Dionex Corporation (Nasdaq:DNEX) today announced results of operations for the third quarter and nine months ended March 31, 2011.

For the third quarter of fiscal 2011, sales were $123.1 million, an increase of 9% compared with the $112.8 million reported in the same quarter of last year. Currency fluctuations increased sales by 2 percentage points for the third quarter compared with the same period last year. Diluted earnings per share for the quarter were $0.94, a decrease of 5% compared with $0.99 reported in the same quarter of last year.

For the first nine months of fiscal 2011, sales were $350.1 million, an increase of 12% compared with the $312.6 million reported for the first nine months of fiscal 2010. Currency fluctuations did not have a significant impact on net sales for the first nine months of fiscal 2011. Diluted earnings per share for the first nine months of fiscal 2011 were $2.60, an increase of 5% compared with the $2.48 reported in the first nine months of fiscal 2010.

Frank Witney, President and Chief Executive Officer, commenting on the results, said, "We are pleased to have maintained our revenue growth momentum in the third quarter as we continue to work towards our merger with Thermo Fisher Scientific, Inc. Sales in each of our major geographic regions grew in the quarter. Net sales in North America increased by 12% for the quarter compared to the same period last year. European sales were up by 9% in reported dollars. Favorable currency fluctuations affected our reported sales growth in Europe by 2%. Growth in both of these regions was driven by our HPLC portfolio, specifically the strong commercial acceptance of our new UHPLC+ systems introduced in the fourth quarter of our fiscal 2010. Our Asia/Pacific sales were up by 8% in reported dollars. Favorable currency fluctuations affected our reported sales growth by 4%. The overall growth in Asia/Pacific was primarily due to continued strong demand for all of our HPLC products in China, India and Korea partially offset by a large order in Japan in the same quarter of last year. Operating income and diluted earnings per share for the quarter were affected by lower gross profit resulting from significantly higher HPLC sales, costs associated with moving the manufacturing of our ESA products, the effect of a large ion chromatography order in Japan in the third quarter of last year coupled with slightly higher operating expenses."

As previously reported on December 13, 2010, the Company has entered into an Agreement and Plan of Merger with Thermo Fisher Scientific Inc. As previously disclosed, the HSR waiting period in the US expired in early January. Thermo Fisher is in the process of seeking similar clearances under anti-trust laws of other jurisdictions, and we expect to complete the acquisition in our fiscal fourth quarter.

Dionex Corporation is a leading manufacturer and marketer of chromatography systems for chemical analysis. The Company's systems are used in environmental analysis and by the life sciences, food and beverage, chemicals, petrochemicals, power generation and electronics industries in a variety of applications.

Certain statements contained herein are not purely historical are forward-looking statements. Factors that may cause actual results to differ from these statements are foreign currency fluctuations, ability to attract and retain qualified personnel, economic conditions in the areas in which the company sells its products and demand for analytical instrumentation. These factors and other risks and uncertainties are discussed in greater detail in the Company's most recent reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission.

 DIONEX CORPORATION 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
 (In thousands, except per share amounts) 
 (Unaudited) 
         
   Three Months Ended March 31,   Nine Months Ended March 31, 
  2011 2010 2011 2010
         
 Net sales   $ 123,090  $ 112,782  $ 350,075  $ 312,610
 Cost of sales   43,426  35,295  123,220  103,310
 Gross profit   79,664  77,487  226,855  209,300
         
 Operating expenses:         
 Selling, general and administrative   45,915  42,218  130,101  118,705
 Research and product development   8,964  8,355  26,348  23,180
 Total operating expenses   54,879  50,573  156,449  141,885
         
 Operating income   24,785  26,914  70,406  67,415
         
 Interest income, net   64  (106)  114  (64)
 Other income (expense)   (685)  426  (2,238)  (28)
         
 Income before taxes on income   24,164  27,234  68,282  67,323
 Taxes on income   6,888  8,997  20,826  21,579
 Net income   17,276  18,237  47,456  45,744
 Less: Net income attributable to noncontrolling interest   448  506  1,192  1,094
 Net income attributable to Dionex Corporation   $ 16,828  $ 17,731  $ 46,264  $ 44,650
         
 Basic earnings per share attributable to Dionex Corporation   $ 0.96  $ 1.01  $ 2.66  $ 2.53
 Diluted earnings per share attributable to Dionex Corporation   $ 0.94  $ 0.99  $ 2.60  $ 2.48
 Shares used in computing per share amounts:         
 Basic   17,483  17,638  17,422  17,671
 Diluted   17,974  17,957  17,824  18,014
 
 DIONEX CORPORATION 
 CONDENSED CONSOLIDATED BALANCE SHEETS 
 MARCH 31, 2011 AND JUNE 30, 2010 
 (In thousands) 
(Unaudited)
     
  March 31, 2011 June 30, 2010
     
 ASSETS     
     
 Current assets:     
 Cash, cash equivalents and short term investments   $ 107,330  $ 70,278
 Accounts receivable, net   96,242  86,780
 Inventories   47,943  37,458
 Other current assets   38,911  33,027
 Total current assets   290,426  227,543
     
 Property, plant and equipment, net   83,758  76,062
 Goodwill and other intangible assets   52,415  48,872
 Other assets   10,285  9,511
   $ 436,884  $ 361,988
     
 LIABILITIES AND STOCKHOLDERS' EQUITY     
     
 Current liabilities:     
 Borrowings under line of credit   $ 49  $ 3,149
 Accounts payable   19,030  17,303
 Accrued liabilities   38,369  33,980
 Deferred Revenue   27,497  25,203
 Income taxes payable   4,677  5,247
 Accrued product warranty   2,841  2,532
     
 Total current liabilities   92,463  87,414
     
 Deferred income taxes and other   25,793  23,699
 Total Dionex Corporation stockholders' equity   316,256  248,783
 Noncontrolling interests   2,372  2,092
   $ 436,884  $ 361,988 
CONTACT: Craig McCollam
         Dionex Corporation
         408-481-4107
Dionex Corp. (MM) (NASDAQ:DNEX)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Dionex Corp. (MM) Charts.
Dionex Corp. (MM) (NASDAQ:DNEX)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Dionex Corp. (MM) Charts.