-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TqVqHcrKojZ/OIPh5b6hC4E6mmHS4PtVzvigsTWY50VBSAif6MK6Ag6PvBbBZr5l 9Z5mijoB4Hf78LEPkRSEGQ== 0000935494-03-000031.txt : 20031023 0000935494-03-000031.hdr.sgml : 20031023 20031023163313 ACCESSION NUMBER: 0000935494-03-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030930 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL INSTRUMENTS CORP /DE/ CENTRAL INDEX KEY: 0000935494 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 741871327 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25426 FILM NUMBER: 03954394 BUSINESS ADDRESS: STREET 1: 11500 NORTH MOPAC EXPRESSWAY CITY: AUSTIN STATE: TX ZIP: 78759 BUSINESS PHONE: 5123389119 MAIL ADDRESS: STREET 1: 11500 NORTH MOPAC EXPRESSWAY CITY: AUSTIN STATE: TX ZIP: 78759 8-K 1 h102303.txt NATIONAL INSTRUMENTS CORP. FORM 8K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 23, 2003 National Instruments Corporation (Exact name of registrant as specified in its charter) Delaware 0-25426 74-1871327 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) Incorporation 11500 North MoPac Expressway, Austin, Texas 78759 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (512) 338-9119 (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. (c) Exhibits. 99.1 Press Release dated October 23, 2003. Item 12. Results of Operation and Financial Condition. The information in this Form 8-K is furnished under Item 12 - Results of Operations and Financial Condition - as provided in SEC Release No. 34-47226. On October 23, 2003, National Instruments Corporation announced the results of operations for the quarter ended September 30, 2003. The complete press release is attached to this report as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 23, 2003 NATIONAL INSTRUMENTS CORPORATION /s/ DAVID G. HUGLEY ------------------------------------------ David G. Hugley Vice President & General Counsel Secretary INDEX TO EXHIBITS Exhibit Number Description of Document 99.1 Press Release dated October 23, 2003. EX-99 3 h102303pr.txt NATIONAL INSTRUMENTS CORP. PRESS RELEASE 10/23/03 Contacts: Kimberly Allen Jennifer Howard-Brown Investor Relations Manager Media Relations Manager (512) 683-6873 (512) 683-8713 National Instruments Reports Record Third Quarter Revenue, 19% Growth in Net Income LabVIEW 7 Express Drives Double-Digit Software Growth AUSTIN, Texas - Oct. 23, 2003 - National Instruments (Nasdaq: NATI) today reported net income of $8 million, up 19 percent from Q3 2002. Third quarter revenue was a record $105 million, a 9 percent increase from the third quarter of 2002, and the fifth consecutive quarter of year-over-year revenue growth. Fully diluted earnings per share (EPS) for Q3 were 15 cents. "Our commitment to investing in R&D remains a key driver for our growth," said Dr. James Truchard, NI CEO. "More than 350 man-years of development on LabVIEW 7 Express and next-generation DAQmx driver software has paid off this quarter with strong double-digit software growth. With many new products and record sales for data acquisition, modular instrumentation and distributed I/O products, we delivered 9 percent growth in revenue and 19 percent growth in profitability." Q3 2003 Highlights Record third quarter revenue, fifth consecutive quarter of year-over-year revenue growth Revenue up 9 percent, net income up 19 percent year-over-year Double-digit growth for software sales and record quarterly sales of data acquisition, modular instrumentation and distributed I/O products Major product releases, including PXI 100 MS/s mixed-signal suite, TestStand 3.0, LabWindows/CVI 7.0, Measurement Studio 7.0 and MATRIXx 6.3 Record cash and short term investments of $172 million Cash dividend of 5 cents per common share "We were pleased to see our growth improve in Q3 and believe this was a result of our strong new product output and an early stage recovery in global manufacturing," said Alex Davern, NI CFO. "We reported record revenue for the first nine months of the year, reinforcing our expectation of record revenue for the year." - More - National Instruments Reports Record Third Quarter Revenue, 