National Instruments reports record Quarterly Revenue of $164 Million

  • October 24, 2006
  • National Instruments Corporation
  • News
AUSTIN, Texas - Oct. 24, 2006 - National Instruments (Nasdaq: NATI) today reported record revenue in Q3 2006 of $164 million, a 16 percent increase over Q3 2005. Geographically, the growth of revenue in U.S. dollar terms for Q3 2006 compared to Q3 2005 was as follows: up 11 percent in the Americas, up 14 percent in Europe and up 30 percent in Asia, equaling overall growth of 16 percent. In local currency terms, revenue was up 10 percent in Europe and up 28 percent in Asia, for an overall local currency growth of 14 percent. For the first nine months of 2006, the company reported revenue growth of 16 percent in U.S. Dollar terms and 18 percent in local currency compared to the first nine months of 2005. "I am pleased with our strong performance in the third quarter, driven by strong revenue growth in software and record revenue for many of our hardware products, including data acquisition, PXI, distributed I/O, machine vision and modular instruments," said Dr. James Truchard, NI president and CEO. "We have continued to see a validation of our vision of graphical system design through customer success in test and embedded development. The introduction of LabVIEW 8.20 builds on the success of LabVIEW as a complete development platform to help engineers design, prototype and deploy their test, control and design applications." Generally Accepted Accounting Principles (GAAP) fully diluted earnings per share (EPS) for Q3 2006 was 23 cents with GAAP net income of $19 million, up 30 percent from Q3 2005. Non-GAAP fully diluted EPS was 27 cents with non-GAAP net income of $22 million, up 48 percent from Q3 2005. In addition, the company reported GAAP net income growth of 19 percent and non-GAAP net income growth of 41 percent for the first nine months compared to the prior year period. Non-GAAP results exclude the impact of stock-based compensation and the impact of the amortization of acquisition-related intangibles. A reconciliation of GAAP to non-GAAP results is included as a part of this press release. "I am pleased with our solid execution this year, delivering strong operating leverage while maintaining our investment in R&D," said Alex Davern, NI CFO. "We remain committed to our long-term goal of 18 percent non-GAAP operating margin as we drive further operating efficiency in our business." NI continues to have a very strong balance sheet, with $223 million in net cash and short-term investments as of Sept. 30, 2006. In Q3 2006, the company paid $16.5 million to repurchase 608,000 shares of its common stock at an average price of $27.16 per share. The company also announced today a dividend of 6 cents per share on its common stock payable on Nov. 27, 2006 to shareholders of record on Nov. 6, 2006. To view the the full text of the release and financial statements, please visit: Learn More

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