Record $1.02billion annual revenue for National Instruments

In Q4, the company's large order business, defined as orders greater than $20,000, grew 10% year over year and the average order size reached a new all time record of approximately $4,650. NI's GAAP net income was $24.3m in Q4, with non GAAP net income attaining $32.5m. The company's non GAAP results exclude the impact of stock based compensation, paying back of acquisition related intangibles, acquisition accounting for deferred revenue and acquisition related transaction costs. "Despite recent economic headwinds, we executed well this quarter as we set a new quarterly revenue record and surpassed the $1billion annual revenue milestone," said Dr James Truchard, NI's co-founder, president and CEO. "We believe this success has benefitted from the industry shift toward software based instrumentation and I believe our long term investments in software and modular hardware continue to drive improvements in performance, size and productivity for our customers." NI graphical system design products, which represented about 95% of the company's product portfolio, had approximately 14% year over year revenue growth in Q4 2011, while sales of NI instrument control products, which represented approximately 5% of its revenue in the quarter, were down approximately 16% year over year in Q4 2011. As of December 31, NI had $366m in cash and short term investments.