Print
Email
National Instruments Corp. (NATI) filed Quarterly Report for the period ended 2011-09-30.
National Instruments Corp. has a market cap of $3.17 billion; its shares were traded at around $26.4 with a P/E ratio of 24.9 and P/S ratio of 3.6. The dividend yield of National Instruments Corp. stocks is 1.5%. National Instruments Corp. had an annual average earning growth of 9.8% over the past 10 years. GuruFocus rated National Instruments Corp. the business predictability rank of 3.5-star.
This is the annual revenues and earnings per share of NATI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of NATI.
Highlight of Business Operations:
For the nine month periods ended September 30, 2011 and 2010, our consolidated net sales were $746 million and $623 million, respectively, an increase of 20%. Our consolidated net sales for the nine month period ended September 30, 2011, were negatively impacted by the $13 million accrual related to our GSA contract. For the same periods, product sales were $699 million and $573 million, respectively, an increase of 22% and software maintenance sales were $60 million and $50 million, respectively, an increase of 21%. Products in the areas of virtual instrumentation and graphical system design, which comprised approximately 94% of our revenue in the nine month period ended September 30, 2011, saw a year-over-year revenue increase of 23%. Instrument control products, which comprised approximately 6% of our revenues in the nine month period ended September 30, 2011, saw a year-over-year revenue increase of 8%. In the nine month period ended September 30, 2010, products in the areas of virtual instrumentation and graphical system design comprised approximately 93% of our revenue while instrument control products comprised approximately 7% of our revenues.Net Sales. Our consolidated net sales were $255 million and $220 million for the three month periods ended September 30, 2011 and 2010, respectively, an increase of 16%. Our consolidated net sales for the three month period ended September, 30, 2011, were negatively impacted by the $13 million accrual related to our GSA contract. This matter is discussed in greater detail in Note 13 – Commitments and Contingencies in the Notes to our Consolidated Financial Statements. For the same periods, product sales were $247 million and $203 million, respectively, an increase of 22% and software maintenance sales were $21 million and $17 million, respectively, an increase of 21 %. Products in the areas of virtual instrumentation and graphical system design, which comprised approximately 94% of our revenue in the three month period ended September 30, 2011, saw a year-over-year revenue increase of 24%. Instrument control products, which comprised approximately 6% of our revenues in the three month period ended September 30, 2011, saw a year-over-year revenue increase of 1%. In the three month period ended September 30, 2010, products in the areas of virtual instrumentation and graphical system design comprised approximately 93% of our revenue while instrument control products comprised approximately 7% of our revenues.
Operating Expenses. For the three month periods ended September 30, 2011 and 2010, operating expenses were $179 million and $137 million, respectively, an increase of 31%. This increase in our operating expenses was due to higher personnel related expenses of $17 million which included commissions, variable compensation and benefits, higher expenses related to marketing and outside services of $5.3 million, higher expenses for building, equipment and supplies of $4.1 million, higher travel related expenses of $3.2 million and higher equity based compensation of $1.6 million. Over the same period, the net impact of changes in foreign currency exchange rates increased our operating expense by $9 million. The increase in personnel expenses is related to a net increase in our average headcount of 902 employees. A large portion of our new hires were recent college graduates. Therefore, we saw the largest impact of our hiring during the three month period ended September 30, 2011. For the nine month periods ended September 30, 2011 and 2010, operating expenses were $492 million and $398 million respectively, an increase of 24%. This increase in our operating expenses was due to higher personnel related expenses of $36 million which included commissions, variable compensation and benefits as well as the fact that temporary cost cutting measures enacted in 2009 were still in place in January of 2010, higher expenses related to marketing and outside services of $15 million, higher expenses for building, equipment and supplies of $10 million, higher travel related expenses of $9 million and higher equity based compensation of $2.4 million. Over the same period, the net impact of changes in foreign currency exchange rates increased our operating expense by $17 million. The increase in personnel expenses is related to a net increase in our average headcount of 587 employees.
Almost all of the sales made by our direct sales offices in the Americas, outside of the U.S., in Europe and in Asia Pacific are denominated in local currencies, and accordingly, the U.S. dollar equivalent of these sales is affected by changes in foreign currency exchange rates. For the three month period ended September 30, 2011, in local currency terms, our consolidated net sales increased by $18 million or 9%, Americas sales increased by $626,000 or 1%, European sales increased by $5 million or 14%, and sales in Asia Pacific increased by $12 million or 19%, compared to the three month period ended September 30, 2010. During this same period, the change in exchange rates had the effect of increasing our consolidated sales by $18 million or 9%, increasing Americas sales by $879,000 or 1%, increasing European sales by $11 million or 30%, and increasing sales in Asia Pacific by $6 million or 10%. For the nine month period ended September 30, 2011, in local currency terms, our consolidated net sales increased by $99 million or 17%, Americas sales increased by $32 million or 12%, European sales increased by $33 million or 23%, and sales in Asia Pacific increased by $35 million or 20%, compared to the nine month period ended September 30, 2010. During this same period, the change in exchange rates had the effect of increasing our consolidated sales by $26 million or 4%, increasing Americas sales by $1.7 million or 1%, increasing European sales by $14 million or 9%, and increasing sales in Asia Pacific by $11 million or 6%.
Net Sales. Our consolidated net sales were $255 million and $220 million for the three month periods ended September 30, 2011 and 2010, respectively, an increase of 16%. Our consolidated net sales for the three month period ended September, 30, 2011, were negatively impacted by the $13 million accrual related to our GSA contract. This matter is discussed in greater detail in Note 13 – Commitments and Contingencies in the Notes to our Consolidated Financial Statements. For the same periods, product sales were $247 million and $203 million, respectively, an increase of 22% and software maintenance sales were $21 million and $17 million, respectively, an increase of 21 %. Products in the areas of virtual instrumentation and graphical system design, which comprised approximately 94% of our revenue in the three month period ended September 30, 2011, saw a year-over-year revenue increase of 24%. Instrument control products, which comprised approximately 6% of our revenues in the three month period ended September 30, 2011, saw a year-over-year revenue increase of 1%. In the three month period ended September 30, 2010, products in the areas of virtual instrumentation and graphical system design comprised approximately 93% of our revenue while instrument control products comprised approximately 7% of our revenues. For the nine month periods ended September 30, 2011 and 2010, our consolidated net sales were $746 million and $623 million, respectively, an increase of 20%. Our consolidated net sales for the nine month period ended September 30, 2011, were negatively impacted by the $13 million accrual related to our GSA contract. For the same periods, product sales were $699 million and $573 million, respectively, an increase of 22% and software maintenance sales were $60 million and $50 million, respectively, an increase of 21%. Products in the areas of virtual instrumentation and graphical system design, which comprised approximately 94% of our revenue in the nine month period ended September 30, 2011, saw a year-over-year revenue increase of 23%. Instrument control products, which comprised approximately 6% of our revenues in the nine month period ended September 30, 2011, saw a year-over-year revenue increase of 8%. In the nine month period ended September 30, 2010, products in the areas of virtual instrumentation and graphical system design comprised approximately 93% of our revenue while instrument control products comprised approximately 7% of our revenues.
Subscribe RSS
