-----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, NtO7kpgegnj/HL2xQyyMLUIJwIE2f7AVu5/k2xXfb8Y3Rgy/ZOyFoZ56lqJ877T2 lPnyKh1eMdARnBTdyqYbVQ== 0001181431-05-023849.txt : 20050427 0001181431-05-023849.hdr.sgml : 20050427 20050427162340 ACCESSION NUMBER: 0001181431-05-023849 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050427 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050427 DATE AS OF CHANGE: 20050427 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: 05776721 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 rrd76877.htm Prepared By R.R. Donnelley Financial -- Form 8-k
 
UNITED STATES
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):  04/27/2005
 
NATIONAL INSTRUMENTS CORP /DE/
(Exact Name of Registrant as Specified in its Charter)
 
Commission File Number:  000-25426
 
DE
  
741871327
(State or Other Jurisdiction of
  
(I.R.S. Employer
Incorporation or Organization)
  
Identification No.)
 
11500 North Mopac Expressway, Austin, TX 78759
(Address of Principal Executive Offices, Including Zip Code)
 
(512)338-9119
(Registrant’s Telephone Number, Including Area Code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17CFR240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17CFR240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17CFR240.13e-4(c))
 

Items to be Included in this Report

 
Item 2.02.    Results of Operations and Financial Condition
 
Attached hereto as Exhibit 99.1 and incorporated by reference herein is the text of the registrant's press release, dated April 27, 2005, regarding financial results for the registrant's first fiscal quarter ended March 31, 2005.

The information in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

 

 

Signature(s)
 
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.
 
     
 
NATIONAL INSTRUMENTS CORP /DE/
 
 
Date: April 27, 2005.
     
By:
 
/s/    David G. Hugley

               
David G. Hugley
               
Vice President & General Counsel, Secretary
 
 


 

Exhibit Index
 
Exhibit No.

  
Description

EX-99.1
  
Press Release dated April 27, 2005.
EX-99.1 2 rrd76877_5376.htm PRESS RELEASE DATED APRIL 27, 2005. Draft #2 4/25/05 -- MV

Exhibit 99.1

Contacts:

Rebecca Geier
Corp. Comm./Investor Relations Manager
(512) 683-5325

Jennifer Howard-Brown
Media Relations Manager
(512) 683-8713

National Instruments Reports First Quarter Results

Revenue of $130 Million and EPS of 14 Cents

AUSTIN, Texas -- April 27, 2005 -- National Instruments (Nasdaq: NATI) reported first quarter revenue of $130 million, an increase of 4 percent compared to the first quarter of 2004. Diluted earnings per share (EPS) for Q1 were 14 cents with net income of $11.1 million."Although we turned in our 11th consecutive quarter of year-over-year revenue growth, we are disappointed with our revenue results and have a number of actions in place for Q2 and into the second half of the year, including reducing budgeted expenses and hiring plans," said Dr. James Truchard, NI president and CEO. "While we are pleased with continued new product output from R&D and the improvement in gross margins, we are focused -- both short-term and long-term -- on our operational execution and our top-line growth improvement."

Q1 2005 Highlights

  • Revenue of $130 million, up 4 percent year-over-year
  • Diluted EPS of 14 cents
  • Net income of $11.1 million
  • The highest quarterly gross margin in four years at 75.0 percent
  • Record number of orders driven by the strong demand of NI USB and M Series data acquisition products
  • Continued strong growth from core products including software, PXI and modular instruments
  • Acquisition of Electronics Workbench, a leading supplier of electronics design automation software
  • Cash and short-term investments of $221 million
  • NI CompactRIO named Innovation of the Year by EDN magazine in the embedded systems category

-- More --

National Instruments Reports First Quarter Results
April 27, 2005
Page 2

"In response to the slow growth of large orders and lower than expected revenue in the first quarter, we have reduced budgeted expense and hiring plans for 2005 and we expect to see slower expense growth in coming quarters," said Alex Davern, NI CFO. "With continued strong growth of our core virtual instrumentation products, including software and other new products, we are pleased to turn in the highest quarterly gross margins in four years." Geographically, the growth of revenue in U.S. dollar terms for Q1 2005 compared to Q1 2004 was as follows: up 7 percent in the Americas, flat in Europe, and up 4 percent in Asia, giving overall growth of 4 percent. In local currency terms, revenue was down 9 percent in Europe and down 2 percent in Asia, for overall local currency growth of 2 percent.

