Product category:
Board-Level Instruments
News Release from: National Instruments
Edited by the Electronicstalk Editorial
Team on 01 February 2007
Virtual instruments drive NI to record
quarter
National Instruments has reported record quarterly revenue in the fourth quarter of US $181.5 million, a 14% increase over Q4 2005.
National Instruments has reported record quarterly revenue in the fourth quarter of US $181.5 million, a 14% increase over Q4 2005 Geographically, revenue in US dollar terms for Q4 2006 compared with Q4 2005 was up 13% in the Americas, up 15% in Europe and up 13% in Asia, equaling overall growth of 14%
This article was originally published on Electronicstalk on 21 Mar 2001 at 8.00am (UK)
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In local currency terms, revenue was up 12% in Europe and up 10% in Asia.
Revenue from instrument control products declined by 5% year-on-year in Q4, compared with a 1% increase in Q3.
This slow down in instrument control reflects a stronger compare with Q4 2005 and the recent slowdown in the traditional test and semiconductor capital equipment markets.
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Instrument control now represents 10% of the company's revenue down from 12% in Q4 last year.
The net year-on-year impact of acquisitions on revenue this quarter is immaterial at $500,000.
The remainder of the product portfolio, ie virtual instrument products, had 16% year-on-year organic revenue growth, the strongest performance of the year.
The continued strong organic growth of virtual instrument products, despite the slow down in the global PMI, validates the company's strategy of heavy investment in R and D to drive new product success.
GAAP fully diluted earnings per share (EPS) for Q4 2006 was 30 cents with record GAAP net income of $24.4 million.
Non-GAAP fully diluted EPS was 34 cents with record non-GAAP net income of $28 million, up 23% from Q4 2005.
The company's non-GAAP results exclude the impact of both stock-based compensation under the new accounting standard SFAS123R and the amortisation of acquisition-related intangibles.
For 2006, revenue totalled $660 million, up 15.5% year-over-year in US dollar terms and 16.1% year-over-year in local currency.
GAAP fully diluted EPS for 2006 was 89 cents with record annual net income of $72.7 million, an 18% increase over 2005.
Non-GAAP fully diluted EPS for 2006 was $1.06 with record annual net income of $87 million, a 35% increase over 2005.
For the year, non-GAAP operating margin increased to 16% from 14% in 2005 and 12% in 2004.
GAAP operating margin for 2006 was 13.3%.
"I would like to thank all NI employees for another record year in 2006, turning in the 29th year of growth in the company's 30-year history", said Dr James Truchard, NI President and CEO.
"We made significant progress in 2006 in system-level design in both virtual instrumentation and in embedded industrial applications with the success of advanced technologies for graphical system design such as LabView FPGA".
In recent years, the seasonal pattern has been for NI revenue to decrease 5% to 7% sequentially in the first quarter from the NI seasonal revenue peak in Q4.
As a result, in recent years approximately 19% of the company's annual non-GAAP net income has been recorded in the first quarter and over one-third has been recorded in Q4.
As a result for Q1 2007, NI currently expects revenue to be in the range of $167 million to $175 million, compared with revenue of $155 million in Q1 last year.
Additionally, for Q1 2007, the company expects GAAP fully diluted EPS to be in the range of 18 cents to 23 cents per share compared with 15 cents in Q1 last year.
The company also expects non-GAAP fully diluted EPS to be in the range of 22 cents to 27 cents per share compared with 20 cents in Q1 last year.
In Q1 2007, the company expects the impact of stock-based compensation and the impact of the amortisation of acquisition-related intangibles to be 4 cents per share.
A reconciliation of the company's Q1 2007 guidance on a GAAP basis to its guidance on a non-GAAP basis is included as part of this press release. Request free introductory details about products from National Instruments ...
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