19% Growth in Net Income Oct. 23, 2003 Page 2 Geographically, the growth of revenue in U.S. dollar terms for Q3 2003 as compared to Q3 2002 was as follows: Europe, up 18 percent; Asia, up 18 percent; and Americas, up 1 percent, giving overall growth of 9 percent, up from 7 percent last quarter. In local currency terms, revenue was up 3 percent in Europe, up 33 percent in Asia, up 1 percent in the Americas, giving overall local currency growth of 7 percent, up from 3 percent last quarter. NI anticipates record revenue for 2003 and expects high single-digit, year-over-year revenue growth in Q4 2003. In addition, the company estimates earnings per share will be in the range of 20 to 23 cents per share for Q4 2003. Interested parties can listen to a conference call today, Oct. 23, 2003, beginning at 4:00 p.m. CDT, at ni.com/call. Replay information will be available by calling (719) 457-0820, confirmation code #262922, from Oct. 23, 2003 at 7:00 p.m. CDT, through Oct. 30, 2003 at 12:00 a.m. CDT. This release contains "forward-looking statements," including R&D investment as a driver for growth, recovery in global manufacturing, and the company's expectations regarding record revenue for the year, revenue growth for the fourth quarter, and estimated earnings for the fourth quarter. These statements are subject to a number of risks and uncertainties, including the risk of adverse changes in the global economy, delays in the release of new products, fluctuations in customer demand for NI products, manufacturing inefficiencies, and foreign exchange fluctuations. Actual results may differ materially from the expected results. The company directs you to documents filed with the SEC for other risks associated with the company's future performance. About National Instruments National Instruments (www.ni.com) is a technology pioneer and leader in virtual instrumentation - a revolutionary concept that has changed the way engineers and scientists approach measurement and automation. Leveraging the PC and its related technologies, virtual instrumentation increases productivity and lowers costs for customers worldwide through easy-to-integrate software, such as the NI LabVIEW graphical development environment, and modular hardware, such as PXI modules for data acquisition, instrument control and machine vision. Headquartered in Austin, Texas, NI has more than 3,000 employees and direct operations in 40 countries. In 2002, the company sold products to more than 25,000 different companies in more than 80 countries around the world. For the past four consecutive years, FORTUNE magazine has named NI one of the 100 best companies to work for in America. - More - National Instruments Reports Record Third Quarter Revenue, 19% Growth in Net Income Oct. 23, 2003 Page 3 Readers may obtain investment information from the company's investor relations department at (512) 683-5090, by sending e-mail to nati@ni.com or on the Web at www.ni.com/nati. The condensed consolidated balance sheets, statements of income and cash flows to follow. LabVIEW, NI, ni.com, MATRIXx, Measurement Studio and TestStand are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies. - More - National Instruments Reports Record Third Quarter Revenue, 19% Growth in Net Income Oct. 23, 2003 Page 4 National Instruments Condensed Consolidated Balance Sheets (in thousands) September 30, December 31, 2003 2002 ------------- ------------ (unaudited) ASSETS Current assets: Cash and cash equivalents $ 34,015 $ 40,240 Short-term investments 138,210 113,638 Accounts receivable, net 68,313 62,981 Inventories 38,448 39,247 Other current assets 18,199 21,860 ------------- ------------ Total current assets 297,185 277,966 Property and equipment, net 151,126 152,133 Intangibles, net and other assets 40,365 28,615 ------------- ------------ Total assets $ 488,676 $ 458,714 ============= ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 26,108 $ 25,578 Accrued expenses 36,021 40,935 ------------- ------------ Total current liabilities 62,129 66,513 Deferred income taxes 5,402 5,738 ------------- ------------ Total liabilities 67,531 72,251 ------------- ------------ Stockholders' equity: Common stock 518 511 Additional paid-in capital 86,097 72,063 Retained earnings 341,349 321,813 Other (6,819) (7,924) ------------- ------------ Total stockholders' equity 421,145 386,463 ------------- ------------ Total liabilities and stockholders' equity $ 488,676 $ 458,714 ============= ============ - More - National Instruments Reports Record Third Quarter Revenue, 19% Growth in Net Income Oct. 23, 2003 Page 5 National Instruments Condensed Consolidated Statements of Income (in thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Net sales $ 104,644 $ 96,020 $ 303,983 $ 284,264 Cost of sales 27,434 25,196 80,598 77,157 ---------- ---------- ---------- ---------- Gross profit 77,210 70,824 223,385 207,107 ---------- ---------- ---------- ---------- Sales and marketing 40,282 36,679 116,951 105,653 Research and development 18,370 16,095 50,497 47,762 General and administrative 8,438 8,224 25,244 22,559 Patent litigation 362 1,220 3,796 3,513 ---------- ---------- ---------- ---------- Total operating expenses 67,452 62,218 196,488 179,487 ---------- ---------- ---------- ---------- Operating income 9,758 8,606 26,897 27,620 Interest income, net 570 785 1,876 2,419 Foreign exchange, net (209) (612) 116 (1,288) Other income, net 486 506 606 1,028 ---------- ---------- ---------- ---------- Income before income taxes 10,605 9,285 29,495 29,779 Provision for income taxes 2,651 2,600 7,374 8,338 ---------- ---------- ---------- ---------- Net income $ 7,954 $ 6,685 $ 22,121 $ 21,441 ========== ========== ========== ========== Earnings per share: Basic $ 0.15 $ 0.13 $ 0.43 $ 0.42 ========== ========== ========== ========== Diluted $ 0.15 $ 0.13 $ 0.41 $ 0.40 ========== ========== ========== ========== Weighted average shares outstanding: Basic 51,532 51,195 51,468 51,286 ========== ========== ========== ========== Diluted 53,932 52,906 53,719 53,603 ========== ========== ========== ========== Dividends declared per share $ 0.05 $ -- $ 0.05 $ -- ========== ========== ========== ==========
- More - National Instruments Reports Record Third Quarter Revenue, 19% Growth in Net Income Oct. 23, 2003 Page 6 National Instruments Consolidated Statements of Cash Flows (in thousands) Nine Months Ended September 30, ---------------------- 2003 2002 ---------- ---------- Cash flow from operating activities: Net income $ 22,121 $ 21,441 Adjustments to reconcile net income to net cash provided by operating activities: Charges to income not requiring cash outlays: Depreciation and amortization 18,787 14,862 Benefit from deferred income taxes (514) (3,769) Tax benefit from stock option plans 2,565 1,164 Changes in operating assets and liabilities: Increase in accounts receivable (5,332) (1,894) Decrease (increase) in inventory 799 (7,015) Decrease in prepaid expense and other assets 4,071 3,154 (Decrease) increase in current liabilities (4,384) 5,677 ---------- ---------- Net cash provided by operating activities 38,113 33,620 ---------- ---------- Cash flow from investing activities: Payment for acquisitions, net of cash received (5,316) -- Capital expenditures (12,870) (24,753) Capitalization of internally developed software (9,449) (3,025) Additions to other intangibles (1,022) (2,214) Purchases of short-term investments (105,626) (106,294) Sales/maturities of short-term investments 81,054 130,531 ---------- ---------- Net cash used in investing activities (53,229) (5,755) ---------- ---------- Cash flow from financing activities: Proceeds from issuance of common stock 11,476 6,666 Repurchase of common stock -- (17,420) Dividends paid (2,585) -- ---------- ---------- Net cash provided by (used in) financing activities 8,891 (10,754) ---------- ---------- Net increase (decrease) in cash and cash equivalents (6,225) 17,111 Cash and cash equivalents at beginning of period 40,240 49,089 ---------- ---------- Cash and cash equivalents at end of period $ 34,015 $ 66,200 ========== ========== Non-cash financing activities: Accrued liability for repurchase of common stock $ -- $ 2,203 ========== ========== ### -----END PRIVACY-ENHANCED MESSAGE-----