The company announced a quarterly dividend of 5 cents per share on its common stock payable on May 31, 2005, to shareholders of record on May 9, 2005. In addition, the Board of Directors has increased the amount of common stock that the company is authorized to repurchase by 1.7 million common shares.

For Q2 2005, NI anticipates revenue to remain relatively flat sequentially. The company expects to report diluted EPS in Q2 2005 of between 12 and 16 cents per share, compared to 14 cents per share in Q2 2004.

Interested parties can listen to a conference call today, April 27, 2005, beginning at 4:00 p.m. CT, at www.ni.com/call. Replay information will be available by calling (719) 457-0820, confirmation code #4093174, from April 27, 2005, at 7:00 p.m. CT, through May 4, 2005, at midnight.

This release contains "forward-looking statements," including statements regarding reduced expenses and hiring plans, operational execution and top-line growth, faster revenue growth than expense growth, anticipated revenue for Q2 2005 and expected EPS for Q2 2005. 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.

-- More --

 

 

National Instruments Reports First Quarter Results
April 27, 2005
Page 3

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 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, USB and Ethernet. Headquartered in Austin, Texas, NI has more than 3,500 employees and direct operations in nearly 40 countries. In 2004, the company sold products to more than 25,000 companies in 90 countries. For the past six years, FORTUNE magazine has named NI one of the 100 best companies to work for in America. Readers can obtain investment information from the company's investor relations department by calling (512) 683-5090, e-mailing nati@ni.com or visiting www.ni.com/nati.

The condensed consolidated balance sheets and statements of income follow.

CompactRIO, LabVIEW, NI and ni.com are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies.

-- More --

 

 

National Instruments Reports First Quarter Results
April 27, 2005
Page 4

National Instruments
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

March 31,

December 31,

2005

2004

ASSETS

Current assets:

Cash and cash equivalents

$74,682

$76,216

Short-term investments

146,058

150,392

Accounts receivable, net

87,362

87,312

Inventories, net

55,931

54,043

Other current assets

25,688

24,341

Total current assets

389,721

392,304

Property and equipment, net

148,589

149,783

Intangibles, net and other assets

52,352

40,328

Total assets

$590,662

$582,415

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$30,645

$25,208

Accrued expenses and other liabilities

51,032

57,461

Total current liabilities

81,677

82,669

Deferred income taxes, net

13,343

13,297

Total liabilities

95,020

95,966

Stockholders' equity:

Preferred stock

-

-

Common stock

793

789

Additional paid-in capital

102,652

98,897

Retained earnings

391,296

384,118

Other

901

2,645

Total stockholders' equity

495,642

486,449

Total liabilities and stockholders' equity

$590,662

$582,415

-- More --

National Instruments Reports First Quarter Results
April 27, 2005
Page 5

National Instruments
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)

Three Months

Ended March 31

2005

2004

Net sales

$129,740

$124,638

Cost of sales

32,364

31,570

Gross profit

97,376

93,068

Sales and marketing

51,573

46,697

Research and development

20,383

19,990

General and administrative

11,263

9,860

Patent litigation

(25)

176

Total operating expenses

83,194

76,723

Operating income

14,182

16,345

Interest income

985

712

Foreign exchange loss, net

(528)

(2)

Other income, net

14

48

Income before income taxes

14,653

17,103

Provision for income taxes

3,517

4,276

Net income

$11,136

$12,827

Earnings per share:

Basic

$0.14

$0.16

Diluted

$0.14

$0.16

Weighted average shares

outstanding:

Basic

79,175

77,964

Diluted

81,924

81,905

Dividend declared per share

$0.05

$0.03

###

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