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TheStreet Open House

Dionex Reports First Quarter Results Showing Solid Sales And Earnings Per Share Growth

SUNNYVALE, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Dionex Corporation (Nasdaq:DNEX) today announced results of operations for the first quarter ended September 30, 2010.

Net sales for the first quarter of fiscal year 2011 were $102.9 million, an increase of 13% compared with the $90.7 million reported in the first quarter of last year. The negative impact of currency fluctuations decreased sales by approximately 2 percentage points, while acquisitions increased sales by approximately 4 percentage points for the first quarter compared with the same period last year. Excluding currency fluctuations and acquisitions, sales growth was 11% for the first quarter. Diluted earnings per share for the quarter were $0.62, an increase of 9% compared with the $0.57 reported in the same quarter of last year.

During the first quarter of fiscal year 2011, the Company repurchased 187,183 shares of its common stock for $14.0 million. In the first quarter of fiscal year 2010, the Company repurchased 188,253 shares of its common stock for $11.2 million. 

Frank Witney, President and Chief Executive Officer, commenting on the results, said, "We are pleased with our results for the first quarter. We reported strong organic sales growth of 11% excluding the impact of currency fluctuations and acquisitions. We are pleased with our strong operating income growth in the quarter of 10%. In addition, we are pleased with our earnings per share of $0.62, an increase of 9%, as this figure includes a currency loss of $1 million or $0.04 per share. These results exceeded our guidance for sales and were at the high end of our guidance for earnings per share.

"Net sales in North America increased 22% for the quarter compared to the same period last year. Constant currency sales in Europe grew by 9%, however, unfavorable currency fluctuations reduced our reported sales growth to 1%. Constant currency sales in Asia/Pacific grew by 17% for the quarter, while reported dollars sales growth was 21% driven by strong growth in all countries, particularly Japan, Korea and India. One key driver of our growth in Asia/Pacific is strong demand for our HPLC products. This region has showed consistently strong growth over the past several years and we are optimistic that we will see continued good results over the next few quarters.

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