-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MJ69Xfl4SKOYBwUtXUi9R4SQFEOBK7e1rE9+HFB32gs48bwMOICjvqddI2G5UrU1 5s2bSyDwxmjjje+mdeDAJg== 0001171843-09-000079.txt : 20090129 0001171843-09-000079.hdr.sgml : 20090129 20090129160536 ACCESSION NUMBER: 0001171843-09-000079 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090129 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090129 DATE AS OF CHANGE: 20090129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIONEX CORP /DE CENTRAL INDEX KEY: 0000708850 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 942647429 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11250 FILM NUMBER: 09554614 BUSINESS ADDRESS: STREET 1: 1228 TITAN WAY STREET 2: P O BOX 3603 CITY: SUNNYVALE STATE: CA ZIP: 94086-3603 BUSINESS PHONE: 4087370700 MAIL ADDRESS: STREET 1: 1228 TITAN WAY CITY: SUNNYVALE STATE: CA ZIP: 94088-3603 8-K 1 document.htm FORM 8-K FILING DOCUMENT Form 8-K Filing

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

Date of Report (Date of earliest event reported): January 29, 2009


Dionex Corporation
(Exact name of registrant as specified in its charter)


Delaware
 
000-11250
 
94-2647429
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)


1228 Titan Way
Sunnyvale, CA, 94088

(Address of principal executive offices, Zip Code)


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


Not Applicable
(Former name or former address, if changed since last report)



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):

  [   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [   ] 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
EXHIBIT 99.1





Item 2.02. Results of Operations and Financial Condition.

On January 29, 2009, Dionex issued a press release announcing the financial results for the quarter ended December 31, 2008. 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, regardless of any general incorporation language in such filing except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
    No.          Description

   99.1          Press Release dated January 29, 2009 reporting Dionex Corporation's results for the quarter ended
                    December 31, 2008.


SIGNATURES

    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.

Dated: January 29, 2009 Dionex Corporation

By:   /s/   CRAIG A. MCCOLLAM
Craig A. McCollam
Sr. Vice President, Finance and Administration
and Chief Financial Officer





INDEX TO EXHIBITS

Exhibit
Number           Description
   99.1               Press Release of Dionex Corporation dated January 29, 2009.

EX-99.1 2 newsrelease.htm PRESS RELEASE Dionex Reports Record Net Sales and Earnings for the Second Quarter

EXHIBIT 99.1

Dionex Reports Record Net Sales and Earnings for the Second Quarter

SUNNYVALE, Calif., Jan. 29, 2009 (GLOBE NEWSWIRE) -- Dionex Corporation (Nasdaq:DNEX) today announced record net sales and earnings for the second quarter and six months ended December 31, 2008.

For the second quarter of fiscal 2009, sales were $103.0 million, an increase of 5% compared with the $98.0 million reported in the same quarter of last year. Currency fluctuations reduced reported sales by $4.1 million this quarter, or 4%, compared with the second quarter of fiscal year 2008. When measured in local currencies, sales increased by 9% for the quarter. Diluted earnings per share were $0.93 for the second quarter, an increase of 21% compared to the $0.77 reported in the second quarter of last year.

For the first six months of fiscal 2009, sales were $196.5 million, an increase of 9% compared with the $180.5 million reported for the first six months of fiscal 2008. Overall, currency fluctuations increased our reported sales in the first six months of fiscal 2009 by approximately $900,000, or 1%, compared to the first six months of fiscal 2008. Diluted earnings per share were $1.57, an increase of 21% compared with the $1.30 reported in the first six months of fiscal 2008.

During the quarter, the Company repurchased 120,462 shares of its common stock for $5.9 million. In the first six months of fiscal 2009, the Company repurchased 322,046 shares of its common stock for $19.3 million. In the second quarter, the Company completed the acquisition of the AutoTrace product line from Caliper Life Sciences as reported previously.

Lukas Braunschweiler, President and Chief Executive Officer, commenting on the results, said, "We are very pleased to report such strong results for the second quarter of fiscal year 2009, given the current economic and currency environment. We reported the highest quarterly sales in the history of the Company, surpassing the $100 million mark for the first time. We also reported record earnings for the quarter, driven by solid operating margin expansion. We managed operating expenses very effectively allowing us to report these very solid results.

"We experienced strong local currency growth in two of our three major geographic regions and in both ion chromatography and HPLC. Sales in North America were down 2% for the quarter reflecting a weaker demand from our customers in this region. European sales were down 3% in reported dollars but grew in the mid-single digits in local currency. Sales in our Asia/Pacific region for the second quarter grew 26% in reported dollars and 27% in local currency.

"Global demand from our environmental, life sciences, chemical/petrochemical and power customers was up this quarter. Customer demand in our food/beverage and electronics markets was down this quarter driven by weaker end customer demand and economic concerns.

