National Instruments reports fourth consecutive quarter of revenue growth
JULY 24--National Instruments (Austin, TX; www.ni.com) has posted revenues of $100.2 million for the second quarter of 2003, a 7% increase from the second quarter of 2002 and the fourth consecutive quarter of year-over-year revenue growth. Fully diluted earnings per share for Q2 were $0.14, including patent-litigation expenses of $0.7 million, which amounts to $0.01 per share. NI also reported net income of $7.4 million and a record cash balance of $168 million for Q2 2003, up $10 million from last quarter.
"Our investment in R&D continues to pay off. In Q2, we released more new products than in any quarter in the past six years, including LabVIEW 7 Express, the most significant upgrade to our flagship software product in a decade," said James Truchard, NI CEO. "Additionally, with the company's track record of strong profitability, we are pleased to declare our first-ever dividend payment as another way of delivering long-term value to our shareholders."
Geographically, the growth of revenue in US dollar terms for Q2 2003 as compared to Q2 2002 was as follows: Asia, up 32%; Europe, up 7%; and flat in the Americas, giving an overall growth of 7%, up from 5% last quarter. In local currency terms, revenue was up 40% in Asia, down 7% in Europe, and flat in the Americas.