e10vq

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0000950123-11-046566.txt : 20110506 0000950123-11-046566.hdr.sgml : 20110506 20110506154204 ACCESSION NUMBER: 0000950123-11-046566 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110506 DATE AS OF CHANGE: 20110506 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11250 FILM NUMBER: 11819254 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 10-Q 1 f58573e10vq.htm FORM 10-Q e10vq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2011


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-11250

DIONEX CORPORATION

(Exact Name of Registrant as Specified in its Charter)


Delaware		94-2647429

(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1228 Titan Way, Sunnyvale, California		94085

(Address of principal executive offices)		(Zip Code)

(408) 737-0700
(Registrant’s Telephone Number, including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES þ NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES þ NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer þ	Accelerated filer o	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES o NO þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of May 2, 2011:


CLASS		NUMBER OF SHARES

Common Stock		17,515,078

DIONEX CORPORATION
INDEX


	Page (s)
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements		3
Condensed Consolidated Balance Sheets as of March 31, 2011 and June 30, 2010		3
Condensed Consolidated Statements of Income for the Three and Nine months Ended March 31, 2011 and 2010		4
Condensed Consolidated Statements of Cash Flows for the Nine months Ended March 31, 2011 and 2010		6
Notes to Condensed Consolidated Financial Statements		7
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk		23
ITEM 4. Controls and Procedures		24
PART II. OTHER INFORMATION		24
ITEM 1. Legal Proceedings		24
ITEM 1A. Risk Factors		24
ITEM 6. Exhibits
SIGNATURES		31
Exhibit 10.3
Exhibit 10.13
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT

Part I. Financial Information

Item 1. Financial Statements

DIONEX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)


	March 31,		June 30,
	2011		2010
ASSETS
Current assets:
Cash and cash equivalents	$	107,328	$	69,830
Short-term investments		2		448
Accounts receivable (net of allowance for doubtful accounts of $537 at March 31, 2011 and $543 at June 30, 2010)		96,242		86,780
Inventories		47,943		37,458
Deferred taxes		12,912		14,036
Prepaid expenses and other current assets		25,999		18,991

Total current assets		290,426		227,543
Property, plant and equipment, net		83,758		76,062
Goodwill		36,314		35,013
Intangible assets, net		16,101		13,859
Other assets		10,285		9,511

	$	436,884	$	361,988

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Borrowings under line of credit	$	49	$	3,149
Accounts payable		19,030		17,303
Accrued liabilities		38,369		33,980
Deferred revenue		27,497		25,203
Income taxes payable		4,677		5,247
Accrued product warranty		2,841		2,532

Total current liabilities		92,463		87,414
Deferred and other income taxes payable		20,987		16,427
Other long-term liabilities		4,806		7,272
Commitments and other contingencies (Note 12)
Stockholders’ equity:
Dionex Corporation stockholders’ equity
Preferred stock (par value $.001 per share; 1,000,000 shares authorized; none outstanding)		—		—
Common stock (par value $.001 per share; 80,000,000 shares authorized; issued and outstanding: 17,516,089 shares at March 31, 2011 and 17,437,276 shares at June 30, 2010)		228,871		207,855
Retained earnings		67,529		34,195
Accumulated other comprehensive income		19,856		6,733

Total Dionex Corporation stockholders’ equity		316,256		248,783
Noncontrolling interests		2,372		2,092

Total stockholders’ equity		318,628		250,875

	$	436,884	$	361,988

See notes to condensed consolidated financial statements.

DIONEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)


	Three Months Ended
	March 31,
	2011			2010
Net sales	$	123,090		$	112,782
Cost of sales		43,426			35,295

Gross profit		79,664			77,487

Operating expenses:
Selling, general and administrative		45,915			42,218
Research and product development		8,964			8,355

Total operating expenses		54,879			50,573

Operating income		24,785			26,914
Interest income		79			156
Interest expense		(15	)		(262	)
Other expense, net		(685	)		426

Income before taxes		24,164			27,234
Taxes on income		6,888			8,997

Net income		17,276			18,237
Less: Net income attributable to noncontrolling interests		448			506

Net income attributable to Dionex Corporation	$	16,828		$	17,731


Basic earnings per share attributable to Dionex Corporation	$	0.96		$	1.01

Diluted earnings per share attributable to Dionex Corporation	$	0.94		$	0.99

Shares used in computing per share amounts:
Basic		17,483			17,638
Diluted		17,974			17,957

See notes to condensed consolidated financial statements.

DIONEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)


	Nine Months Ended
	March 31,
	2011			2010
Net sales	$	350,075		$	312,610
Cost of sales		123,220			103,310

Gross profit		226,855			209,300

Operating expenses:
Selling, general and administrative		130,101			118,705
Research and product development		26,348			23,180

Total operating expenses		156,449			141,885

Operating income		70,406			67,415
Interest income		200			271
Interest expense		(86	)		(335	)
Other expense, net		(2,238	)		(28	)

Income before taxes		68,282			67,323
Taxes on income		20,826			21,579

Net income		47,456			45,744
Less: Net income attributable to noncontrolling interests		1,192			1,094

Net income attributable to Dionex Corporation	$	46,264		$	44,650


Basic earnings per share	$	2.66		$	2.53

Diluted earnings per share	$	2.60		$	2.48

Shares used in computing per share amounts:
Basic		17,422			17,671
Diluted		17,824			18,014

See notes to condensed consolidated financial statements.

DIONEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)


	Nine months Ended
	March 31,
	2011			2010
Cash flows from operating activities:
Net income	$	47,456		$	45,744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		10,251			8,929
Stock-based compensation		6,160			5,043
Provision for bad debts		(141	)		14
Loss on disposal of fixed assets		942			168
Tax benefit related to stock transactions		(3,094	)		(1,656	)
Deferred income taxes		(367	)		989
Changes in assets and liabilities, net of acquired assets and assumed liabilities:
Accounts receivable		(2,797	)		(18,889	)
Inventories		(5,299	)		(6,764	)
Prepaid expenses and other assets		553			(603	)
Prepaid income taxes		(6,439	)		1,419
Accounts payable		1,453			3,477
Accrued liabilities		(3,788	)		2,957
Deferred revenue		1,660			8,391
Income taxes payable		4,100			5,012
Accrued product warranty		88			(322	)

Net cash provided by operating activities		50,738			53,909

Cash flows from investing activities:
Proceeds from sale of marketable securities		452			233
Purchase of property, plant and equipment		(12,722	)		(9,182	)
Proceeds from sale of property, plant, and equipment		—			42
Purchase of intangible assets		(4,512	)		—
Purchase of business		—			(21,147	)

Net cash used for investing activities		(16,782	)		(30,054	)

Cash flows from financing activities:
Net borrowings under line-of-credit		(3,095	)		16,524
Proceeds from issuance of common stock		14,182			14,613
Tax benefit related to stock transactions		3,094			1,656
Repurchase of common stock		(15,350	)		(31,200	)
Dividends paid to noncontrolling interests		—			(453	)

Net cash provided by (used for) financing activities		(1,169	)		1,140

Effect of exchange rate changes on cash		4,711			(1,755	)

Net increase (decrease) in cash and cash equivalents		37,498			23,240
Cash and cash equivalents, beginning of period		69,830			69,684

Cash and cash equivalents, end of period	$	107,328		$	92,924

Supplemental disclosures of cash flow information:
Income taxes paid	$	23,679		$	16,278
Interest expense paid		73			119
Supplemental schedule of non-cash investing and financing activities:
Accrued purchases of property, plant and equipment		233			578

See notes to condensed consolidated financial statements.

DIONEX CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1: Summary of Significant Accounting Policies

Organization and Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Dionex Corporation, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2010. Unless the context otherwise requires, the terms “Dionex,” “we,” “our” and “us” and words of similar import as used in these notes to condensed consolidated financial statements include Dionex Corporation and its consolidated subsidiaries.

The unaudited condensed consolidated financial statements included herein reflect all adjustments (which include only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the results for the periods presented. The results for such periods are not necessarily indicative of the results to be expected for the entire fiscal year ending June 30, 2011.

On December 12, 2010, Dionex, Thermo Fisher Scientific, Inc., a Delaware corporation (“Thermo Fisher”), and Weston D Merger Co., a Delaware corporation and a wholly owned subsidiary of Thermo Fisher (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, merge with and into Dionex and Dionex will survive the merger and continue as a wholly owned subsidiary of Thermo Fisher (the “Merger”). Pursuant to the terms of the Merger Agreement and subject to the conditions thereof, at the effective time of the Merger (the “Effective Time”), each share of common stock of Dionex issued and outstanding immediately prior to the Effective Time will be converted into the right to receive $118.50 in cash, without interest.

The Merger Agreement includes customary representations, warranties and covenants of Dionex and Thermo Fisher. Dionex has agreed to operate its business and the business of its subsidiaries in the ordinary course of business consistent with past practices until the Effective Time. Dionex has also agreed not to solicit, initiate, knowingly encourage or knowingly facilitate alternative acquisition proposals and will not knowingly permit its representatives to solicit or encourage any alternative acquisition proposal, in each case, subject to certain exceptions set forth in the Merger Agreement. The Merger Agreement contains certain termination rights, including, subject to the terms of the agreement, if the Dionex Board of Directors determines to accept a “Superior Proposal” as defined in the Merger Agreement, and also provides that under certain circumstances, upon termination, Dionex may be required to pay Thermo Fisher a termination fee of $65 million. The closing of the merger is currently expected to take place in the middle of May 2011 after receipt of a pending regulatory approval in Europe.

New Accounting Standards Adopted

Transfers of Financial Assets

In June 2009, the Financial Accounting Standards Board (“FASB”) issued new standards for the accounting for transfers of financial assets. These new standards amend the criteria for a transfer of a financial asset to be accounted for as a sale, establish more stringent conditions for reporting a transfer of a portion of a financial asset as a sale, change the initial measurement of a transferor’s interest in transferred financial assets, eliminate the qualifying special-purpose entity concept and require enhanced disclosures. Dionex adopted these standards in the first quarter of fiscal 2011 and they did not have a material impact on our consolidated financial statements but did expand our disclosures about transfers of financial assets. Refer to Note 7 for additional information.

Financial Instruments

In January 2010, the FASB issued a new accounting standard to amend the disclosure requirements related to recurring and nonrecurring fair value measurements. The guidance requires new disclosures on the transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy, including the reasons and the timing of the transfers. Additionally, the guidance

requires a roll forward of activities on purchases, sales, issuance, and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3 fair value measurements). The guidance became effective for us with the reporting period beginning January 1, 2010, except for the disclosure on the roll forward activities for Level 3 fair value measurements, which was effective for us in the first quarter of fiscal 2011. Other than requiring additional disclosures, adoption of this new standard did not have a material impact on our consolidated financial statements or any additional disclosures as Dionex did not have any financial instruments transfers between Level 1 and 2 during the nine months ended March 31, 2011.

Revenue Recognition

Net sales are derived primarily from sales of products, software licenses, and services (including installation, training, other consulting services, and extended maintenance contracts on our products). The following revenue recognition policies define the manner in which Dionex accounts for sales transactions.

Dionex recognizes revenue when persuasive evidence of an arrangement exists, the product has been delivered or service has been performed, the sales price is fixed or determinable, and collection is reasonably assured. Delivery of the product is generally considered to have occurred when shipped. Shipping charges billed to customers are included in net sales, and the related costs are included in cost of sales. Sales from products are typically not subject to rights of return and, historically, actual sales returns have not been significant. Dionex sells products through its direct sales force and through distributors and resellers. Sales through distributors and resellers are recognized as revenue upon sale to the distributor or reseller as these sales are considered to be final and no right of return or price protection exists. Customer acceptance is generally limited to performance under our published product specifications. When additional customer acceptance conditions apply, all revenue related to the sale is deferred until acceptance is obtained.

In October 2009, the FASB issued a new accounting standard for multiple deliverable revenue arrangements. The new standard changes the requirements for establishing separate units of accounting in a multiple element arrangement and requires the allocation of arrangement consideration to each deliverable to be based on the relative selling price. The FASB also issued a new accounting standard for certain revenue arrangements that include software elements. This new standard excludes software that is contained on a tangible product from the scope of software revenue guidance if the software is essential to the tangible product’s functionality. Dionex prospectively adopted both these standards in the first quarter of fiscal 2011 for new and materially modified arrangements originating after July 1, 2010. The impact of adopting these standards was not material to net sales on our consolidated financial statements for the nine months ended March 31, 2011. The new accounting standard for revenue recognition if applied in the same manner to the year ended June 30, 2010 would not have had a material impact on net sales or to our consolidated financial statements for that fiscal year.

Under these new standards, when a sales arrangement contains multiple elements, such as products, software licenses and/or services, Dionex allocates revenue to each element based on a selling price hierarchy. Using the selling price hierarchy, Dionex determines selling price of each deliverable using vendor specific objective evidence (“VSOE”), if it exists, and otherwise third-party evidence (“TPE”). If neither VSOE nor TPE of selling price exists, Dionex uses estimated selling price (“ESP”). Dionex generally expects that it will not be able to establish TPE due to the nature of the markets in which we compete, and, as such, Dionex typically will determine selling price using VSOE or if not available, ESP.

Dionex’s basis for establishing VSOE of a deliverable’s selling price consists of standalone sales transactions when the same or similar product or service is sold separately. However, when services are never sold separately, such as product installation services, VSOE is based on the product’s estimated installation hours based on historical experience multiplied by the standard service billing rate. In determining VSOE, Dionex requires that a substantial majority of the selling prices for a product or service fall within a reasonably narrow price or hour range, as defined by Dionex. Dionex also considers the geographies in which the products or services are sold, major product and service groups, and other environmental variables in determining VSOE. Absent the existence of VSOE and TPE, our determination of a deliverable’s ESP involves evaluating several factors based on the specific facts and circumstances of these arrangements, which include pricing strategy and policies driven by geographies, market conditions, competitive landscape, correlation between proportionate selling price and list price established by management having the relevant authority, and other environmental variables in which the deliverable is sold.

For multiple element arrangements which include extended maintenance contracts, Dionex allocates and defers the amount of consideration equal to the separately stated price and recognizes revenue on a straight-line basis over the contract period.

For multiple element arrangements which contain software deliverables and non-software deliverables (i.e. instruments) where the instruments’ essential functionality is not dependent on both deliverables functioning together, revenue is allocated to the software

deliverables as a group using the relative selling prices of each deliverable in the arrangement based on the selling price hierarchy. The consideration allocated to the software deliverable group is then allocated to each software deliverable within that group in accordance with software revenue recognition guidance.

For perpetual software licenses, Dionex recognizes revenue at the inception of the license term assuming all revenue recognition criteria have been met. Dionex uses the residual method to allocate revenue to software licenses at the inception of the license term when VSOE of fair value for the undelivered elements exists, such as software installations, and all other revenue recognition criteria have been satisfied. If Dionex cannot objectively determine the VSOE of fair value of any undelivered elements included in these multiple-element arrangements, revenue is deferred until all elements are delivered, or until VSOE of fair value can be objectively determined for the remaining undelivered elements.

Note 2: Earnings Per Share

Basic earnings per share attributable to Dionex Corporation are determined by dividing net income attributable to Dionex Corporation by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Dionex Corporation are determined by dividing net income attributable to Dionex Corporation by the weighted average number of common shares used in the basic earnings per share calculation, plus the number of common shares that would be issued assuming conversion of all potentially dilutive securities outstanding under the treasury stock method.

The following table is a reconciliation of the numerators and denominators used in computing basic and diluted earnings per share attributable to Dionex Corporation:


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(In thousands, except per share data)	2011		2010		2011		2010
Numerator:
Net income	$	16,828	$	17,731	$	46,264	$	44,650
Denominator:
Weighted average shares used to compute net income per common share — basic		17,483		17,638		17,422		17,671
Effect of dilutive stock options		491		319		402		343

Weighted average shares used to compute net income per common share — diluted		17,974		17,957		17,824		18,014

Basic earnings per share	$	0.96	$	1.01	$	2.66	$	2.53

Diluted earnings per share	$	0.94	$	0.99	$	2.60	$	2.48

Stock options to purchase 760,026 shares were excluded from the computation of diluted earnings per share in the three months ended March 31, 2010, and options to purchase 23,705 shares and 660,769 shares were excluded from the computation of diluted earnings per share in the nine months ended March 31, 2011 and 2010, respectively, because the exercise price of the stock options exceeded the average market price of the Company’s common stock and, as a result, would have had an anti-dilutive effect.

Note 3: Fair Value Measurements

In accordance with the accounting standards for fair value measurements and disclosures, assets and liabilities are measured at fair value on a recurring basis as of the end of each reporting period. Dionex applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

	•		Level 1 inputs utilize observable data such as quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

	•		Level 2 inputs utilize data points other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.

	•		Level 3 inputs utilize unobservable data points for the asset or liability in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of March 31, 2011:


(in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Money market (1)	$	18,496	$	18,496	$	—	$	—
Equity indexed derivatives (2)		2		—		2		—

Total	$	18,498	$	18,496	$	2	$	—

Liabilities:
Foreign currency contracts (3)	$	4,409	$	—	$	4,409	$	—


(1)		Included in “cash and cash equivalents” in our condensed consolidated balance sheets.

(2)		Included in “short-term investments” in our condensed consolidated balance sheets. The gross unrealized loss is not material.

(3)		Included in “other long-term liabilities” or “other accrued liabilities” in our condensed consolidated balance sheets.

Note 4: Derivative Securities

All derivatives, whether designated in hedging relationships or not, are required to be recorded on our consolidated balance sheets at fair value as either assets or liabilities. If the derivative is designated as a fair-value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge or net investment hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in earnings when the hedged item affects earnings; ineffective portions of changes in fair value are recognized in earnings.

Dionex operates on a global basis and is exposed to foreign currency exchange rate fluctuations in the normal course of its business. As part of its risk management strategy, Dionex uses derivative instruments to manage exposures to foreign currency. The objective is to offset gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them, thereby reducing volatility of earnings or protecting fair value of assets and liabilities. Dionex does not have any leveraged derivatives nor use derivative contracts for speculative purposes.

Net Investment Hedge

Dionex uses a $10 million cross-currency swap arrangement for Japanese yen that expires in March 2012 to hedge the exchange rate exposure of our net investment in our Japanese subsidiary. Dionex considers the impact of its counterparty’s credit risk on the fair value of the contract as well as the ability to each party to execute under the contract. Dionex assessed and documented hedge effectiveness of the contract and designated it as a net investment hedge at the inception date, January 1, 2008. We reassess edge effectiveness on a quarterly basis. The gain or loss related to the effective portion of the hedge is reported in accumulated other comprehensive income as part of the foreign currency translation adjustment, and the gain or loss related to the ineffective portion, if any, is reported in other income (expense), net.

Other Derivatives

Other derivatives not designated as hedging instruments consist primarily of foreign exchange forward contracts with high quality financial institutions to manage our exposure to the impact of fluctuations in foreign currency exchange rates on our intercompany receivables balances. Principal hedged currencies include the Euro, Japanese yen, Australian dollar, Canadian dollar, British pound sterling, and Swiss Francs. The periods of these forward contracts is approximately 30 days and have varying notional amounts that are intended to be consistent with changes in the underlying exposures and require Dionex to exchange foreign currencies for U.S. dollars at maturity. Gains (losses) on these contracts are reported as other income (expense) in the current period earnings.

Total gross notional amounts for outstanding derivatives were as follows:


	March 31,		June 30,
(in thousands)	2011		2010
Derivatives not designated as hedging instruments
Currency forwards:
Euro	$	5,909	$	17,659
Japanese yen		5,401		4,282
Australian dollar		983		791
Canadian dollar		1,432		853
British pound sterling		2,582		—
Swiss francs		456		—
Derivatives designated as hedging instruments
Currency swaps		10,000		10,000

Total	$	26,763	$	33,585

The following table shows derivative instruments measured at gross fair value and balance sheet location on the condensed consolidated balance sheet:


	March 31, 2011				June 30, 2010
	Accrued		Other Long-		Accrued		Other Long-
(In thousands)	Liabilities		Term Liabilities		Liabilities		Term Liabilities
Derivatives designated as hedging instruments
Currency swaps	$	4,252	$	—	$	—	$	3,390
Derivatives not designated as hedging instruments
Currency forwards	$	157	$	—	$	290	$	—

The following table shows the effect of derivative instruments designated as hedging instruments and not designated as hedging instruments in the condensed consolidated statements of operations in the three and nine months ended March 31, 2011 and 2010:


	Three Months					Nine months
	Ended March 31,					Ended March 31,
(In thousands)	2011			2010		2011			2010
Derivatives designated as hedging instruments
Net investment hedges
Unrealized gain (loss) recognized in other comprehensive income on derivatives	$	324		$	76	$	(862	)	$	(466	)
Realized gain (loss) reclassified from other comprehensive income into income	$	—		$	—	$	—		$	—

Derivatives not designated as hedging instruments
Currency forwards
Realized gain (loss) included other income (expense), net	$	(435	)	$	598	$	(3,444	)	$	(29	)

Note 5: Balance Sheet Details

The following tables provide details of selected balance sheet items:


	March 31,		June 30,
(In thousands)	2011		2010
Inventories:
Finished goods	$	28,062	$	23,788
Work in process		1,473		1,781
Raw materials		18,408		11,889

	$	47,943	$	37,458


	March 31,			June 30,
	2011			2010
Property, Plant and Equipment, net:
Land	$	28,303		$	25,098
Buildings and improvements		54,496			48,396
Machinery, equipment and tooling		56,236			50,411
Furniture and fixtures		13,532			12,194
Construction-in-progress		245			13

		152,812			136,112
Accumulated depreciation and amortization		(69,054	)		(60,050	)

Property, plant and equipment, net	$	83,758		$	76,062

Depreciation expense was $2.7 million and $2.9 million in three months ended March 31, 2011 and 2010, respectively and $7.9 million and $7.6 million in nine months ended March 31, 2011 and 2010, respectively.

Note 6: Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill were as follows for the nine months ended March 31, 2011:


(in thousands)
Balance as of June 30, 2010	$	35,013
Additions		12
Foreign currency translation impact		1,289

Balance as of March 31, 2011	$	36,314

Intangible assets (net of accumulated amortization) were as follows:


	As of March 31, 2011							As of June 30, 2010
	Carrying		Accumulated					Carrying		Accumulated
(in thousands)	Amount		Amortization			Net		Amount		Amortization			Net
Patents and trademarks	$	8,788	$	(3,031	)	$	5,757	$	8,788	$	(2,580	)	$	6,208
Developed technology		9,800		(2,145	)		7,655		14,893		(10,456	)		4,437
Customer relationships		5,431		(2,742	)		2,689		5,119		(1,905	)		3,214

Total	$	24,019	$	(7,918	)	$	16,101	$	28,800	$	(14,941	)	$	13,859

As a result of certain acquisitions, Dionex recorded trade names (intangible assets) totaling $2.8 million, which are not subject to amortization and are included in patents and trademarks.

Amortization expense related to all finite intangible assets was $0.8 million and $0.6 million in the three months ended March 31, 2011 and 2010, respectively and $2.4 million and $1.5 million in the nine months ended March 31, 2011 and 2010, respectively.

Estimated future amortization expense related to finite lived intangible assets as of March 31, 2011 is as follows:


	Remaining
	Amortization
(in thousands)	Expense
Remainder of Fiscal 2011	$	796
Fiscal 2012		2,878
Fiscal 2013		2,234
Fiscal 2014		1,775
Fiscal 2015		1,374
After Fiscal 2015		4,210

Total	$	13,267

Note 7: Financing Arrangements

Dionex has unsecured credit agreements with domestic and international financial institutions. The agreements provide for revolving unsecured lines of credit that we utilize primarily for our general corporate purposes, including stock repurchases and working capital needs. As of March 31, 2011, we had a total of $28.5 million in available lines of credit, maturing on December 31, 2011 at an annual interest rate of approximately ranging from 5.60% to 6.71%.

One of our foreign subsidiaries transfers certain customer receivables to financial institutions at a discount up to approximately 2% (“discounted notes”) and accounts for these transfers as sales. The purpose of these transfers is to facilitate the funding of outstanding customer receivables by the Company. In the unlikely event that there is failure by the customers to repay the financial institutions for the discounted notes sold by Dionex, Dionex would be required to repurchase the discounted notes back, up to the specified amount

outstanding. Under no other circumstance is Dionex obligated or do we have a right to repurchase these discounted notes. Dionex has determined that the fair value of these contingent liabilities under these arrangements are not material as of March 31, 2011 based on past experience of transferring discounted notes, which considers customers’ credit quality, historical loss experience, and whether the repurchase (if required in the event of a default) is probable and reasonably estimable. The length of time that these discounted notes are outstanding is approximately 90 days and during the six-months ended March 31, 2011, Dionex recorded no losses as a result of customers’ failures to repay the financial institutions. Total discounted notes transferred to the financial institutions during the nine months ended March 31, 2011 was $10.6 million and outstanding discounted notes sold as of March 31, 2011 was approximately $4.6 million.

Note 8: Warranty

Dionex accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While Dionex engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly.

The changes in the warranty provision were as follows during the nine months ended March 31:


(in thousands)	2011			2010
Balance, beginning	$	2,532		$	3,028

Additions		4,257			2,789

Effects of foreign currencies exchange		216			(35	)
Settlements		(4,164	)		(3,076	)

Balance, end	$	2,841		$	2,706

Note 9: Stock-Based Compensation

Dionex’s Board of Directors authorized the 2004 Equity Incentive Plan (the “2004 Plan”). Shares reserved for future issuance under the 2004 Plan may be used for grants of stock options (“options”), restricted stock units (“RSUs”), and other types of awards.

Dionex also sponsors the Employee Stock Purchase Plan (the “ESPP”) in which eligible employees may contribute up to 10% of their base compensation to purchase shares of common stock at a price equal to 85% of the lower of the market value of the stock at the beginning or end of each six-month offer period, subject to certain annual limitations. The employees purchased 21,088 and 39,919 shares during the three and nine months ended March 31, 2011, respectively, for approximately $1.4 million and $2.5 million, respectively, under the ESPP. The ESPP was terminated as a result of the pending tender offer by Thermo Fisher immediately following the last offering in January 2011.

Performance Stock Units

Starting in the first quarter of fiscal 2011, Dionex issued performance stock units (“PSUs”) to certain executive officers. The number of shares ultimately received will depend on specified performance targets related to revenue and diluted earnings per share growth rates over a two-year performance period (the “performance period”). Fifty percent of the shares awarded vest at the end of the performance period and remaining shares vest twenty-five percent on each of the following two anniversaries after the performance period assuming continued service by the employee. Delivery of the shares occurs upon achievement of the targets and as of the vesting date.

Dionex estimates the fair value of the PSUs based on the number of PSUs that are expected to be earned multiplied by the market price of Dionex’s common stock on the date of grant. As the performance targets are considered performance conditions, the expense for these awards, net of estimated forfeitures, is recorded over the four year vesting period based on a graded accelerated vesting method.

The following table summarizes PSU activity under the 2004 Plan during the nine months ended March 31, 2011:


			Wtd. Avg.
			Grant-Date
	Shares		Fair Value
PSUs outstanding as of June 30, 2010		—		—
Granted		11,688	$	76.30
Vested		—		—
Changes in PSUs due to performance conditions		—		—
Forfeited		—		—

PSUs outstanding as of March 31, 2011		11,688	$	76.30

As of March 31, 2011, there were $0.6 million in unrecognized compensation costs related to PSUs granted under the 2004 Plan. These costs are expected to be recognized over a weighted average period of 3.3 years.

Restricted Stock Units

The following table summarizes RSU activity under the 2004 Plan during the nine months ended March 31, 2011:


				Wtd. Avg.
				Grant-Date
	Shares			Fair Value
RSUs outstanding as of June 30, 2010 (1)		87,776		$	64.21
Granted		43,970			79.85
Others (1)		6,800			59.26
Released		(4,719	)		90.46
Canceled		(3,519	)		68.15

RSUs outstanding as of March 31, 2011		130,308		$	68.17


(1)		Total RSUs outstanding as of June 30, 2010 previously reported excluded 6,800 RSUs to certain executives of the company. Such amounts have been added to the table above under “Others”.

As of March 31, 2011, there were $5.7 million in unrecognized compensation costs related to RSUs granted under the 2004 Plan. These costs are expected to be recognized over a weighted average period of 3.3 years.

Stock Options

The following table summarizes option activity under the 2004 Plan during the nine months ended March 31, 2011:


						Weighted
						Average
				Weighted		Remaining		Aggregate
				Average		Contractual		Intrinsic
	Options			Exercise		Term		Value
	Outstanding			Price		(Years)		(in millions)
Options outstanding as of June 30, 2010		1,474,627		$	57.05
Granted		232,412			77.34
Exercised		(236,835	)		49.33
Canceled		(19,086	)		69.86

Options outstanding as of March 31, 2011		1,451,118		$	61.39		6.44	$	82.2

Options vested and expected to vest as of March 31, 2011		1,422,975		$	61.16		6.39	$	81.0

Exercisable as of March 31, 2011		900,726		$	55.50		5.13	$	56.3

The total intrinsic value of options exercised in the nine months ended March 31, 2011 was $11.7 million. As of March 31, 2011, there were $9.8 million of total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 2.59 years.

The following assumptions were used to determine the fair value of the stock options using the Black-Scholes-Merton options pricing model for the nine months ended March 31:


	2011			2010
Volatility		33	%	33% to 34%
Risk-free interest rate	1.27% to 1.55%			2.4% to 2.5%
Expected life (in years)		4.7			4.6
Expected dividend	$	0.00		$	0.00

Employee Stock Purchase Plan

The following assumptions were used to determine the fair value of ESPP shares for the nine months ended March 31:


	2011			2010
Volatility		30	%	20% to 36%
Risk-free interest rate		0.20	%		0.2% 0.3	%
Expected life (in years)		0.50			0.50
Expected dividend	$	0.00		$	0.00

The condensed consolidated statement of operations included the following stock-based compensation expense related to options, RSUs, PSUs, and ESPP for the three and nine months ended March 31:


	Three Months Ended						Nine months Ended
	March 31,						March 31,
(in thousands)	2011			2010			2011			2010
Cost of sales	$	214		$	227		$	705		$	606
Selling, general and administrative expenses		1,438			1,170			4,388			3,335
Research and development expenses		350			370			1,069			1,102

Total stock-based compensation expenses		2,002			1,767			6,162			5,043
Tax effect on stock-based compensation		(571	)		(479	)		(1,979	)		(1,569	)

Net effect on net income	$	1,431		$	1,288		$	4,183		$	3,474

Note 10: Stockholders’ equity

Common Stock Repurchases

During the nine months ended March 31, 2011, we repurchased 202,660 shares of our common stock on the open market for approximately $15.3 million (at an average repurchase price of $75.74 per share). There were no repurchases during the three months ended March 31, 2011. During the three and nine months ended March 31, 2010, we repurchased 132,308 and 476,126 shares of our common stock, respectively, on the open market for approximately $9.1 million and $31.2 million (at an average repurchase price of $69.36 and $65.53, respectively, per share).

Comprehensive Income

Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity but are excluded from net income. Dionex’s other comprehensive income consists of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, unrealized gain (loss) on net investment hedge and unrealized gains and losses on available-for-sale securities, and net deferred gains and losses on these items.

The components of comprehensive income attributable to Dionex Corporation were as follows for the three and nine months ended March 31:


	Three Months Ended					Nine months Ended
	March 31,					March 31,
(in thousands)	2011		2010			2011			2010
Net income, as reported	$	17,276	$	18,237		$	47,456		$	45,744
Foreign currency translation adjustments, net of taxes		6,372		(4,436	)		16,404			(1,001	)
Unrealized gain (loss) on net investment hedge, net of taxes		324		76			(862	)		(466	)
Unrealized gain on securities available for sale, net of taxes		—		—			1			1

Comprehensive income	$	23,972	$	13,877		$	62,999		$	44,278
Comprehensive income attributable to noncontrolling interests		448		506			1,192			1,094

Comprehensive income attributable to Dionex Corporation	$	23,524	$	13,371		$	61,807		$	43,184

Note 11: Income Taxes

As part of the process of preparing the condensed consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax exposure and assessing changes in temporary differences resulting from differing treatment of items, such as depreciation, amortization and inventory reserves, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within the condensed consolidated balance sheets.

