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Product category: Board-Level Instruments
News Release from: National Instruments
Edited by the Electronicstalk Editorial Team on 1 May 2006

Revenues continue to rise at NI

National Instruments has reported Q1 2006 revenue of $155 million, a 19% 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% from Q1 2005. Non-GAAP net income for Q1 2006 was $16.2 million, up 44% from Q1 2005. Included in both GAAP and non-GAAP net income is a 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 31st March 2006.

The company also announced today a dividend of 6 cents per share on its common stock payable on 30th May 2006, to shareholders of record on 8th May 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 digitiser 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 was a good quarter with year-over-year revenue growth of 19%', said Alex Davern.

'Coming into 2006, we were focused on improving our revenue growth and managing expenses in order to drive operating leverage'.

'We are pleased with the progress we made toward these goals in Q1'.

Geographically, the growth of revenue in US dollar terms for Q1 2006 compared with Q1 2005 was as follows: up 22% in the Americas, up 16% in Europe and up 17% in Asia, equalling overall growth of 19%.

In local currency terms, revenue was up 26% in Europe and up 22% in Asia, for an overall local currency growth of 23%.

Looking at Q1 revenue in more detail, sales of NI instrument control products were up 2% year-over-year.

The company believes this is indicative of a continued modest improvement in the test and measurement market in Q1.

The first-year impact of acquisitions added $7.9 million in revenue in Q1.

Sales of the rest of the NI product portfolio, in other words, the NI virtual instrumentation platforms, were up 15% year-over-year.

NI growth in Q1 was driven by the success of new products, especially in the areas of data acquisition, distributed I/O, modular instruments and PXI.

For Q2 2006, NI currently expects revenue to be in the range of $155 million to $162 million.

The company currently expects GAAP fully diluted EPS to be in the range of 15 cents to 20 cents per share and expects non-GAAP fully diluted EPS to be in the range of 20 cents to 25 cents per share.

In Q2 2006, the company expects the impact of stock-based compensation to be 4 cents per share and the impact of the amortisation of acquisition-related intangibles to be 1 cent per share. Request free introductory details about products from National Instruments....

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