National Instruments is reporting quarterly revenue of $202million. This is consistent with the preliminary results the company announced on 2 January 2009. GAAP net income for Q4 2008 was $19.3million with GAAP diluted earnings per share (EPS) of $0.25. Non-GAAP net income was $24.2million with diluted EPS of $0.31. When comparing Q4 2008 GAAP and non-GAAP fully diluted EPS to Q4 2007, note that in Q4 2007 NI recognised an $18.3million tax credit that had the impact of increasing the company's GAAP and non-GAAP EPS by $0.23 in Q4 2007.
James Truchard, NI president, co-founder and CEO says: "The diversity of our customers, markets, and geographies enabled our field sales engineers to continue to find business in areas where investment is still flowing and allowed us to deliver another record year in 2008, turning in 11 per cent revenue growth in a tough environment for the industry. I believe our strong financial position, solid business model, and long-term commitment to innovation and growth will allow us to expand our market position in test and industrial embedded applications."
For 2008, revenue was $821million, up 11 per cent year-over-year in US dollar terms. GAAP fully diluted EPS for 2008 was $1.07 with annual net income of $85million. Non-GAAP fully diluted EPS for 2008 was $1.30 with annual non-GAAP net income of $103million. Cash flow from operating activities was $122million in 2008. The company's non-GAAP results exclude the impact of both stock-based compensation and the amortisation of acquisition-related intangibles. Reconciliations of the company's GAAP and non-GAAP results are included as part of this news release.
In Q4 2008, NI virtual instrumentation and graphical system design products, which constitute the vast majority of the company's product portfolio, achieved two per cent year-on-year revenue growth. Sales of NI instrument control products, which now represent approximately seven per cent of NI revenue, were down 29 per cent year-over-year in Q4 2008. NI instrument control products are the most economically sensitive portion of company revenue, and the company expects the revenue trend in instrument control to continue to deteriorate in Q1 2009. For the year, NI virtual instrumentation and graphical system design products saw 13 per cent year-on-year revenue growth, and NI instrument control products were down 11 per cent year-on-year.
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