Accounting standards relating to income taxes require that we continually evaluate the necessity of establishing or changing a valuation allowance for deferred tax assets, depending on whether it is more likely than not that actual benefit of those assets will be realized in future periods. We have evaluated our deferred tax assets as of March 31, 2011 and concluded that it is more likely than not that the deferred tax assets will be realized in the future; therefore, the establishment or modification of a valuation allowance is not required. In addition, we adopted the provisions of the FASB’s accounting standard related to the accounting for uncertainty in income taxes. The accounting standard requires financial statement reporting of the expected future tax consequences of uncertain tax return reporting positions on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances, but it prohibits any discounting of any of the related tax effects for the time value of money.

Our total amount of unrecognized tax benefits as of March 31, 2011 was $5.4 million, of which $1.7 million, if recognized, would affect our effective tax rate compared to $8.0 million on June 30, 2010, of which $1.9 million, if recognized, would have affected our effective tax rate. The liability for income taxes associated with uncertain tax positions is classified in deferred and other income taxes payable.

We record interest and penalties related to unrecognized tax benefits in income tax expense. At March 31, 2011, we had approximately $1.4 million accrued for estimated interest related to uncertain tax positions compared to approximately $1.7 million on June 30, 2010. During the nine months ended March 31, 2011, we accrued a total of $292,000 in interest on these uncertain tax positions. At March 31, 2011, we had approximately $38,000 accrued for estimated penalties related to uncertain tax positions compared to approximately $69,000 on June 30, 2010. During the period ended March 31, 2011, we accrued no additional penalties on these uncertain tax positions.

We are subject to audit by the Internal Revenue Service and California Franchise Tax Board for the fiscal years 2006 through 2009. As we have operations in most other US states, other state tax authorities may assess deficiencies related to prior year activities; however, the years open to assessment vary with each state. We also file income tax returns for non-US jurisdictions; the most significant of which are Germany, Japan, the UK and Hong Kong. The years open to adjustment for Germany are for the fiscal years 2004 through 2009, fiscal years 2004 through 2009 for the UK and Hong Kong and fiscal years 2003 through 2009 for Japan.

A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the settlement of ongoing litigation, the completion of ongoing examinations, the expiration of the statute of limitations, or other circumstances. At this time, an estimate of the range of the reasonably possible change cannot be made.

Note 12: Commitments and Contingencies

In July 2008, Dionex acquired a Swedish company using a combination of cash and post-acquisition earn-out payment arrangements. Under the purchase agreement, earn-out payments of 70% for fiscal 2009, 30% for fiscal 2010 and 30% for 2011 as a percentage of the acquired company’s net income are payable to the seller at the end of each fiscal year. No payments were accrued during the nine months ended March 31, 2011 as we do not believe payment is probable.

Certain facilities and equipment are leased under non-cancelable operating leases. Dionex generally pays taxes, insurance and maintenance costs on leased facilities and equipment. Rental expense for all operating leases was $2.1 million and $1.8 million in the three months ended March 31, 2011 and 2010, respectively and $5.3 million and $5.9 million in the nine months ended March 31, 2011 and 2010, respectively.

Minimum rental commitments under these non-cancelable operating leases were as follows as of March 31, 2011:


(In thousands)
Less than 1 Year	$	6,154
1-2 Years		3,479
2-3 Years		2,198
3-4 Years		1,134
4-5 Years		531
After 5 Years		1,373

Total	$	14,869

Dionex enters into standard indemnification agreements with many of our customers and certain other business partners in the ordinary course of business. These agreements include provisions for indemnifying the customer against any claim brought by a third party to the extent any such claim alleges that our product infringes a patent, copyright or trademark, or violates any other proprietary rights of that third party. The maximum potential amount of future payments Dionex could be required to make under these indemnification agreements is not estimable, however, Dionex has not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. No material claims for such indemnifications were outstanding as of March 31, 2011. Dionex has not recorded any liabilities for these indemnification agreements as of March 31, 2011 or June 30, 2010.

Note 13: Business Segment Information

The accounting standard for segment reporting establishes standards for reporting information about operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports of public business enterprises. It also establishes standards for related disclosures about products and services, geographic areas and major customers. Our business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker (our Chief Executive Officer). As a result of this evaluation, Dionex determined that it has two operating segments: Chemical Analysis Business Unit (“CABU”) and Life Sciences Business Unit (“LSBU”).

CABU sells ion chromatography and sample preparation products, chromatography data systems software, services and related consumables. LSBU sells High Performance Liquid Chromatography (“HPLC”) products, chromatography data systems software, services and related consumables. These two operating segments are aggregated into one reportable segment for financial statement purposes. Both operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes.

Net sales for our products and services were as follows for the three and nine months ended December 31:


	Three months Ended				Nine Months Ended
	December 31,				March 31,
(in thousands)	2011		2010		2011		2010
Products	$	105,548	$	96,439	$	300,645	$	269,313
Installation and Training Services		3,139		2,647		9,456		8,835
Maintenance		14,403		13,696		39,974		34,462

	$	123,090	$	112,782	$	350,075	$	312,610

Long-lived assets consist principally of property and equipment. No single customer contributed more than 10% of net sales during the three and nine months ended March 31, 2011 and 2010, and net sales from services were less than 10% of net sales during the same period.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-Looking Statements

Except for historical information contained herein, the discussion below and in the footnotes to our financial statements contained in this Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995, and are made under the safe harbor provisions thereof. Such statements are subject to certain risks, uncertainties and other factors that may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements, or industry results, expressed or implied by such forward-looking statements. Such risks and uncertainties include, among other things: general economic conditions, foreign currency fluctuations, risks associated with international sales, credit risks, fluctuations in worldwide demand for analytical instrumentation, fluctuations in quarterly operating results, competition from other products, existing product obsolescence, new product development, including market receptiveness, the ability to manufacture products on an efficient and timely basis and at a reasonable cost and in sufficient volume, the ability to attract and retain talented employees and other risks as described in more detail below under the heading “Risk Factors.” Readers are cautioned not to place undue reliance on these forward-looking statements that reflect management’s analysis only as of the date hereof. We undertake no obligation to update these forward-looking statements.

Overview

Dionex Corporation designs, manufactures, markets and services analytical instrumentation and related accessories and chemicals. Our products are used to analyze chemical substances in the environment and in a broad range of industrial and scientific applications. Our systems are used in environmental analysis and by the pharmaceutical, life sciences, chemical/petrochemical, power generation, food, and electronics industries in a variety of applications.

Our current portfolio of liquid chromatography (LC) systems is focused in two product areas: ion chromatography (IC) and high performance liquid chromatography (HPLC). In addition, we offer a mass spectrometer detector that can be coupled with either IC or HPLC systems. For sample preparation, we provide accelerated solvent extraction (ASE^®) systems and AutoTrace^® instruments and consumables. In addition, we also develop and manufacture columns, consumables, suppressors, detectors, automation, and software analysis systems for use in or with liquid chromatography systems. All these products can be used to analyze chemical substances in the environment and in a broad range of industrial and scientific applications.

Results of operations:

The following table summarizes our consolidated statements of income for the three and nine months ended March 31, 2011 as compared to the three and nine months ended March 31, 2010, as a percentage of net sales for the periods indicated:


	Three months ended March 31,												Nine months ended March 31,
	2011						2010						2011						2010
				% of						% of						% of						% of
(In thousands)	Dollars			Net sales			Dollars			Net sales			Dollars			Net sales			Dollars			Net sales
Net sales	$	123,090			100.0	%	$	112,782			100.0	%	$	350,075			100.0	%	$	312,610			100.0	%
Cost of sales		43,426			35.3	%		35,295			31.3	%		123,220			35.2	%		103,310			33.0	%


Gross profit		79,664			64.7	%		77,487			68.7	%		226,855			64.8	%		209,300			67.0	%
Selling, general and administrative		45,915			37.3	%		42,218			37.4	%		130,101			37.2	%		118,705			38.0	%
Research and product development		8,964			7.3	%		8,355			7.4	%		26,348			7.5	%		23,180			7.4	%


Total operating expenses		54,879			44.6	%		50,573			44.8	%		156,449			44.7	%		141,885			45.4	%


Operating income		24,785			20.1	%		26,914			23.9	%		70,406			20.1	%		67,415			21.6	%
Interest income, net		64			0.1	%		(106	)		(0.1	)%		114			0	%		(64	)		(0.1	)%

Other expense, net		(685	)		(0.6)	%		426			0.4	%		(2,238	)		(0.7)	%		(28	)		(0.0	)%

Income before taxes		24,164			19.6	%		27,234			24.1	%		68,282			19.5	%		67,323			21.5	%
Taxes on income		6,888			5.6	%		8,997			8.0	%		20,826			5.9	%		21,579			6.9	%

Net income		17,276			14.0	%		18,237			16.2	%		47,456			13.6	%		45,744			14.6	%

Less: Net income attributable to noncontrolling interests		448			0.4	%		506			0.4	%		1,192			0.4	%		1,094			0.3	%


Net income attributable to Dionex	$	16,828			13.6	%	$	17,731			15.7	%	$	46,264			13.2	%	$	44,650			14.3	%

Net Sales

For the three and nine months ended March 31, 2011, consolidated net sales increased by $10.3 million, or 9%, and $37.5 million, or 12%, respectively, as compared to the same corresponding period in the prior year. Increased net sales of our portfolio of HPLC systems contributed to our net sales growth in part as a result of introduction of our UHPLC+ systems in June 2010, combined with our acquisition of the ESA Life Sciences Tools business (“ESA products”) at the end of our first quarter of fiscal 2010. In addition, the growth in net sales was due to stronger sales of our ICS-5000 RFIC systems, which include the first commercially-available capillary ion chromatography technology. Dionex is subject to the effects of currency fluctuations, which have an impact on net sales. Currency fluctuations increased net sales by 2% for the three months ended March 31, 2011 and did not have a significant impact on net sales for the nine months ended March 31, 2011.

Net sales from a regional perspective

Net sales increased in all major regions partially as a result of a recovering global economy and greater market acceptance of our new IC and HLPC products. Sales outside of North America accounted for 74% and 75% of net revenue for the three months ended March 31, 2011 and 2010 and 73% and 74% for the nine months ended March 31, 2011 and 2010, respectively. Sales directly to our end-user

customers accounted for 96% and 95% of net sales for the three months ended and 95% and 94% of net sales for the nine months ended in fiscal 2011 and 2010, respectively. International distributors and representatives in Europe, Asia, and other international markets accounted for the remaining percentage of net sales.

North America — Net sales in this region increased by 12% and 16% in reported dollars for the three and nine months ended March 31, 2011, respectively, as compared to the corresponding periods in the prior fiscal year, primarily due to increased demand for our products in the electronics, chemicals and life sciences markets. Growth in net sales in this region was attributable to by our HPLC products, and in part, by our new ICS-5000 Capillary RFIC Systems, introduced in the second half of fiscal 2010.

Europe — Net sales in this region increased by 9% and 6% in reported dollars for the three and nine months ended March 31, 2011, respectively, as compared to corresponding periods in the prior fiscal year, primarily due to increased demand for our products in the electronics and chemicals markets, offset in part by softness in the power market. Currency movements affected net sales by 2% (favorable) and 3% (unfavorable) for the three and nine months ended March 31, 2011, respectively. Growth in net sales in this region was driven by our HPLC portfolio, specifically ESA products added during fiscal 2010, and the introduction of the new UHPLC+ systems.

Asia / Pacific — Net sales in this region increased by 8% and 16% in reported dollars for the three and nine months ended March 31, 2011, respectively, as compared to corresponding periods in the prior fiscal year. Excluding the net impact of favorable currency movements, net sales increased by 4% and 12%, respectively, in the same periods. The overall growth in net sales was primarily due to increased sales in China, India and Korea and in the power, life science, chemicals and electronics markets. Our continued investments in our sales and service organizations in Asia were pivotal to the growth in this region, combined with the net sales contributed from the ESA products in our HPLC portfolio. Sales growth in this region was lower than historical growth due to a large sale to the National Police Agency in Japan in the third quarter of fiscal 2010 totaling over $7 million.

Net sales from a product line perspective

IC — Net sales of our IC portfolio of products increased by 4% for the nine months ended March 31, 2011, as compared to corresponding periods in the prior fiscal year primarily due to growth in North America and Asia/Pacific regions driven by higher demand for our IC systems, consumables and related services. Net sales of our IC portfolio decreased by 4% for the three months ended March 31, 2011 compared to the same period in prior year due to the large Japan order in the third quarter of fiscal 2010 discussed above.

HPLC — Net sales of our HPLC portfolio of products increased by 43% and 31% for the three and nine months ended March 31, 2011, respectively, as compared to corresponding periods in the prior fiscal year due to higher demand for our new UHPLC+ products introduced in the latter part of fiscal 2010, continued growth in certain emerging markets, such as China and India, and in part due to the net sales generated from our ESA products acquired in the first half of fiscal 2010.

Gross Profit

Gross profit as a percentage of net sales for the three and nine months ended March 31, 2011 was 64.7% and 64.8%, respectively, as compared to 68.7% and 67.0%, respectively, in the corresponding periods in the prior fiscal year. The decline in gross margin of 4 and 2.2 percentage points for the three and nine months ended March 31, 2011, respectively, was impacted by our ESA products acquired in fiscal 2010, the higher margin realized on the large sale in Japan in fiscal 2011 and changes in product and geographical sales mix.

Selling, General and Administrative

Selling, general and administrative (SG&A) expenses as a percentage of net sales for the three and nine months ended March 31, 2011 were 37.3% and 37.2%, respectively, as compared to 37.4% and 38.0%, respectively, in the corresponding periods in the prior fiscal year. SG&A expenses increased by $3.7 million, or 8.8%, and $11.4 million, or 9.6%, for the three and nine months ended March 31, 2011, respectively, as compared to corresponding periods in the prior fiscal year primarily due to headcount increases, including staff added from the ESA acquisition, annual salary increases, and increased travelling, selling and other expenses for the continued expansion efforts to increase our presence in Europe and Asia/Pacific regions, which attributed to the higher net sales reported. SG&A as a percentage of net sales declined compared to prior years due to better utilization of our sales and service organization.

Research and Product Development

Research and product development (R&D) expenses as a percentage of net sales for the three and nine months ended March 31, 2011 were 7.3% and 7.5%, respectively, as compared to 7.4% in the corresponding periods in the prior fiscal year. R&D expenses increased by $0.6 million, or 7.3%, and $3.2 million, or 13.7%, for the three and nine months ended March 31, 2011, respectively, as compared to corresponding periods in the prior fiscal year, primarily due to increase in annual salary increases, higher fringe benefit expense and other R&D expenses. R&D expenses as a percentage of net sales was in line between both periods.

Interest Income

Interest income for the three and nine months ended March 31, 2011 was $79,000 and $200,000, respectively, as compared to $156,000 and $271,000, respectively, in the corresponding periods in the prior fiscal year. Our interest income was affected by a combination of the maturity of one of our short-term investments and lower interest rates in the U.S. and Europe during the three and nine months ended March 31, 2011.

Interest Expense

Interest expense for the three and nine months ended March 31, 2011 was $15,000 and $86,000, respectively, as compared to $262,000 and $335,000, respectively, in the corresponding periods in the prior fiscal year. Our interest expense was affected by combination of lower interest rate and lower average balance in our borrowing under the line of credit in three and nine months ended March 31, 2011.

Other Expense, Net

Other expense, net for the three and nine months ended March 31, 2011 was $685,000 and $2,238,000, respectively, as compared to $426,000 and $28,000, respectively, in the corresponding periods in the prior fiscal year. The changes were primarily due to losses on foreign currency transactions in three and nine months ended March 31, 2011.

Taxes on Income

Our tax rate may change over time as the amount and mix of income and taxes outside the U.S. changes. The effective tax rate is calculated using our projected annual pre-tax income and is affected by tax credits, the expected level of other tax benefits, and the impact of changes to the valuation allowance, as well as changes in the mix of our pre-tax income and losses among jurisdictions with varying statutory tax rates and credits.

The taxes on income for the three and nine months ended March 31, 2011 were $6.9 million and $20.8 million, respectively, as compared to $9.0 million and $21.6 million, respectively, in the corresponding periods in prior fiscal year. The effective tax rate for three and nine months ended March 31, 2011 was 28.5% and 30.5%, respectively, as compared to 33.0% and 32.1%, respectively, in the corresponding periods in the prior fiscal year. The decrease in effective tax rate for the three and nine months ended March 31, 2011 was due to lapse of statute of limitation for uncertain tax positions in certain non-U.S. jurisdiction and increased tax credits and research and development credits as compared to the corresponding periods in our prior fiscal year.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests for the three and nine months ended March 31, 2011 was $0.4 million and $1.2 million, respectively, as compared to $0.5 million and $1.1 million, respectively, in the corresponding periods in the prior fiscal year. Net income attributable to noncontrolling interests represents the minority shareholders’ proportionate share of the net income recorded by majority-owned international subsidiaries. The increase was due to higher net income of our subsidiaries in India and Brazil in the fiscal 2011 periods.

Net Income Attributable to Dionex Corporation

Net income for the three and nine months ended March 31, 2011 was $16.8 million and $46.3 million, respectively, as compared to $17.7 million and $44.7 million, respectively, in the corresponding periods in the prior fiscal year. The diluted earnings per share for three and nine months ended March 31, 2011 were $0.94 and $2.60, respectively, as compared to $0.99 and $2.48, respectively, in the corresponding periods in the prior fiscal year.

Liquidity and Capital Resources

As of March 31, 2011, we had cash and cash equivalents and short-term investments of $107.3 million. Our working capital as of March 31, 2011 was $198.0 million, an increase of $57.9 million from $140.1 million reported as of June 30, 2010.

Cash generated by operating activities for the nine months ended March 31, 2011 was $50.7 million, compared with $53.9 million for the same period last year. A higher level prepaid income tax payments made in fiscal 2011, an increase in deferred revenues due to a higher level of uninstalled systems and service contracts sold at the beginning of the calendar year, and an increase in accounts payable contributed to a higher operating cash flow. These changes were partially offset by an increase in inventories and accounts receivable, due to higher sales toward the end of the third quarter of fiscal 2011, and a decrease in accrued liabilities.

Cash used for investing activities was $16.8 million in the first nine months of fiscal 2011. Capital expenditures during the first nine months of 2011 were $12.7 million, which included purchases related to our general operations, expansion of our manufacturing facility in Germany with the purchase of land, and effects of foreign currency translations. In addition, we also negotiated and paid a paid-up royalty for $4.5 million related to our ESA products.

Cash used for financing activities was $1.2 million during the first nine months of fiscal 2011. Financing activities consisted primarily of common stock repurchases, partially offset by proceeds from issuances of shares pursuant to our equity incentive plan, repayment of short-term obligations, and the tax benefits related to stock options in the first nine months of fiscal 2011.

Our available lines of credit totaled $28.5 million as of March 31, 2011. We believe our cash flow from operations, our existing cash and cash equivalents and our bank lines of credit will be adequate to meet our cash requirements for at least the next 12 months. The line of credit matures on December 31, 2011. The impact of inflation on our financial position and results of operations was not significant during any of the periods presented.

Contractual Obligations and Commercial Commitments

The following table summarizes our contractual obligations at March 31, 2011, and the payments thereunder due in future periods:


	Payments Due by Period
			Less
(in thousands)			Than 1		1-3		4-5		After 5
Contractual Obligations	Total		Year		Years		Years		Years
Short-Term Borrowings	$	49	$	49	$	—	$	—	$	—
Debt Associated with Business Purchase		527		527		—		—		—
Operating Lease Obligations		14,869		6,154		5,677		1,665		1,373

Total	$	15,445	$	6,730	$	5,677	$	1,665	$	1,373

As of March 31, 2011, the liability for uncertain tax positions, net of offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, state income taxes, and interest deductions was $1.7 million. As of March 31, 2011, we had accrued $1.4 million of interest and $38,000 of penalties associated with uncertain tax positions. We cannot conclude on the range of cash payments that will be made within the next 12 months associated with these uncertain tax positions.

New Accounting Pronouncements

Refer to Note 1 in the Notes to Condensed Consolidated Financial Statements included elsewhere in the Quarterly Report in Form 10-Q.

Critical Accounting Policies and Estimates

The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. We evaluate our estimates, including those related to product returns and allowances, bad debts, inventory valuation, goodwill and other intangible assets, income taxes, warranty and installation provisions, and contingencies on an ongoing basis.

We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the

circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

There have been no significant changes during the three and nine months ended March 31, 2011 to the items that we disclosed as our critical accounting policies and estimates in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of our Annual Report on Form 10-K for the fiscal year ended June 30, 2010.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

We are exposed to financial market risks from fluctuations in foreign currency exchange rates, interest rates and stock prices of marketable securities. With the exception of the stock price volatility of our marketable equity securities, we manage our exposure to these and other risks through our regular operating and financing activities and, when appropriate, through our hedging activities. Our policy is not to use hedges or other derivative financial instruments for speculative purposes. We deal with a diversified group of major financial institutions to limit the risk of nonperformance by any one institution on any financial instrument. Separate from our financial hedging activities, material changes in foreign exchange rates, interest rates and, to a lesser extent, commodity prices could cause significant changes in the costs to manufacture and deliver our products and in customers’ buying practices. We have not substantially changed our risk management practices during fiscal 2010 or the first nine months of fiscal 2011 and we do not currently anticipate significant changes in financial market risk exposures in the near future that would require us to change our current risk management practices.

Foreign Currency Exchange

Revenues generated from international operations are generally denominated in foreign currencies. We entered into forward foreign exchange contracts to hedge against fluctuations of intercompany account balances. Market value gains and losses on these hedge contracts are substantially offset by fluctuations in the underlying balances being hedged, and the net financial impact is not expected to be material in future periods. As of March 31, 2011, we had forward exchange contracts to sell foreign currencies totaling approximately $16.7 million, including approximately $5.9 million in Euros, $5.4 million in Japanese yen, $0.9 million in Australian dollars, $1.4 million in Canadian dollars, $2.6 million in British pound sterling, and $0.5 million in Swiss Francs. As of June 30, 2010, we had forward exchange contracts to sell foreign currencies totaling approximately $23.7 million, including approximately $17.7 million in Euros, $4.3 million in Japanese yen, $0.8 million in Australian dollars and $0.9 million in Canadian dollars. The foreign exchange contracts outstanding at the end of the period mature within one month. As of March 31, 2011 and June 30, 2010, we have approximately $0.2 million and $0.3 million, respectively, in other current liabilities in the condensed consolidated balance sheets related to the foreign currency exchange contracts. For the nine months ended March 31, 2011 and 2010, we recorded realized pre-tax losses of approximately $0.4 million and $3.4 million, respectively, related to the closed foreign exchange forward contracts.

Dionex uses a $10 million cross-currency swap arrangement for Japanese yen that expires in March 2012 to hedge the exchange rate exposure of our net investment in our Japanese subsidiary. Dionex considers the impact of its counterparty’s credit risk on the fair value of the contract as well as the ability to each party to execute under the contract. Dionex assessed and documented hedge effectiveness of the contract and designated it as a net investment hedge at the inception date, January 1, 2008. We reassess hedge effectiveness on a quarterly basis. The effective portion of the gain or loss on the hedge is reported in accumulated other comprehensive income as part of the foreign currency translation adjustment.

Interest and Investment Income

Our interest and investment income is subject to changes in the general level of U.S. interest rates. Changes in U.S. interest rates affect the interest earned on our cash equivalents and short-term investments. A sensitivity analysis assuming a hypothetical 10% movement in interest rates applied to our investment balances at March 31, 2011 and June 30, 2010 indicated that such market movement would not have a material effect on our business, operating results or financial condition. Actual gains or losses in the future may differ materially from this analysis, depending on our actual balances and changes in the timing and amount of interest rate movements.

Debt and Interest Expense

At March 31, 2011, we had short-term borrowings of $49,000. A sensitivity analysis assuming a hypothetical 10% movement in interest rates applied to our outstanding debt balance at March 31, 2011, indicated that such market movement would not have a material effect on our business, operating results or financial condition. Actual gains or losses in the future may differ materially from this analysis, depending on changes in the timing and amount of interest rate movements and the level of borrowings maintained by us.

ITEM 4. CONTROLS AND PROCEDURES

We carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our “disclosure controls and procedures” (as defined in rules promulgated under the Exchange Act Rules 13a-15(e) and 15d-15(e)). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of March 31, 2011 were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our principal executive and principal financial officers, to allow timely decisions regarding required disclosures. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives and our Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective at the “reasonable assurance” level. We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a Company have been detected.

During the quarter ended March 31, 2011, there were no changes to our overall internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Securities Exchange Act) during the period covered by this quarterly report on Form 10-Q.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

On December 14, 2010, Dr. Alan Weisberg filed a putative class action lawsuit in the Superior Court of the State of California, County of Santa Clara, purportedly on behalf of the stockholders of Dionex, against Dionex, its directors and Thermo Fisher, alleging, among other things, that Dionex’s directors, aided and abetted by Dionex and Thermo Fisher, breached their fiduciary duties owed to Dionex stockholders in connection with the proposed acquisition of Dionex by Thermo Fisher and Purchaser. The complaint seeks, among other things, to enjoin the defendants from completing the acquisition as currently contemplated. On April 11, 2011, the parties to the action reached an agreement in principle to settle. The proposed settlement, which is subject to court approval following notice to the class and a hearing, disposes of all causes of action asserted in the action. The plaintiff has agreed, among other things, to cease proceedings in the lawsuit.

ITEM 1A. RISK FACTORS

You should consider carefully the following risk factors as well as other information in this report before investing in any of our securities. If any of the following risks actually occur, our business operating results and financial condition could be adversely affected. This could cause the market price for our common stock to decline, and you may lose all or part of your investment. These risk factors include any material changes to, and supersede, the risk factors previously disclosed in our most recent annual report on Form 10-K and our quarterly report for the first quarter of fiscal 2011.

Failure to complete the acquisition by Thermo Fisher Scientific, Inc. (“Thermo Fisher”) could negatively impact our stock price and adversely affect our future financial condition, operations and prospects.

If our acquisition by Thermo Fisher is not completed for any reason, we may be subject to a number of material risks, including the following:

• if the merger agreement is terminated, we may be required in specific circumstances, to pay a termination fee of $65 million to Thermo Fisher;

• the price of our common stock may decline to the extent that the current market price of our stock reflects an assumption that the acquisition will be completed;

• we must pay significant transaction-related expenses related to the acquisition, including substantial legal and accounting fees, and other expenses related to the acquisition, even if the acquisition is not completed.

These risks could negatively impact our stock price and adversely affect our future financial condition, operations and prospects. If the

merger agreement is terminated and our Board of Directors determines to seek another merger or business combination, it may not be able to find a party willing to pay an equivalent or more attractive price than that which would have been paid in the Tender Offer or Merger with Thermo Fisher.

Our operations may be disrupted by the transaction with Thermo Fisher.

Our day to day operations may be disrupted due to the substantial time and effort our management must devote to complete the transaction. In addition, our current and prospective employees may experience uncertainty about their future role with us or Thermo Fisher. This may adversely affect our ability to attract and retain key management and other personnel.

Foreign currency fluctuations related to international operations may adversely affect our operating results.

We derived over 70% of our net sales from outside the U.S. in fiscal 2010 and expect to continue to derive the majority of net sales from outside the U.S. for the foreseeable future. Most of our sales outside the U.S. are denominated in the local currency of our customers. As a result, the U.S. dollar value of our net sales varies with currency rate fluctuations. Significant changes in the value of the U.S. dollar relative to certain foreign currencies could have a material adverse effect on our results of operations. In recent periods, our results of operations have been positively affected from the depreciation of the U.S. dollar against the Euro, the Japanese yen and several other foreign currencies, but there can be no assurance that this positive impact will continue. In the past, our results of operations have also been negatively impacted by the appreciation of the U.S. dollar against other currencies.

Economic, political and other risks associated with international sales and operations could adversely affect our results of operations.

Because we sell our products worldwide and have significant operations outside of the U.S., our business is subject to risks associated with doing business internationally. We anticipate that revenue from international operations will continue to represent a majority of our total net sales. In addition, we expect that the proportion of our employees, contract manufacturers, suppliers, job functions and manufacturing facilities located outside the U.S. will increase. Accordingly, our future results could be harmed by a variety of factors, including:

•

interruption to transportation flows for delivery of parts to us and finished goods to our customers;

•

changes in a specific country’s or region’s economic, political or other conditions;

•

trade protection measures and import or export licensing requirements;

•

difficulty in staffing and managing widespread operations;

•

differing labor regulations;

•

differing protection of intellectual property;

•

unexpected changes in regulatory requirements; and

•

geopolitical turmoil, including terrorism and war.

A downturn in economic conditions could affect our operating results.

Our business, financial condition and results of operations have been affected by the weaker global economic conditions of the last several years. These conditions resulted in reduced sales of our products in the last two quarters of fiscal 2009 and the first two quarters of fiscal 2010. In a continued economic recession or under other adverse economic conditions, our customers may be less likely to purchase our products and vendors may be more likely to fail to meet contractual terms. A further downturn in economic conditions or a slow recovery from the current recession may make it more difficult for us to maintain and continue our revenue growth and profitability performance resulting in a material adverse effect on our business.

If we fail to effectively transition to our new and/or upgraded accounting information and technology infrastructure systems, it may have an adverse impact on our business and results of operations.

We may experience difficulties in transitioning to new or upgraded accounting information and technology infrastructure systems, including loss of data and decreases in productivity as personnel become familiar with new, upgraded or modified systems. Our accounting information and technology infrastructure systems will require modification and refinement as we grow and as our business and customers’ needs change, which could prolong the difficulties we experience with systems transitions, and we may not always employ the most effective information systems. If we experience difficulties in implementing new or upgraded accounting information and technology infrastructure systems or experience significant system failures, or if we are unable to successfully modify our accounting information and technology infrastructure systems and respond to changes in our customers’ needs in a timely manner, it may have an adverse impact on our business and results of operations.

We continually evaluate our system of internal controls over financial reporting and may make enhancements where appropriate, which may require significant resources.

Effective internal controls are necessary for us to provide reliable financial reports and effectively prevent fraud. We continually evaluate and, where appropriate, enhance our policies, procedures and internal controls. If we fail to maintain the adequacy of our internal controls, as such standards are modified, supplemented or amended from time to time, we could be subject to regulatory scrutiny and investors could lose confidence in the accuracy and completeness of our financial reports. In addition, failure to maintain adequate internal controls could result in financial statements that do not accurately reflect our financial condition. Implementing changes when necessary may take a significant amount of time, money, and management resources and may require specific compliance training of our directors, officers and other personnel.

Changes in our provision for income taxes or adverse outcomes resulting from examination of our income tax returns could adversely affect our results.

Our provision for income taxes is subject to volatility and could be adversely affected by earnings being lower than anticipated in countries that have lower tax rates and higher than anticipated in countries that have higher tax rates; by changes in the valuation of our deferred tax assets and liabilities; by expiration of or lapses in the R&D tax credit laws; by transfer pricing adjustments; by tax effects of nondeductible compensation; by changes in accounting principles; or by changes in tax laws and regulations including possible U.S. or foreign changes to the taxation of earnings of our foreign subsidiaries, and the deductibility of expenses attributable to foreign income, or the foreign tax credit rules. Significant judgment is required to determine the recognition and measurement attribute prescribed in Financial Accounting Standards Board (FASB) Accounting Standards Codification 740, Income Taxes (“ASC 740”) (formerly referenced as FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes —an interpretation of FASB Statement No. 109”). ASC 740 applies to all income tax positions, including the potential recovery of previously paid taxes, which if settled unfavorably could adversely impact our provision for income taxes or additional paid-in capital. In addition, we are subject to the continuous examination of our income tax returns by the Internal Revenue Service and other tax authorities. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. There can be no assurance that the outcomes from these continuous examinations will not have an adverse effect on our operating results and financial condition.

