National Instruments Reports Preliminary Revenue Estimate of $277 Million For Q4 2011, a New Quarterly Record
Sequentially, the company saw the greatest reduction in year-over-year revenue growth in
"While it is clear that the industrial economy, especially in
NI graphical system design products, which represent approximately 95 percent of the company's product portfolio, had approximately 14 percent year-over-year revenue growth in Q4 2011. Sales of NI instrument control products, which represented approximately 5 percent of NI revenue in the quarter, were down approximately 15 percent year-over-year in Q4 2011.
NI currently expects that GAAP fully diluted earnings per share (EPS) will be in the range of
For Q4 2011, the company now expects total non-GAAP operating expenses to be approximately
With
"In light of the uncertain outlook for the industrial economy, especially in
The company will provide final results and detailed guidance for Q1 2012 in its Q4 2011 conference call on
Preliminary Non-GAAP Results
In addition to disclosing results determined in accordance with GAAP, NI discloses certain non-GAAP operating results that exclude certain charges. In this news release, the company has presented its preliminary results for Q4 2011, on a GAAP and non-GAAP basis. When presenting non-GAAP results, the company includes a reconciliation of the non-GAAP data to the data under GAAP.
The economic substance behind management's decision to use such non-GAAP measures relates to these charges being non-cash in nature and being a useful measure of the potential future performance of the company's business. In line with common industry practice and to help enable comparability with other technology companies, the company's non-GAAP presentation excludes the impact of both stock-based compensation, the amortization of acquisition-related intangibles, and acquisition accounting for deferred revenue. Other companies may calculate non-GAAP results differently than NI, limiting the calculation's usefulness as a comparative measure. In addition, such non-GAAP measures may exclude financial information that some may consider important in evaluating the company's performance. Management compensates for the foregoing limitations of non-GAAP measures by presenting certain information on both a GAAP and non-GAAP basis and providing reconciliations of these certain GAAP and non-GAAP measures.
Conference Call Information
Interested parties can listen to the conference call today,
To participate in the Q4 2011 conference call on
Forward-Looking Statements
This release contains "forward-looking statements," including statements related to NI's preliminary results for Q4 2011 and 2011, including, as applicable, GAAP and non-GAAP revenue, revenue by region, non-GAAP operating expenses, GAAP and non-GAAP diluted EPS, non-GAAP effective tax rate, continuing to gain market share, being disciplined in managing expenses, ensuring we continue to serve growing industries, leveraging strategic R&D and field sales investments, managing expenses carefully and the rate of growth of our operating expenses in 2012 compared to 2011. These statements are subject to a number of risks and uncertainties, including the risk of further adverse changes or fluctuations 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 readers to documents it files with the
About
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Reconciliation of GAAP to Non-GAAP Revenue |
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Q4 Preliminary |
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Preliminary GAAP revenue |
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277 | |||||
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revenue: |
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Preliminary non-GAAP revenue |
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Q4 Preliminary |
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Preliminary GAAP operating expense |
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179 | |||||
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operating expense: |
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Impact of stock-based compensation |
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Preliminary non-GAAP operating expense |
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Preliminary GAAP fully diluted EPS |
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0.19 |
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0.20 | |||||
Adjustment to reconcile diluted EPS to non-GAAP |
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diluted EPS: |
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Impact of acquisition deferred revenue write-off, net of tax effect |
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0.01 |
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0.01 | |||||
Impact of stock-based compensation, net of tax effect |
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0.04 |
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0.04 | |||||
Impact of amortization of acquisition intangibles, net of tax effect |
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0.02 |
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0.02 | |||||
Preliminary non-GAAP diluted EPS |
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0.26 |
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0.27 | |||||
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Contacts: |
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Investor Relations |
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(512) 683-8456 |
SOURCE
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