National Instruments announced record revenues of $73.7 million for the first quarter of 1999, and 20% earnings growth. Revenues for the first quarter were up 13% from $65.4 million in the first quarter of 1998. Geographically, the breakdown of growth for the quarter compared to the first quarter of 1998 was as follows: Asia/Pacific, 29% revenue growth (16% in local currencies); Europe, 24% revenue growth (21% in local currencies); and North America five percent revenue growth.
Excluding the cumulative effect of a change in accounting policy related to the adoption of FAS133, net income for the quarter was $10.6 million, up 20% from $8.8 million a year ago. The company reported basic earnings per share, before the effect of this change in accounting policy, of $0.32 for the first quarter of 1999 compared to basic earnings per share of $0.27 in the first quarter of 1998. National Instruments reported diluted earnings per share, before the effect of this change in accounting policy, of $0.31 on 34.2 million weighted average shares outstanding, compared with diluted earnings per share of $0.26 on 34.1 million weighted average shares outstanding in the first quarter of 1998. "After four difficult quarters for the test and measurement industry, we generated a record of $13 million in free cash during the first quarter of 1999," said Alex Davern, CFO. "As we discussed in January, we anticipate a turnaround in the industry this year, and we will continue to invest aggressively to fuel our long-term growth."
Interested parties may listen to a replay of the National Instruments quarterly conference call starting Tuesday, April 27 at 7 p.m. through Friday, April 30 at midnight by calling (719) 457-0820; confirmation code # 651865.