Natural disasters, terrorist attacks or acts of war may cause damage or disruption to us and our employees, facilities, information systems, security systems, vendors and customers, which could significantly impact our net sales, costs and expenses, and financial condition.

We have significant manufacturing and distribution facilities, particularly in California and in Germany. In particular, California has experienced a number of earthquakes, wildfires, flooding, landslides and other natural disasters in recent years. Occurrences of these types of events could damage or destroy our facilities which may result in interruptions to our business and losses that exceed our insurance coverage. Terrorist attacks have contributed to economic instability in the U.S. (such as those that occurred on September 11, 2001), and further acts of terrorism, bioterrorism, violence or war could affect the markets in which we operate, our business operations, our expectations and other forward-looking statements contained or incorporated in this document. Any of these events could have an adverse effect on our operating results and financial condition.

Credit risks associated with our customers may adversely affect our financial position or result of operations.

Because trade credit is extended to many of our customers, the current global economic condition may adversely affect our ability to collect on accounts receivable that are owed to us. In general, our customers are evaluated for their credit worthiness as part of our operating policy, and letters of credit are utilized to mitigate credit risks when possible. We believe we have adopted the appropriate operating policies to address the customer credit risk under a stable economic environment. Nevertheless, given the current global economic situation we could experience delays in collection on accounts receivable that are owed to us. As a result, this could adversely affect our financial position or result of operations.

Fluctuations in worldwide demand for analytical instrumentation could affect our operating results.

The demand for analytical instrumentation products can fluctuate depending upon capital expenditure cycles. Most companies consider our instrumentation products capital equipment and some customers may be unable to secure the necessary capital expenditure approvals due to general economic or customer specific conditions. Significant fluctuations in demand could harm our results of operations.

We may experience difficulties with obtaining components from sole- or limited-source suppliers, or manufacturing delays, either of which could adversely affect our results of operations.

Most raw materials, components and supplies that we purchase are available from many suppliers. However, certain items are purchased from sole or limited-source suppliers and a disruption of these sources could adversely affect our ability to ship products as needed. A prolonged inability to obtain certain materials or components would likely reduce product inventory, hinder sales and harm our reputation with customers. Worldwide demand for certain components may cause the cost of such components to rise or limit the availability of these components, which could have an adverse effect on our results of operations.

We manufacture products in our facilities in Germany, the Netherlands and the U.S. Any prolonged disruption to the operations at these facilities, whether due to labor unrest, supplier issues, damage to the physical plants or equipment or other reasons, could also adversely affect our results of operations.

Fluctuations in our quarterly operating results may cause our stock price to decline.

A high proportion of our costs are fixed due in part to our significant sales and marketing, research and product development and manufacturing costs. Declines in revenue caused by fluctuations in currency rates, worldwide demand for analytical instrumentation or other factors could disproportionately affect our quarterly operating results, which may in turn cause our stock price to decline.

A significant portion of our cash is maintained overseas.

Most of our short-term debt is in the U.S. While there is a substantial cash requirement in the U.S. to fund operations and capital expenditures, service debt obligations, finance potential acquisitions and continue authorized stock repurchases, a significant portion of our cash is maintained and generated from foreign operations. Our financial condition and results of operations could be adversely impacted if we are unable to maintain a sufficient level of cash flow in the U.S. to address these requirements through cash from U.S. operations, efficient and timely repatriation of cash from overseas and other sources obtained at an acceptable cost.

Our results of operations and financial condition will suffer if we do not introduce new products that are attractive to our customers on a timely basis.

Our products are highly technical in nature. As a result, many of our products must be developed months or even years in advance of the potential need by a customer. If we fail to introduce new products and enhancements as demand arises or in advance of the competition, our products are likely to become obsolete over time, which would harm operating results. Also, if the market is not receptive to our newly-developed products, our results of operations would be adversely impacted and we may be unable to recover the costs of research and product development and marketing associated with such products.

The analytical instrumentation market is highly competitive, and our inability to compete effectively in this market would adversely affect our results of operations and financial condition.

The analytical instrumentation market is highly competitive and we compete with many companies on a local and international level that are significantly larger than we are and have greater resources, including larger sales forces and technical staff. Competitors may introduce more effective and less costly products and, in doing so, may make it difficult for us to acquire and retain customers. If this occurs, our market share may decline and operating results could suffer.

Our executive officers and other key employees are critical to our business, they may not remain with us in the future and finding talented replacements may be difficult.

Our operations require managerial and technical expertise. Each of our executive officers and key employees is employed “at will” and may leave our employment at any time. In addition, we operate in a variety of locations around the world where the demand for qualified personnel may be extremely high and is likely to remain so for the foreseeable future. As a result, competition for personnel can be intense and the turnover rate for qualified personnel may be high. The loss of any of our executive officers or key employees could cause us to incur increased operating expenses and divert senior management resources in searching for replacements. An inability to hire, train and retain sufficient numbers of qualified employees would seriously affect our ability to conduct our business.

We may be unable to protect our intellectual property rights and may face intellectual property infringement claims.

Our success will depend, in part, on our ability to obtain patents, maintain trade secret protection and operate without infringing the proprietary rights of third parties. We cannot be certain that:

•

any of our pending patent applications or any future patent applications will result in issued patents;

•

the scope of our patent protection will exclude competitors or provide competitive advantages to us;

•

any of our patents will be held valid if subsequently challenged; or

•

others will not claim rights in or ownership of the patents and other proprietary rights held by us.

Furthermore, we cannot be certain that others have not or will not develop similar products, duplicate any of our products or design around any patents issued, or that may be issued, in the future to us or to our licensors. Whether or not patents are issued to us or to our licensors, others may hold or receive patents which contain claims having a scope that covers products developed by us. We could incur substantial costs in defending any patent infringement suits, whether or not such suits have merit, or in asserting any patent rights, including those granted by third parties. In addition, we may be required to obtain licenses to patents or proprietary rights from third parties. There can be no assurance that such licenses will be available on acceptance terms, if at all.

Our issued U.S. patents, and corresponding foreign patents, expire at various dates ranging from 2011 to 2029. When each of our patents expires, competitors may develop and sell products based on the same or similar technologies as those covered by the expired patent. We have invested in significant new patent applications, and we cannot be certain that any of these applications will result in an issued patent to enhance our intellectual property rights.

EXHIBIT INDEX


Exhibit
Number	Description	Reference
3.1	Restated Certificate of Incorporation, filed December 12, 1988	(1)

3.2	Certificate of Amendment of Restated Certificate of Incorporation, filed December 1, 1999 (Exhibit 3.2)	(7)

3.3	Amended and Restated Bylaws, August 6, 2008 (Exhibit 99.1)	(11)

10.1*	Medical Care Reimbursement Plan as amended October 30, 2007 (Exhibit 10.1)	(8)

10.2	Credit Agreement dated December 23, 2009 between Wells Fargo Bank and Dionex Corporation (Exhibit 10.2)	(4)

10.3*	Management Incentive Bonus Plan dated April 26, 2011

10.4*	Dionex Corporation 2004 Equity Incentive Plan, as amended October 2007 (Exhibit 10.1)	(9)

10.5*	Form of Stock Option Agreement for non-employee directors (Exhibit 10.5)	(10)

10.6*	Form of Stock Option Agreement for other than non-employee directors (Exhibit 10.6)	(10)

10.7*	Form of Stock Unit Award Agreement (Exhibit 10.2)	(9)

10.8*	Form of International Stock Option Agreement (Exhibit 10.8)	(8)

10.9*	Form of Stock Unit Award Agreement for U.S. employees	(2)

10.10*	Form of Stock Unit Award Agreement for International employees	(2)

10.11*	Employee Stock Participation Plan (Exhibit 10.13)	(5)

10.12*	Form of Performance Stock Unit Grant Notice	(3)

10.13*	Change in Control Severance Benefit Plan as amended April 26, 2011

10.14*	Summary of Compensation Arrangements with named executive officers	(7)

10.15*	Form of Indemnification Agreement (Exhibit 10.1)	(12)

10.16*	Agreement and Plan of Merger with Thermo Fisher Scientific, Inc. dated December 12, 2010 (Exhibit 2.1)	(13)

10.17*	First Amendment to Employee Stock Purchase Plan (Exhibit 10.1)	(13)

10.18*	Letter dated December 15, 2010 between Dionex Corporation and Frank Witney	(13)

31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1†	Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2†	Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

(1) Incorporated by reference to the indicated exhibit in our Form 10-Q filed September 20, 1989.

(2) Incorporated by reference to the indicated exhibit in our Form 10-K filed August 29, 2008.

(3) Incorporated by reference to the indicated exhibit in our Form 10-K filed August 27, 2010.

(4) Incorporated by reference to the indicated exhibit in our Form 10-Q filed February 9, 2010.

(5) Incorporated by reference to the indicated exhibit in our Form 10-K filed September 10, 2004.

(6) Incorporated by reference to the indicated exhibit in our Form 8-K filed August 9, 2010 and August 16, 2010.

(7) Incorporated by reference to the indicated exhibit in our Form 10-K filed August 29, 2007.

(8) Incorporated by reference to the indicated exhibit in our Form 10-Q filed November 9, 2007.

(9) Incorporated by reference to the indicated exhibit in our Form 8-K filed October 15, 2007.

(10) Incorporated by reference to the indicated exhibit in our Form 10-Q filed February 8, 2008.

(11) Incorporated by reference to the indicated exhibit in our Form 8-K filed August 11, 2008.

(12) Incorporated by reference to the indicated exhibit in our Form 8-K filed November 3, 2008.

(13) Incorporated by reference to the indicated exhibit in our Form 8-K filed December 16, 2010.


*		Management contract or compensatory plan or arrangement.

†		This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

SIGNATURES

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.


	DIONEX CORPORATION (Registrant)
Date: May 6, 2011	By:	/s/ Craig A. McCollam
		Craig A. McCollam
		Executive Vice President and Chief Financial Officer (Signing as Principal Financial and Accounting Officer, and as Authorized Signatory of Registrant)

EX-10.3 2 f58573exv10w3.htm EXHIBIT 10.3 exv10w3

Exhibit 10.3

Dionex Corporation
Management Incentive Bonus Plan
(As Amended April 26, 2011)

1. PURPOSE

The Plan is intended to increase stockholder value and the success of Dionex Corporation (the “Company”) by motivating Participants (1) to perform to the best of their abilities, and (2) to achieve the Company’s objectives. The Plan’s goals are to be achieved by providing Participants with the opportunity to earn incentive awards for the achievement of goals relating to the performance of the Company and their individual performance, and to incentivize employees to remain employed by Dionex. The Plan is intended to permit the payment of bonuses that qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated thereunder (the “Code”).

2. OBJECTIVES

Objectives of the Plan are:

(a)		Focus management on business objectives and strategy implementation;

(b)		Drive growth of revenue, operating income, and earnings per share;

(c)		Provide a process for goal setting that will align corporate and individual goals, balancing short and long-term corporate goals;

(d)		Provide an incentive program to attract, retain and reward quality talent able to successfully lead the company’s businesses; and

(e)		Present an incentive plan that is objective, transparent, easy to administer, and which rewards measurable achievements.

3. DEFINITIONS

The following definitions shall be applicable throughout the Plan:

(a)		“Affiliate” means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by or under common control with the Company.

(b)		“Award” means the amount of a cash incentive payable under the Plan to a Participant with respect to a Performance Period.

(c)		“Board” means the Board of Directors of the Company, as constituted from time to time.

(d)		“Cause” means, with respect to an Employee, (i) the Employee’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof or any jurisdiction outside of the United States; (ii) the Employee’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) the Employee’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (iv) the Employee’s gross misconduct.

(e)		“Offer Closing Date” shall have the same meaning, for purposes of this Plan, as the meaning set forth in Section 1.1 (f) of the Agreement and Plan of Merger among Thermo Fisher Scientific Inc., Weston D Merger Co. and Dionex Corporation dated as of December 12, 2010 (the “Agreement”).

(f)		“Committee” means the Compensation Committee of the Board or another Committee designated by the Board which is comprised of two or more “outside directors” as defined in Section 162(m) of the Code. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee prior to such determination shall be valid despite such failure to qualify.

(g)		“Determination Date” means the latest possible date that will not jeopardize a Target Award or Award’s qualification as performance-based compensation under Section 162(m) of the Code.

(h)		“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code, provided that the Committee in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Company from time to time.

(i)		“Employee” means any employee of the Company or of an Affiliate, whether such employee is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan.

(j)		“Participant” means any Employee who is designated as a Participant by the Committee.

(k)		“Payout Formula” means as to any Performance Period, the formula or payout matrix established by the Committee pursuant to Section 6.3 in order to determine the Awards (if any) to be paid to Participants. The formula or matrix may differ from Participant to Participant.

(l)		“Performance Goal” means the goal(s) (or combined goal(s)) determined by the Committee (in its discretion) to be applicable to a Participant for a Target Award for a Performance Period. As determined by the Committee, the Performance Goals for any Target Award applicable to a Participant may provide for a targeted level or levels of achievement using one or more of the following measures and any objectively verifiable adjustment(s) thereto permitted and preestablished by the Committee in accordance with Code Section 162(m): (i) operating income; (ii) earnings before interest, taxes, depreciation and amortization; (iii) earnings; (iv) cash flow; (v) market share; (vi) sales; (vii) revenue; (viii) profits before interest and taxes; (ix) expenses; (x) cost of goods sold; (xi) profit/loss or profit margin; (xii) working capital; (xiii) return on capital, equity or assets; (xiv) earnings per share; (xv) economic value added; (xvi) stock price; (xvii) price/earnings ratio; (xviii) debt or debt-to-equity; (xix) accounts receivable; (xx) writeoffs; (xxi) cash; (xxii) assets; (xxiii) liquidity; (xxiv) operations; (xxv) intellectual property (e.g., patents); (xxvi) product development; (xxvii) regulatory activity; (xxviii) manufacturing, production or inventory; (xxix) mergers and acquisitions or divestitures; (xxx) financings; and/or (xxxi) customer satisfaction, each with respect to the Company and/or one or more of its affiliates or operating units. Awards issued to Participants who are not subject to the limitations of Section 162(m) of the Code may take into account other factors (including subjective factors).

With respect to the 2011 Performance Bonus (defined below), the Performance Goal will be as follows:

	•		From July 1, 2010 to the Offer Closing Date, the Performance Goal for the 2011 Performance Bonus will be based upon the factors listed in this Paragraph 3(l) and the performance targets (other than EPS Growth FY2010-11) approved by the Company’s Compensation Committee at the meeting on August 3, 2010 (the “Committee Meeting”) for the 2011 Performance Bonus including adjustment for costs incurred related to the merger detailed in the Agreement; and

	•		From the Offer Closing Date through June 30, 2011, the Performance Goal for the 2011 Performance Bonus will be based only upon the Net Sales Growth FY2010-2011 performance target as approved at the Committee Meeting and as reported in the Company’s financial statements for fiscal year 2011.

(m)		“Performance Period” means any period not exceeding 36 months as determined by the Committee, in its sole discretion. The Committee may establish different Performance Periods for different Participants, and the Committee may establish concurrent or overlapping Performance Periods.

(n)		“Plan” means this Dionex Corporation Management Incentive Bonus Plan, as amended from time to time.

(o)		“Target Award” means the target award payable under the Plan to a Participant for the Performance Period expressed as a percentage of the Participant’s annualized base salary.

(p)		“Termination of Employment” means a cessation of the employee-employer relationship between an Employee and the Company or an Affiliate for any reason, including, but not by way of limitation, a termination by resignation, discharge, death, Disability, retirement, or the disaffiliation of an Affiliate, but excluding any such termination where there is a simultaneous reemployment by the Company or an Affiliate.

(q)

“2011 Performance Bonus” means the performance bonus that is based upon the fiscal year of the Company for 2011 for eligible Participants.

4. ADMINISTRATION

4.1 Committee is the Administrator. The Plan shall be administered by the Committee. It shall be the duty of the Committee to administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (a) determine which Employees shall be granted awards, (b) prescribe the terms and conditions of awards, (c) interpret the Plan and the awards, (d) adopt such procedures and subplans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside of the United States, (e) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (f) interpret, amend or revoke any such rules.

4.2 Decisions Binding. All determinations and decisions made by the Committee, the Board, and any delegate of the Committee pursuant to the provisions of the Plan shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law.

4.3 Delegation by the Committee. The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company; provided, however, that the Committee may not delegate its authority and/or powers with respect to awards that are intended to qualify as performance-based compensation under Section 162(m) of the Code.

5. ELIGIBILITY

5.1 Selection of Participants. The Committee, or its designee, in its sole discretion, shall select the Employees who shall be Participants for any Performance Period. The Committee, or its designee, in its sole discretion, also may designate as Participants one or more individuals (by name or position) who are expected to become Employees during a Performance Period. Participation in the Plan is in the sole discretion of the Committee, or its designee, and on a Performance Period by Performance Period basis. An Employee who is a Participant for a given Performance Period is in no way guaranteed or assured of being selected for participation in any subsequent Performance Period.

6. DETERMINATION OF AWARDS

6.1 Determination of Performance Goals. The Committee, or its designee, in its sole discretion, shall establish the Performance Goals for all eligible Participants for the Performance Period. Such Performance Goals shall be set forth in writing.

6.2 Determination of Target Awards. Each Participant’s Target Award shall be determined by the Committee, or its designee, in its sole discretion, and each Target Award shall be set forth in writing.

6.3 Determination of Payout Formula or Formulae. On or prior to the Determination Date, the Committee or its designee, in its sole discretion, shall establish a Payout Formula or Formulae for purposes of determining the Award (if any) payable to each Participant. Each Payout Formula shall (a) be in writing, (b) be based on a comparison of actual performance to the Performance Goals, (c) provide for the payment of a Participant’s Target Award if the Performance Goals for the Performance Period are achieved, and (d) provide for an Award greater than or less than the Participant’s Target Award, depending upon the extent to which actual performance exceeds or falls below the Performance Goals.

6.4 Maximum Awards. The maximum amount of any Awards that can be paid under the Plan to any Participant during any Performance Period is $10,000,000. The Committee reserves the right, in its sole discretion, to reduce or eliminate the amount of an Award otherwise payable to a Participant with respect to any Performance Period. In addition, with respect to Awards issued to Participants who are not subject to the

limitations of Code Section 162(m), the Committee reserves the right, in its sole discretion, to increase the amount of an Award otherwise payable to a Participant with respect to any Performance Period.

7. PAYMENT OF AWARDS

7.1 Right to Receive Payment. Each Award that may become payable under the Plan shall be paid solely from the general assets of the Company or the Affiliate that employs the Participant (as the case may be), as determined by the Committee. Nothing in this Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to payment of an Award other than as an unsecured general creditor with respect to any payment to which he or she may be entitled. Except as provided in Section 7.4, 7.5 or 7.6 below, a Participant must be employed by the Company on the date the Award is to be paid in order to receive an Award, and no Award is considered earned under the Plan until such date.

7.2 Timing of Payment. Payment of each Award shall be made as soon as administratively practicable; provided, however, that in the case of any Performance Period based on a fiscal year of the Company (July 1-June 30), in no event shall such payment be made later than September 15th of the fiscal year following the end of the applicable Performance Period.

7.3 Form of Payment and Pro-rated Payments. Each Award normally shall be paid in cash (or its equivalent) in a single lump sum. Awards will be pro-rated for a period of active employment that is less than a full Performance Period, to include the period of actual eligible participation in the Plan.

7.4 Payment in the Event of Death or Disability. To the extent the Committee, in its sole discretion, permits beneficiary designations, if a Participant dies, or is determined to have a Disability, prior to the payment of an Award that was scheduled to be paid to him or her prior to death, or the determination of a Disability, for a prior Performance Period, the Award shall be paid, in the case of death, to his or her estate, and in the case of Disability, to the Participant or any other person authorized under applicable law.

7.5 Payment of 2011 Performance Bonus Awards in Event of Termination of Employment on or After the Offer Closing Date. If any Participant eligible for the 2011 Performance Bonus experiences a Termination of Employment due to the Participant’s voluntary resignation, or a Termination of Employment by the Company with Cause, at any time prior to the payment of the Award of a 2011 Performance Bonus, that Participant will not receive any Award for the 2011 Performance Bonus. If any Participant eligible for the 2011 Performance Bonus experiences a Termination of Employment by the Company without Cause on the Offer Closing Date, or after the Offer Closing Date but prior to the date that the 2011 Performance Bonus Awards are paid to eligible Participants, that Participant will remain eligible to receive an Award for the 2011 Performance Bonus, based upon the Performance Goal for the 2011 Performance Bonus set forth in Paragraph 3(l) above, as applicable to that Participant’s period of employment.

7.6 Determination of Actual Awards. After the end of each Performance Period, the Committee, or its designee, shall certify in writing the extent to which the Performance Goals applicable to each Participant for the Performance Period were achieved or exceeded. The Actual Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance that has been certified by the Committee or its designee. Notwithstanding any contrary provision of the Plan, the Committee, in its sole discretion, may (a) eliminate or reduce the Award payable to any Participant below that which otherwise would be payable under the Payout Formula, including discretion that is exercised through the establishment of additional objective or subjective goals, and (b) determine whether or not a Participant will receive an Award in the event the Participant incurs a Termination of Employment prior to the date the Award is to be paid. Notwithstanding the foregoing, in order to comply with the short-term deferral exception under Section 409A of the Code, if the Committee waives the requirement that a Participant must be employed on the date the Award is to be paid, payout shall occur no later than the 15th day of the third month following the later of (i) the end of the Company’s taxable year in which such requirement is waived or (ii) the end of the calendar year in which such requirement is waived.

8. TERMINATION OF PLAN

8.1 Amendment, Suspension or Termination. The Board or the Committee, each in its sole discretion, may amend or terminate the Plan, or any part thereof, at any time and for any reason. The amendment, suspension or termination of the Plan shall not, without the consent of the Participant, alter or impair any rights or obligations under any Target Award theretofore granted to such Participant. No award may be granted during any period of suspension or after termination of the Plan.

8.2 Duration of the Plan. The Plan shall commence on the date specified herein, and subject to Section 8.1 (regarding the Board or the Committee’s right to amend or terminate the Plan), shall remain in effect thereafter.

9. GENERAL PROVISIONS

9.1 Tax Withholding. The Company or an Affiliate, as determined by the Committee, shall withhold all applicable taxes from any Award, including any federal, state and local taxes (including, but not limited to, the Participant’s FICA and SDI obligations).

9.2 No Effect on Employment. Nothing in the Plan shall interfere with or limit in any way the right of the Company or an Affiliate, as applicable, to terminate any Participant’s employment or service at any time, with or without cause. For purposes of the Plan, transfer of employment of a Participant between the Company and any one of its Affiliates (or between Affiliates) shall not be deemed a Termination of Employment. Employment with the Company and its Affiliates is on an at-will basis only. The Company expressly reserves the right, which may be exercised at any time and without regard to when during or after a Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect which such treatment might have upon him or her as a Participant.

9.3 Participation. No Employee shall have the right to be selected to receive an award under this Plan, or, having been so selected, to be selected to receive a future award.

9.4 Indemnification. Each person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.

9.5 Successors. All obligations of the Company and any Affiliate under the Plan, with respect to awards granted hereunder, shall be binding on any successor to the Company and/or such Affiliate, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company or such Affiliate.

9.6 Beneficiary Designations. If permitted by the Committee, a Participant under the Plan may name a beneficiary or beneficiaries to whom any vested but unpaid award shall be paid in the event of the Participant’s death. Each such designation shall revoke all prior designations by the Participant and shall be effective only if given in a form and manner acceptable to the Committee. In the absence of any such designation, any vested benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

9.7 Nontransferability of Awards. No award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in Section 9.6. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

9.8 Section 162(m) Conditions; Bifurcation of Plan. It is the intent of the Company that the Plan and the awards under the Plan to Participants who are or may become persons whose compensation is subject to Section 162(m) of the Code, satisfy any applicable requirements of Section 162(m) of the Code. Any provision, application or interpretation of the Plan inconsistent with this intent shall be disregarded. The provisions of the Plan may be bifurcated by the Board or the Committee at any time so that certain provisions of the Plan, or any award, required in order to satisfy the requirements of Section 162(m) of the Code are only applicable to Participants whose compensation is subject to Section 162(m) of the Code. Notwithstanding the foregoing or any other provision of the Plan, the provisions of the Plan that refer to or reflect the requirements of Section 162(m) of the Code (including, without limitation, the administration of the Plan by a Committee comprised solely of outside directors and the possible use of Performance Goals other than those listed in Section 3(j), including Performance Goals based on subjective factors) shall not be effective unless the Board has submitted the material terms of the Plan to the Company’s stockholders for approval and such approval has been received.

9.9 Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

9.10 Requirements of Law. The granting of awards under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

9.11 Governing Law. The Plan and all awards shall be construed in accordance with and governed by the laws of the State of California, but without regard to its conflict of law provisions.

9.12 Legal and Ethical Standards. No Participant shall attempt to earn an Award by engaging in any conduct that violates any anti-trust laws, other laws, or the Company’s ethical standards, policies, or practices, including but not limited to the Company’s Code of Conduct. A Participant shall not pay, offer to pay, assign or give any part of his or her Award or anything else of value to any agent, customer, supplier or representative of any customer or supplier, or to any other person, as an inducement or reward for direct or indirect assistance in earning an Award. Any violation of the policy stated above will subject the Participant to disciplinary action up to and including termination of employment and forfeiture of any Award under this Plan to which the Participant otherwise would be entitled.

EX-10.13 3 f58573exv10w13.htm EXHIBIT 10.13 exv10w13

Exhibit 10.13

DIONEX CORPORATION

CHANGE IN CONTROL SEVERANCE BENEFIT PLAN

Amended and Restated Effective as of April 26, 2011

Section 1. INTRODUCTION.

The Dionex Corporation Change in Control Severance Benefit Plan (the “Plan”) was established effective as of October 5, 2001, was amended and restated effective as of December 12, 2010, and is hereby amended and restated effective as of April 26, 2011. The purpose of the Plan is to provide for the payment of severance benefits to certain eligible employees of Dionex Corporation and its subsidiaries (collectively, the “Company”) whose employment with the Company is terminated following a Change in Control. This Plan shall supersede any severance benefit plan, policy or practice previously maintained by the Company, with the exception of individually negotiated employment contracts or other agreements with the Company relating to severance or change in control benefits. This Plan document also is the Summary Plan Description for the Plan.

Section 2. DEFINITIONS.

For purposes of the Plan, the following terms are defined as follows:

(a) “Base Salary” means the Eligible Employee’s annual base salary as in effect during the last regularly scheduled payroll period immediately preceding the Change in Control or as increased thereafter.

(b) “Board” means the Board of Directors of Dionex Corporation.

(c) “Change in Control” is defined as one or more of the following events:

(i) there is consummated a sale or other disposition of all or substantially all of the assets of Dionex Corporation (other than a sale to an entity where at least fifty percent (50%) of the combined voting power of the voting securities of such entity are owned by the stockholders of Dionex Corporation in substantially the same proportions as their ownership of Dionex Corporation immediately prior to such sale);

(ii) any person, entity or group (other than Dionex Corporation, a subsidiary or affiliate of Dionex Corporation, or a Dionex Corporation employee benefit plan, including any trustee of such plan acting as trustee) becomes the beneficial owner, directly or indirectly, of securities of Dionex Corporation representing fifty percent (50%) or more of the combined voting power of Dionex Corporation’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction;

(iii) there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) Dionex Corporation and, immediately after the consummation of such transaction, the stockholders immediately prior to the consummation of such transaction do not own, directly or indirectly, outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving entity in such transaction or more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving entity in such transaction; or

(iv) there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) Dionex Corporation and, immediately after the consummation of such transaction, the stockholders immediately prior to the consummation of such transaction do not own, directly or indirectly, outstanding voting securities representing at least seventy percent (70%) of the combined outstanding voting power of the surviving entity in such transaction or at least seventy percent (70%) of the combined outstanding voting power of the parent of the surviving entity in such transaction, and the chief executive officer of Dionex Corporation is not the chief executive officer of the surviving entity immediately after such transaction.

(d) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations and other applicable guidance promulgated thereunder.

(e) “Company” means Dionex Corporation and it subsidiaries or, following a Change in Control of Dionex Corporation, the surviving entity resulting from such transaction.

(f) “Constructive Termination” means a voluntary termination of employment by an Eligible Employee after one of the following is undertaken without the Eligible Employee’s express written consent:

(i) the assignment to the Eligible Employee of duties or responsibilities that results in a material diminution in the Eligible Employee’s authority, duties or responsibilities as in effect immediately prior to the Change in Control; provided, however, that a change in the Eligible Employee’s title or reporting relationships by itself shall not provide the basis for a Constructive Termination;

(ii) a greater than ten percent (10%) reduction in the Eligible Employee’s base salary, as in effect immediately prior to the Change in Control (or as increased thereafter);

(iii) a change in the Eligible Employee’s business location of more than 35 miles from the business location immediately prior to the Change in Control; or

(iv) a material breach by Dionex Corporation of any provisions of the Plan or any enforceable written agreement between the Company and the Eligible Employee; or the failure of Dionex Corporation to arrange for the assumption of this Plan by its successor or assign.

In order to constitute a Constructive Termination, (i) the Eligible Employee must provide written notice to Dionex Corporation of the occurrence of one or more of the foregoing events within thirty (30) days following the initial occurrence of the event, and (ii) Dionex Corporation shall not be required to provide any severance benefits under the Plan if it is able to remedy such event(s) within a period of thirty (30) days following such notice.

(g) “Continuation Period” means the period for which an Eligible Employee is entitled to receive the benefits described in Section 4(c). The Continuation Period is twelve (12) months.

(h) “Covered Termination” means an Involuntary Termination Without Cause or a Constructive Termination, either of which occurs within thirteen (13) months following the effective date of a Change in Control.

(i) “Eligible Employee” means an executive employee of the Company who has been designated in writing by the Board as an eligible employee and whose employment with the Company terminates due to a Covered Termination.

(j) “Involuntary Termination Without Cause” means:

(i) an involuntary termination of employment by the Company other than for one of the following reasons:

(1) a refusal or failure to follow the lawful and reasonable directions of the Board of Directors or individual to whom the Eligible Employee reports, which refusal or failure is not cured within 30 days following delivery of written notice of such conduct to the Eligible Employee;

(2) a material failure by the Eligible Employee to perform his or her duties in a manner reasonably satisfactory to the Board of Directors that is not cured within 30 days following delivery of written notice of such failure to the Eligible Employee; or

(3) a conviction of a felony involving moral turpitude that is likely to inflict or has inflicted material injury on the business of the Company; or

(ii) the death or Disability of an Eligible Employee that occurs on or after the effective date of a Change in Control and before July 1, 2011. For purposes of the foregoing, “Disability” shall mean a permanent and total disability within the meaning of Section 22(e)(3) of the Code.

Section 3. ELIGIBILITY FOR BENEFITS.

(a) General Rules. Subject to the requirement set forth in this Section, the Company will provide the severance benefits described in Section 4 of the Plan to Eligible Employees. In order to be eligible to receive benefits under the Plan, an Eligible Employee must execute a general waiver and release in substantially the form attached hereto as Exhibit A, Exhibit B or Exhibit C, as appropriate, and such release must become effective in accordance with its terms. The Company, in its sole discretion, may modify the form of the required release to comply with applicable law. Subject to the foregoing, the Company, in its sole discretion, shall determine the form of the required release.

(b) Exceptions to Benefit Entitlement. An employee who otherwise is an Eligible Employee will not receive benefits under the Plan, or potentially will receive reduced benefits in the case of clause (i), in any of the following circumstances, as determined by the Company in its sole discretion:

(i) The employee has executed an individually negotiated employment contract or agreement with the Company relating to severance or change in control benefits that is in effect on his or her termination date, in which case the benefits under the Plan shall be offset (dollar for dollar in the case of cash severance benefits) by the benefits provided under such individually negotiated contract or agreement so as to prevent the duplication of benefits.

