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National Instruments Announces Record Fourth Quarter and Fiscal Year 1996 Revenues, EarningsNet Income Up 47 Percent Over Prior Year Austin, Texas -- Jan. 28, 1997 -- National Instruments (NASDAQ: NATI) today announced record revenues and earnings for the fourth quarter of fiscal year 1996 and for the year ended Dec. 31, 1996. Revenues for the fourth quarter were $54.4 million, up 23 percent from $44.4 million in the fourth quarter of 1995, and up 9 percent from the $49.7 million reported in the third quarter of 1996. Net income in the quarter was $8.2 million, up 52 percent from $5.4 million a year ago, and up 30 percent from the $6.4 million reported in the immediately prior quarter. National Instruments reported earnings per share of $0.37 on 22.2 million weighted average shares outstanding, compared with earnings per share of $0.25 on 21.7 million weighted average shares outstanding in the fourth quarter of 1995 and $0.29 on 22.1 million weighted average shares outstanding in the third quarter of 1996. For the year ended Dec. 31, 1996, revenues were $201 million, compared with $165 million in 1995, a 22 percent increase. For the year ended Dec. 31, 1996, income from operations was $37 million, compared with $26 million in 1995, a 42 percent increase. Results for the year ended Dec. 31, 1996 included net income of $25 million or $1.16 per share on 22 million weighted average shares outstanding, compared with $17 million and $0.83 per share on 21 million weighted average shares outstanding for 1995. Net income increased 47 percent from the year ended Dec. 31, 1995. Excluding $1.5 million written off during 1996 in conjunction with the acquisition of Georgetown Systems in the second quarter of 1996 and another software acquisition during the third quarter of 1996, income from operations for the year would have been $39 million with net income of $27 million resulting in earnings per share of $1.19. The balance sheet remained strong, with cash and equivalents and short-term investments totaling $79 million, compared with $50 million at Dec. 31, 1995; total assets stood at $169 million at Dec. 31, 1996 compared with $137 million at Dec. 31, 1995. "1996 was the best year ever for National Instruments," declared Dr. James Truchard, President and CEO. "We passed the $200 million mark for sales and saw significant improvement in our profitability. We introduced a record 96 exciting new products and expanded into several new product areas, such as industrial automation software, fieldbus interfaces, and image acquisition and analysis." 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. For More Information National Instruments tel (512) 794-0100, toll free in the U.S. and Canada (800) 258-7022, fax (512) 794-8411, e-mail info@ni.com. General company and financial information is available on the company's web site at / 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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