8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

JANUARY 20, 2005
Date of Report (Date of earliest event reported)

DIONEX CORPORATION

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 000-11250
(Commission File Number) 94-2647429
(IRS Employer
Identification Number)

1228 Titan Way,
Sunnyvale, CA 94088
(Address of principal executive offices, including zip code)

(408) 737-0700
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURE
INDEX TO EXHIBITS
EXHIBIT 99.1

Item 2.02. Results of Operations and Financial Condition.

     On January 20, 2005, Dionex issued a press release announcing the financial results for the quarter ended December 31, 2004. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

     This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

     (c) Exhibits.

Exhibit
Number	Description
99.1	Press Release of Dionex Corporation dated January 20, 2005.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	DIONEX CORPORATION
Dated: January 20, 2005	By:	/s/ Craig A. McCollam
		Craig A. McCollam
		Vice President, Finance and Administration and Chief Financial Officer

INDEX TO EXHIBITS

Exhibit
Number	Description
99.1	Press Release of Dionex Corporation dated January 20, 2005.

EX-99.1

EXHIBIT 99.1

January 20, 2005 Contact: Craig McCollam
Dionex Corporation
408-481-4107

DIONEX REPORTS RECORD SALES AND EARNINGS FOR THE SECOND QUARTER

FOR RELEASE THURSDAY, JANUARY 20, 2005, P.M., 1:05 PST

Sunnyvale, California — Dionex Corporation (NASDAQ: DNEX) today announced record sales and earnings for its second quarter and first six months of fiscal 2005.

For the second quarter ended December 31, 2004, sales were $74.2 million, an increase of 13%, compared with the $65.5 million reported for the same period last year. Excluding the favorable effects of currency fluctuations, sales grew by 8% for the quarter. Diluted earnings per share were $0.59 for the second quarter, an increase of 20%, compared with the $0.49 reported for the same period last year. Cash flow from operations was $14 million in the second quarter.

For the first six months of fiscal 2005, sales totaled $137.4 million, an increase of 16%, compared with the $118.8 million reported for the first six months of fiscal 2004. Excluding the favorable effects of currency fluctuations, sales grew by 11%. Diluted earnings per share were $1.04, an increase of 24%, compared with the $0.84 reported for the first six months of fiscal 2004. Cash flow from operations for the first six months was $28 million.

During the second quarter, the Company repurchased 219,900 shares of its common stock. In the first six months of fiscal 2005, a total of 521,200 shares were repurchased for $26.2 million.

Lukas Braunschweiler, President and Chief Executive Officer, commenting on the results, said, “We are very pleased with our results for the second quarter. We reported record sales and earnings for the second quarter, continuing the strong performance reported in the first quarter. Our operating income grew by 18% in the second quarter to over 25% of sales, primarily driven by strong sales growth and good cost management. These results continue a series of eleven quarters with strong growth.

“This quarter we experienced solid growth in all geographic regions and in both major product lines of ion chromatography and analytical HPLC. Sales in North America grew in the mid-teens this quarter representing strong demand in this region. Sales in Europe grew in the mid-teens in reported dollars and in the mid-single digits in the local currencies. We saw good growth in many of our European countries, especially in Germany. Sales in our Asia/Pacific region grew in the low double digits this quarter, driven by strong growth in China, Korea and Australia. Sales in Japan were flat in the second quarter, comparing to a very strong quarter last year.

“Looking at the markets we serve, we experienced good growth in our major markets: life sciences, environmental, chemical/petrochemical and food and beverage. Electronics and power segments were down for the quarter.

“We believe that we are well-positioned to continue our strong growth in the remainder of fiscal 2005. Looking at our third quarter, we forecast that sales will be in the range of $73-$75 million and that diluted earnings per share will be in the range of $0.57-$0.60. For the entire year, we forecast that our sales will be in the range of $282-$287 million and diluted earnings per share will be in the range of $2.16-$2.23. These forecasts are based on the following assumptions:
(a) the U.S. and European economies will continue to improve, (b) foreign currency rates will provide a small benefit, if levels remain were they are today, (c) sales in the next two quarters will not reflect any benefit from the drinking water regulations enacted in Japan in fiscal 2004, which added $5 million and $3 million in nonrecurring revenues in the third and fourth quarters last year, respectively, (d) incremental operating expenses will be incurred due to major new product introductions and to the Sarbanes-Oxley 404 certification process. Overall, we anticipate our underlying business will grow as strongly in the second half of 2005 as in fiscal 2004 (excluding the incremental sales in Japan and currency benefits).”

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.

The company will discuss second quarter results in a conference call on Thursday, January 20, 2005 at 1:30 p.m. Pacific Time (PT). To listen to the call live, please tune into the webcast via www.Dionex.com. A playback of the conference call will be available from 8:00 a.m. PT, Friday, January 21, 2005 until 5:00 p.m. PT, Thursday, March 31, 2005.

Certain statements regarding sales and earnings contained herein that are not purely historical are forward-looking statements. Factors that may affect sales and earnings causing actual results to differ from these statements are foreign currency fluctuations, economic conditions in the areas in which the company sells its products, ability to manufacture products in an efficient and timely basis and at a reasonable cost and in sufficient volume, competition from other products, ability to attract and retain qualified personnel and existing product obsolescence. These factors and other risks and uncertainties are discussed in greater detail in the Company’s 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					Six Months Ended
	December 31,					December 31,
	2004			2003		2004		2003
Net sales	$	74,152		$	65,539	$	137,360	$	118,815
Cost of sales		24,674			21,837		46,250		39,845
Gross profit		49,478			43,702		91,110		78,970
Operating expenses:
Selling, general and administrative		25,417			22,894		47,835		42,062
Research and product development		5,397			5,027		10,326		9,598
Total operating expenses		30,814			27,921		58,161		51,660
Operating income		18,664			15,781		32,949		27,310
Interest income, net		258			163		408		212
Other income (expense)		(142	)		4		313		(328	)
Income before taxes on income		18,780			15,948		33,670		27,194
Taxes on income		6,053			5,183		11,279		8,838
Net income	$	12,727		$	10,765	$	22,391	$	18,356
Basic earnings per share	$	0.61		$	0.51	$	1.08	$	0.87
Diluted earnings per share	$	0.59		$	0.49	$	1.04	$	0.84
Shares used in computing per share amounts:
Basic		20,783			21,135		20,750		21,058
Diluted		21,647			21,985		21,570		21,885

DIONEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2004 AND JUNE 30, 2004
(In thousands)
(Unaudited)

	December 31,		June 30,
	2004		2004
ASSETS
Current assets:
Cash and equivalents	$	71,600	$	57,182
Short-term investments		1,948		1,604
Accounts receivable, net		56,854		53,128
Inventories		26,322		24,838
Other current assets		15,748		14,168
Total current assets		172,472		150,920
Property, plant and equipment, net		50,119		46,656
Goodwill and other intangible assets		29,213		29,032
Other assets		8,632		8,857
	$	260,436	$	235,465
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable	$	1,265	$	1,468
Accounts payable		9,471		8,113
Accrued liabilities		34,872		31,822
Income taxes payable		1,682		2,214
Accrued product warranty		3,981		3,584
Total current liabilities		51,271		47,201
Deferred income taxes and other		4,607		4,810
Stockholders’ equity		204,558		183,454
	$	260,436	$	235,465