DIONEX REPORTS RESULTS FOR SECOND FISCAL QUARTER
DIONEX REPORTS RESULTS FOR SECOND FISCAL QUARTER SUNNYVALE, Calif., Jan. 14 /PRNewswire/ -- Dionex Corp.
(NASDAQ: DNEX) today announced revenues and earnings for its second fiscal quarter ended Dec. 31, 1991.
Sales for the quarter were $24,025,000, a 7 percent increase over the $22,542,000 reported in the same period last year. Had currency rates been the same as in last year's second quarter, sales growth would have been 10 percent. Net income was $3,683,000, or 45 cents per share, compared with net income of $3,430,000, or 42 cents per share, in the second quarter of fiscal 1991. For the six months ended Dec. 31, 1991, sales totaled $45,561,000, up 6 percent from the $43,093,000 reported for the first six months of last fiscal year. If currency rates had remained the same as the first half of the prior year, sales growth would have been 9 percent. Net income for the six-month period rose to $6,891,000, or 83 cents per share, representing a 5 percent increase in earnings per share over the prior fiscal year. Net income and earnings per share reflect the company's ongoing stock repurchase programs, under which 170,000 shares of Dionex common stock were repurchased during the first half of fiscal 1992. In fiscal 1991, the company repurchased 749,000 shares. A. Blaine Bowman, Dionex president and chief executive officer, commenting on the results said, "We achieved record sales during our second quarter, led by strong demand in our major international markets. In North America, demand for analytical instrumentation strengthened from the previous quarter but continue to be uneven," Bowman continued. "As we enter our third quarter, the business environment is uncertain in several of our markets. Despite this uncertainty, we are working to capitalize on recent product introductions and build on our leadership position in our core ion chromatography business," concluded Bowman. Dionex Corp. is a leading manufacturer and marketer of chromatography systems for chemical analysis. The company's systems are used in environmental analysis and by the chemicals, petrochemicals, life sciences, power generation and electronics industries in a wide variety of applications. DIONEX CORP. CONSOLIDATED STATEMENTS OF INCOME (In thousands except per share amounts) (Unaudited) Three Months Six Months Ended Ended Dec. 31 Dec. 31 1991 1990 1991 1990 Net sales $24,025 $22,542 $45,561 $43,093 Cost of sales 7,616 7,442 14,533 14,350 Gross profit 16,409 15,100 31,028 28,743 Operating expenses: Selling, general and administrative 9,232 8,722 17,578 16,393 Research and product development 2,010 1,826 3,888 3,757 Total operating expenses 11,242 10,548 21,466 20,150 Operating income 5,167 4,552 9,562 8,593 Interest income, net 498 724 1,039 1,603 Income before taxes on income 5,665 5,276 10,601 10,196 Taxes on income 1,982 1,846 3,710 3,568 Net income $3,683 $3,430 $6,891 $6,628 Net income per common and equivalent share $.45 $.42 $.83 $.79 Common and equivalent shares used in computing per share amounts 8,236 8,174 8,318 8,410 -0- 1/14/92 /CONTACT: Eric J. Keller of Dionex, 408-737-0700/ (DNEX) CO: Dionex ST: California IN: CHM SU: ERN
JL -- SJ003 -- 9371 01/14/92 08:30 EST
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|Date:||Jan 14, 1992|
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