(ii) The employee’s employment with the Company is involuntarily terminated by the Company other than in an Involuntary Termination without Cause.

(iii) The employee voluntarily terminates employment with the Company and such termination does not constitute a Constructive Termination. Voluntary terminations include, but are not limited to, resignation, retirement or failure to return from a leave of absence on the scheduled date.

(iv) The employee voluntarily terminates employment with the Company in order to accept employment with another entity that is wholly or partly owned (directly or indirectly) by Dionex Corporation or an affiliate of Dionex Corporation.

(v) The employee is offered immediate reemployment by a successor to Dionex Corporation or by a purchaser of its assets, as the case may be, following a change in ownership of Dionex Corporation or a sale of all or substantially all the assets of a division or business unit of Dionex Corporation. For purposes of the foregoing, “immediate reemployment” means that the employee’s employment with the successor to Dionex Corporation or the purchaser of its assets, as the case may be, results in uninterrupted employment such that the employee does not suffer a lapse in pay as a result of the change in ownership of Dionex Corporation or the sale of its assets. Notwithstanding the foregoing, such offer of “immediate reemployment” shall not prevent an employee from qualifying as an Eligible Employee who may become entitled to benefits under the Plan if such offer would permit the employee to voluntarily terminate employment as a Constructive Termination.

Section 4. AMOUNT AND PAYMENT OF BENEFIT.

(a) Base Salary. Each Eligible Employee (or his estate, if applicable) shall receive twelve (12) months of Base Salary. Subject to Section 4(f), such amount shall be paid in substantially equal installments commencing upon the Eligible Employee’s termination of employment pursuant to the Company’s regularly scheduled payroll periods and shall be subject to all required tax withholding.

(b) Bonus Payment. Each Eligible Employee (or his estate, if applicable) shall receive a bonus payment equal to the average of the Eligible Employee’s annual bonuses paid by the Company with respect to the last three (3) complete fiscal years of the Company for which the Eligible Employee was eligible to receive a bonus (or such fewer fiscal years of the Company for which such Eligible Employee was eligible to receive an annual bonus); provided, however, that if an Eligible Employee’s Covered Termination occurs during the first fiscal year for which he or she was eligible to receive an annual bonus, such Eligible Employee shall receive a bonus payment based on the Eligible Employee’s performance through the Covered Termination. Subject to Section 4(f), such amount shall be paid in a lump sum upon the Eligible Employee’s termination of employment and shall be subject to all required tax withholding.

(c) Continued Insurance Benefits.

(i) US Employees. Provided that the Eligible Employee (or other qualified beneficiary in the event of the Eligible Employee’s death) elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall pay the portion of premiums of each Eligible Employee’s group medical, dental and vision coverage, including coverage for the Eligible Employee’s eligible dependents, that the Company paid prior to the Covered Termination, for the Continuation Period; provided, however, that no such premium payments shall be made following the effective date of the Eligible Employee’s coverage by a medical, dental or vision insurance plan of a subsequent employer. Each Eligible Employee shall be required to notify the Company immediately if the Eligible Employee becomes covered by a medical, dental or vision insurance plan of a subsequent employer. No provision of this Plan will affect the continuation coverage rules under COBRA, except that the Company’s payment of any applicable insurance premiums during the Continuation Period will be credited as payment by the Eligible Employee for purposes of the Eligible Employee’s payment required under COBRA. Therefore, the period during which an Eligible Employee may elect whether or not to continue the Company’s group medical, dental or vision coverage under COBRA, the length of time during which COBRA continuation coverage will be made available to the Eligible Employee, and all other rights and obligations of the Eligible Employee under COBRA will be applied in the same manner that such rules would apply in the absence of this Plan. At the conclusion of the Continuation Period, the Eligible Employee will be responsible for the entire payment of premiums required under COBRA for the duration of the COBRA continuation period. For purposes of this Section 4(c)(i), applicable premiums that will be paid by the Company during the Continuation Period shall not

include any amounts payable by the Eligible Employee under a Section 125 health care reimbursement plan, which amounts, if any, are the sole responsibility of the Eligible Employee.

(ii) Non-US Employees. The Company shall pay the portion of premiums of each Eligible Employee’s group medical, dental and vision coverage, including coverage for the Eligible Employee’s eligible dependents, that the Company paid prior to the Covered Termination, for the Continuation Period; provided, however, that no such premium payments shall be made following the effective date of the Eligible Employee’s coverage by a medical, dental or vision insurance plan of a subsequent employer. Each Eligible Employee shall be required to notify the Company immediately if the Eligible Employee becomes covered by a medical, dental or vision insurance plan of a subsequent employer.

(iii) Notwithstanding the foregoing subsections (i) and (ii), if the Company determines, in its sole discretion, that it cannot make such premium payments without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company instead shall provide to the Eligible Employee a taxable monthly payment in an amount equal to the monthly premium that the Company paid on behalf of the Eligible Employee and eligible dependents prior to the Covered Termination, which payments shall be made regardless of whether the Eligible Employee elects COBRA continuation coverage, shall commence in the month following the later of (A) the date of the Covered Termination and (B) the effective date of the Company’s determination of potential violation of applicable law and shall terminate upon the earlier of (X) the last day of the Continuation Period and (Y) the effective date of the Eligible Employee’s coverage under a medical, dental or vision insurance plan of a subsequent employer.

(d) Acceleration of Vesting. Effective as of the date of the Covered Termination, each Eligible Employee shall be credited with full acceleration of vesting for all equity awards (including, without limitation, stock options and restricted stock units) outstanding that the Eligible Employee holds on such date and that have not yet vested. Notwithstanding the foregoing, cash amounts in respect of the assumed equity awards that are provided pursuant to Section 3.3 of the Agreement and Plan of Merger among Thermo Fisher Scientific Inc., Weston D Merger Co. and the Company dated as of December 12, 2010 (the “Merger Agreement”) shall be subject to accelerated vesting on a Covered Termination under this Plan, but the alterations set forth in clauses (i) and (ii) below shall apply provided that the Eligible Employee executes a non-revocable acknowledgment of the treatment of such Eligible Employee’s equity awards pursuant to the Merger Agreement as described in Section 3.3(c) of the Merger Agreement and enters into a restrictive covenant agreement in the form attached on Exhibit D hereto, prior to the Effective Time (as defined in the Merger Agreement):

(i) for purposes of the definition of “Covered Termination” as such term is used in this Section 4(d) only, “thirteen (13) months” shall be replaced with “the period over which the Eligible Employee’s Assumed Awards and Assumed RSUs (as defined in Section 3.3 of the Merger Agreement) are scheduled to vest,” and

(ii) for purposes of the definition of “Involuntary Termination without Cause” as such term is used in this Section 4(d) only, Section 2(j)(i) above shall read in its entirety as follows: “(i) an involuntary termination of employment by the Company other than for one of the following reasons: (1) the Eligible Employee’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof or of any jurisdiction outside of the United States; (2) the Eligible Employee’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (3) the Eligible Employee’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (4) the Eligible Employee’s gross misconduct; or”

In all other respects, the other provisions of this Plan, without alteration, including, without limitation, the definition of Constructive Termination, shall apply to the accelerated vesting of cash amounts in respect of the assumed equity awards that are provided pursuant to Section 3.3 of the Merger Agreement.

(e) Outplacement Services. On behalf of the Eligible Employee (except in the case of an Involuntary Termination Without Cause on account of an Eligible Employee’s death), the Company shall pay for an executive assistance program for a period not to exceed three (3) months and at a cost not to exceed $7,500 (or the foreign currency equivalent, as determined by the Company, in the case of an Eligible Employee who will be covered by an executive assistance program outside of the United States), provided that the Eligible Employee enrolls in the program within six (6) months following the Covered Termination.

(f) Payment of Benefits. If the Company determines that any payments or benefits provided to an Eligible Employee pursuant to Section 4 (any such payments or benefits, the “Plan Payments”) constitute “deferred compensation” under Section 409A of the Code (together, with any state law of similar effect, “Section 409A”), such Plan Payments shall not be made or commence until the Eligible Employee has a “separation from service” for purposes of Section 409A, and if the Eligible Employee is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i) (a “Specified Employee”), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Plan Payments will be delayed as follows: on the earliest to occur of (1) the date that is six (6) months and one (1) day after the date of the Eligible Employee’s termination of employment, and (2) the date of the Eligible Employee’s death (such earliest date, the “Delayed Initial Payment Date”), the Company shall (i) pay the Eligible Employee a lump sum amount equal to the sum of the Plan Payments that the Eligible Employee would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the Plan Payments had not been delayed pursuant to this Section 4(f) and (ii) commence paying the balance of the Plan Payments in accordance with the applicable payment schedule set forth in Section 4. Prior to the imposition of any delay on the Plan Payments as set forth above, it is intended that (A) each installment of the Plan Payments be regarded as a separate “payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i), (B) all Plan Payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and 1.409A-1(b)(9)(iii), and (C) the Plan Payments consisting of COBRA premiums also satisfy, to the greatest extent possible, the exemption from the application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(9)(v). If Plan Payments, in whole or in part, are subject to Section 409A and the general waiver and release required by Section 3(a) could become effective in the calendar year following the calendar year in which the Eligible Employee separates from service, then such general waiver and release shall be deemed effective as of the latest permitted date of effectiveness for such general waiver and release.

Section 5. LIMITATIONS ON BENEFITS.

(a) Release. To receive benefits under this Plan, an Eligible Employee (or an Eligible Employee’s estate, as applicable) must execute a release of claims in favor of the Company, in the form attached to this Plan as Exhibit A, Exhibit B or Exhibit C, as appropriate, and if necessary as modified to comply with local law, and such release must become effective in accordance with its terms.

(b) Certain Reductions and Offsets. Notwithstanding any other provision of the Plan to the contrary, any benefits payable to an Eligible Employee under this Plan shall be reduced by any severance or change in control benefits payable by the Company to such individual under any other policy, plan, program or arrangement, including, without limitation, a contract between the Eligible Employee and any entity covering such individual. Furthermore, to the extent that any federal, state or local laws, including,

without limitation, so-called “plant closing” laws or statutory severance requirements, require the Company to give advance notice or make a payment of any kind to an Eligible Employee because of that Eligible Employee’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change of control, or any other similar event or reason, the benefits payable under this Plan shall either be reduced or eliminated. The benefits provided under this Plan are intended to satisfy any and all statutory obligations that may arise out of an Eligible Employee’s involuntary termination of employment for the foregoing reasons, and the Plan Administrator shall so construe and implement the terms of the Plan.

(c) Mitigation. Except as otherwise specifically provided herein (including, without limitation, Section 4(c)), an Eligible Employee shall not be required to mitigate damages or the amount of any payment provided under this Plan by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Plan be reduced by any compensation earned by an Eligible Employee as a result of employment by another employer or any retirement benefits received by such Eligible Employee after the date of the Covered Termination.

(d) Termination of Benefits. Benefits under this Plan shall terminate immediately if the Eligible Employee, at any time, violates any proprietary information or confidentiality obligation to the Company.

(e) Non-Duplication of Benefits. No Eligible Employee is eligible to receive benefits under this Plan more than one time.

(f) Indebtedness of Eligible Employees. If a terminating employee is indebted to the Company or an affiliate of the Company at his or her termination date, the Company reserves the right to offset any severance payments under the Plan by the amount of such indebtedness.

(g) Parachute Payments. If any payment or benefit the Eligible Employee (or his estate, if applicable) would receive in connection with a Change in Control from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Eligible Employee’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in such manner that provides the Eligible Employee with the greatest economic benefit. If more than one manner of reduction of the Payment necessary to arrive at the Reduced Amount yields the greatest economic benefit to the Eligible Employee, the components of the Payment shall be reduced pro rata.

The accounting firm engaged by Dionex Corporation for tax compliance purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. If the accounting firm so engaged by Dionex Corporation is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, Dionex Corporation shall appoint a nationally recognized accounting firm to make the determinations required hereunder. Dionex Corporation shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.

The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to Dionex Corporation and the Eligible Employee within fifteen (15) calendar days after the date on which the Eligible Employee’s right to a Payment is triggered (if requested at that time by Dionex Corporation or the Eligible Employee) or such other time as requested by Dionex Corporation or the Eligible Employee. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish Dionex Corporation and the Eligible Employee with an opinion reasonably acceptable to the Eligible Employee that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon Dionex Corporation and the Eligible Employee.

Section 6. RIGHT TO INTERPRET PLAN; AMENDMENT AND TERMINATION.

(a) Exclusive Discretion. The Plan Administrator shall have the exclusive discretion and authority to establish rules, forms, and procedures for the administration of the Plan and to construe and interpret the Plan and to decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the operation of the Plan, including, but not limited to, the eligibility to participate in the Plan and amount of benefits paid under the Plan. The rules, interpretations, computations and other actions of the Plan Administrator shall be binding and conclusive on all persons.

(b) Amendment or Termination. Dionex Corporation reserves the right to amend or terminate this Plan or the benefits provided hereunder at any time; provided, however, that no such amendment or termination shall occur following a Change in Control if such amendment or termination would affect the rights of any persons who were employed by the Company prior to the Change in Control. Any action amending or terminating the Plan shall be in writing and executed by the Chairman of the Compensation Committee of the Board.

(c) Assumption. Any successor or assign of Dionex Corporation shall be required to assume this Plan.

Section 7. TERMINATION OF CERTAIN EMPLOYEE BENEFITS.

All non-health benefits (including but not limited to: life insurance, disability and 401(k) plan coverage) terminate as of the employee’s termination date (except to the extent that a conversion privilege may be available thereunder).

Section 8. NO IMPLIED EMPLOYMENT CONTRACT.

The Plan shall not be deemed (i) to give any employee or other person any right to be retained in the employ of the Company or (ii) to interfere with the right of the Company to discharge any employee or other person at any time, with or without cause, which right is hereby reserved.

Section 9. LEGAL CONSTRUCTION.

This Plan is intended to be governed by and shall be construed in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”) and, to the extent not preempted by ERISA, the laws of the State of California.

Section 10. CLAIMS, INQUIRIES AND APPEALS.

(a) Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing by an applicant (or his or her authorized representative). The Plan Administrator is:

Dionex Corporation
Attn: Director of Human Resources
1228 Titan Way
Sunnyvale, CA 94086

(b) Denial of Claims. In the event that any application for benefits is denied in whole or in part, the Plan Administrator must provide the applicant with written or electronic notice of the denial of the application, and of the applicant’s right to review the denial. Any electronic notice will comply with the regulations of the U.S. Department of Labor. The notice of denial will be set forth in a manner designed to be understood by the applicant and will include the following:

(i) the specific reason or reasons for the denial;

(ii) references to the specific Plan provisions upon which the denial is based;

(iii) a description of any additional information or material that the Plan Administrator needs to complete the review and an explanation of why such information or material is necessary; and

(iv) an explanation of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review of the claim, as described in Section 10(d) below.

This notice of denial will be given to the applicant within ninety (90) days after the Plan Administrator receives the application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional ninety (90) days for processing the application. If an extension of time for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial ninety (90) day period.

This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the application.

(c) Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied, in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within sixty (60) days after the application is denied. A request for a review shall be in writing and shall be addressed to:

Dionex Corporation
Attn: Director of Human Resources
1228 Titan Way
Sunnyvale, CA 94086

A request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent. The applicant (or his or

her representative) shall have the opportunity to submit (or the Plan Administrator may require the applicant to submit) written comments, documents, records, and other information relating to his or her claim. The applicant (or his or her representative) shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim. The review shall take into account all comments, documents, records and other information submitted by the applicant (or his or her representative) relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

(d) Decision on Review. The Plan Administrator will act on each request for review within sixty (60) days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional sixty (60) days), for processing the request for a review. If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial sixty (60) day period. This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the review. The Plan Administrator will give prompt, written or electronic notice of its decision to the applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event that the Plan Administrator confirms the denial of the application for benefits in whole or in part, the notice will set forth, in a manner calculated to be understood by the applicant, the following:

(i) the specific reason or reasons for the denial;

(ii) references to the specific Plan provisions upon which the denial is based;

(iii) a statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim; and

(iv) a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA.

(e) Rules and Procedures. The Plan Administrator will establish rules and procedures, consistent with the Plan, ERISA and any other applicable laws, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal from the denial of benefits to do so at the applicant’s own expense.

(f) Exhaustion of Remedies. No legal action for benefits under the Plan may be brought until the applicant (i) has submitted a written application for benefits in accordance with the procedures described by Section 10(a) above, (ii) has been notified by the Plan Administrator that the application is denied, (iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 10(c) above, and (iv) has been notified that the Plan Administrator has denied the appeal. Notwithstanding the foregoing, if the Plan Administrator does not respond to an applicant’s claim or appeal within the relevant time limits specified in this Section 10, the applicant may bring legal action for benefits under the Plan pursuant to Section 502(a) of ERISA.

Section 11. BASIS OF PAYMENTS TO AND FROM PLAN.

All benefits under the Plan shall be paid by the Company. The Plan shall be unfunded, and benefits hereunder shall be paid only from the general assets of the Company.

10.

Section 12. OTHER PLAN INFORMATION.

(a) Employer and Plan Identification Numbers. The Employer Identification Number assigned to Dionex Corporation (which is the “Plan Sponsor” as that term is used in ERISA) by the Internal Revenue Service is 94-2647429. The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the Internal Revenue Service is 510.

(b) Ending Date for Plan’s Fiscal Year. The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is June 30.

(c) Agent for the Service of Legal Process. The agent for the service of legal process with respect to the Plan is Dionex Corporation, Attn: Director of Human Resources, 1228 Titan Way, Sunnyvale, CA 94086.

(d) Plan Sponsor and Administrator. The “Plan Sponsor” and the “Plan Administrator” of the Plan is Dionex Corporation, Attn: Director of Human Resources, 1228 Titan Way, Sunnyvale, CA 94086. The Plan Sponsor’s and Plan Administrator’s telephone number is (408) 737-0700. The Plan Administrator is the named fiduciary charged with the responsibility for administering the Plan.

Section 13. STATEMENT OF ERISA RIGHTS.

Participants in this Plan (which is a welfare benefit plan sponsored by Dionex Corporation) are entitled to certain rights and protections under ERISA. An Eligible Employee is considered a participant in the Plan and, under ERISA, is entitled to:

(a) Receive Information About the Plan and Benefits.

(i) Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration;

(ii) Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if applicable, and an updated (as necessary) Summary Plan Description. The Plan Administrator may make a reasonable charge for the copies; and

(iii) Receive a summary of the Plan’s annual financial report, if applicable. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.

(b) Prudent Actions by Plan Fiduciaries. In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of Plan participants and beneficiaries. No one, including the employer of the participants or any other person, may fire a participant or otherwise discriminate against participants in any way to prevent a participant from obtaining a Plan benefit or exercising his or her rights under ERISA.

(c) Enforce Participant Rights. If a participant’s claim for a Plan benefit is denied or ignored, in whole or in part, the participant has a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

11.

Under ERISA, there are steps a participant can take to enforce the above rights. For instance, if a participant requests a copy of Plan documents or the latest annual report from the Plan, if applicable, and does not receive them within thirty (30) days, he or she may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay the participant up to $110 a day until he or she receives the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.

If a participant has a claim for benefits that is denied or ignored, in whole or in part, he or she may file suit in a state or Federal court.

If a participant is discriminated against for asserting his or her rights, the participant may seek assistance from the U.S. Department of Labor, or he or she may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If the participant is successful, the court may order the person the participant has sued to pay these costs and fees. If the participant loses, the court may order the participant to pay these costs and fees, for example, if it finds his or her claim is frivolous.

(d) Assistance with Questions. If a participant has any questions about the Plan, the participant should contact the Plan Administrator. If a participant has any questions about this statement or about his or her rights under ERISA, or if a participant needs assistance in obtaining documents from the Plan Administrator, the participant should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. Participants may also obtain certain publications about their rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

Section 14. EXECUTION.

To record the amendment and restatement of the Plan as set forth herein, effective as of [ ], 2011, the Chairman of the Compensation Committee of the Board has executed the same this [ ] day of April, 2011.

12.

EXHIBIT A

RELEASE
(Individual Termination, age 40 and older)

I understand and agree completely to the terms set forth in the Dionex Corporation Change in Control Severance Benefit Plan (the “Plan”). I understand that this Release, together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. Certain capitalized terms used in this Release are defined in the Plan.

I hereby confirm my obligations under the Company’s proprietary information and inventions agreement.

I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims I may have against the Company.

Except as otherwise set forth in this Release, I hereby release, acquit and forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a result of any third party action against me based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time up to and including the date I execute this Release, including, but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal Employee Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law; contract law; wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its obligation to indemnify me pursuant to the Company’s indemnification obligation pursuant to agreement or applicable law.

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given under the Plan for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise on or after the date I execute this Release; (B) I have the right to consult with an attorney prior to executing this Release; (C) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily execute this Release earlier); (D) I have

seven (7) days following my execution of this Release to revoke the Release; and (E) this Release shall not be effective until the date upon which the revocation period has expired, which shall be the eighth (8^th) day after I execute this Release.


		EMPLOYEE

		NAME:

		DATE:

EXHIBIT B

RELEASE(Individual and Group Termination, under age 40)

I hereby confirm my obligations under the Company’s proprietary information and inventions agreement.


		EMPLOYEE

		NAME:

		DATE:

EXHIBIT C

RELEASE
(Group Termination, age 40 and older)

I hereby confirm my obligations under the Company’s proprietary information and inventions agreement.

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given under the Plan for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise on or after the date I execute this Release; (B) I have the right to consult with an attorney prior to executing this Release; (C) I have forty-five (45) days to consider this Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of this Release to revoke the Release; (E) this Release shall not be

effective until the date upon which the revocation period has expired, which shall be the eighth day (8th) after I execute this Release; and (F) I have received with this Release a detailed list of the job titles and ages of all employees who were terminated in this group termination and the ages of all employees of the Company in the same job classification or organizational unit who were not terminated.


		EMPLOYEE

		NAME:

		DATE:

EXHIBIT D

FORM OF RESTRICTIVE COVENANT AGREEMENT

THIS AGREEMENT, dated as of _____________, 20___ is made by and between __________________, an individual residing at ______________________ (the “Employee”), and Thermo Fisher Scientific Inc., a Delaware corporation whose principal offices are located at 81 Wyman Street, Waltham, Massachusetts 02454 (“Employer”).

WHEREAS, this Agreement is being entered into in connection with the execution of the Agreement and Plan of Merger among Employer, Weston D Merger Co. and Dionex Corporation (the “Company”), dated as of December 12, 2010 (the “Merger Agreement”);

WHEREAS, the effectiveness of this Agreement is conditioned on the consummation of the transactions contemplated by the Merger Agreement;

WHEREAS, prior to being acquired by Employer, the Company was a leader in the ion chromatography, chromatography data systems and high performance liquid chromatography businesses; and

WHEREAS, as a result of its acquisition of the Company, Employer has acquired and will continue to develop and use certain trade secrets, customer lists and other proprietary and confidential information and data, which the Company has spent a substantial amount of time, effort and money, and Employer will continue to do so in the future, to develop or acquire such proprietary and confidential information and to promote and increase its good will.

NOW, THEREFORE, in consideration of Employee’s continued employment by Employer or a subsidiary or affiliate thereof, and the amendments to the Company Change in Control Severance Benefit Plan (the “CIC Plan”) which provide Employee with enhanced vesting upon a termination of employment under certain circumstances and which are conditioned, at least in part, upon Employee’s execution and delivery of this Agreement, Employee understands and agrees to the following:

Section 1. Employee recognizes and acknowledges that it is essential for the proper protection of the Employer’s legitimate business interests and an incentive for the Employer to enter into the Merger Agreement that Employee be restrained for a reasonable period following the Effective Time (as defined in the Merger Agreement), either voluntarily or involuntarily, from competing with Employer as set forth below.

Employee acknowledges and agrees that for a period of thirteen (13) months after the Effective Time (the “Restricted Period”), Employee will not, directly or indirectly, engage, participate or invest in or be employed by any business within the Restricted Area, as defined below, which engages in the ion chromatography, chromatography data systems, or high performance liquid chromatography businesses (collectively, the “Competitive Businesses”); provided, however, that, during the Restricted Period, the Employee shall be permitted to directly or indirectly engage, participate or invest in or be employed by any company that engages in multiple lines of business within the Restricted Area (i) that engages in a Competitive Business but the Employee does not provide any services to a Competitive Business or (ii) if the Employee is the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer or the Chief Administrative Officer of a company that engages in multiple lines of business, including any of the Competitive Businesses, where the annual revenue generated by the Competitive Businesses constitutes less than 2% of such company’s overall annual revenue.

“Restricted Area” shall mean each state and territory of the United States of America and each country of the world outside of the United States of America in which Employer and its Subsidiaries, including the Company, had developed, marketed, sold and/or distributed its products and/or services similar to the Competitive Businesses within the last two (2) years prior to the Effective Time.

Section 2. Employee acknowledges and agrees that during the Restricted Period, Employee will not: (i) employ, hire, solicit, induce or identify for employment or attempt to employ, hire, solicit, induce or identify for employment, directly or indirectly, any employee(s) of the Employer to leave his or her employment and became an employee, consultant or representative of any other entity including, but not limited to, Employee’s new employer, if any; and/or (ii) solicit, aid in or encourage the solicitation of, contract with, aid in or encourage the contracting with, service, or contact any person or entity that is or was, within the two (2) years prior the Effective Time, a customer or client of the Company or its subsidiaries, for purposes of marketing, offering or selling a product or service competitive with Employer.

Section 3. During the Restricted Period, Employee will inform each new employer, prior to accepting employment, of the existence of this Agreement and provide that employer with a copy of this Agreement.

Section 4. Employee understands and agrees that the provisions of this section shall not prevent Employee from acquiring or holding publicly traded stock or other publicly traded securities of a business, so long as Employee’s ownership does not exceed 1% percent of the outstanding securities of such company of the same class as those held by Employee or from engaging in any activity or having an ownership interest in any business that is reviewed by the Board of Directors of Employer.

Section 5. Employee acknowledges that the time, geographic and scope of activity limitations set forth herein are reasonable and necessary to protect the Employer’s legitimate business interests. However, if in any judicial proceeding a court refuses to enforce this Agreement, whether because the time limitation is too long or because the restrictions contained herein are more extensive (whether as to geographic area, scope of activity or otherwise) than is necessary to protect the legitimate business interests of Employer, it is expressly understood and agreed between the parties hereto that this Agreement is deemed modified to the extent necessary to permit this Agreement to be enforced in any such proceedings.

Section 6. Employee further acknowledges and agrees that it would be difficult to measure any damages caused to Employer which might result from any breach by Employee of any of the promises set forth in this Agreement, and that, in any event, money damages would be an inadequate remedy for any such breach. Accordingly, Employee acknowledges and agrees that if he or she breaches or threatens to breach, any portion of this Agreement, Employer shall be entitled, in addition to all other remedies that it may have: (i) to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to Employer; and (ii) to be relieved of any obligation to provide any further payment or benefits to Employee or Employee’s dependents in respect of the acceleration of equity-based awards set forth in Section 4(d) of the CIC Plan and Employer acknowledges and agrees that the restrictions set forth in this Agreement solely apply to the acceleration of equity-based awards set forth in Section 4(d) of the CIC Plan and do not apply to any other benefits provided under the CIC Plan.

Section 7. Employee acknowledges and agrees that should it become necessary for Employer to file suit to enforce the covenants contained herein, and any court of competent jurisdiction awards the Employer any damages and/or an injunction due to the acts of Employee, then the Employer shall be entitled to recover its reasonable costs incurred in conducting the suit including, but not limited

to, reasonable attorneys’ fees and expenses provided that Employer prevails in full on the relief sought and Employee shall be entitled to recover its reasonable costs incurred in conducting the suit including, but not limited to, reasonable attorneys’ fees and expenses should Employer not be awarded the relief sought.

Section 8. The Employee acknowledges and agrees that this Agreement does not constitute a contract of employment and does not imply that Employer or any of its subsidiaries will continue the Employee’s employment for any period of time.

Section 9. This Agreement represents the entire understanding of the parties with respect to the subject matter hereof and any previous agreements or understandings between the parties regarding the subject matter hereof are merged into and superseded by this Agreement.

Section 10. This Agreement cannot be modified, amended or changed, nor may compliance with any provision hereof be waived, except by an instrument in writing executed by the party against whom enforcement of such modification, amendment, change or waiver is sought. Any waiver by a party of the breach of any provision of this Agreement shall not operate or be construed as a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict compliance with any provision of this Agreement at any time shall not deprive such party of the right to insist upon strict compliance with such provision at any other time or of the right to insist upon strict compliance with any other provision hereof at any time.

Section 11. All notices, requests, demands, consents and other communications which are required or permitted hereunder shall be in writing, and shall be deemed given when actually received or if earlier, two days after deposit with the U.S. postal authorities, certified or registered mail, return receipt requested, postage prepaid or two days after deposit with an internationally recognized air courier or express mail, charges prepaid, addressed as follows:

If to Employer:

Thermo Fisher Scientific Inc.
81 Wyman Street
Waltham, Massachusetts 02454
Attention: General Counsel

If to the Employee, at the address set forth above, or to such other address as any party hereto may designate in writing to the other party, specifying a change of address for the purpose of this Agreement.

Section 12. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Section 13. This Agreement shall be construed and interpreted in accordance with, and shall be governed exclusively by, the laws of the Commonwealth of Massachusetts and the federal laws of the United States of America. In the event litigation is maintained by a party to this Agreement against any other party to enforce this Agreement or to seek any remedy for breach, then each party hereto shall be responsible for such party’s own attorneys’ fees and costs of suit.

Section 14. THE EMPLOYEE ACKNOWLEDGES THAT THE EMPLOYEE HAS CAREFULLY READ THIS AGREEMENT AND HAS HAD ADEQUATE TIME AND OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF THE EMPLOYEE’S OWN CHOOSING

REGARDING THE MEANING OF THE TERMS AND CONDITIONS CONTAINED HEREIN, AND THE EMPLOYEE FURTHER ACKNOWLEDGES THAT THE EMPLOYEE FULLY UNDERSTANDS THE CONTENT AND EFFECT OF THIS AGREEMENT AND AGREES TO ALL OF THE PROVISIONS CONTAINED HEREIN.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

EX-31.1 4 f58573exv31w1.htm EXHIBIT 31.1 exv31w1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Frank Witney, certify that:

1.		I have reviewed this Quarterly Report on Form 10-Q of Dionex Corporation;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2011



	/s/ Frank Witney
	Frank Witney
	President, Chief Executive Officer and Director

EX-31.2 5 f58573exv31w2.htm EXHIBIT 31.2 exv31w2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Craig A. McCollam, certify that:

1.		I have reviewed this Quarterly Report on Form 10-Q of Dionex Corporation;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our Company supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2011



	/s/ Craig A. McCollam
	Craig A. McCollam
	Executive Vice President and Chief Financial Officer

EX-32.1 6 f58573exv32w1.htm EXHIBIT 32.1 exv32w1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Frank Witney, Chief Executive Officer of Dionex Corporation, hereby certifies that, to the best of his knowledge:

1.		Dionex Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, and to which this Certification is attached (the “Periodic Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2.		The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of Dionex Corporation.



By:	/s/ Frank Witney
	Name:	Frank Witney
	Title:	President, Chief Executive Officer and Director
	Date:	May 6, 2011

This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Dionex Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.

EX-32.2 7 f58573exv32w2.htm EXHIBIT 32.2 exv32w2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Craig A. McCollam, the Chief Financial Officer of Dionex Corporation, hereby certifies that, to the best of his knowledge:

1.		Dionex Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, to which this Certification is attached (the “Periodic Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2.		The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of Dionex Corporation.



