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National Instruments Reports Record Revenue

AUSTIN, Texas July 27, 2011

Q2 2011 Highlights

  • $253 million
  • Strong revenue growth in academic, PXI Modular Instrumentation, Software, Data Acquisition and NI CompactRIO products
  • GAAP gross margin of 77.9 percent and non-GAAP gross margin of 78.5 percent
  • Record GAAP and non-GAAP operating income for a second quarter
  • $ 0.22
  • $0.27
  • $44 million $0.37
  • $320 June 30, 2011

$253 million $241 million and $255 million April 28, 2011 $20,000 $4,440

$ 26.5 million $0.22 , $32.2 million $0.27

In Q2, GAAP gross margin increased 90 basis points year-over-year to 77.9 percent. Non-GAAP gross margin reached 78.5 percent, an increase of 90 basis points year-over-year.

The company’s non-GAAP results exclude the impact of stock-based compensation, amortization of acquisition-related intangibles and acquisition related transaction costs. Reconciliations of the company’s GAAP and non-GAAP results are included as part of this news release.

James Truchard

Europe Asia Europe Asia

June 30, 2011 $320 million $0.10 August 29 August 8

Alex Davern

Guidance for Q3 2011

$257 million and $273 million $260 $276 million $2 million $1 million

$170 million $2 million

$0.16 to $0.24 $0.23 to $0.31 $0.03

Non-GAAP Presentation

June 30, 2011 June 30, 2011

Conference Call Information

July 27 4:00 p.m. CDT www.ni.com/call August 1 7:00 p.m. CDT

Forward-Looking Statements

Japan Dec. 31, 2010 March 31, 2011

About National Instruments

www.ni.com . Austin, Texas [email protected] www.ni.com/nati

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

National Instruments

Consolidated Balance Sheets

(in thousands)

June 30,

December 31,

2011

2010

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

207,367

$

219,447

Short-term investments

112,341

131,215

Accounts receivable, net

148,939

127,214

Inventories, net

141,571

117,765

Prepaid expenses and other current assets

42,007

36,239

Deferred income taxes, net

13,919

18,838

Total current assets

666,144

650,718

Property and equipment, net

171,506

160,410

Goodwill

132,011

70,278

Intangible assets, net

93,971

52,816

Other long-term assets

25,938

25,460

Total assets

$

1,089,570

$

959,682

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

36,475

$

33,544

Accrued compensation

34,135

27,734

Deferred revenue

80,172

71,650

Accrued expenses and other liabilities

20,156

16,538

Other taxes payable

19,478

16,846

Total current liabilities

190,416

166,312

Deferred income taxes

37,476

29,477

Liability for uncertain tax position

18,016

14,953

Other long-term liabilities

17,201

4,395

Total liabilities

$

263,109

$

215,137

Stockholders’ equity:

Preferred stock

Common stock

1,201

1,179

Additional paid-in capital

447,407

407,713

Retained earnings

369,512

336,363

Accumulated other comprehensive income (loss)

8,341

(710)

Total stockholders’ equity

$

826,461

$

744,545

Total liabilities and stockholders’ equity

$

1,089,570

$

959,682

National Instruments

Consolidated Statements of Income

(in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

(Unaudited)

(Unaudited)

2011

2010

2011

2010

Net sales:

Product

$

233,141

$

194,830

$

451,751

$

370,225

Software maintenance

20,143

16,887

39,383

32,583

Total net sales

253,284

211,717

491,134

402,808

Cost of sales:

Cost of product

$

54,803

$

47,176

$

105,761

$

89,438

Cost of software maintenance

1,083

1,463

2,601

2,443

Total cost of sales

55,886

48,639

108,362

91,881

Gross profit

$

197,398

$

163,078

$

382,772

$

310,927

Operating expenses:

Sales and marketing

$

96,197

$

79,231

$

183,352

$

153,672

Research and development

47,027

36,395

89,895

74,941

General and administrative

21,232

16,969

40,071

32,309

Total operating expenses

$

164,456

$

132,595

$

313,318

$

260,922

Operating income

$

32,942

$

30,483

$

69,454

$

50,005

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