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News Release from: National Instruments
Edited by the Manufacturingtalk Editorial
Team on 01 May 2006
Instrumentation software provider's
revenue up 19%
Virtual instrumentation software provider, National Instruments, has reported revenue in the first quarter (Q1) 2006 of US$155 million, a 19% increase over Q1 2005.
National Instruments has reported revenue in Q1 2006 of US$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 US$12.6 million, up 13% from Q1 2005
This article was originally published on Manufacturingtalk on 8 Aug 2008 at 8.00am (UK)
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Non-GAAP net income for Q1 2006 was US$16.2 million, up 44% from Q1 2005.
Included in both GAAP and non-GAAP net income is a charge for US$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 US$194 million in net cash and short-term investments as of March 31, 2006.
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"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 were as follows.
* Quarterly revenue of US$155 million, up 19% year-over-year.
* Quarterly GAAP net income of US$12.6 million, up 13% year-over-year.
* Quarterly non-GAAP net income of US$16.2 million, up 44% year-over-year.
* Strong sales of PXI, modular instruments and distributed I/O products.
* Record quarterly revenue and unit volume for data acquisition products.
* Innovation of the Year Award for LabVIEW 8 from 'EDN' magazine.
* Test Product of the Year Award for NI flexible-resolution digitizer from 'Test and Measurement World'.
"Q1 was a good quarter with year-over-year revenue growth of 19 percent," said 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 to Q1 2005 was as follows: up 22% in the Americas, up 16% in Europe and up 17% in Asia, equaling 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.
We believe this is indicative of a continued modest improvement in the test and measurement market in Q1.
The first-year impact of acquisitions added $7.9M in revenue in Q1.
Sales of the rest of the NI product portfolio, in other words, the NI virtual instrumentation platforms, were up 15 percent 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.
* Guidance for Q2 2006 - for Q2 2006, NI currently expects revenue to be in the range of US$155 million to US$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 amortization of acquisition-related intangibles to be 1 cent per share.
A reconciliation of the company's Q2 2006 guidance on a GAAP basis to its guidance on its non-GAAP basis is included as a part of this press release.
* About National Instruments - for 30 years, National Instruments has been a technology pioneer and leader in virtual instrumentation - a revolutionary concept that has changed the way engineers and scientists in industry, government and academia approach measurement and automation.
Leveraging PCs and commercial technologies, virtual instrumentation increases productivity and lowers costs for test, control and design applications through easy-to-integrate software, such as NI LabVIEW, and modular measurement and control hardware for PXI, PCI, PCI Express, USB and Ethernet.
Headquartered in Austin, Texas, USA, NI has more than 3,900 employees and direct operations in nearly 40 countries.
For the past seven years, 'Fortune' magazine has named NI one of the 100 best companies to work for in America. Request free introductory details about products from National Instruments ...
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