By:	/s/ Craig A. McCollam
	Name:	Craig A. McCollam
	Title:	Executive Vice President and Chief Financial Officer
	Date:	May 6, 2011

EX-101.INS 8 dnex-20110331.xml EX-101 INSTANCE DOCUMENT 0000708850 2011-01-01 2011-03-31 0000708850 2010-01-01 2010-03-31 0000708850 2009-07-01 2010-06-30 0000708850 2010-03-31 0000708850 2009-06-30 0000708850 2009-07-01 2010-03-31 0000708850 2011-03-31 0000708850 2010-06-30 0000708850 2009-12-31 0000708850 2011-05-02 0000708850 2010-07-01 2011-03-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD   <div align="left" style="font-family: 'Times New Roman',Times,serif">   <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 1: Summary of Significant Accounting Policies </b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Organization and Basis of Presentation</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The condensed consolidated financial statements included herein have been prepared by Dionex Corporation, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2010. Unless the context otherwise requires, the terms “Dionex,” “we,” “our” and “us” and words of similar import as used in these notes to condensed consolidated financial statements include Dionex Corporation and its consolidated subsidiaries. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited condensed consolidated financial statements included herein reflect all adjustments (which include only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the results for the periods presented. The results for such periods are not necessarily indicative of the results to be expected for the entire fiscal year ending June 30, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On December 12, 2010, Dionex, Thermo Fisher Scientific, Inc., a Delaware corporation (“Thermo Fisher”), and Weston D Merger Co., a Delaware corporation and a wholly owned subsidiary of Thermo Fisher (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, merge with and into Dionex and Dionex will survive the merger and continue as a wholly owned subsidiary of Thermo Fisher (the “Merger”). Pursuant to the terms of the Merger Agreement and subject to the conditions thereof, at the effective time of the Merger (the “Effective Time”), each share of common stock of Dionex issued and outstanding immediately prior to the Effective Time will be converted into the right to receive $118.50 in cash, without interest. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Merger Agreement includes customary representations, warranties and covenants of Dionex and Thermo Fisher. Dionex has agreed to operate its business and the business of its subsidiaries in the ordinary course of business consistent with past practices until the Effective Time. Dionex has also agreed not to solicit, initiate, knowingly encourage or knowingly facilitate alternative acquisition proposals and will not knowingly permit its representatives to solicit or encourage any alternative acquisition proposal, in each case, subject to certain exceptions set forth in the Merger Agreement. The Merger Agreement contains certain termination rights, including, subject to the terms of the agreement, if the Dionex Board of Directors determines to accept a “Superior Proposal” as defined in the Merger Agreement, and also provides that under certain circumstances, upon termination, Dionex may be required to pay Thermo Fisher a termination fee of $65 million. The closing of the merger is currently expected to take place in the middle of May 2011 after receipt of a pending regulatory approval in Europe. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>New Accounting Standards Adopted</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><i>Transfers of Financial Assets</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In June 2009, the Financial Accounting Standards Board (“FASB”) issued new standards for the accounting for transfers of financial assets. These new standards amend the criteria for a transfer of a financial asset to be accounted for as a sale, establish more stringent conditions for reporting a transfer of a portion of a financial asset as a sale, change the initial measurement of a transferor’s interest in transferred financial assets, eliminate the qualifying special-purpose entity concept and require enhanced disclosures. Dionex adopted these standards in the first quarter of fiscal 2011 and they did not have a material impact on our consolidated financial statements but did expand our disclosures about transfers of financial assets. Refer to Note 7 for additional information. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Financial Instruments</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In January 2010, the FASB issued a new accounting standard to amend the disclosure requirements related to recurring and nonrecurring fair value measurements. The guidance requires new disclosures on the transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy, including the reasons and the timing of the transfers. Additionally, the guidance requires a roll forward of activities on purchases, sales, issuance, and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3 fair value measurements). The guidance became effective for us with the reporting period beginning January 1, 2010, except for the disclosure on the roll forward activities for Level 3 fair value measurements, which was effective for us in the first quarter of fiscal 2011. Other than requiring additional disclosures, adoption of this new standard did not have a material impact on our consolidated financial statements or any additional disclosures as Dionex did not have any financial instruments transfers between Level 1 and 2 during the nine months ended March 31, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Revenue Recognition</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Net sales are derived primarily from sales of products, software licenses, and services (including installation, training, other consulting services, and extended maintenance contracts on our products). The following revenue recognition policies define the manner in which Dionex accounts for sales transactions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex recognizes revenue when persuasive evidence of an arrangement exists, the product has been delivered or service has been performed, the sales price is fixed or determinable, and collection is reasonably assured. Delivery of the product is generally considered to have occurred when shipped. Shipping charges billed to customers are included in net sales, and the related costs are included in cost of sales. Sales from products are typically not subject to rights of return and, historically, actual sales returns have not been significant. Dionex sells products through its direct sales force and through distributors and resellers. Sales through distributors and resellers are recognized as revenue upon sale to the distributor or reseller as these sales are considered to be final and no right of return or price protection exists. Customer acceptance is generally limited to performance under our published product specifications. When additional customer acceptance conditions apply, all revenue related to the sale is deferred until acceptance is obtained. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In October 2009, the FASB issued a new accounting standard for multiple deliverable revenue arrangements. The new standard changes the requirements for establishing separate units of accounting in a multiple element arrangement and requires the allocation of arrangement consideration to each deliverable to be based on the relative selling price. The FASB also issued a new accounting standard for certain revenue arrangements that include software elements. This new standard excludes software that is contained on a tangible product from the scope of software revenue guidance if the software is essential to the tangible product’s functionality. Dionex prospectively adopted both these standards in the first quarter of fiscal 2011 for new and materially modified arrangements originating after July 1, 2010. The impact of adopting these standards was not material to net sales on our consolidated financial statements for the nine months ended March 31, 2011. The new accounting standard for revenue recognition if applied in the same manner to the year ended June 30, 2010 would not have had a material impact on net sales or to our consolidated financial statements for that fiscal year. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Under these new standards, when a sales arrangement contains multiple elements, such as products, software licenses and/or services, Dionex allocates revenue to each element based on a selling price hierarchy. Using the selling price hierarchy, Dionex determines selling price of each deliverable using vendor specific objective evidence (“VSOE”), if it exists, and otherwise third-party evidence (“TPE”). If neither VSOE nor TPE of selling price exists, Dionex uses estimated selling price (“ESP”). Dionex generally expects that it will not be able to establish TPE due to the nature of the markets in which we compete, and, as such, Dionex typically will determine selling price using VSOE or if not available, ESP. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex’s basis for establishing VSOE of a deliverable’s selling price consists of standalone sales transactions when the same or similar product or service is sold separately. However, when services are never sold separately, such as product installation services, VSOE is based on the product’s estimated installation hours based on historical experience multiplied by the standard service billing rate. In determining VSOE, Dionex requires that a substantial majority of the selling prices for a product or service fall within a reasonably narrow price or hour range, as defined by Dionex. Dionex also considers the geographies in which the products or services are sold, major product and service groups, and other environmental variables in determining VSOE. Absent the existence of VSOE and TPE, our determination of a deliverable’s ESP involves evaluating several factors based on the specific facts and circumstances of these arrangements, which include pricing strategy and policies driven by geographies, market conditions, competitive landscape, correlation between proportionate selling price and list price established by management having the relevant authority, and other environmental variables in which the deliverable is sold. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For multiple element arrangements which include extended maintenance contracts, Dionex allocates and defers the amount of consideration equal to the separately stated price and recognizes revenue on a straight-line basis over the contract period. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For multiple element arrangements which contain software deliverables and non-software deliverables (i.e. instruments) where the instruments’ essential functionality is not dependent on both deliverables functioning together, revenue is allocated to the software deliverables as a group using the relative selling prices of each deliverable in the arrangement based on the selling price hierarchy. The consideration allocated to the software deliverable group is then allocated to each software deliverable within that group in accordance with software revenue recognition guidance. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For perpetual software licenses, Dionex recognizes revenue at the inception of the license term assuming all revenue recognition criteria have been met. Dionex uses the residual method to allocate revenue to software licenses at the inception of the license term when VSOE of fair value for the undelivered elements exists, such as software installations, and all other revenue recognition criteria have been satisfied. If Dionex cannot objectively determine the VSOE of fair value of any undelivered elements included in these multiple-element arrangements, revenue is deferred until all elements are delivered, or until VSOE of fair value can be objectively determined for the remaining undelivered elements. </div> </div>

<div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 2: Earnings Per Share</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Basic earnings per share attributable to Dionex Corporation are determined by dividing net income attributable to Dionex Corporation by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Dionex Corporation are determined by dividing net income attributable to Dionex Corporation by the weighted average number of common shares used in the basic earnings per share calculation, plus the number of common shares that would be issued assuming conversion of all potentially dilutive securities outstanding under the treasury stock method. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table is a reconciliation of the numerators and denominators used in computing basic and diluted earnings per share attributable to Dionex Corporation: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands, except per share data)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Numerator: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net income </div></td> <td> </td> <td align="left">$</td> <td align="right">16,828</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,731</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">46,264</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">44,650</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Denominator: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Weighted average shares used to compute net income per common share — basic </div></td> <td> </td> <td> </td> <td align="right">17,483</td> <td> </td> <td> </td> <td> </td> <td align="right">17,638</td> <td> </td> <td> </td> <td> </td> <td align="right">17,422</td> <td> </td> <td> </td> <td> </td> <td align="right">17,671</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Effect of dilutive stock options </div></td> <td> </td> <td> </td> <td align="right">491</td> <td> </td> <td> </td> <td> </td> <td align="right">319</td> <td> </td> <td> </td> <td> </td> <td align="right">402</td> <td> </td> <td> </td> <td> </td> <td align="right">343</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Weighted average shares used to compute net income per common share — diluted </div></td> <td> </td> <td> </td> <td align="right">17,974</td> <td> </td> <td> </td> <td> </td> <td align="right">17,957</td> <td> </td> <td> </td> <td> </td> <td align="right">17,824</td> <td> </td> <td> </td> <td> </td> <td align="right">18,014</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Basic earnings per share </div></td> <td> </td> <td align="left">$</td> <td align="right">0.96</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1.01</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.66</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.53</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Diluted earnings per share </div></td> <td> </td> <td align="left">$</td> <td align="right">0.94</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.99</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.60</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.48</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Stock options to purchase 760,026 shares were excluded from the computation of diluted earnings per share in the three months ended March 31, 2010, and options to purchase 23,705 shares and 660,769 shares were excluded from the computation of diluted earnings per share in the nine months ended March 31, 2011 and 2010, respectively, because the exercise price of the stock options exceeded the average market price of the Company’s common stock and, as a result, would have had an anti-dilutive effect. </div> </div>

<div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 3: Fair Value Measurements</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the accounting standards for fair value measurements and disclosures, assets and liabilities are measured at fair value on a recurring basis as of the end of each reporting period. Dionex applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 1 inputs utilize observable data such as quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 2 inputs utilize data points other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 3 inputs utilize unobservable data points for the asset or liability in which there is little or no market data, which require the reporting entity to develop its own assumptions.</td> </tr> </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div style="margin-top: 6pt"> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 2</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 3</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Assets: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Money market (1) </div></td> <td> </td> <td align="left">$</td> <td align="right">18,496</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,496</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity indexed derivatives (2) </div></td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">18,498</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,496</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Liabilities: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Foreign currency contracts (3) </div></td> <td> </td> <td align="left">$</td> <td align="right">4,409</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,409</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td>Included in “cash and cash equivalents” in our condensed consolidated balance sheets.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(2)</td> <td> </td> <td>Included in “short-term investments” in our condensed consolidated balance sheets. The gross unrealized loss is not material.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(3)</td> <td> </td> <td>Included in “other long-term liabilities” or “other accrued liabilities” in our condensed consolidated balance sheets.</td> </tr> </table> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 4: Derivative Securities</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">All derivatives, whether designated in hedging relationships or not, are required to be recorded on our consolidated balance sheets at fair value as either assets or liabilities. If the derivative is designated as a fair-value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge or net investment hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in earnings when the hedged item affects earnings; ineffective portions of changes in fair value are recognized in earnings. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex operates on a global basis and is exposed to foreign currency exchange rate fluctuations in the normal course of its business. As part of its risk management strategy, Dionex uses derivative instruments to manage exposures to foreign currency. The objective is to offset gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them, thereby reducing volatility of earnings or protecting fair value of assets and liabilities. Dionex does not have any leveraged derivatives nor use derivative contracts for speculative purposes. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Net Investment Hedge</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex uses a $10 million cross-currency swap arrangement for Japanese yen that expires in March 2012 to hedge the exchange rate exposure of our net investment in our Japanese subsidiary. Dionex considers the impact of its counterparty’s credit risk on the fair value of the contract as well as the ability to each party to execute under the contract. Dionex assessed and documented hedge effectiveness of the contract and designated it as a net investment hedge at the inception date, January 1, 2008. We reassess edge effectiveness on a quarterly basis. The gain or loss related to the effective portion of the hedge is reported in accumulated other comprehensive income as part of the foreign currency translation adjustment, and the gain or loss related to the ineffective portion, if any, is reported in other income (expense), net. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Other Derivatives</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Other derivatives not designated as hedging instruments consist primarily of foreign exchange forward contracts with high quality financial institutions to manage our exposure to the impact of fluctuations in foreign currency exchange rates on our intercompany receivables balances. Principal hedged currencies include the Euro, Japanese yen, Australian dollar, Canadian dollar, British pound sterling, and Swiss Francs. The periods of these forward contracts is approximately 30 days and have varying notional amounts that are intended to be consistent with changes in the underlying exposures and require Dionex to exchange foreign currencies for U.S. dollars at maturity. Gains (losses) on these contracts are reported as other income (expense) in the current period earnings. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">Total gross notional amounts for outstanding derivatives were as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives not designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency forwards: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Euro </div></td> <td> </td> <td align="left">$</td> <td align="right">5,909</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,659</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Japanese yen </div></td> <td> </td> <td> </td> <td align="right">5,401</td> <td> </td> <td> </td> <td> </td> <td align="right">4,282</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Australian dollar </div></td> <td> </td> <td> </td> <td align="right">983</td> <td> </td> <td> </td> <td> </td> <td align="right">791</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Canadian dollar </div></td> <td> </td> <td> </td> <td align="right">1,432</td> <td> </td> <td> </td> <td> </td> <td align="right">853</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">British pound sterling </div></td> <td> </td> <td> </td> <td align="right">2,582</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Swiss francs </div></td> <td> </td> <td> </td> <td align="right">456</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency swaps </div></td> <td> </td> <td> </td> <td align="right">10,000</td> <td> </td> <td> </td> <td> </td> <td align="right">10,000</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">26,763</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">33,585</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows derivative instruments measured at gross fair value and balance sheet location on the condensed consolidated balance sheet: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>June 30, 2010</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Accrued</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other Long-</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Accrued</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other Long-</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Term Liabilities</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Term Liabilities</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency swaps </div></td> <td> </td> <td align="left">$</td> <td align="right">4,252</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,390</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives not designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency forwards </div></td> <td> </td> <td align="left">$</td> <td align="right">157</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">290</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the effect of derivative instruments designated as hedging instruments and not designated as hedging instruments in the condensed consolidated statements of operations in the three and nine months ended March 31, 2011 and 2010: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine months</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Ended March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Ended March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net investment hedges </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Unrealized gain (loss) recognized in other comprehensive income on derivatives </div></td> <td> </td> <td align="left">$</td> <td align="right">324</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">76</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(862</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(466</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Realized gain (loss) reclassified from other comprehensive income into income </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives not designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency forwards </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Realized gain (loss) included other income (expense), net </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(435</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">598</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(3,444</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(29</td> <td nowrap="nowrap">)</td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 5: Balance Sheet Details </b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following tables provide details of selected balance sheet items: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Inventories:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Finished goods </div></td> <td> </td> <td align="left">$</td> <td align="right">28,062</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">23,788</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Work in process </div></td> <td> </td> <td> </td> <td align="right">1,473</td> <td> </td> <td> </td> <td> </td> <td align="right">1,781</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Raw materials </div></td> <td> </td> <td> </td> <td align="right">18,408</td> <td> </td> <td> </td> <td> </td> <td align="right">11,889</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">47,943</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">37,458</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Property, Plant and Equipment, net:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Land </div></td> <td> </td> <td align="left">$</td> <td align="right">28,303</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">25,098</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Buildings and improvements </div></td> <td> </td> <td> </td> <td align="right">54,496</td> <td> </td> <td> </td> <td> </td> <td align="right">48,396</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Machinery, equipment and tooling </div></td> <td> </td> <td> </td> <td align="right">56,236</td> <td> </td> <td> </td> <td> </td> <td align="right">50,411</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Furniture and fixtures </div></td> <td> </td> <td> </td> <td align="right">13,532</td> <td> </td> <td> </td> <td> </td> <td align="right">12,194</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Construction-in-progress </div></td> <td> </td> <td> </td> <td align="right">245</td> <td> </td> <td> </td> <td> </td> <td align="right">13</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right">152,812</td> <td> </td> <td> </td> <td> </td> <td align="right">136,112</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Accumulated depreciation and amortization </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(69,054</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(60,050</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net </div></td> <td> </td> <td align="left">$</td> <td align="right">83,758</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">76,062</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">Depreciation expense was $2.7 million and $2.9 million in three months ended March 31, 2011 and 2010, respectively and $7.9 million and $7.6 million in nine months ended March 31, 2011 and 2010, respectively. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 6: Goodwill and Other Intangible Assets</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the carrying amount of goodwill were as follows for the nine months ended March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"> </td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance as of June 30, 2010 </div></td> <td> </td> <td align="left">$</td> <td align="right">35,013</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Additions </div></td> <td> </td> <td> </td> <td align="right">12</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Foreign currency translation impact </div></td> <td> </td> <td> </td> <td align="right">1,289</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Balance as of March 31, 2011 </div></td> <td> </td> <td align="left">$</td> <td align="right">36,314</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Intangible assets (net of accumulated amortization) were as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="28%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>As of March 31, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>As of June 30, 2010</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amount</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Net</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amount</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Net</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Patents and trademarks </div></td> <td> </td> <td align="left">$</td> <td align="right">8,788</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(3,031</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">5,757</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,788</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(2,580</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">6,208</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Developed technology </div></td> <td> </td> <td> </td> <td align="right">9,800</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,145</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">7,655</td> <td> </td> <td> </td> <td> </td> <td align="right">14,893</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,456</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">4,437</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Customer relationships </div></td> <td> </td> <td> </td> <td align="right">5,431</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,742</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">2,689</td> <td> </td> <td> </td> <td> </td> <td align="right">5,119</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,905</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,214</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">24,019</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(7,918</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">16,101</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28,800</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(14,941</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">13,859</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As a result of certain acquisitions, Dionex recorded trade names (intangible assets) totaling $2.8 million, which are not subject to amortization and are included in patents and trademarks. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Amortization expense related to all finite intangible assets was $0.8 million and $0.6 million in the three months ended March 31, 2011 and 2010, respectively and $2.4 million and $1.5 million in the nine months ended March 31, 2011 and 2010, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Estimated future amortization expense related to finite lived intangible assets as of March 31, 2011 is as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Amortization</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Remainder of Fiscal 2011 </div></td> <td> </td> <td align="left">$</td> <td align="right">796</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Fiscal 2012 </div></td> <td> </td> <td> </td> <td align="right">2,878</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Fiscal 2013 </div></td> <td> </td> <td> </td> <td align="right">2,234</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Fiscal 2014 </div></td> <td> </td> <td> </td> <td align="right">1,775</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Fiscal 2015 </div></td> <td> </td> <td> </td> <td align="right">1,374</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">After Fiscal 2015 </div></td> <td> </td> <td> </td> <td align="right">4,210</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">13,267</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 7: Financing Arrangements</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex has unsecured credit agreements with domestic and international financial institutions. The agreements provide for revolving unsecured lines of credit that we utilize primarily for our general corporate purposes, including stock repurchases and working capital needs. As of March 31, 2011, we had a total of $28.5 million in available lines of credit, maturing on December 31, 2011 at an annual interest rate of approximately ranging from 5.60% to 6.71%. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">One of our foreign subsidiaries transfers certain customer receivables to financial institutions at a discount up to approximately 2% (“discounted notes”) and accounts for these transfers as sales. The purpose of these transfers is to facilitate the funding of outstanding customer receivables by the Company. In the unlikely event that there is failure by the customers to repay the financial institutions for the discounted notes sold by Dionex, Dionex would be required to repurchase the discounted notes back, up to the specified amount outstanding. Under no other circumstance is Dionex obligated or do we have a right to repurchase these discounted notes. Dionex has determined that the fair value of these contingent liabilities under these arrangements are not material as of March 31, 2011 based on past experience of transferring discounted notes, which considers customers’ credit quality, historical loss experience, and whether the repurchase (if required in the event of a default) is probable and reasonably estimable. The length of time that these discounted notes are outstanding is approximately 90 days and during the six-months ended March 31, 2011, Dionex recorded no losses as a result of customers’ failures to repay the financial institutions. Total discounted notes transferred to the financial institutions during the nine months ended March 31, 2011 was $10.6 million and outstanding discounted notes sold as of March 31, 2011 was approximately $4.6 million. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 8: Warranty</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While Dionex engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The changes in the warranty provision were as follows during the nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance, beginning </div></td> <td> </td> <td align="left">$</td> <td align="right">2,532</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,028</td> <td> </td> </tr> <tr> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Additions </div></td> <td> </td> <td> </td> <td align="right">4,257</td> <td> </td> <td> </td> <td> </td> <td align="right">2,789</td> <td> </td> </tr> <tr> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Effects of foreign currencies exchange </div></td> <td> </td> <td> </td> <td align="right">216</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(35</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Settlements </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,164</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,076</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance, end </div></td> <td> </td> <td align="left">$</td> <td align="right">2,841</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,706</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 9: Stock-Based Compensation</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex’s Board of Directors authorized the 2004 Equity Incentive Plan (the “2004 Plan”). Shares reserved for future issuance under the 2004 Plan may be used for grants of stock options (“options”), restricted stock units (“RSUs”), and other types of awards. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex also sponsors the Employee Stock Purchase Plan (the “ESPP”) in which eligible employees may contribute up to 10% of their base compensation to purchase shares of common stock at a price equal to 85% of the lower of the market value of the stock at the beginning or end of each six-month offer period, subject to certain annual limitations. The employees purchased 21,088 and 39,919 shares during the three and nine months ended March 31, 2011, respectively, for approximately $1.4 million and $2.5 million, respectively, under the ESPP. The ESPP was terminated as a result of the pending tender offer by Thermo Fisher immediately following the last offering in January 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Performance Stock Units</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Starting in the first quarter of fiscal 2011, Dionex issued performance stock units (“PSUs”) to certain executive officers. The number of shares ultimately received will depend on specified performance targets related to revenue and diluted earnings per share growth rates over a two-year performance period (the “performance period”). Fifty percent of the shares awarded vest at the end of the performance period and remaining shares vest twenty-five percent on each of the following two anniversaries after the performance period assuming continued service by the employee. Delivery of the shares occurs upon achievement of the targets and as of the vesting date. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex estimates the fair value of the PSUs based on the number of PSUs that are expected to be earned multiplied by the market price of Dionex’s common stock on the date of grant. As the performance targets are considered performance conditions, the expense for these awards, net of estimated forfeitures, is recorded over the four year vesting period based on a graded accelerated vesting method. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes PSU activity under the 2004 Plan during the nine months ended March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Wtd. Avg.</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Grant-Date</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">PSUs outstanding as of June 30, 2010 </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">11,688</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">76.30</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Vested </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Changes in PSUs due to performance conditions </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forfeited </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">PSUs outstanding as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">11,688</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">76.30</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, there were $0.6 million in unrecognized compensation costs related to PSUs granted under the 2004 Plan. These costs are expected to be recognized over a weighted average period of 3.3 years. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Restricted Stock Units</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes RSU activity under the 2004 Plan during the nine months ended March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Wtd. Avg.</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Grant-Date</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">RSUs outstanding as of June 30, 2010 (1) </div></td> <td> </td> <td> </td> <td align="right">87,776</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">64.21</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">43,970</td> <td> </td> <td> </td> <td> </td> <td align="right">79.85</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Others (1) </div></td> <td> </td> <td> </td> <td align="right">6,800</td> <td> </td> <td> </td> <td> </td> <td align="right">59.26</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Released </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,719</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">90.46</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Canceled </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,519</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">68.15</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">RSUs outstanding as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">130,308</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">68.17</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1) </td> <td> </td> <td>Total RSUs outstanding as of June 30, 2010 previously reported excluded 6,800 RSUs to certain executives of the company. Such amounts have been added to the table above under “Others”.</td> </tr> </table> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, there were $5.7 million in unrecognized compensation costs related to RSUs granted under the 2004 Plan. These costs are expected to be recognized over a weighted average period of 3.3 years. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Stock Options</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes option activity under the 2004 Plan during the nine months ended March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Contractual</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Intrinsic</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Options</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Exercise</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Term</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Value</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Outstanding</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Price</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Years)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(in millions)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Options outstanding as of June 30, 2010 </div></td> <td> </td> <td> </td> <td align="right">1,474,627</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">57.05</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">232,412</td> <td> </td> <td> </td> <td> </td> <td align="right">77.34</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Exercised </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(236,835</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">49.33</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Canceled </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(19,086</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">69.86</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Options outstanding as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">1,451,118</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">61.39</td> <td> </td> <td> </td> <td> </td> <td align="right">6.44</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">82.2</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Options vested and expected to vest as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">1,422,975</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">61.16</td> <td> </td> <td> </td> <td> </td> <td align="right">6.39</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">81.0</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Exercisable as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">900,726</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">55.50</td> <td> </td> <td> </td> <td> </td> <td align="right">5.13</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">56.3</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The total intrinsic value of options exercised in the nine months ended March 31, 2011 was $11.7 million. As of March 31, 2011, there were $9.8 million of total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 2.59 years. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following assumptions were used to determine the fair value of the stock options using the Black-Scholes-Merton options pricing model for the nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Volatility </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">33</td> <td nowrap="nowrap">%</td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">33% to 34%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Risk-free interest rate </div></td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">1.27% to 1.55%</td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">2.4% to 2.5%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected life (in years) </div></td> <td> </td> <td> </td> <td align="right">4.7</td> <td> </td> <td> </td> <td> </td> <td align="right">4.6</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expected dividend </div></td> <td> </td> <td align="left">$</td> <td align="right">0.00</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.00</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Employee Stock Purchase Plan</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following assumptions were used to determine the fair value of ESPP shares for the nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Volatility </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">30</td> <td nowrap="nowrap">%</td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">20% to 36%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Risk-free interest rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.20</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right" nowrap="nowrap">0.2% 0.3</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected life (in years) </div></td> <td> </td> <td> </td> <td align="right">0.50</td> <td> </td> <td> </td> <td> </td> <td align="right">0.50</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expected dividend </div></td> <td> </td> <td align="left">$</td> <td align="right">0.00</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.00</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The condensed consolidated statement of operations included the following stock-based compensation expense related to options, RSUs, PSUs, and ESPP for the three and nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cost of sales </div></td> <td> </td> <td align="left">$</td> <td align="right">214</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">227</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">705</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">606</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Selling, general and administrative expenses </div></td> <td> </td> <td> </td> <td align="right">1,438</td> <td> </td> <td> </td> <td> </td> <td align="right">1,170</td> <td> </td> <td> </td> <td> </td> <td align="right">4,388</td> <td> </td> <td> </td> <td> </td> <td align="right">3,335</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Research and development expenses </div></td> <td> </td> <td> </td> <td align="right">350</td> <td> </td> <td> </td> <td> </td> <td align="right">370</td> <td> </td> <td> </td> <td> </td> <td align="right">1,069</td> <td> </td> <td> </td> <td> </td> <td align="right">1,102</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total stock-based compensation expenses </div></td> <td> </td> <td> </td> <td align="right">2,002</td> <td> </td> <td> </td> <td> </td> <td align="right">1,767</td> <td> </td> <td> </td> <td> </td> <td align="right">6,162</td> <td> </td> <td> </td> <td> </td> <td align="right">5,043</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Tax effect on stock-based compensation </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(571</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(479</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,979</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,569</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net effect on net income </div></td> <td> </td> <td align="left">$</td> <td align="right">1,431</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,288</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,183</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,474</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 10: Stockholders’ equity</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Common Stock Repurchases</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the nine months ended March 31, 2011, we repurchased 202,660 shares of our common stock on the open market for approximately $15.3 million (at an average repurchase price of $75.74 per share). There were no repurchases during the three months ended March 31, 2011. During the three and nine months ended March 31, 2010, we repurchased 132,308 and 476,126 shares of our common stock, respectively, on the open market for approximately $9.1 million and $31.2 million (at an average repurchase price of $69.36 and $65.53, respectively, per share). </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Comprehensive Income</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity but are excluded from net income. Dionex’s other comprehensive income consists of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, unrealized gain (loss) on net investment hedge and unrealized gains and losses on available-for-sale securities, and net deferred gains and losses on these items. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The components of comprehensive income attributable to Dionex Corporation were as follows for the three and nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net income, as reported </div></td> <td> </td> <td align="left">$</td> <td align="right">17,276</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,237</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">47,456</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">45,744</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments, net of taxes </div></td> <td> </td> <td> </td> <td align="right">6,372</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,436</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">16,404</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,001</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Unrealized gain (loss) on net investment hedge, net of taxes </div></td> <td> </td> <td> </td> <td align="right">324</td> <td> </td> <td> </td> <td> </td> <td align="right">76</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(862</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(466</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Unrealized gain on securities available for sale, net of taxes </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Comprehensive income </div></td> <td> </td> <td align="left">$</td> <td align="right">23,972</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13,877</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">62,999</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">44,278</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Comprehensive income attributable to noncontrolling interests </div></td> <td> </td> <td> </td> <td align="right">448</td> <td> </td> <td> </td> <td> </td> <td align="right">506</td> <td> </td> <td> </td> <td> </td> <td align="right">1,192</td> <td> </td> <td> </td> <td> </td> <td align="right">1,094</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Comprehensive income attributable to Dionex Corporation </div></td> <td> </td> <td align="left">$</td> <td align="right">23,524</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13,371</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">61,807</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">43,184</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 11: Income Taxes</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As part of the process of preparing the condensed consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax exposure and assessing changes in temporary differences resulting from differing treatment of items, such as depreciation, amortization and inventory reserves, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within the condensed consolidated balance sheets. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Accounting standards relating to income taxes require that we continually evaluate the necessity of establishing or changing a valuation allowance for deferred tax assets, depending on whether it is more likely than not that actual benefit of those assets will be realized in future periods. We have evaluated our deferred tax assets as of March 31, 2011 and concluded that it is more likely than not that the deferred tax assets will be realized in the future; therefore, the establishment or modification of a valuation allowance is not required. In addition, we adopted the provisions of the FASB’s accounting standard related to the accounting for uncertainty in income taxes. The accounting standard requires financial statement reporting of the expected future tax consequences of uncertain tax return reporting positions on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances, but it prohibits any discounting of any of the related tax effects for the time value of money. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Our total amount of unrecognized tax benefits as of March 31, 2011 was $5.4 million, of which $1.7 million, if recognized, would affect our effective tax rate compared to $8.0 million on June 30, 2010, of which $1.9 million, if recognized, would have affected our effective tax rate. The liability for income taxes associated with uncertain tax positions is classified in deferred and other income taxes payable. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">We record interest and penalties related to unrecognized tax benefits in income tax expense. At March 31, 2011, we had approximately $1.4 million accrued for estimated interest related to uncertain tax positions compared to approximately $1.7 million on June 30, 2010. During the nine months ended March 31, 2011, we accrued a total of $292,000 in interest on these uncertain tax positions. At March 31, 2011, we had approximately $38,000 accrued for estimated penalties related to uncertain tax positions compared to approximately $69,000 on June 30, 2010. During the period ended March 31, 2011, we accrued no additional penalties on these uncertain tax positions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">We are subject to audit by the Internal Revenue Service and California Franchise Tax Board for the fiscal years 2006 through 2009. As we have operations in most other US states, other state tax authorities may assess deficiencies related to prior year activities; however, the years open to assessment vary with each state. We also file income tax returns for non-US jurisdictions; the most significant of which are Germany, Japan, the UK and Hong Kong. The years open to adjustment for Germany are for the fiscal years 2004 through 2009, fiscal years 2004 through 2009 for the UK and Hong Kong and fiscal years 2003 through 2009 for Japan. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the settlement of ongoing litigation, the completion of ongoing examinations, the expiration of the statute of limitations, or other circumstances. At this time, an estimate of the range of the reasonably possible change cannot be made. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 12: Commitments and Contingencies</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In July 2008, Dionex acquired a Swedish company using a combination of cash and post-acquisition earn-out payment arrangements. Under the purchase agreement, earn-out payments of 70% for fiscal 2009, 30% for fiscal 2010 and 30% for 2011 as a percentage of the acquired company’s net income are payable to the seller at the end of each fiscal year. No payments were accrued during the nine months ended March 31, 2011 as we do not believe payment is probable. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">Certain facilities and equipment are leased under non-cancelable operating leases. Dionex generally pays taxes, insurance and maintenance costs on leased facilities and equipment. Rental expense for all operating leases was $2.1 million and $1.8 million in the three months ended March 31, 2011 and 2010, respectively and $5.3 million and $5.9 million in the nine months ended March 31, 2011 and 2010, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Minimum rental commitments under these non-cancelable operating leases were as follows as of March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Less than 1 Year </div></td> <td> </td> <td align="left">$</td> <td align="right">6,154</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">1-2 Years </div></td> <td> </td> <td> </td> <td align="right">3,479</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2-3 Years </div></td> <td> </td> <td> </td> <td align="right">2,198</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">3-4 Years </div></td> <td> </td> <td> </td> <td align="right">1,134</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">4-5 Years </div></td> <td> </td> <td> </td> <td align="right">531</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">After 5 Years </div></td> <td> </td> <td> </td> <td align="right">1,373</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">14,869</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex enters into standard indemnification agreements with many of our customers and certain other business partners in the ordinary course of business. These agreements include provisions for indemnifying the customer against any claim brought by a third party to the extent any such claim alleges that our product infringes a patent, copyright or trademark, or violates any other proprietary rights of that third party. The maximum potential amount of future payments Dionex could be required to make under these indemnification agreements is not estimable, however, Dionex has not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. No material claims for such indemnifications were outstanding as of March 31, 2011. Dionex has not recorded any liabilities for these indemnification agreements as of March 31, 2011 or June 30, 2010. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 13: Business Segment Information</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The accounting standard for segment reporting establishes standards for reporting information about operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports of public business enterprises. It also establishes standards for related disclosures about products and services, geographic areas and major customers. Our business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker (our Chief Executive Officer). As a result of this evaluation, Dionex determined that it has two operating segments: Chemical Analysis Business Unit (“CABU”) and Life Sciences Business Unit (“LSBU”). </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">CABU sells ion chromatography and sample preparation products, chromatography data systems software, services and related consumables. LSBU sells High Performance Liquid Chromatography (“HPLC”) products, chromatography data systems software, services and related consumables. These two operating segments are aggregated into one reportable segment for financial statement purposes. Both operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Net sales for our products and services were as follows for the three and nine months ended December 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>December 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Products </div></td> <td> </td> <td align="left">$</td> <td align="right">105,548</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">96,439</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">300,645</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">269,313</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Installation and Training Services </div></td> <td> </td> <td> </td> <td align="right">3,139</td> <td> </td> <td> </td> <td> </td> <td align="right">2,647</td> <td> </td> <td> </td> <td> </td> <td align="right">9,456</td> <td> </td> <td> </td> <td> </td> <td align="right">8,835</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Maintenance </div></td> <td> </td> <td> </td> <td align="right">14,403</td> <td> </td> <td> </td> <td> </td> <td align="right">13,696</td> <td> </td> <td> </td> <td> </td> <td align="right">39,974</td> <td> </td> <td> </td> <td> </td> <td align="right">34,462</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">123,090</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">112,782</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">350,075</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">312,610</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Long-lived assets consist principally of property and equipment. No single customer contributed more than 10% of net sales during the three and nine months ended March 31, 2011 and 2010, and net sales from services were less than 10% of net sales during the same period. </div> </div>

false --06-30 Q3 2011 2011-03-31 10-Q 0000708850 17515078 Yes Large Accelerated Filer 1285409824 DIONEX CORP /DE No Yes 16427000 20987000 25203000 27497000 -322000 88000 603000 -553000 -1419000 6439000 233000 452000

