National Instruments Reports Record Revenue and Net Income
Net income for Q4 2007 was a record $45.7 million with diluted earnings per share (EPS) of $0.56. For Q4 2007, operating margin and net margin were 15.2 percent and 22.3 percent, respectively. Included in the Q4 2007 results are an $18 million tax credit from the partial release of a tax valuation allowance and pre-tax operating expense charges of $2 million. These items net to approximately $0.21 per share. The $2 million pre-tax charges to operating expenses in Q4 2007 are related to a $1.4 million bad debt charge for one customer and $600,000 in restructuring charges for shifting some general and administrative operations from Ireland to Hungary. The $18 million tax benefit stems from a change in the probability of the realization of a deferred tax asset, as a result of the formal court approval of a merger of two NI Hungarian subsidiaries.
Non-GAAP net income was a record $49.9 million with diluted EPS of $0.62. For Q4 2007, non-GAAP operating margin and non-GAAP net margin were 18.0 percent and 24.4 percent, respectively. Excluding the $0.21 per share for the items discussed earlier, non-GAAP net income for Q4 increased by 18 percent year-over-year. The company's non-GAAP results exclude the impact of both stock-based compensation and the amortization of acquisition-related intangibles. Reconciliations of the company's GAAP and non-GAAP results are included as part of this news release.
"The company achieved another strong financial performance in 2007, with record revenue, record net income and very strong cash flow of $145 million," said NI CFO Alex Davern. "Our revenue growth significantly outpaced the test and measurement market and allowed us to deliver strong operating leverage. Looking out to 2008, we see significant economic uncertainty and we will take a cautious approach to investments while accelerating the growth in our field sales resources in order to position the company well for the eventual recovery in the Global PMI."
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