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TheStreet Open House

Dionex Reports Record Net Sales For The Second Quarter

SUNNYVALE, Calif., Feb. 7, 2011 (GLOBE NEWSWIRE) -- Dionex Corporation (Nasdaq:DNEX) today announced record sales and earnings per share for the second quarter and six months ended December 31, 2010.

For the second quarter of fiscal 2011, sales were $124.1 million, an increase of approximately 14% compared with the $109.2 million reported in the same quarter of last year. Currency fluctuations had virtually no impact on the sales growth during the quarter. Diluted earnings per share for the quarter were $1.04, an increase of 13% compared with $0.92 reported in the same quarter of last year.

For the first six months of fiscal 2011, sales were $227.0 million, an increase of approximately 14% compared with the $199.8 million reported for the first six months of fiscal 2010. Overall, currency fluctuations decreased sales in the first six months of fiscal 2011 by approximately 1%. Diluted earnings per share for the first six months of fiscal 2011 were $1.66, an increase of approximately 11% compared with the $1.49 reported in the first six months of fiscal 2010.

For the three and six months ended December 31, 2010, the Company repurchased 15,477 and 202,660 shares of its common stock for $1.4 million and $15.4 million, respectively. 

Frank Witney, President and Chief Executive Officer, commenting on the results, said, "We reported the highest quarterly sales and diluted earnings per share in the history of the Company and strong operating results for the quarter. Organic sales growth of 14% for the second quarter was driven by double-digit local currency sales growth in all three major geographic regions, in particular strong growth in our Asia-Pacific region. Operating income also increased at a rate of 13% as operating expenses as a percentage of net sales decreased by over one percentage point as we continued to manage operating expenses.

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