17303000

19030000

86780000

96242000

5247000

4677000

6733000

19856000

543000

537000

361988000

436884000

227543000

290426000

578000

233000

69684000

92924000

69830000

107328000

23240000

37498000

207855000

228871000

0.001

80000000

17437276

17516089

17437276

17516089

103310000

35295000

123220000

43426000

989000

-367000

14036000

12912000

8929000

10251000

2.53

1.01

2.66

0.96

2.48

0.99

2.60

0.94

-1755000

4711000

1656000

3094000

1656000

3094000

-168000

-942000

35013000

36314000

209300000

77487000

226855000

79664000

67323000

27234000

68282000

24164000

16278000

23679000

21579000

8997000

20826000

6888000

3477000

1453000

18889000

2797000

5012000

4100000

8391000

1660000

6764000

5299000

2957000

-3788000

13859000

16101000

335000

262000

86000

15000

119000

73000

37458000

47943000

271000

156000

200000

79000

361988000

436884000

87414000

92463000

2092000

2372000

1140000

-1169000

-30054000

-16782000

53909000

50738000

44650000

17731000

46264000

16828000

1094000

506000

1192000

448000

141885000

50573000

156449000

54879000

67415000

26914000

70406000

24785000

33980000

38369000

9511000

10285000

7272000

4806000

-28000

426000

-2238000

-685000

18991000

25999000

31200000

15350000

453000

21147000

4512000

9182000

12722000

0.001

1000000

14613000

14182000

16524000

-3095000

42000

2532000

2841000

45744000

18237000

47456000

17276000

76062000

83758000

14000

-141000

23180000

8355000

26348000

8964000

34195000

67529000

312610000

112782000

350075000

123090000

118705000

42218000

130101000

45915000

5043000

6160000

3149000

49000

448000

2000

248783000

316256000

250875000

318628000

18014000

17957000

17824000

17974000

17671000

17638000

17422000

17483000

EX-101.SCH 9 dnex-20110331.xsd EX-101 SCHEMA DOCUMENT 0204 - Disclosure - Derivative Securities link:presentationLink link:calculationLink link:definitionLink 0212 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 0210 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 0207 - Disclosure - Financing Arrangements link:presentationLink link:calculationLink link:definitionLink 0205 - Disclosure - Balance Sheet Details link:presentationLink link:calculationLink link:definitionLink 0201 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 0203 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 0211 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 0213 - Disclosure - Business Segment Information link:presentationLink link:calculationLink link:definitionLink 0208 - Disclosure - Warranty link:presentationLink link:calculationLink link:definitionLink 0206 - Disclosure - Goodwill and Other Intangible Assets link:presentationLink link:calculationLink link:definitionLink 0202 - Disclosure - Earnings Per Share link:presentationLink link:calculationLink link:definitionLink 0209 - Disclosure - Stock-Based Compensation link:presentationLink link:calculationLink link:definitionLink 0111 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 0110 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0130 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0120 - Statement - Condensed Consolidated Statements of Income (Unaudited) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 10 dnex-20110331_cal.xml EX-101 CALCULATION LINKBASE DOCUMENT EX-101.LAB 11 dnex-20110331_lab.xml EX-101 LABELS LINKBASE DOCUMENT Condensed Consolidated Balance Sheets [Abstract] Assets [Abstract] ASSETS Liabilities and Stockholders' Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Assets, Current [Abstract] Current assets: Liabilities, Current [Abstract] Current liabilities: Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Stockholders equity: Stockholders' Equity Attributable to Parent [Abstract] Dionex Corporation stockholders' equity Assets Total assets Other Assets, Noncurrent Other assets Intangible Assets, Net (Excluding Goodwill) Intangible assets, net Goodwill Goodwill Assets, Current Total current assets Deferred Tax Assets, Net, Current Deferred taxes Inventory, Net Inventories Accounts Receivable, Net, Current Accounts receivable (net of allowance for doubtful accounts of $537 at March 31, 2011 and $543 at June 30, 2010) Short-term Investments Short-term investments Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents, end of period Cash and cash equivalents, beginning of period Cash and cash equivalents Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total stockholders' equity Stockholders' Equity Attributable to Noncontrolling Interest Noncontrolling interests Stockholders' Equity Attributable to Parent Total Dionex Corporation stockholders' equity Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Retained Earnings (Accumulated Deficit) Retained earnings Preferred Stock, Value, Issued Preferred stock (par value $.001 per share; 1,000,000 shares authorized; none outstanding) Commitments and Contingencies Commitments and other contingencies (Note 12) Other Liabilities, Noncurrent Other long-term liabilities Deferred and other income taxes payable Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Deferred and other income taxes payable Liabilities, Current Total current liabilities Accounts Payable, Current Accounts payable Short-term Borrowings Borrowings under line of credit Condensed Consolidated Statements of Income [Abstract] Operating Expenses [Abstract] Operating expenses: Earnings Per Share, Diluted Diluted earnings per share attributable to Dionex Corporation Earnings Per Share, Basic Basic earnings per share attributable to Dionex Corporation Net Income (Loss) Attributable to Parent Net income attributable to Dionex Corporation Net Income (Loss) Attributable to Noncontrolling Interest Less: Net income attributable to noncontrolling interests Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total Net income Income Tax Expense (Benefit) Taxes on income Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest Income before taxes Property, Plant and Equipment, Net Property, plant and equipment, net Interest Expense Interest expense Operating Income (Loss) Operating income Operating Expenses Total operating expenses Research and Development Expense Research and product development Selling, General and Administrative Expense Selling, general and administrative Gross Profit Gross profit Sales Revenue, Net Net sales Condensed Consolidated Statements of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities, net of acquired assets and assumed liabilities: Supplemental Cash Flow Information [Abstract] Supplemental disclosures of cash flow information: Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Supplemental schedule of non-cash investing and financing activities: Cash and Cash Equivalents, Period Increase (Decrease) Net increase (decrease) in cash and cash equivalents Effect of Exchange Rate on Cash and Cash Equivalents Effect of exchange rate changes on cash Net Cash Provided by (Used in) Financing Activities Net cash provided by (used for) financing activities Payments of Dividends, Noncontrolling Interest Dividends paid to noncontrolling interests Payments for Repurchase of Common Stock Repurchase of common stock Excess Tax Benefit from Share-based Compensation, Financing Activities Tax benefit related to stock transactions Proceeds from Issuance of Common Stock Proceeds from issuance of common stock Proceeds from (Repayments of) Short-term Debt Net borrowings under line-of-credit Net Cash Provided by (Used in) Investing Activities Net cash used for investing activities Payments to Acquire Businesses, Net of Cash Acquired Purchase of business Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Increase Decrease In Accrued Product Warranty Accrued product warranty Increase Decrease In Accrued Product Warranty Increase (Decrease) in Accrued Income Taxes Payable Income taxes payable Increase (Decrease) in Deferred Revenue Deferred revenue Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Inventories Inventories Increase (Decrease) in Accounts Receivable Accounts receivable Deferred Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit), Total Deferred income taxes Excess Tax Benefit from Share-based Compensation, Operating Activities Tax benefit related to stock transactions Share-based Compensation Stock-based compensation Depreciation, Depletion and Amortization Depreciation and amortization Document and Entity Information [Abstract] Document and Entity Information. Income Taxes [Abstract] INCOME TAXES Income Tax Disclosure [Text Block] Fair Value Measurements [Abstract] Fair Value Measurements Abstract FAIR VALUE MEASUREMENTS Fair Value Disclosures [Text Block] Warranty [Abstract] WARRANTY Product Warranty Disclosure [Text Block] Earnings Per Share [Abstract] EARNINGS PER SHARE Earnings Per Share [Text Block] Goodwill and Other Intangible Assets [Abstract] Goodwill and Other Intangible Assets Abstract. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Intangible Assets Disclosure [Text Block] Stock-Based Compensation [Abstract] STOCK-BASED COMPENSATION Disclosure of Compensation Related Costs, Share-based Payments [Text Block] COMMITMENTS AND CONTINGENCIES Commitments and Contingencies Disclosure [Text Block] Business Segment Information [Abstract] Business Segment Information. BUSINESS SEGMENT INFORMATION Segment Reporting Disclosure [Text Block] Allowance for Doubtful Accounts Receivable, Current Allowance for doubtful accounts on accounts receivable Preferred Stock, Par or Stated Value Per Share Preferred stock, par value Preferred Stock, Shares Authorized Preferred stock, shares authorized Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Document Fiscal Year Focus Document Fiscal Period Focus Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Other Accrued Liabilities, Current Accrued liabilities Accrued Income Taxes, Current Income taxes payable Product Warranty Accrual, Current Accrued product warranty Cost of Goods and Services Sold Cost of sales Investment Income, Interest Interest income Other Nonoperating Income (Expense) Other expense, net Weighted Average Number of Shares Outstanding, Diluted [Abstract] Shares used in computing per share amounts: Weighted Average Number of Shares Outstanding, Basic Basic Weighted Average Number of Shares Outstanding, Diluted Diluted Provision for Doubtful Accounts Provision for bad debts Gain (Loss) on Sale of Property Plant Equipment Loss on disposal of fixed assets Prepaid expenses and other assets Prepaid expenses and other assets The net change during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Prepaid Income Taxes Prepaid income taxes Prepaid income taxes. Increase (Decrease) in Other Accrued Liabilities Accrued liabilities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Payments to Acquire Property, Plant, and Equipment Purchase of property, plant and equipment Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities: Income Taxes Paid Income taxes paid Interest Paid Interest expense paid Capital Expenditures Incurred but Not yet Paid Accrued purchases of property, plant and equipment Other Prepaid Expense, Current Prepaid expenses and other current assets Deferred Revenues Current Deferred revenue The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer. Common Stock, Including Additional Paid in Capital Common stock (par value $.001 per share; 80,000,000 shares authorized; issued and outstanding: 17,516,089 shares at March 31, 2011 and 17,437,276 shares at June 30, 2010) Proceeds From Sale Of Securities Proceeds from sale of marketable securities The cash inflow associated with the aggregate amount received by the entity through sale of available-for-sale securities during the period. Balance Sheet Details Text Block BALANCE SHEET DETAILS Balance Sheet Details. Stockholders' Equity [Abstract] STOCKHOLDERS' EQUITY Stockholders' Equity Note Disclosure [Text Block] Commitments and Contingencies [Abstract] Commitments and Contingencies. Summary of Significant Accounting Policies [Abstract] Basis of Presentation and Summary of Significant Accounting Policies Text Block SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This element describes the basis of presentation and significant accounting policies of the reporting entity. FINANCING ARRANGEMENTS Short-term Debt [Text Block] Financing Arrangements [Abstract] Balance Sheet Details [Abstract] DERIVATIVE SECURITIES Derivative Instruments and Hedging Activities Disclosure [Text Block] Derivative Securities [Abstract] Proceeds from Sale of Property, Plant, and Equipment Proceeds from sale of property, plant, and equipment Liabilities and Stockholders' Equity Total Liabilities and stockholders' equity Payments to Acquire Intangible Assets Purchase of intangible assets EX-101.PRE 12 dnex-20110331_pre.xml EX-101 PRESENTATION LINKBASE DOCUMENT XML 13 R11.xml IDEA: Goodwill and Other Intangible Assets 2.2.0.25falsefalse0206 - Disclosure - Goodwill and Other Intangible Assetstruefalsefalse1falsefalseUSDfalsefalse7/1/2010 - 3/31/2011 USD ($) USD ($) / shares $Jul-01-2010_Mar-31-2011http://www.sec.gov/CIK0000708850duration2010-07-01T00:00:002011-03-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0dnex_GoodwillAndOtherIntangibleAssetsAbstractdnexfalsenadurationGoodwill and Other Intangible Assets Abstract.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringGoodwill and Other Intangible Assets Abstract.falsefalseGoodwill and Other Intangible Assets [Abstract]3false0us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 6: Goodwill and Other Intangible Assets</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the carrying amount of goodwill were as follows for the nine months ended March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"> </td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance as of June 30, 2010 </div></td> <td> </td> <td align="left">$</td> <td align="right">35,013</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Additions </div></td> <td> </td> <td> </td> <td align="right">12</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Foreign currency translation impact </div></td> <td> </td> <td> </td> <td align="right">1,289</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Balance as of March 31, 2011 </div></td> <td> </td> <td align="left">$</td> <td align="right">36,314</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Intangible assets (net of accumulated amortization) were as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="28%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>As of March 31, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"><b>As of June 30, 2010</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amount</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Net</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amount</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Net</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Patents and trademarks </div></td> <td> </td> <td align="left">$</td> <td align="right">8,788</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(3,031</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">5,757</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,788</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(2,580</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">6,208</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Developed technology </div></td> <td> </td> <td> </td> <td align="right">9,800</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,145</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">7,655</td> <td> </td> <td> </td> <td> </td> <td align="right">14,893</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,456</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">4,437</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Customer relationships </div></td> <td> </td> <td> </td> <td align="right">5,431</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,742</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">2,689</td> <td> </td> <td> </td> <td> </td> <td align="right">5,119</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,905</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,214</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">24,019</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(7,918</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">16,101</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28,800</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(14,941</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">13,859</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As a result of certain acquisitions, Dionex recorded trade names (intangible assets) totaling $2.8 million, which are not subject to amortization and are included in patents and trademarks. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Amortization expense related to all finite intangible assets was $0.8 million and $0.6 million in the three months ended March 31, 2011 and 2010, respectively and $2.4 million and $1.5 million in the nine months ended March 31, 2011 and 2010, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Estimated future amortization expense related to finite lived intangible assets as of March 31, 2011 is as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Amortization</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Remainder of Fiscal 2011 </div></td> <td> </td> <td align="left">$</td> <td align="right">796</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Fiscal 2012 </div></td> <td> </td> <td> </td> <td align="right">2,878</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Fiscal 2013 </div></td> <td> </td> <td> </td> <td align="right">2,234</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Fiscal 2014 </div></td> <td> </td> <td> </td> <td align="right">1,775</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Fiscal 2015 </div></td> <td> </td> <td> </td> <td align="right">1,374</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">After Fiscal 2015 </div></td> <td> </td> <td> </td> <td align="right">4,210</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">13,267</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>    <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 5: Balance Sheet Details </b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following tables provide details of selected balance sheet items: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Inventories:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Finished goods </div></td> <td> </td> <td align="left">$</td> <td align="right">28,062</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">23,788</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Work in process </div></td> <td> </td> <td> </td> <td align="right">1,473</td> <td> </td> <td> </td> <td> </td> <td align="right">1,781</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Raw materials </div></td> <td> </td> <td> </td> <td align="right">18,408</td> <td> </td> <td> </td> <td> </td> <td align="right">11,889</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">47,943</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">37,458</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Property, Plant and Equipment, net:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Land </div></td> <td> </td> <td align="left">$</td> <td align="right">28,303</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">25,098</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Buildings and improvements </div></td> <td> </td> <td> </td> <td align="right">54,496</td> <td> </td> <td> </td> <td> </td> <td align="right">48,396</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Machinery, equipment and tooling </div></td> <td> </td> <td> </td> <td align="right">56,236</td> <td> </td> <td> </td> <td> </td> <td align="right">50,411</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Furniture and fixtures </div></td> <td> </td> <td> </td> <td align="right">13,532</td> <td> </td> <td> </td> <td> </td> <td align="right">12,194</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Construction-in-progress </div></td> <td> </td> <td> </td> <td align="right">245</td> <td> </td> <td> </td> <td> </td> <td align="right">13</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right">152,812</td> <td> </td> <td> </td> <td> </td> <td align="right">136,112</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Accumulated depreciation and amortization </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(69,054</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(60,050</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net </div></td> <td> </td> <td align="left">$</td> <td align="right">83,758</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">76,062</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">Depreciation expense was $2.7 million and $2.9 million in three months ended March 31, 2011 and 2010, respectively and $7.9 million and $7.6 million in nine months ended March 31, 2011 and 2010, respectively. </div> </div>    <div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 3: Fair Value Measurements</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the accounting standards for fair value measurements and disclosures, assets and liabilities are measured at fair value on a recurring basis as of the end of each reporting period. Dionex applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 1 inputs utilize observable data such as quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 2 inputs utilize data points other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 3 inputs utilize unobservable data points for the asset or liability in which there is little or no market data, which require the reporting entity to develop its own assumptions.</td> </tr> </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div style="margin-top: 6pt"> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 2</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 3</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Assets: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Money market (1) </div></td> <td> </td> <td align="left">$</td> <td align="right">18,496</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,496</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Equity indexed derivatives (2) </div></td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">18,498</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,496</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Liabilities: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Foreign currency contracts (3) </div></td> <td> </td> <td align="left">$</td> <td align="right">4,409</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,409</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td>Included in “cash and cash equivalents” in our condensed consolidated balance sheets.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(2)</td> <td> </td> <td>Included in “short-term investments” in our condensed consolidated balance sheets. The gross unrealized loss is not material.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(3)</td> <td> </td> <td>Included in “other long-term liabilities” or “other accrued liabilities” in our condensed consolidated balance sheets.</td> </tr> </table> </div>    <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 13: Business Segment Information</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The accounting standard for segment reporting establishes standards for reporting information about operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports of public business enterprises. It also establishes standards for related disclosures about products and services, geographic areas and major customers. Our business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker (our Chief Executive Officer). As a result of this evaluation, Dionex determined that it has two operating segments: Chemical Analysis Business Unit (“CABU”) and Life Sciences Business Unit (“LSBU”). </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">CABU sells ion chromatography and sample preparation products, chromatography data systems software, services and related consumables. LSBU sells High Performance Liquid Chromatography (“HPLC”) products, chromatography data systems software, services and related consumables. These two operating segments are aggregated into one reportable segment for financial statement purposes. Both operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Net sales for our products and services were as follows for the three and nine months ended December 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>December 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Products </div></td> <td> </td> <td align="left">$</td> <td align="right">105,548</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">96,439</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">300,645</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">269,313</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Installation and Training Services </div></td> <td> </td> <td> </td> <td align="right">3,139</td> <td> </td> <td> </td> <td> </td> <td align="right">2,647</td> <td> </td> <td> </td> <td> </td> <td align="right">9,456</td> <td> </td> <td> </td> <td> </td> <td align="right">8,835</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Maintenance </div></td> <td> </td> <td> </td> <td align="right">14,403</td> <td> </td> <td> </td> <td> </td> <td align="right">13,696</td> <td> </td> <td> </td> <td> </td> <td align="right">39,974</td> <td> </td> <td> </td> <td> </td> <td align="right">34,462</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">123,090</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">112,782</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">350,075</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">312,610</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Long-lived assets consist principally of property and equipment. No single customer contributed more than 10% of net sales during the three and nine months ended March 31, 2011 and 2010, and net sales from services were less than 10% of net sales during the same period. </div> </div>    <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 7: Financing Arrangements</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex has unsecured credit agreements with domestic and international financial institutions. The agreements provide for revolving unsecured lines of credit that we utilize primarily for our general corporate purposes, including stock repurchases and working capital needs. As of March 31, 2011, we had a total of $28.5 million in available lines of credit, maturing on December 31, 2011 at an annual interest rate of approximately ranging from 5.60% to 6.71%. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">One of our foreign subsidiaries transfers certain customer receivables to financial institutions at a discount up to approximately 2% (“discounted notes”) and accounts for these transfers as sales. The purpose of these transfers is to facilitate the funding of outstanding customer receivables by the Company. In the unlikely event that there is failure by the customers to repay the financial institutions for the discounted notes sold by Dionex, Dionex would be required to repurchase the discounted notes back, up to the specified amount outstanding. Under no other circumstance is Dionex obligated or do we have a right to repurchase these discounted notes. Dionex has determined that the fair value of these contingent liabilities under these arrangements are not material as of March 31, 2011 based on past experience of transferring discounted notes, which considers customers’ credit quality, historical loss experience, and whether the repurchase (if required in the event of a default) is probable and reasonably estimable. The length of time that these discounted notes are outstanding is approximately 90 days and during the six-months ended March 31, 2011, Dionex recorded no losses as a result of customers’ failures to repay the financial institutions. Total discounted notes transferred to the financial institutions during the nine months ended March 31, 2011 was $10.6 million and outstanding discounted notes sold as of March 31, 2011 was approximately $4.6 million. </div> </div>    <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 9: Stock-Based Compensation</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex’s Board of Directors authorized the 2004 Equity Incentive Plan (the “2004 Plan”). Shares reserved for future issuance under the 2004 Plan may be used for grants of stock options (“options”), restricted stock units (“RSUs”), and other types of awards. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex also sponsors the Employee Stock Purchase Plan (the “ESPP”) in which eligible employees may contribute up to 10% of their base compensation to purchase shares of common stock at a price equal to 85% of the lower of the market value of the stock at the beginning or end of each six-month offer period, subject to certain annual limitations. The employees purchased 21,088 and 39,919 shares during the three and nine months ended March 31, 2011, respectively, for approximately $1.4 million and $2.5 million, respectively, under the ESPP. The ESPP was terminated as a result of the pending tender offer by Thermo Fisher immediately following the last offering in January 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Performance Stock Units</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Starting in the first quarter of fiscal 2011, Dionex issued performance stock units (“PSUs”) to certain executive officers. The number of shares ultimately received will depend on specified performance targets related to revenue and diluted earnings per share growth rates over a two-year performance period (the “performance period”). Fifty percent of the shares awarded vest at the end of the performance period and remaining shares vest twenty-five percent on each of the following two anniversaries after the performance period assuming continued service by the employee. Delivery of the shares occurs upon achievement of the targets and as of the vesting date. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex estimates the fair value of the PSUs based on the number of PSUs that are expected to be earned multiplied by the market price of Dionex’s common stock on the date of grant. As the performance targets are considered performance conditions, the expense for these awards, net of estimated forfeitures, is recorded over the four year vesting period based on a graded accelerated vesting method. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes PSU activity under the 2004 Plan during the nine months ended March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Wtd. Avg.</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Grant-Date</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">PSUs outstanding as of June 30, 2010 </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">11,688</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">76.30</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Vested </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Changes in PSUs due to performance conditions </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forfeited </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">PSUs outstanding as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">11,688</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">76.30</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, there were $0.6 million in unrecognized compensation costs related to PSUs granted under the 2004 Plan. These costs are expected to be recognized over a weighted average period of 3.3 years. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Restricted Stock Units</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes RSU activity under the 2004 Plan during the nine months ended March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Wtd. Avg.</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Grant-Date</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">RSUs outstanding as of June 30, 2010 (1) </div></td> <td> </td> <td> </td> <td align="right">87,776</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">64.21</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">43,970</td> <td> </td> <td> </td> <td> </td> <td align="right">79.85</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Others (1) </div></td> <td> </td> <td> </td> <td align="right">6,800</td> <td> </td> <td> </td> <td> </td> <td align="right">59.26</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Released </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,719</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">90.46</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Canceled </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,519</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">68.15</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">RSUs outstanding as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">130,308</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">68.17</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1) </td> <td> </td> <td>Total RSUs outstanding as of June 30, 2010 previously reported excluded 6,800 RSUs to certain executives of the company. Such amounts have been added to the table above under “Others”.</td> </tr> </table> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, there were $5.7 million in unrecognized compensation costs related to RSUs granted under the 2004 Plan. These costs are expected to be recognized over a weighted average period of 3.3 years. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Stock Options</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes option activity under the 2004 Plan during the nine months ended March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Contractual</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Intrinsic</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Options</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Exercise</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Term</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Value</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Outstanding</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Price</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Years)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(in millions)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Options outstanding as of June 30, 2010 </div></td> <td> </td> <td> </td> <td align="right">1,474,627</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">57.05</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">232,412</td> <td> </td> <td> </td> <td> </td> <td align="right">77.34</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Exercised </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(236,835</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">49.33</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Canceled </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(19,086</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">69.86</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Options outstanding as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">1,451,118</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">61.39</td> <td> </td> <td> </td> <td> </td> <td align="right">6.44</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">82.2</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Options vested and expected to vest as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">1,422,975</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">61.16</td> <td> </td> <td> </td> <td> </td> <td align="right">6.39</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">81.0</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Exercisable as of March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">900,726</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">55.50</td> <td> </td> <td> </td> <td> </td> <td align="right">5.13</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">56.3</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The total intrinsic value of options exercised in the nine months ended March 31, 2011 was $11.7 million. As of March 31, 2011, there were $9.8 million of total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 2.59 years. