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National Instruments Announces Record Revenues for Second Quarter 1996Operating Income Up 50 Percent Over Second Quarter Of 1995 Austin, Texas -- July 23, 1996 -- National Instruments (NASDAQ: NATI) today announced record revenues for the second quarter of fiscal year 1996 ended June 30, 1996. Revenues for the second quarter were $50.2 million, up 24 percent from $40.5 million in the second quarter of 1995, and up 8 percent from the $46.4 million reported in the first quarter of 1996. Including the effect of a $1.0 million charge for in-process research and development acquired during the quarter, income from operations was $8.2 million for the quarter ended June 30, 1996, compared with $5.4 million in 1995, a 50 percent increase. Net income in the quarter was $5.4 million, up 37 percent from $3.9 million a year ago, and down 1 percent from the $5.5 million reported in the immediately prior quarter. National Instruments reported earnings per share of $0.25 on 21.9 million weighted shares outstanding, compared with earnings per share of $0.18 on 21.5 million weighted shares outstanding in the second quarter of 1995 and $0.25 on 21.7 million weighted average shares outstanding in the first quarter of 1996. The foregoing income from operations, net income and earnings per share amounts include a $1.0 million charge against earnings for the write-off of in-process research and development technology in conjunction with the acquisition of Georgetown Systems, Inc. on April 1, 1996. Excluding the effect of this charge, income from operations would have been $9.2 million, net income would have been $6.1 million, and earnings per share would have been $0.28. For the six months ended June 30, 1996, revenues were $96.6 million, compared with $80.3 million in the six-month period a year earlier, a 20 percent increase. For the six months ended June 30, 1996, income from operations was $16.6 million, compared with $11.9 million in the six-month period a year earlier, a 40 percent increase. Results for the six-month period ended June 30, 1996 included net income of $10.9 million or $0.50 per share on 21.8 million weighted shares outstanding, compared with $8.1 million and $0.40 per share on 20.2 million weighted shares outstanding for the same period in 1995. Net income increased 34 percent from the six months ended June 30, 1995. Excluding the $1.0 million charge, income from operations for the six month period would have been $17.6 million with net income of $11.5, and earnings per share would have been $0.53. The balance sheet remained strong, with cash and equivalents and short-term investments totaling $62.1 million, compared with $49.8 million at Dec. 31, 1995; total assets stood at $151.5 million at June 30, 1996 compared with $137.1 million at Dec. 31, 1995. Inventory turns of 4.0 at June 30, 1996 have improved over turns of 2.7 at Dec. 31, 1995. In other Company news, Director Jim Smith has left the Board of National Instruments to accept the position of Executive Vice President and Chief Financial Officer for Alamo Group, Inc. (Seguin, Texas). "We appreciate Jim's service and regret he chose to leave the Board. We wish him the best in his new position with Alamo Group," said Dr. James Truchard, President and Chief Executive Officer of National Instruments. National Instruments manufactures software and hardware products for PCs and workstations that scientists and engineers use to build virtual instrumentation systems. These systems are used for research and industrial applications such as automated testing, laboratory automation, process monitoring and control, factory automation, physiological monitoring, numerical analysis, and data visualization. National Instruments is traded on the NASDAQ National Market System under the symbol NATI. More information on National Instruments is available from the company's SEC filings or by contacting the company's Investor Relations Department at 6504 Bridge Point Parkway, Austin, Texas 78730-5039, (512) 349-5090. General company information can also be accessed through the National Instruments InstrumentationWeb at . The condensed consolidated statement of income and balance sheets to follow.
National Instruments Condensed Consolidated Balance Sheets (in thousands)
Condensed Consolidated Statements of Income (in thousands, except per share data) (unaudited)
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