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National Instruments Announces Record Earnings for Third Quarter 1996Net Income Up 66 Percent Over Third Quarter of 1995 Austin, Texas -- Oct. 22, 1996 -- National Instruments (NASDAQ: NATI) today announced record earnings for the third quarter of fiscal year 1996 ended September 30, 1996. Revenues for the third quarter were $49.7 million, up 24 percent from $40.1 million in the third quarter of 1995, and off 1 percent from the $50.2 million reported in the second quarter of 1996 in keeping with seasonal patterns. Including the effect of a $500,000 write-off of intangibles in conjunction with the purchase of software technology acquired during the quarter, income from operations was $8.8 million for the quarter ended September 30, 1996 compared with $6.3 million in 1995, a 40 percent increase. Net income in the quarter was $6.4 million, up 66 percent from $3.8 million a year ago, and up 18 percent from the $5.4 million reported in the immediately prior quarter. National Instruments reported earnings per share of $0.29 on 22.1 million weighted shares outstanding, compared with earnings per share of $0.18 on 21.6 million weighted shares outstanding in the third quarter of 1995 and $0.25 on 21.9 million weighted average shares outstanding in the second quarter of 1996. The foregoing income from operations for the third quarter of 1996, net income and earnings per share amounts include a $500,000 charge against earnings for the write-off of intangible assets arising from the acquisition of software technology. Excluding the effect of this charge, income from operations would have been $9.3 million and net income would have been $6.7 million, which would have resulted in earnings per share of $0.30. For the nine months ended September 30, 1996, revenue was $146.3 million, compared with $120.4 million in the nine-month period a year earlier, a 21 percent increase. For the nine months ended September 30, 1996, income from operations was $25.4 million, compared with $18.1 million in the nine-month period a year earlier, a 40 percent increase. Results for the nine-month period ended September 30, 1996 included net income of $17.2 million or $0.79 per share on 21.9 million weighted shares outstanding, compared with $12.0 million and $0.58 per share on 20.7 million weighted shares outstanding for the same period in 1995. Net income increased 44 percent from the nine months ended September 30, 1995. Excluding the $500,000 charge for the write-off of intangible assets this quarter and a charge last quarter for in-process research and development associated with the acquisition of Georgetown Systems, income from operations for the nine-month period would have been $26.9 million with net income of $18.2 million, which would have resulted in earnings per share of $0.83. The balance sheet remained strong, with cash and equivalents and short-term investments totaling $71.7 million, compared with $49.8 million at December 31, 1995; total assets stood at $158.0 million at September 30, 1996 compared with $137.1 million at December 31, 1995. "We are pleased with our execution on new product shipments during the third quarter," notes James Truchard, President and CEO. "We shipped a total of 18 new products, including a new line of VXI instruments. Our investment in our custom MITE ASIC is now paying off as we leverage this technology to easily move our popular data acquisition products to the VXI platform. We have now expanded our VXI product line beyond controllers and software to include instruments, offering a more complete solution to our VXI customers. With regard to software, we shipped versions of LabVIEW 4.0 for France and Germany with native language documentation." National Instruments manufactures software and hardware products for PCs and workstations that scientists and engineers worldwide use to build virtual instrumentation systems in a variety of applications and industries. 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 and financial information can also be accessed through the National Instruments InstrumentationWeb at www.ni.com. 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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