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following assumptions were used to determine the fair value of the stock options using the Black-Scholes-Merton options pricing model for the nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Volatility </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">33</td> <td nowrap="nowrap">%</td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">33% to 34%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Risk-free interest rate </div></td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">1.27% to 1.55%</td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">2.4% to 2.5%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected life (in years) </div></td> <td> </td> <td> </td> <td align="right">4.7</td> <td> </td> <td> </td> <td> </td> <td align="right">4.6</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expected dividend </div></td> <td> </td> <td align="left">$</td> <td align="right">0.00</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.00</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Employee Stock Purchase Plan</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following assumptions were used to determine the fair value of ESPP shares for the nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Volatility </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">30</td> <td nowrap="nowrap">%</td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">20% to 36%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Risk-free interest rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.20</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right" nowrap="nowrap">0.2% 0.3</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected life (in years) </div></td> <td> </td> <td> </td> <td align="right">0.50</td> <td> </td> <td> </td> <td> </td> <td align="right">0.50</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expected dividend </div></td> <td> </td> <td align="left">$</td> <td align="right">0.00</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.00</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The condensed consolidated statement of operations included the following stock-based compensation expense related to options, RSUs, PSUs, and ESPP for the three and nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cost of sales </div></td> <td> </td> <td align="left">$</td> <td align="right">214</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">227</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">705</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">606</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Selling, general and administrative expenses </div></td> <td> </td> <td> </td> <td align="right">1,438</td> <td> </td> <td> </td> <td> </td> <td align="right">1,170</td> <td> </td> <td> </td> <td> </td> <td align="right">4,388</td> <td> </td> <td> </td> <td> </td> <td align="right">3,335</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Research and development expenses </div></td> <td> </td> <td> </td> <td align="right">350</td> <td> </td> <td> </td> <td> </td> <td align="right">370</td> <td> </td> <td> </td> <td> </td> <td align="right">1,069</td> <td> </td> <td> </td> <td> </td> <td align="right">1,102</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total stock-based compensation expenses </div></td> <td> </td> <td> </td> <td align="right">2,002</td> <td> </td> <td> </td> <td> </td> <td align="right">1,767</td> <td> </td> <td> </td> <td> </td> <td align="right">6,162</td> <td> </td> <td> </td> <td> </td> <td align="right">5,043</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Tax effect on stock-based compensation </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(571</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(479</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,979</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,569</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net effect on net income </div></td> <td> </td> <td align="left">$</td> <td align="right">1,431</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,288</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,183</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,474</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>    <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 10: Stockholders’ equity</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Common Stock Repurchases</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the nine months ended March 31, 2011, we repurchased 202,660 shares of our common stock on the open market for approximately $15.3 million (at an average repurchase price of $75.74 per share). There were no repurchases during the three months ended March 31, 2011. During the three and nine months ended March 31, 2010, we repurchased 132,308 and 476,126 shares of our common stock, respectively, on the open market for approximately $9.1 million and $31.2 million (at an average repurchase price of $69.36 and $65.53, respectively, per share). </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Comprehensive Income</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of stockholders’ equity but are excluded from net income. Dionex’s other comprehensive income consists of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, unrealized gain (loss) on net investment hedge and unrealized gains and losses on available-for-sale securities, and net deferred gains and losses on these items. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The components of comprehensive income attributable to Dionex Corporation were as follows for the three and nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net income, as reported </div></td> <td> </td> <td align="left">$</td> <td align="right">17,276</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,237</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">47,456</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">45,744</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments, net of taxes </div></td> <td> </td> <td> </td> <td align="right">6,372</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,436</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">16,404</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,001</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Unrealized gain (loss) on net investment hedge, net of taxes </div></td> <td> </td> <td> </td> <td align="right">324</td> <td> </td> <td> </td> <td> </td> <td align="right">76</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(862</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(466</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Unrealized gain on securities available for sale, net of taxes </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Comprehensive income </div></td> <td> </td> <td align="left">$</td> <td align="right">23,972</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13,877</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">62,999</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">44,278</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Comprehensive income attributable to noncontrolling interests </div></td> <td> </td> <td> </td> <td align="right">448</td> <td> </td> <td> </td> <td> </td> <td align="right">506</td> <td> </td> <td> </td> <td> </td> <td align="right">1,192</td> <td> </td> <td> </td> <td> </td> <td align="right">1,094</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Comprehensive income attributable to Dionex Corporation </div></td> <td> </td> <td align="left">$</td> <td align="right">23,524</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13,371</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">61,807</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">43,184</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>  <!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C, E Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 falsefalseSTOCKHOLDERS' EQUITY12Stockholders' EquityUnKnownUnKnownUnKnownUnKnownfalsetrue XML 21 R4.xml IDEA: Condensed Consolidated Statements of Income (Unaudited) 2.2.0.25falsefalse0120 - Statement - Condensed Consolidated Statements of Income (Unaudited)truefalseIn Thousands, except Per Share datafalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $ThreeMonthsEnded_31Mar2011http://www.sec.gov/CIK0000708850duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse1/1/2010 - 3/31/2010 USD ($) USD ($) / shares $ThreeMonthsEnded_31Mar2010http://www.sec.gov/CIK0000708850duration2010-01-01T00:00:002010-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$3falsefalseUSDfalsefalse7/1/2010 - 3/31/2011 USD ($) USD ($) / shares $Jul-01-2010_Mar-31-2011http://www.sec.gov/CIK0000708850duration2010-07-01T00:00:002011-03-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$4falsefalseUSDfalsefalse7/1/2009 - 3/31/2010 USD ($) USD ($) / shares $NineMonthsEnded_31Mar2010http://www.sec.gov/CIK0000708850duration2009-07-01T00:00:002010-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_IncomeStatementAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCondensed Consolidated Statements of Income [Abstract]3false0us-gaap_SalesRevenueNetus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse123090000123090falsetruefalsefalsefalse2truefalsefalse112782000112782falsetruefalsefalsefalse3truefalsefalse350075000350075falsetruefalsefalsefalse4truefalsefalse312610000312610falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 falsefalseNet sales4false0us-gaap_CostOfGoodsAndServicesSoldus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse4342600043426falsefalsefalsefalsefalse2truefalsefalse3529500035295falsefalsefalsefalsefalse3truefalsefalse123220000123220falsefalsefalsefalsefalse4truefalsefalse103310000103310falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 2 -Article 5 truefalseCost of sales5false0us-gaap_GrossProfitus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse7966400079664falsefalsefalsefalsefalse2truefalsefalse7748700077487falsefalsefalsefalsefalse3truefalsefalse226855000226855falsefalsefalsefalsefalse4truefalsefalse209300000209300falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.No authoritative reference available.truefalseGross profit6true0us-gaap_OperatingExpensesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseOperating expenses:7false0us-gaap_SellingGeneralAndAdministrativeExpenseus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse4591500045915falsefalsefalsefalsefalse2truefalsefalse4221800042218falsefalsefalsefalsefalse3truefalsefalse130101000130101falsefalsefalsefalsefalse4truefalsefalse118705000118705falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 4 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 4 -Paragraph 5A falsefalseSelling, general and administrative8false0us-gaap_ResearchAndDevelopmentExpenseus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse89640008964falsefalsefalsefalsefalse2truefalsefalse83550008355falsefalsefalsefalsefalse3truefalsefalse2634800026348falsefalsefalsefalsefalse4truefalsefalse2318000023180falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51 -Subparagraph g Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 2 -Paragraph 12, 13 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 86 -Paragraph 11, 12 truefalseResearch and product development9false0us-gaap_OperatingExpensesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse5487900054879falsefalsefalsefalsefalse2truefalsefalse5057300050573falsefalsefalsefalsefalse3truefalsefalse156449000156449falsefalsefalsefalsefalse4truefalsefalse141885000141885falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.No authoritative reference available.truefalseTotal operating expenses10false0us-gaap_OperatingIncomeLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse2478500024785falsefalsefalsefalsefalse2truefalsefalse2691400026914falsefalsefalsefalsefalse3truefalsefalse7040600070406falsefalsefalsefalsefalse4truefalsefalse6741500067415falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net result for the period of deducting operating expenses from operating revenues.No authoritative reference available.falsefalseOperating income11false0us-gaap_InvestmentIncomeInterestus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse7900079falsefalsefalsefalsefalse2truefalsefalse156000156falsefalsefalsefalsefalse3truefalsefalse200000200falsefalsefalsefalsefalse4truefalsefalse271000271falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncome derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 5 falsefalseInterest income12false0us-gaap_InterestExpenseus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-15000-15falsefalsefalsefalsefalse2truefalsefalse-262000-262falsefalsefalsefalsefalse3truefalsefalse-86000-86falsefalsefalsefalsefalse4truefalsefalse-335000-335falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cost of borrowed funds accounted for as interest that was charged against earnings during the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 21 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Chapter V -Section 563c.102 -Paragraph 9 -Subsection II Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 9 -Article 9 falsefalseInterest expense13false0us-gaap_OtherNonoperatingIncomeExpenseus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-685000-685falsefalsefalsefalsefalse2truefalsefalse426000426falsefalsefalsefalsefalse3truefalsefalse-2238000-2238falsefalsefalsefalsefalse4truefalsefalse-28000-28falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 truefalseOther expense, net14false0us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse2416400024164falsefalsefalsefalsefalse2truefalsefalse2723400027234falsefalsefalsefalsefalse3truefalsefalse6828200068282falsefalsefalsefalsefalse4truefalsefalse6732300067323falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Subparagraph 1(i) -Article 4 falsefalseIncome before taxes15false0us-gaap_IncomeTaxExpenseBenefitus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse68880006888falsefalsefalsefalsefalse2truefalsefalse89970008997falsefalsefalsefalsefalse3truefalsefalse2082600020826falsefalsefalsefalsefalse4truefalsefalse2157900021579falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph a, b truefalseTaxes on income16false0us-gaap_ProfitLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse1727600017276falsefalsefalsefalsefalse2truefalsefalse1823700018237falsefalsefalsefalsefalse3truefalsefalse4745600047456falsefalsefalsefalsefalse4truefalsefalse4574400045744falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) falsefalseNet income17false0us-gaap_NetIncomeLossAttributableToNoncontrollingInterestus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse448000448falsefalsefalsefalsefalse2truefalsefalse506000506falsefalsefalsefalsefalse3truefalsefalse11920001192falsefalsefalsefalsefalse4truefalsefalse10940001094falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 truefalseLess: Net income attributable to noncontrolling interests18false0us-gaap_NetIncomeLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse1682800016828falsetruefalsefalsefalse2truefalsefalse1773100017731falsetruefalsefalsefalse3truefalsefalse4626400046264falsetruefalsefalsefalse4truefalsefalse4465000044650falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph d Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A7 -Appendix A Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 10, 15 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28, 29, 30 truefalseNet income attributable to Dionex Corporation19false0us-gaap_EarningsPerShareBasicus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse0.960.96falsetruefalsefalsefalse2truefalsefalse1.011.01falsetruefalsefalsefalse3truefalsefalse2.662.66falsetruefalsefalsefalse4truefalsefalse2.532.53falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalThe amount of net income or loss for the period per each share of common stock outstanding during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 36, 37, 38 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 truetrueBasic earnings per share attributable to Dionex Corporation20false0us-gaap_EarningsPerShareDilutedus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse0.940.94falsetruefalsefalsefalse2truefalsefalse0.990.99falsetruefalsefalsefalse3truefalsefalse2.602.60falsetruefalsefalsefalse4truefalsefalse2.482.48falsetruefalsefalsefalseEPSus-types:perShareItemTypedecimalThe amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 11, 12, 36 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 truetrueDiluted earnings per share attributable to Dionex Corporation21true0us-gaap_WeightedAverageNumberOfSharesOutstandingAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseShares used in computing per share amounts:22false0us-gaap_WeightedAverageNumberOfSharesOutstandingBasicus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse1748300017483falsefalsefalsefalsefalse2truefalsefalse1763800017638falsefalsefalsefalsefalse3truefalsefalse1742200017422falsefalsefalsefalsefalse4truefalsefalse1767100017671falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 171 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 falsefalseBasic23false0us-gaap_WeightedAverageNumberOfDilutedSharesOutstandingus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse1797400017974falsefalsefalsefalsefalse2truefalsefalse1795700017957falsefalsefalsefalsefalse3truefalsefalse1782400017824falsefalsefalsefalsefalse4truefalsefalse1801400018014falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesThe average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 falsefalseDiluted422Condensed Consolidated Statements of Income (Unaudited) (USD $)ThousandsThousandsNoRoundingUnKnownfalsetrue ZIP 22 0000950123-11-046566-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000950123-11-046566-xbrl.zip M4$L#!!0````(`%!]IC[Q*H+VOF$``/@&!``1`!P`9&YE>"TR,#$Q,#,S,2YX M;6Q55`D``RA/Q$TH3\1-=7@+``$$)0X```0Y`0``[;UK<]O&LBCZ_5;=_X#K MD^SC5$$4`?!I)^N4;,M9SL/6L>R5O3[M@H"AB`0$&`P@B>O7W^Z>P9,@"8$@ M!GW]/SX_]Y6+C*'0NXXWL_O=!Z_1<*\RS?=KS;GUY$_,SD MEN.\^#__^'__GQ__O[,SY;_??/Y-^9EY+#!#9BOW3CBG[WXW@[^4M_YR%3BW M\U!Y^?8'Y6:E?/ZLO/,]C[DN6REG9_$@;TP.[_J>&$WO:?*WAYO`50`?C__T M8AZ&RU?GY_?W]SW\NN<'M^=ZOV^<.QX/3<]B+\23KUS'^VO+X_CS#<"+'W]8 M>_[>H*>UZ71Z3K_&C]H>>TB>M($^[*%G^0L85]/.^L:9H<5/.MP?Z-IX&];B MB?@%(.RM:2Z3%^CAB)_+[_&=Z5E?RX#`)YQ'D`5_M9T\`/GPZ%S\F,R3.6N( MP'=E2'"GC'3PH';^W[__=FW-V<(\2U"!-564'Y&DKSC]])G-%"+QJW"U9#^] MX,YBZ2+*]-T\8+.?7B#5SY#$?@_0N6:62&LB&`< M^,V2WSOV3R^^P$#L=_ABSB\]F]G_8VC`GCBDP`@>9U[HA"OY"3X[-GXS?I://!Y;N0?ERQP?#N%`X0) MPG>P=?XAF`C__^-Y^FWR(//LS&/(:SBTG7GHQ_/,X#^>2P(\@AK]=E&C7XT: M_3VI<<_W]"'[>9WN7\_/3R_T,/VL-\W,K MECJ_7_=AY_P*OF-6^[:KIC>T?GW]=W/50OXQ3V/S-,+OD#Q?K]]=7ETGU+"=.YA)"AR?^Q@M MT+OR@^1K^&'!3!X%[!_2CW@%X_QX'G^9O'Y>_CX-^XYY_L+Q-@U,_L4K/C<# MQC>-O#[$C^>9&8B'"A.^IA&3">\&5SH*3'=MB(VDR(Z`/L.E"VSEK?L,\-L[ MWXKHMP_>S`\69G;-R%-EMXZGO'%]ZR_EBWE["V[K1S]DR1#HK+P"=]:![7P% M4X&A:(P+S[Z.%@LS6'V:73NW'G"J!7OIPK+\"-C4N[WR7<=R&/\"G".&EVST M&7V@C9OHO]SP-:+]Z>V7?U]=*O,0G/>KKV]^^_!6>7%V?OZ'\?;\_-V7=\I_ M__/+[[\IX,TK7P+3XP[B9+KGYY:8XX!<#`OE/_]Q5DPKGQD]\IG?V%Z_UNE+U0.>W?V8FTBR)"JQ\OF*'YZ*/Z4P<*" MJ;$@CP=W_L->*5I_&;Y68*Y`IK/07[Y2X(L\=-Q"6Z=7^>G#HE%IV)$<%@?` M!W,OW9F!`PO]2N$+TW7/+'/)DX=O\`_!.J\4R1Z*/U,R#**D'*+$+")0OXE' M.4.XI_$89O_6#I!S0ME2*`?A0J9F0[H:HLHX!'N%:AKX2`2!"Y ML$A(EH#=1BZ]1,3!'T$@1P%(&/G$Y8,U-[U;)H$L%@['J&1/>/N.XJG1>\639Q`I-,$1XR@;T"&ZTS$=2ZH]YCUY[!^+JPQ M+!8S:3+PSI^1)Y0E42+,LE0,8,>PB!V^APO$\:^``?K91?&C0+GPO`C>^\R` MHT(,";^'Y0/F/ON5P,!ZTR`S6&!X;,7,0&'HYBKHR0L::J/^:Z.O*J@M>[`( M0!H>8TQFJ8_`[QV.$_P[,AJ6"%P'@P;PD- ME8;WF`4LAOH)]R.BJ,Q,)P`@)/$8CUQ`.&9=X2MPE#2H#9A-^S3W&.WI^#E` M0D#QPP220^+,!CD2.B`II/B,AP`L8/.RAR70`\DG`:,_%*QM'9SYVMXA@&AA M'FK=/WD*N/)L<<."%+"FBTVK2A95D3#!PE?>.QS^4*Y!P9.39ZE@GUL]53%A M%->\!Q(!QZ3LG)6M8@C"6@R3%;0JR^[3\@^68.7PT9"N(YN\FB0H4:['!;/])2+VX`))P4!7KDF,9Y\^R6N MYOJ@R3NYH856RR@,L1=21$"BN[`/8!9_XOZ1>IK#=/G,%#(?&.C>!$8+8D[# MC>H(U0\I2#"S_)/1`4P">Z0JW&@A1@('HFU M#*C?B*%4K+`*R0J4$BQ+IIYR53!4A#(0\R78Q3D1W@6J9>A""LZ?`2.%8O?- M9NANXKS`[8@)F5G1HFJY3%Y`/Z7`+B8L(3G+.)`%IA&L$C`Q.%WP61(3K*4( M"(-H@D&&L1O:[,YBP8!.(0/2@1F#PD&P*^*3!RK6XX;F!:L?Q@Q*PH;RNO`! M!"C#%[[3M$EOV"=[P>3SU!)TB+=Y>$@=LK8X4M:#2@.9[I/S`)9=Q@`'G0^; M&US:Q-RT_#L&BB;D&1K&C)?CIU[\ZQS9$$':2`A_24EP4J0W$7<\M#MBJR?Y M`L;&![+*%9!-%@"L`-!V@"V8F@&GY4U>1:7H\!"G1QMI:?(0EA`W*:@%!4U3 MMV05L^@2'-/E?HPW:A746N0^A:CM@']A%JKRE^??`[\`EV#^/PI`Y:$@2+\& MZ>"X#JD[TX4E]D@9"0@6V%4B5@`(^DN?`TQAYB!'(=!T'"#;`L,Z0)7L$MT) M*T=BAJ!3/$QO)6>2P"V%2=J;-@NP),L).4OZ$.P!C?98E.7$6.FV%]IZC=]0 M,L%P/!D7Y0>&QA`=VBMV@)7^5EMYFCY(S1 MEOAN-$S-!C"777(+O\@E0]%8]LN`?K=7*6`T"!2S!G@(X3>4F@^>,P$)A;25?I?/NQ@.0:I;^)'L:%[:./>L3X0X(3A1YG+"`F?Y\8]1<<-AY/ M$3H0&A^\@IV+N1OA^&5P*2.9V')9,^[]Q?6;G,,N=:T'5.?)>]+PEA(Q&9B^ MSI(B]6],(H5TW`NCF;`+A2ZQ`O"6`L>DD:8CM)WSQ=+2E) M9D[`A90`^$$H:"4],"%.Q)JN8'"AC"GT8P('TQ*[&`8`!8^1$`R/E/O%!"#C M&]^`U87C@903UE^0BXB9-VB6[6#!SPQ7%CB'8K#CA`%,VY8Y@&SX[:"2C:1" MND<_>,"AE*4YCM`P/5BZO!KH2[D!8B`QLVF[9K9YS`NDDY.]FZY#S%]IF"(` MAU/JI$Q4PD.^\-(O,+2@@%J)6';?"*&AW$:."%C&D2W$B@;/,H`OF#/'`6+= M"9SKF#=HV:%I>L/">XQ#_L;NF*L(?A5_Z[%^180(Q!I2RMP!DSBPYJN,[2-# M%29'L1*;QR%NU41C)XCU0%W%[.:NU,14BJ??NUN7R9\! M1XS&?&:6?^LY^;S6@23R1[`F:/=B8!2!OY`/`".`!6Y' M%O(D]VT6&R1"`_%D?PM:$).)<-[!@OD2`XGX?QA/YG(_Q^PA MPP@;1T'`T']$TJ",]A2*PXB(.E#0X:%,R$@:49P%LV%"D8%==T?!4IR62QSR&O_`A0?=!(XJ MS`/\6?&JB%VA@D;&S:;*O'@7J(D*C:T'R^=AFC7(OH2_4(8)7P3`1!O:+S$S M$IQPM00UYE*.),R&3$08`T<(6!@%%`P7LA?$+;B\XBT5U07F\`3MQ:-!*"T\&5%/BPH"";X$BH:Q4$INCI[R5C"&#/21ELBQ(`-#]D>:DW!7TG(C7 MH+9;1N3UD?@4;$R>T8S22I1`_@/W;4;/Q0P9N[0Q[(RC:"Z7Q`-@/J22++%K MXSV)V-I,NFXB<)F;BO!E;S"D!'OD<,;])ROT..="V2Q-BC%C05M24I#!"ZL64GR8 M+'3+RM>,9RL@PDKY8L%)&J>/)GE]Y%OQ`*P@15.S$Q7!A9OX"%,QDY06P>;CJ9>MNX&GL8T,8R]\&VMK[3SI0>+?4F`6+7,*B_X2N>L>AUCWV-">24-=6+,R^I(B M"DX#:8G$0`<2)-=%CQP:-93&9*@9SLC4W<6*9;08+C#+/24+G8D;H MN$D33:[RSF(5Y9X*;Q*786[:Y:Y*AB!)]NXQ=`%.SU0!'$J\?B5%$ZZ',E5A M#YJ)>DRE4Y)&*JS9]QG$R$ MF!E++KG/R,2,8QD]Y2N/G;&<@,N&.V(7,$W-Y!^%?8"@LQ8M25,13`#T;)R" M5,>@"?^4+G1B.6?#T?^Z_G293Q`[F&5,;&D*`L9%3S*(X@3V&2B3<%4^Y)>K MRWQ^_,,,%M$A[P?!8?V,`@^1`,S-+`8J*1#!DH@P``^=A2@LRCV?A7IY?96' M*@=);6N1N(G%?ICF$S'`+=51&L\&!`6%H\1F`WD5!4G^'?CV+T;51''0`HV9 MQ9*%PBU0D>&0\9+YI-8Q@4X66#!C;F9B+8E:0"Q8$L33O#,=5[@=,-O#NF(Y M/7)#9:AK)H5`#V/V&3;,O9B?E$Q"BU(UVM$N@!);6;!6QM,4&UT8?0M*'\?5 M;;$ZS?AP#FICUTZ,'!=VVC_]>]BK@908\99.['0/?RR^M28I MMUU*5'"!?7.CS3%-GXZ0.D+$J8%#&TL*,T=4SA(Y8JTBL1$>@2,(C=.`#>AOP\ M@Y5PH'"153&Y;/PD&\11;L'!6V;E':C;.R?P/93N0!JJ-[]Q!MXGC`&QL%>.JQ1P`#BMPU^V*QDK#2AA%\Y`Y M,PNC2NF8\>Y4*1P=TD4NC`%6Q!*3>GX@C'X9/HFCF%2(07E!]%KRDD0$U*F$ MA?1&+)7$+DF++-$82O,&+M!/^B9F%,Z)U2NN>,IE68TKQG2+=!Z%:5A6?>-81(T<<,3@2D,1#NS+.LA/&%CDF6$ MP=#;>7CF8B12:!7_3EAZ":(R'_'41)7F9&HD9A:>QZFUL])?1>&PTP-)G`G6 M_X"**(BSUVD>,MWM&>\NY[DAGZ'^MQF6BE"FVR-?K6@"IAX?,;U_RY"OU<1H MA7'BQ4]#*ED7-#]'3(N17)3FR&;_G,=&:7Y["$E4C`ODQ52Y%2S\J3P+;D0] M!Y00CN.P(3D+V?=$^6/9BU)WD5H4LRXYQU'JL&==NMAY/R3[P@8!04IQTO7, MQ.9(NJPF=3Q9M19K>?DN%4L)D-EFP-!J+=GM<5>[8 M$55I@+A-PI?Q@F2=J1)?K`*ZPK:+[=`TJ9C+4&+4,H[[QRYAXFK$]EX:9,F8 M:#RN7'.EALA*M!T$$570#H;I/R0UH19X];"1$Y\,!&CB!1"NV:ED$N.4ZUB5 MSR0;IA<*/19O9V7B+2L-Y)[/QU)ALLG8F3V":1',P=)#ZQ3'J:$CE9F:'%U. M+SU,$+"%2(F5SF?+QDF_^/&\N0.AF<.]>.)NX_G<*F=X9<^E5Y=F@!/D5RR@ M0\O/]6BNKIPI.^=\X!.W3W6V5'^EQ%-6KO`\!$[Z.$=(8^R1_RU0:1*+)3JT M5-EOAB*Y%($>&;NDR@:]O17&AP-*-A-;<1#2T3`C$?7S(,DZ#Q/I:G+7@L5,)DGSIA\*B M1$V#%!6F6W)6-GNZ(XJ#KC(60W4Y*WDV1&CP0Y[#2,L8PMBY,DG)>GA6P,R: M`%[G<_]+`;=1!-4"6?T]BM% M4,_"C/;2M*AW8O\%F/L!K`[]B3\M,;,J?[IW['#^TPNMW_]^O1>!D-Q?"/H_ M\4QN01J'I+\);?`H0G^1#J'$C]@QB*$N(*3Y!R)%:&][Y_&O:!V4#LJW`45\ M#HI;0*EM%>6!T:>^R#US#RSVBA8Z2%2CH3.((F6S[0B3M;^5]]^E^>II0X5PQ- M;3DC//GLFN:437//66F/F^W+#VC8^A''*'Y<%9XQI&PS-']H:,?>86/^Y3JQ;L<=)D3C&M=D;*'H,;WQ[M=MC2.9I6G]AY-RS7RG_R[(8 MF\TVJ:ZK\[P*U'&'WM_Z][8\=B@>ZY[KK8N MKV;>[;5'\B&\9O?(6D?![W8_2R7J]+`V4B?ZY(@">S]LQ^K8T$X%V\%(U4># MD\%VH(Z&_D2SK3Z:AC8]!30'_9/8=,:@MKS=L.-*4K9R M-S2\N5+,#N&R%:-6V3!5CHJ%H)5HWU`>L7J*%>_FT<;S.)DJIL:IL*:^,1WVUKX_B6/$]-@F132;MM&>D M"!TGQR#+CC$2HB)^+$^>AG0,IT(#P[[L@U."GFZHX_XPQ@Z?&@'"X]$T!;QJX`$& M9HNK.`A@'+Z778QRK[Z%.9G>*HG08Y>FW#5J<>\W4]ZJJ,H#NVEC1G%2&)MN MG26)=-'JOF+W@YUG[@_1U."]Z03_PEX/[]*6]<^UL8&1:6RP==[/M+F!\4K! M:2LT;^7WS!4-Q(KIT80#=SCXL-Z"AUH*K3=9%:WI-MPK(4]^I]<^9.XL(42S MMW.@.$INZ,!^I^F8ONAM%]^G(CI8F:TQ M-G2#<>65XTD+I`P"\@XV;+SCWS-Y(Q$-1O<1(AI)`^2D0:5HK9>YUD1V;"I? MGAVGZO/F=8X]4OM=MG!*3\)O.S%?/%Q?^5C^)K\,0A M:_PJOK_-7XL@KO>:F;(I'SZ[B*Q)YW)R*AL]>6H3MDWO5_,TRLJUS M4"+*ZT:,.LYLCC/U(F<2.RY]ASJ:IY<.[6+,^()P`I3A[KA!EKCW+L.EH`5D M_V1QDP7>7!S0+=[B4\=RSY7EC"++Y>X'R_+?9N9)^I<2E)":4(*RAI]"ESKR M>G[LZ."`L<41WV%8*AE!$MJ(H+^DRW?]>^G28":Z>]]U_'+ M[/?STE]*Q[BZ^/GRS>?+BU^+3V=LC'W,]"IFRN&[)G%J?D=F(G8:WG`U7R7S MEI#,FK@;W/"N*=*CY8/\[GML M%?N>+[4?#K!3]JQXG:B#$ZK//2ELDP2J?LRROZ=&N=I>.X"BVK8/+_^.1)S( M9GC),=V,3;=\<.6E?HA=^=CERA1^M45HMHZU.YK6W'NG7OBWP;QOQ4G<;A[= M/)[5"6\*H[333CV=GGHG9:<>,T334NNTTY`M*;[N)M)-9/_M_+11T=_2/'07 M&NV>:_=S![4SMX5DWOL!`Q`*UF(PSUJE]_@J+XWV!4H'ZJ!_,@<=3S#R^*W1 M]YD:HAFJM=-BZ";33>99G='<)`@R(L0HUE=J(_R&JI7@P^3[U\IC0EJ;<5O[ MXFE.K93)\+2T>KN(*]9P[7QP.BI_LS MO?_:,OF@]K-E:Y-JM9WX/<;CZ79)S_^#Q,(B(R2\\^Y_,A@%N M+_`$$5$H1>BYGKT>9,Y>[T.6PQSS>(K3V(-72DH(Y3JYOINX-ZT[/O!9[`O7 MS9:&X#DA)@ZE,3SJ2SL2%G0NED8)F+C9G,^=)1?'C$*5#E?+DT5T8.ZE.6;MGGAS(K)X[-QI:<[>\H'<38[Q1QD/,')H$W=&G#0,WG\&N;` M5'%$>FYZM^(87^$$L[\VL"G.?]/Y:1Q!G"UW0K98NUL\?48)'/Z7I(OEWWJD MBP!:W"2C?`9Y[`F.*8R2F>O?BZ&)Z-1D.E:;V8F)AA,X&IWMPCX8>.7\END2 ME.*4@\P"HL2FI<"^'P&;@\@F;$63:Z3.YFDB-WG)H5I)&D$Z0I0G3Z)FV(E\ MED.*,`E"0MX#[19YTM]?XEV%>!H+SU;=NCXP2<>2O.+(-8Q2X`*S5N3A!A=X!TB04/I]*7V@W0ZP)U5(UER).EI?@W?\J% M*C\ M9%VNRX/M,V%-4N<7TUM1WP1L+).OL8/U0U3+YX#G.K&W3>2FJ[&,`N29QGE7 MTS.Z*M$K#NDA6+0/J1Q!__XL MV3K\WES"U@]P^Q#*2,A?S*7I(5>M2-:`)@'V<@(A,NAX(Z$+!I.>\(WL(I3= MB#%/(A^@MBH(6>F/),!X=,,=VS$#V!-B(K%1"U^S0#;T6(!KGVQ2:F_"`MRW MA4Y#P+-.*#:QOTDEQ=R#>NV>N6ZL(0J]#*A/"8&@3P_`9"&>,+99D!NFE[0M MP;V'>XK:J?@6"03XF.ZO1"ZCZ%E'!U_+&`NA4+QE.DIV6$#=P>A`,?564`G( M+Z87`3%3%J"#J/U)3_D#);W`4J%1"OB@#/X;W@72NBLAAH680EE"E@/Z@&2Y MD.1(J+:F;W)Z'F6;."(M=!HX-M$B$H-L4XB)8$[@K&D`LJ2%(:68]I^1H)'H MUA5N1ES2+D%;B`V!NJHX,Y1&:A%M@:I$[B4P.;I4-)\(B]3>Y4<4 M,Y^D/9N5S6'!4(SMVZQ*I*W,J5$8GKYV28W$:QG+#D(1OKPW`SLCX$FMS9W; M.7(F;1>F2R*!XL6/Y(<#D384=E@7M#!S40:%C MB09G:#,QAQH-\-@$A]UR%0"#.$M9!"?M-#FL0X*4P@2$TV44^&I.Z*K*180& M!ZA,V-&^ZYJ!JKR%6=G9+]Z@>P.F[!*+$0@.QQT+5!>,?WWO`+>_AZUAR?TK M>BS%$H>S$CJCQ;4$=?[@8'`'ELC(*!';7*7-H$A=@V>VPF4&!B`W5C$7*)/3 M[AU$+&JI)]P8R0,HP6A)"Y8TB55W%9^K3\T:G%#<:T'*69+&,5S^TTG3A]Q`CIGFI!CH!B:6HBW/4UI846D?XD\ M!BJN`9R;7M:N'4,6=0S.MYRO:D^L?QCF>R;M`=X]ULU8LPN.QRW?QG,;)-WA M3Q6]C=TRZ;9TE=$M6>MC'\0&A_D`*[]?.>=0G9Y.[2G>NCZLC>U!!<"VA<_& M2)YPZY&BKEEU3!\9)](N8-'ZGXM-*@UQ,/(F'MXHW='587P0?$]'#'5`YO'`0N8\9 MY3Y:M?J#X1&/])_`VC]A-*&+)#SU(5-KE[V[1!3;9&O]O<)Q$4+2]2UY!ZD7%Z3N/$[V MC5?A=+>:=%`Z*%UU5$E!R*AF04A21J6TON:E[A3CHBOE<,4O)\DRA=JT"W'P MN]4L4$!9G`SX#8^YGQ+:WSJEF]Y!AZA=_'"RM8N95HXMY[!Z\_N"#2V>^R2? M^_R:7\0RH?(,:U*[+%+WW&D_MT'[/X,LW+[=1/7AM]36OD-Y=X)"-:9-9SS; MH\JZXQ7=Z[=SU7;+D?62%_3:YNH`S:UNLUTJJ(Z/V`-@Y]57C\+\Y62TI22B"`L? M:>!>K8:G,!AM(7^E*3R9;OR\:SN[)N?.S($GZ'*075O:\4)?_MVZ_7R"&<`. MY1-!N?H&QE_(^W1-[R_E>FE:+.MX-K>U4V0[6[=[KM7/M=+6[0K9NN>>UW-/ M9F4>HY"M>ZY[[IEKI.W.FA-?%)V]2HC`Y>\4.X1?UK`_;6QIV7.HD,!^O;JG MD^-Q;L/4-M3!8$N@ZS1",/J6WN.U(S#-5)^6W7.^S_W:35Z#;GOLX=4;T7_G M&MOOO&.AZ;C\N=YQ/E3.E)US;MG]9CA`S0O,AZ\4.5&%9JK(J0J^3-/N![[! MO*2$FN,-OW>.C;?O"I3\F<*9RZRUCE!T&W5W.UL[ZC4[*(^%LL&2/+TBR.YV MMD,N:U>EF$6]JWE[-/,]DYHW?(TNG<9;[[W0#\`(?D7S=4HME./QQK?QW`:Y M=O@8X7O'<\#>LY5;WV_A25=]HO:W52HT+HGVP]90QY/:(8EJ/'!DP?"''_R% M147@-UB,MZS%OCH8G\2U3!JP13LO9MH:]S3O\:)U\*M-MV4+/U$'_2.&_O;` M5%,GDZ8OZ#OU3N@;C+Y6W$GP7.;12F5R6'[:KTG46)T.3N>"A;$Z M:)RZ M6&EJ2W87+-1EHL;[AG2!Y6<1C'U.4"H+SRZP?'BDVQM8?D(*=;'?XL2ZV&^E MV.]5@*VKPI6J7+FF%U+[J)=1)4Q-2%A+^!D/!OL.ZM\\_TB6KT3\8_ MTX=JOWYM6K65/[*4>!,Y+AK*G,2"L\!"$O;4!?@E)8$#=3`]B:N9!\#1]3%] M,NGPNVG-'8\%H"58K!N()4+?;]T=[<.1JALGP0W#OCK0#IPC.++$>!\%GA-& M@>AZ.7,>\.]V20O-4(?&$=.+>V"JJ]JT]L'X)Y,6;WTJM+6P!2H[G3Z,)TM'?3WZ+2AAD8?*'IW3K`O!>H1HV7;#`6J>;1Z]4N*I$PN+ M^\M3$BB"!L2L:<+]P">=W\X!.DMO:3*#8(5GGL$AC#RZ)NHVQOF>83R:RX/1 M^&]`[U39N+<+[Q4]&323M*L8X#I;)M^(1'3IWV'CGM']'->R8%.7'S")/: M,V"-6T8,]7_E>&=?/)-=/>>DQ\KG,3*XNFYK[H>B$?>/NE/Y-N5,=E`Y*!^7;A%+9 M=&C[(2NM7S-2#%O]K7"G2R3V_-YMBR]G4??6/+\]P?N8A!^H`Z.V.JPF[XYL^;V-.$!E@1(P48S#Y\ZR7950 M0R!Z[;88[6%V71T/MM1TM8[7=754OP+JN/RA:4=$]&#"4)WV3TE;&JK>51!5 MXY!65,AU\^CFT>VL$@[RL^[R723 MZ2;S#4^F3/"VX/S)!5=,;)\1N73HQ&)!:#J>8EI_1X[H],!5Y1W\PQ[@,0LI M)=/.-5?,`%[W0X5'-W\R M*X07,;Q+#="B'B%8FF>?4NWC_WHDD4G;JE"<5ZX:'6*_W>).6&7/>3?GGW$T(F^P`0&M-]R*0(TV+%5; ML.RU*)<\=!:T`K-(=$;>L4IRA5S`RBY9ITWG#@E;FI_#NX-67=^*K8;RB=7* M?P:Y";NBB0KIYTJB9DOZFJ925^V<1?U2"/W#+-,SJ5`46QZ(BMKNO<,MTVWG MR?KQ"5[HD=)3/P`]'TOW;`IZ,GY>5^BDE#9:1FG=.+VK)5)J#EI%34T=CVL7 MDK6<;X4,+WR`*CG,=NPN?:27FR3(%,C>Y$GF<6<#'MF+! M?YQ0,6\#)G!2[IUP#AL9:!@ZEKCJ$P,=GBE6&@/2.!7XR_'@D3"B#$M/^3)G MA&=F*+PAU+$9M5@.V)WOWB$%4N"NXS&*7TLLPKD9*O=,@2%=F`R\[\!$8)EI M!#\*",`M\U@`X"T_6/J!"01>1O`7AT67V1:$PD-DN8#!;Q9,F8FLR[T?_(6_ MPDHYH*$4CS$;<+_8%457$:VY"3I%9(;P\>_T27D20C'O3,^5EX*`$UWOOXZ?9:C- M0L:3G[37/XB@:%<]Y8-H8!YYKO,73H_=X>VJM#&P MSSI#J#/@+DP=W:Q$LW,Y-J$##&^*KQ.J$I`<9>.6YT5BH7UJX[!"5"19TWL_ MPN\Q+_5WY`0B,95N+1R+@*R-A]:F*I<-`6)^S9DYHAT@/$AO9>C44[Y2D,_S M%9_:REM.8$4+_-FBJ4N$_!O@6LJ0P4QL7VS..X9Y8+1/\NC%1.;K$^XI&:%H M,]AB"]BP=D)O)#69TE&&`U`1`ZZX+JYCWN#J._)6TXBP%X^9&4&?9(N1:0/D M]*W]0H%N'.>&&6/8\I@5A"V%)/!G8C:2"4F2%"<59Z@!3]B-M`%C#HEW@S9^ M'+V8`-@528:(2,#9>H0R MXLLMO&G+%E4KJ9SBK/.<(#;EYE&R,ZV>'*^&`Q7C#:S;CZ!X23@]H(O\.+\E`%FV$LO^(!`2LG%'+0`@,* ML,$5CI9+U\%QT31-:"1-!K+0`8/9C%DXQYM50L[8K$(+FZNIJHXX3$^(=4`% M.//.`4UL,RS)"6+BPQRB((BI"W]9A*U9'%VHMO1:&IR.6&&A#A-\8]-BA>@F M]D!&23L>F'$+FI$*D\95YD5[02V"%RI73-"+T/E`)"(@-B<]1!J<*)YPFY@? M/)7:+O`[N#=^(/5T!E.ITN\<=H\E3N3W2?T.7ALG)G49(@EK&,!XAZNT0M2L M_+5`"7'),>7("\7;@!ZG);_Q'QA%OJ-_SHA*UKS=<`I3_V-H:@5;>2C50 M]6/V@ZN/J*Z.F[Z_Z0!\ORY-)H6L6AJX(`1Q"CQV(W@-5&VVI"CO4D>A#<8_:'^_;)*VRN7]: MI2L;"-^*LJSG,H]6:K+$S&8RB]0N`WNRK2-#NPQL,)3Z39]8.'6QTM26[$Z5 MUV6BPY7W[@HM M)C]75`'ZRS24DBT6 MD]]G$:$N`&'@6"(!BF^+[%CVO<_77PLO446$*(U9+47%GWD/1#M8QR M7^%+S-IB_1=0Y7*Q=/T58X*;E*NX1J=T+2ZOKZYR%7*P7T7&F`%BU&>`R?$X M4IEP1V$4.#<1,*VH[-+ZW\M4IA-0JI*RL3'WXA-)I1"G5::R&'^Q@!\%B;'4 M$:L]87T9)G<)#KPW&<8C*ZY_+Y*5^`'[9K`P5YB5CH0?DO`K%H@QCYB7F3"O MI,B'0/BS&0R*V5+?5K.M/)(F(J+ZTG466.*7%+IFJ!)/S59T3>U/)L0*QE2= M:E,"(6>%LU@PVQ&HBE1K M3`W7I%($>(L*MSSE%Q-('JQ2O)$`36\C3<]([$2T.OC'%0LHL8["1NRAKR@` M"+:3".&;`TK@Z]`,0DD-4=`5I`ESBMZE!Z"38C04D%@;DL%^D_BZ*H@O8'BQ ML273LP=F123`85U@3P:2Z=."``\P5F?)&B#ED M0_AB@2R/Y45V3#JIBH3R(A-IS7S*J3H)VI9E_&2JT`&$5*"N[Q%$*B[G+6QR M^-J.FUS14LH60FEYNS!$5$5,7%@R,17O+\J.W\-X'[53F1IR7_E(ZQM7% MSY=O/E]>_%I\^JD=@R_9/:S(XI]H@:=;_@/P@?U$[1O:SV46[NZR),(SMA>Z MNJ165-ET4!X+I7)$\8GZ,;7]N;K]HOX(;5!"=[>]0JSAD$'A;@D;7<*?T9(X M>P?*]_FOX<$+W40T:G]"MG!J[]$P_A<:QH?ADV=2R4<>0?:0D_!I?HD\EHG/ M],G>ZA\@!UF97]92>HGOH;=1NAT"W0WBZO#U,21SV2%2T/7IJ6GJZ*CWH.[7 M+V_4,YKN-O2T@N-?X/2VC"4ZB7`TB?`V/7%$&L2.&"5`2B,V'9.<`), M",AU$J2=S''JM4T;G(Q6E!JV_;DG4RH;?)$-R>)6"8[.&CUUB=&4U&A%-61; MQ$8[KLW9+$-4V6V*CL=ONNU%B3Q,%]YZ5`:6J_D130,RJ7T4883WK7"9R[)< M5&5`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`;O])JKCVO[<-R"/8Y3?8H-6TPHC MTSTEM#]@6UF/.];SWRQU292-.YW(JEX^L,!R^$EM(+Q`^I3P/6!A[8GNFGI5 MRI_2_$/+E[_>_*ZP2>FSG-G+?V,>H-%;0MLS-\>+NWHW,<.R7?Y,RN>E>CS- MMEV:.A@/U)%^Q/L5]ZM<&8Y[_=K%;MUS+:X,,_JG=0!!-W1UH!WQ4MOZJ([' M/6/+W83M9+;G\ERU37,`I;5M0\4.TBG59>O&2)WL?:WI,??=8-HSC+;PX;?V MW),IJQ,\\J!-U?YDW_M>C[FS1M/>-GS;R9'/Y;D-.^O4"\`W;+$3/3/R7.;1 M/=<*8[)>!.0DCNZH@Z&F:MKI'-[1>L:6\XE/)G#6$>T-CNAU[D?4B=ZK[%I-+SJ:4?,@^Q)5%#9G19\QMKCNV[7UFO!A0=XA#ZD9A-.7&F>7A#O M2R>2Q=EX;(6PI?/]NO94[D&Y?J=IO3&A*ROVZ&KWJBT9IKU)^DC3\V@A.8J6-N*" MTC8+6;!`ED+>FF%7Y(0%\9OEH!]0>!?VX%[UB:O?_$=ELA M)UOG_B\?M+SC.N'J&+Y%,X5-VZKORFJ:OF]@)@DG&B]V,*W`\'M4T<9@#?0& M47.$-IP._^ML%C"&)BO8$3Q4`K#O#K'JCZ.5UM/'1"VM-QP>?ZGTWH"@@Q%: M<[&.'H.3UK;KS)B")WK(8FY7T_9![XAG3_9!\_0:MB?K#^\Z\-M!*E+WBK7U M>\=LV/]TN.XV"XX:G-C2:O!RL73]%7UUI7"ZW:C,-24\._WKB4#:HFLX]?0X3Z]S39^>>;C$HVN&>ZGWA MGHZ^2??T,*O>[^E/L.[-SZ4,4YC;]TI_6P*]TORJ,5?G3I0C_+("?1.*?!:;P9QU/WB`1YEQ> MRLF>W9B\D'87;NL#?F;9Q+M,R:IT/8*J7-%_L2J=W.#8_PWGJ#?QZRY)V[7@ M[Z!T4+KH1&8B59WX4=XW_T)2]7,TTB?&:6P[3>V/3J)5%0BR?M?_ MJ9)G<**G9;MY=/-HL:TJ+J3?E/5KIZ[4U7Y]H7EG<0I@Y&JC4Z"HD.U M/VBZ2\;3FJE?S`<%AF96J,!^VYI^/["";:BG]W"L50>*CS30T/M0_K%C^<1/[LUS>6K=PZW7)]'`?LT>YMQ=3^+XG*L2^#7 M>(SZ#7K#5^8*DS?\"PB&-RXXR?_`P7^,T:.O`,G;6W"_!*Y9WWM#"M-_N=W,S@S MZ&_MQ3\D_=Y]>OOEWU>7RCQ_?7BKO#@[/__#>'M^_N[+.^6___GE M]]\4K==7O@2FQQVD@NF>GU]^?*&\F(?A\M7Y^?W]?>_>Z/G![?F7S^&NE.^T8<](8<8])%^:H6)Z22?'%#KU M#:0>#=^-A[WQ`)L\$BA"Y@=J&QFWI_3\S(MIB@MLH/YKVC)$8:#3L#8TB=K`F\7H<=7)RL($I=LN\]RD<['NH`]6,GTF4]+&O*CU0'*6G?,+?",VRWX'X M,Q!X>)(K8'?,BYB:Y'Q4Y=9T/$X00/3C-@CGL,H1\&N@_'QQ<46]5;&9:H`< M;'+)W@ISDQ-G?*M856ZB4#9HE:?19H&_R$P/MA`P%WO(O,K+IDN02P@'C,U@ M410K"@+F62N%]*0KDENF_6?$0S(K!-QP[@.O\NB&.[8#F@-F[/EAH3/IU]YU M#^POUS4#[#`/7SN!,HL\2RC?!)1*/6R!)[#-+%)2>8E4_"'=.DG``&]M(8+- MF7U+2TJ0"N_G5@+1OS,=%VVO,YCE&=9O*IP!=+`"F#R$A\/;N,)!^1BQH(59 M.R%;;&MJV\#YQ)A_<6%*F=$,P\`!EB!;$UA2K+WRU@^6OCBW*(2SR>6)Q:3# MCIQ(=\JP.V780>F@/`64RL&Q]A\^RQE)W2G#Y[O03WX.[WG/KFE.Z4X99E'O MSJR=X,2Z%=LG_GZRIPP_)AZ]BMY;P,"A"UG[^AAI8U4?G\P];-I$U8V3.74X M&*N#X<6.WW8+2O7'TR]5SX3(+EA_YUZ(>D&L=>*"OEN'MT\GN[DQ=&;6JU7%[0N MUJ0;ZO2HCNY^L29#G8Q/)M8TTM7I](@=0/:,-0U4?5S[O,N3&;.E96O%&A[/ M][!8.O"I)U9R=T:[;-G!X"2:-`WK-T,[)IJ:JDU/HIN`IO:GW6&HT[$UNGET M\_BF;=@*%;)M-'.'QXSS[FWF&ML:F+0+VY&F3OHG8Y0/#%6;=/HV_UQ3LK$[ MXMI-YI0G4[:]FSE\C*.\!ZO!+ZN<.B_]I72,JXN?+]]\OKSXM?AT`R=?RPY( M5SZ(>XBCT.(,W!?SX1LX_:QE3C]OF_*#CS3'B M%UQ9FH%(:\[Q;*AO,4ZGPL#@A5_B([,;;K2;.9[I60ZUK91WVW$Z)FL&(L@; MX.'"0-Q/QWA(1UKI9*PTHBF7"A\49EKS&(L_H\#AMF/%M^,I]W,'?KUG\M(\ MAL>#'1&VBC%VO#O?O8.Q)!1$'.&85A@E)P%#A(>'*HF91"]X/'Y'APJMN>G= M"F1@)FC#!^(>8=N9S1A6<#&LEN212X/3*47Q$Q$I8&88G[2D`WRJPB-L>2H(8Q`$'"BH3QSZ)@W>$TRG4T4M,6#G\DUA/=..'>\ M;>M^8[JP[DSA$*+`,J"Z'SXEI`L$)^+>IB/=HI?"0(TT:UR5+ M7DE:%=>9>38-@CS+Z&RL`\LA6!76G0'M_\(SW8"D1P=:"5O)I#?,8S-';D8\ M_BK7[-YQ\4`Q9E%(;(P[`?'MX$7_A#[;6[BA09RMC;M@!)4D2D!R(:S M\L0C0+WD4DK`D&:1G0%!R\\":5L&K`Q]NNF2IO`:_PX8G@Y6Z>MD-7`W$1B@ M]\('-GOG*..*0<"QT>B!8%3S2*38>BB7;7X;RHDV0''<.)Q$C^0"_ M?7]Q_2:I3\`3SN8Z$V8OW<1W,H\@;T2`2A":C@<-C+C`:RQ!&"5C8C6*(0 M6=!=HI([8?E@QL!54H":$;"GJ),1,IC.,`/:$3SY%]BR+IV=3MA8P%T#2.7G M]PS>@7\12*R$&#Z(>5P>VA&6<.S<./;<"8<@3 MNB*;>*MXU&3-DB:O/+T3U9$Y260J0GSA>VQU*+GV"79E2,V>01=$0F7@`7/+ MO_5H@R".4ACLVJOW\/-WP]X@_4EV@5#Q+2'B6 MXD3R3"`FQ=DZ:NFFBA7;BE8VIQU`%OFH@J5Z*^R*=!.`"+%<>!BDC9!4B42+ MV5"T/,@-OC17Z/L;^2@GBN+.$CWE0LC8 M;4UCYJ:]UNZEA.-0I@41"B0@?FSL97!.L22(FU8@RVAK4,?5V(Y8+M?S!=L0 M2"U%Y7]!23DN(31!SN0G%@E%,"LG\6!(;$P)53M2U MM1<*S*]#U=&4`%6CHS`XA-E4F82>GZAA(&2*>SGI,F0[W(9"@Y='-W^BQ$.2 M1(">W<_PP!9[@8NGO6/XV<.!1Y"N2,U^OA0T` M"D]\09]2JSY5Q3#3E71G4&@YE@-F0$$Z+&'Q`D((;4[GCEY\KYAI(.PO M@2ZU))([50Q*5@CXM"LA0,EA(V30^(2UX#Y,V&59(2.,#:%G/=\[@\GD?+O7 M":EHQAR6DZP\H1)3S^1G%H#SOE*57\REZ0DTO_Y*R_%/'QCS5_@/:8$\\IE# M-F(]``TY%`T;J__B.@URZZ3N^#T9YNNO@EI9K.A3\7UC_7V:V,'\*,6+%C?` M.T!4@02R"G#%$ECWADQO;!54O@E1(]+N$"I00?=72@ZP[D.7S&Q!7W@2G5'' M0A^4N(WA2A-QXM=`AX?$'ZGI)6TU$*:^&Q'(G!5=)DT_D#L"#@4'B7(#J*`) MZE`B+O9$JIA6%MH8-':&]5RTVBTI9.@!,D M7E&\FW!;1B$9LB[0-XS?@.G(ADU94YJ4$\R-DQVL4M>H)%0CC6><519"&>G% MW!6@(3IAX/`M3'N;3506:-T6\SM$;!5[^3GB&-Z%9[^ED,&MD)O?0+15ST1; M'T>)9Q1_U5\IF;D+'9^=_7$#LA_0"G-7J4$%*F*BQL4%IB7#J:9R?0_"E<^% M80<*371&,_'SC901U-S+Y.+:/=BFX1F]+_A%F'!FX)V!1$8/AD22&=!6)U+T ME*_47H[,OKA[H'D;,/I977N9_-1Q_WL2WT+G2?4C$P[-(W$_9+1C/W8$^D M,Q&]S:3Y:M=T(T1\0[%]10A$UP$K*R$UR%LPPV]V.(ZGD#';K^&BU/(STY(Q M:6(+#(4M)4LRQ674<%.T.T1+TD+-),^A82>O/85U92YXL)= M5X%=0)A1Q!!!+3!4QSSZ;/G4K="+(6["J@>^`;"H8'#I2XO6G1C'*F`D@C3Z MQBZ>6F^R_HLT-3:U."7`N8BMB+)D.WB*T4L;L\I?UN,P,=P-;?NJ@#V4&?N[ MXSF+:*$$1'GJK1H+[2@65)SM8H^UMH69^%IN=M]X5\+)I!V]W(X#I7)%TQ.V MA_IPJ/90QWUN=W7)R;;6^0UC+Y04TY1_@TVQ)D&>NNQOI&K#=C92V496<*R( MG.TZJ(+7M]0^UE2-ED=F7_W,:"&==56;MO-`UC9:&F>#%M)24S7CP/O_R#P[ M.!NVD,[#^O=[/1G'7LS`D%7:2$U--<9-WS1[ZK7J&\S,[@S/UMNU6V>0:0-U MLNWRU&^2MYOB[Q,LD-_O5B`1)*:(!.:10S^M+<.U6WAI#5T2Q^4BG;N0I5)T M:TW$88/B&%0)*`-T?G)[R0W&FM'5P=)A3\`2]]@$MN-AAMB"83B%;^-GXP19 M!JZL-\T6XLU\`2'&=I74'TN4X'V\.B.DRB[+-9V%FYC&@LDB7JLX M^@N<2V%$>($*F`\4VUKZ M",W)E8;%I9YQ;#H3WA1I1JJM3.NL%^9?+!<1V[+VLF)2Y/MNL,E54@N0`3,W MQ6.P8I&LA5K)4"G`PPHIK"HV[WF$657LET5)3D%J7BB77$=(+$:"%$7B,?L8 M(!WD&-2%"Y>O\*Z,Y_E12*Q..9!M!7,B."EW2CRO]-XF.CI.[6^GX59X M!`X3_.6E-9LE05EV]'$YNH-*6\B46]G+GRP8,]L:`]0%QZM,3HEWRA=:+82#!(Y-(BXZ2('&B)*@]+P+*R&*[81Q MN9A[K/O$=+@H>,-[QYA_"Y;7'.":6/21E,$NS#_]C*G04["J.4$MK2X3YUA$ M+1="#5C(,M/+DLG)M%T4E-7?8++-\ M-K/(JB!]&"@O4<&_I6'W0$DMN8!"+%0L(K( M.W(3*YCD,3*QOC&+J<7G;3,T%;[B>&Q*;!%_%MZ;>"(DYD2YRP3WXC&'B.P5 MX#NQ9D#U@"5K\=6(*R_-U+/TJ%0'QM,$]7"WE[*EX7ER`F<@& M8"$&XL^F;T$&B+X9<1I:[&\Z^\:\.R?P/6$%BEDPRXQX7`C"$\RE:*$,.1`T M/[L;QKPMQ,R0(W$X=M.S^3V$%S%@8UDAF3/^1UX&;[IG;]L=>\+(91;#LL^L M4?J-)[6[J_8Z*!V4-A=.-)Y-V.NJO69OJSL>]G357K/W!#ZCA:Y7?Q.KT^ZV MO>,S2W?;7A;U[NZV$YQ8MV+?9$G@E73IVI=Y[@_5X3%[+>^'[G2D#HR3Z2)N M]/OJ:#`\%73UT50UM*9+;`Y?LO3!XZ'INDDK) MS^73#;4_[9^*5Z)INCJ>G,RM7,:PK_;')^/S&4#=D5:;&9ZIJFQ*K'6-YKO) MG/)DRK9W"TXX_.9[MV>N<\?LN+DP5EDY'.N4',]REM3J@[J78^E3N"IV[?CH M*]@GQ\V<**`K\;`@29;-4)-C<8B[_SV.Y25U.IE&,%N*;[;V51;M,N@])@I. M90D0MA//E_RXZ6GR+8AP0V-6^K%8'/ M3)>S'\_7WDX'?2OZMK^G/CUX,A'P>"?:T588_^RL/SHS^@+"IJ%28.]\*UHD MCUP13=_#=[P:M/]K"$`;A]D$"9%Y!!S\;QFD9)AU.`*)1]$._WO6-^"+/*S< M4.N0OJR6%0%H_;/_FQ\:WTU'O/1")UR]A>\#T_T`&^OA5[:J-C0*PG%_,AG* MI2\=:@V2OX!=3#=]7,_-@/%/F3,E6;!O1//["_YI]C]]_7=S14"5R'/$[^+M M%U2`O``._^G%AX_O8;[CH3;LCR"9\8N@/[-;K$PUO?`C2M1*TWWW MX=/'R_]6WG[Z?*6>WCU3C;)OO#L3WC^+6GCR/B5[,6V<3G[ MOT0>HK!Y.<\,6,_10!_#M@:\J@%L"#N-E'EAAY?@IP.O[8N?;#?,Y?;!=B%Y\,IW^!_4I#/-2"8O> M1,T;E;P)]':3Z!;#L2]%NSH>\^9%8DGO M2\I1EM^V0JN%52V:G0V']9'*;-M&6$T;:-,U9#)`JF-0BQ:C@5$=O&\Q9O/W MX)=<@\_Q:7;-K$AV&F^`%+J16Y7-P.K@5(LX@Z'^&(QB+TI>4A2+]89DMS8V MY%[:#F<_7*K*;V!:1*8F-I^9Q9P[?.PC"QNBSV0TGI1C5`:M";RJTFHZT@=Z M?"=']V$L\A=9^^FF'90 MH/QC@!\$[ZI4'QKCQC!?-X-JD-(8`2-,\CAE3)ZJP"KO;6,TF0PJ@FO*V]'' M:PR3';\6Z,H.SK0_T$=5@;\UETYHNF2$V@XV=^$?9&>5-U'XT0__S<(KL,R: ML+.&X_RR5X7=`,:UK#"](&[KXLOGV"$%_L'K>N_`@L.>*>%;<(JPI]"_Z)ZW MK1S'MH>82#=,1P4NKP2W4503#MW!!U-]JC\UKA4U[G12,#:?D*J[U&M_;.C% M#=80LB+07G3SF_&]B!5V(EV.04.XUY(.QG@PK4+N2IAO;J9$US(]<.>5Y[@_ MO0C!+'V1P_T+7?V3HWS*V^>-@=E(HA(0,HOP@7JJ`82+Y+ZU*_+QI1S=6\OV MQY/A,+\"U:$?`.W*&EJ?3,9:XXA?F<&G`-,GS*:-#8Q'B9S'TOGRZGHM8=3O M]?M:*;J;H#:(YB:Z'AA1D06[$+?:_8?9CZ+CAL3;1%1&E*]\$6`#F)62[@BX M45:F$8IIXX$QUL>C+5@)8'MB]!A*8?ITU)],]\6I2E:W65*MY73WPZUAHFW! MCH>?9C_[OHV**SY0=>V[C?@E6M\PM"+G;P)8"S'JX%`#,V.H3XL:KE'$:ED^ MFB[25$]`KYW.?M'UK8I8G`=,0GXR+?-&W,_8!)M-)],<:CM`UL>O7F[*&(WW M1P\>$\&&YL+KVJ!OC$HQ*P'6`%:5_2U]JNEU\5H&#&\`!^L._A:7:P)[7BRP M!N8_X@QI`QPW`4^[@.%NP'NB6D^B]/6AMB>FEV:`QVUY;->],3DVDWL\%0MF MI0X&>V]HI*B5`GHL+E4UPCHR6B]KX#:"3*4U*R/+:'0LLNQ$IM^;[H?,.\>- M0E;+H"@CS6"R&1L)ZO'XU.<:(,_T``C5YYS^,G1B%" MF8%0#73=2,QX/)B,]P-=+P>MCXI)CN;FO`/V>#H:#:J!3HMU4-B(S%($@^O.CX+8)5[]3N^X/WAT\LFC*EAJ- M#3V_98XX@790KNY&T,>Z,?BV25>OWGFB3_1OFVYUY9`^T$:M8CEY=J:9JBAM MI!?JH@I`JF-0L\II-)[6@-]\@%S7AILPV19[KH)176DWF4['A\&HWEKU)X7\ MQN$IM%.N339P[PZ,UD\,9:OXF^`G8S!>6[SM4/=!LE[@>S!%AFO[]@F$"V"'9/,T&TT7C=#ML,L2YRM6@W MU*>[Y-,C4!,',07W_I:Y@[,)(VHWYHIJ:SLG&;\BY%HT'Q=MX,U@A0A? MX7UU^X;-QX-A4:JEH]>!6_E(VG@Z*,YX&V01B1!65$R;1E31N"A^RF'5P*CN MWM>&Q>W7&$HU'>ZB179X$NV,RM?`**.2L0P22V[GOFNS@(NPUP$.=>X"V12" M>QP$K8UB4YT#Q@-M(T:EE8./P:%REP!],#(>A44QEKK_29YI7N47`=0%7_E$ MCC%^#`)8UVGR^57@WSFP<]^LOG+T<@]5]:(-_;$Q M:0KK-`W5!$$'@]%P35RD(*I"KVW`C<>&MC_X>A')D3Y:V[H-3GVG/S_1UYBB M$OB+4'3]Q=#H%_^C[R$Z@>^ZP#A-&OQ:L5+LT5@T.8FZ+#;LC]HSB7J!7FVZ M)JM;N`Z[MMM@"[<_?A*)J(P;XC7"\0,-6^]FT5R#\Q@TZO/LL!#DV`N->EPW M'`T&TR/08I?R'$S&]=!H5E..P/O:P!J;I/8N3.J'/*<%1W!O5.H%XOJ#@G`] M'$EV%OV,-VWB%3OC:,7F:DB+AG*-4>9L5X(-VP&M3]*E>-CD^+6?PQ2\*.? MWY\-IJ3."G;U=HBUL:LKO8MGS@^$7KW`@*X;3TN\70B.RG;F8_#+]U%NZM3Y M9#HMD5ZEL/;'J7*<?9ID6'(WDCK5B MPF0WW+WPK&D(&\-FL/PT>^=@O,>SU^J+&XGE%(H#*X`MQ_.+?V']'3D!>Q-Q M0`74GFBJ2DD)NJDUV8+L1?"-HU^P5,]8;PCJ0M6_';G96#7"SR.[1\FQ_=`_1^$PK]A;; M#K(9]![5GJII!!MN[K4#LXVMLVJC]ACB-8-<(RU;-Z)2TNST4>"KVFB/0R"] MV@$[QB&TQHTR;3`JG`_>"78?+&N>@UA3;O5Q!!,N,92N8;^&7UBP>,=NFLFA MC(:%YL650.^+;N)8<;F_:RAEL9H,=T-?0SEX]1($PTWWKFIP[ M,X?9C5UL9:PA7`5NP\A6=B`G`ZT1=&=.V%C&>C@>K.TH.7XEN+5SU1.]<#G" M(P'7[(8S*!0Y-C7=73(6>X-6!5R^Q1HHNP441FL[9B.T)O"JNC%*I]'81>:P$YVW.$M M

