AUSTIN, TX -- National Instruments reported second-quarter net income of $26 million, flat with last year, even though the company set a record for quarterly revenue.

For the period ended June 30, the electronics test and measurement software provider reported revenue of $292 million, up 15% from 2011. Orders were up 24%  year-over-year, and backlogs increased $16 million. The GAAP gross margin was 76%, down sequentially from 77%.

"The resilience of our business despite a significant weakening of the global industrial economy demonstrates the strength of our long-term approach," said Dr. James Truchard, co-founder, president and CEO. "The strong growth in larger orders and the record quarter for PXI products illustrate the increased acceptance of our technology, and I remain optimistic that our strategic investments over the last decade will support our goal of achieving $2 billion in annual revenue by 2016."

Excluding NI's recent AWR and Phase Matrix acquisitions, geographic revenue in US dollar terms was down 2% in the Americas, down 4% in Europe and up 45%  in Asia. In local currency terms, revenue was up 1% in Europe and up 48% in Asia. The acquisitions of AWR and Phase Matrix contributed $10 million of revenue. Including these acquisitions, revenue was up 9% in the Americas.

NI expects third-quarter revenue of $272 million to $302 million. The firm said it remains "very concerned" over continued weakness of the global PMI, especially with the drop below 50 in June. The company believes this trend, coupled with the fall in the Euro, will restrain growth in the test and measurement industry in the second half of the year. Nevertheless, NI expects continued year-over-year revenue growth as a result of its success in growing its systems sales this year.

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