AUSTIN, Texas - April 28, 2006 - National Instruments (Nasdaq: NATI) reported revenue in Q1 2006 of $155 million, a 19 percent increase over Q1 2005. Generally Accepted Accounting Principles (GAAP) fully diluted earnings per share (EPS) for Q1 2006 was 15 cents with GAAP net income of $12.6 million, up 13 percent from Q1 2005. Non-GAAP net income for Q1 2006 was $16.2 million, up 44 percent from Q1 2005.
Included in both GAAP and non-GAAP net income is an impairment charge for $900,000 related to converting part of the NI manufacturing facility in Austin to office space.NI continues to have a very strong balance sheet, with $194 million in net cash and short-term investments as of March 31, 2006. The company also announced today a dividend of 6 cents per share on its common stock payable on May 30, 2006, to shareholders of record on May 8, 2006. "We continued to deliver innovative new products while maintaining disciplined expense control. Our new products strengthen our vision of virtual instrumentation while expanding our opportunities in new areas such as graphical system design for industrial and embedded applications," said Dr.
James Truchard, NI president and CEO. "A testament to our innovation is the industry recognition of our flexible-resolution digitizer as the Test Product of the Year Award - the first PXI product to win this award - as well as the numerous awards LabVIEW 8 has received."
Q1 2006 Highlights
Quarterly revenue of $155 million, up 19 percent year-over-yearQuarterly GAAP net income of $12.6 million, up 13 percent year-over-yearQuarterly non-GAAP net income of $16.2 million, up 44 percent year-over-yearStrong sales of PXI, modular instruments and distributed I/O productsRecord quarterly revenue and unit volume for data acquisition productsInnovation of the Year Award for LabVIEW 8 from EDN magazine Test Product of the Year Award for NI flexible-resolution digitizer from Test & Measurement World