) today announced record revenues of $82.7 million and record earnings of $11.4 million for the third quarter of 1999, excluding acquisition charges. "In addition to our record revenues, we are pleased to deliver 22 percent growth, which is in line with our historical track record and surpasses our minimum Company goal of 20 percent," said James Truchard, President and CEO of National Instruments. "We feel our increased investments in R&D, sales, and marketing spurred our success and I look forward to leading National Instruments in exploiting our future opportunities." Revenues for the third quarter were $82.7 million, up 22 percent from $67.9 million in the third quarter of 1998. Geographically, the breakdown of revenue growth for the quarter compared to the third quarter of 1998 was as follows: Americas 20 percent revenue growth; Europe 25 percent revenue growth; and Asia/Pacific 23 percent revenue growth. Excluding acquisition charges of $2.1 million in Q3 1999 and $750,000 in Q3 1998, net income was $11.4 million for Q3 1999 compared to $9.0 million for Q3 1998, an increase of 26 percent. Excluding these acquisition charges, basic earnings per share for Q3 1999 was $0.23, compared to $0.18 in the same period last year and fully diluted earnings per share for Q3 1999 was $0.22, compared with $0.18 per share for Q3 1998. Including these acquisition charges, net income for the quarter increased by 17 percent to $9.9 million, or $0.20 basic earnings per share, compared to net income of $8.5 million, or $0.17 basic earnings per share, in the third quarter of 1998. Including these acquisition charges, fully diluted earnings per share was $0.19 for the third quarter of 1999 compared to $0.17 for the same period last year. "The acquisition of GFS on September 1, 1999 allows us to further penetrate the automotive industry with our software and hardware products by building on the success GFS has established in their nearly 20 years of service to the German automotive industry," said Alex Davern, Chief Financial Officer of National Instruments. "We are excited by the technology that GFS brings to National Instruments and are looking forward to seeing the results of their current development initiatives." About National Instruments 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/nati, sending e-mail to nati@ni.com or by calling (512) 683-5090. On Thursday, Oct. 21 at 4:00 p.m. CDT, interested parties may listen to the National Instruments quarterly conference call live on the Web by registering on the Company's Web site at www.ni.com/nati Beginning Thursday, Oct. 21 at 7:00 p.m. CDT through Thursday, Oct. 28 at 12:00 a.m. CDT, interested parties may also listen to a replay of the National Instruments quarterly conference call by visiting the company's Web site at www.ni.com/nati or by calling (719) 457-0820; confirmation code # 762731. 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. 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)
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