"We experienced mid-single digit sales growth in ion chromatography this quarter. The sales growth was strong and broad based, but was offset by the negative impact of the strengthening U.S. dollar. Our HPLC sales were also up in the mid-single digits this quarter compared with the second quarter last year. Given the weakening demand that we experienced in life sciences in North America and the negative impact of the strengthening U.S. dollar, we are very pleased with the overall growth reported for our HPLC product line. We continue to experience strong customer acceptance of our Ultimate 3000 products, especially the new Ultimate 3000 RSLC system.

"In the first six months of this fiscal year, we have performed very well growing our sales and earnings beyond our earlier expectations. We are seeing some effects from the economic slowdown, especially in our North American market and in certain countries outside of North America. In addition, we continue to have challenging comparisons on a reported dollar basis due to the strengthening of the U.S. dollar. Our estimates for fiscal year 2009 are based on the following assumptions: (1) currency rates will have a negative 5-6 percentage point impact on our reported sales for the second half of fiscal year 2009, if currency rates stay as they are now; (2) our gross margin will be in the range of 65%-67% in fiscal 2009; and (3) our tax rate for fiscal year 2009 should be in the range of 35%-36%. Thus, we estimate that net sales will be in the range of $95-$98 million for the third quarter of fiscal year 2009 and $385-$393 million for the full fiscal year 2009. We estimate that GAAP diluted earnings per share w ill be in the range of $0.71-$0.76 for the third quarter and $2.98-$3.10 for the full year."

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.

Management of the Company will discuss the second quarter results in a conference call on Thursday, January 29, 2009, 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 30, 2009 until 5:00 p.m. PT, Tuesday, March 31, 2009.

Certain statements contained herein or made in the quarterly conference call that 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         Six Months Ended
                          December 31,                December 31,
                      ----------------------   -----------------------
                         2008        2007         2008         2007
                      --------     --------    --------      --------

 Net sales            $ 103,041   $  98,038    $ 196,476    $ 180,461
 Cost of sales           33,471      31,832       64,195       60,528
                      ---------   ---------    ---------    ---------
 Gross profit            69,570      66,206      132,281      119,933
                      ---------   ---------    ---------    ---------
 Operating expenses:
   Selling,
    general and
    administrative       36,206      35,888       72,403       67,044
   Research and
    product
    development           7,451       7,568       14,480       14,169
                      ---------   ---------    ---------    ---------
     Total
      operating
      expenses           43,657      43,456       86,883       81,213
                      ---------   ---------    ---------    ---------
 Operating income        25,913      22,750       45,398       38,720
 Interest income,
  net                       266         263          451          730
 Other income
  (expense)                  23        (640)        (590)      (1,391)
                      ---------   ---------    ---------    ---------
 Income before
  taxes on income        26,202      22,373       45,259       38,059
 Taxes on income          9,176       7,544       16,417       13,080
                      ---------   ---------    ---------    ---------
     Net income       $  17,026   $  14,829    $  28,842    $  24,979
                      =========   =========    =========    =========
 Basic earnings
  per share           $    0.95   $    0.80    $    1.60    $    1.34
                      =========   =========    =========    =========
 Diluted earnings
  per share           $    0.93   $    0.77    $    1.57    $    1.30
                      =========   =========    =========    =========
 Shares used in
  computing
  per share amounts:
   Basic                 17,912      18,605       17,990       18,685
                      =========   =========    =========    =========
   Diluted               18,217      19,242       18,382       19,268
                      =========   =========    =========    =========


                            DIONEX CORPORATION
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                  AT DECEMBER 31, 2008 AND JUNE 30, 2008
                             (In thousands)
                                (Unaudited)
                                           December 31,     June 30,
                                              2008            2008
                                          ------------   ------------
 ASSETS
  Current assets:
    Cash, cash equivalents
     and short term investments             $ 71,907         $ 75,701
    Accounts receivable, net                  72,568           74,436
    Inventories                               31,880           31,627
    Other current assets                      25,900           25,276
                                            --------         --------
       Total current assets                  202,255          207,040
  Property, plant and
   equipment, net                             72,593           72,335
  Goodwill and other
   intangible assets                          37,568           33,133
  Other assets                                16,470           17,922
                                            --------         --------
                                            $328,886         $330,430
                                            ========         ========
 LIABILITIES AND
  STOCKHOLDERS' EQUITY
   Current liabilities:
     Notes payable                          $ 21,517         $ 21,805
     Accounts payable                         16,322           16,086
     Accrued liabilities                      52,603           53,563
     Income taxes payable                      4,614            5,873
     Accrued product warranty                  2,995            3,444
                                            --------         --------
       Total current liabilities              98,051          100,771
  Deferred income taxes and other             30,922           32,910
  Stockholders' equity                       199,913          196,749
                                            --------         --------
                                            $328,886         $330,430
                                            ========         ========
CONTACT:  Dionex Corporation
          Craig McCollam
          408-481-4107
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