ACL41CC,MCB$7Q6S]Z/"KT M82Y`J8Y";9M`TXN%E+5QJ-?-"YAG/#PP$78W>*:BS,HX,*KK^9EY+#!=[-)J M+QR/[AP.G;LF,X&:-AGW"]2I!'QOA.LG!W5M\A0(U_/#C7[Q4.)3TW=G#'^J M-<`0I>WQFCG=7SCK50[JT>C4:T*D%4Z85T-&Q@;>^$'@WZ-RV%M):H5"M!(8 M>R!1N>2A+A*;.AS5($6QBK(,QCY85+\T_)%8-'Z&3!],QI/"7MEQ).L0Y\0, M;:07'/3'HY%L9%1&:ZA=<_D?BT=PD*AD^&V8Q M+C:[>+)9[%:7FZ8PT=N^$%5F,1T??A9K;]6[@F'3%$:%X^J/PJ*I">RU&T:% M4KPGF4']G3`H5'*T:P$JS:!@7SQV!C^>/]P$V(+E_P=02P,$%`````@`4'VF M/O&9SJ[0#```T98``!4`'`!D;F5X+3(P,3$P,S,Q7V-A;"YX;6Q55`D``RA/ MQ$TH3\1-=7@+``$$)0X```0Y`0``Y5U9<]LX$G[?JOT/7,W#SCSHH'PD3L4[ MY3/E*B=66<[NO$W!)"2AA@*T`&G+^^NWP?L`2="21E"F\A#;[`:[^^MN-$Y^ M_G6]]*P7S`5A]+QG#T8]"U.'N83.SWN!Z"/A$-*SA(^HBSQ&\7F/LMZO__K[ MWS[_H]__[?+QWG*9$RPQ]2V'8^1CUWHE_L*Z9*\46T]H/L?<"NEN*'KVX)?G MM_CAE,W\5\1Q\G[+'@WDOX_'_7[\@DLDH$%X%+8P'MC1$X_0/Y[AD0724W'> M6_C^ZM-P^/KZ.E@_K7%8MA?RMGY#UY9_Z]KA_ M9`_6PNV!#2SK,V<>?L0S*Q3@D_^V`G`$6:X\*7CXMP7'L_.>2_$:6K#MT5'$ M_]/4!Z`D9N)A=@=P+X%#MO;]\2X5V@4-\'H`#X?RT5#%,]RF(%=(+&X]]BJZ MR9)CVUB<2^1)W*<+C'T-,4KD&[_^.HZD"^K>4)_X;W=TQO@R=*9V:9JYMVN; M"80M]1?8)P[R.AJJQ+L%'V+.'V&BN&++%:9"TUYU?!L+=(,XA?PI)IA/%Z!L MNRA5CHV%^,*8^TH\#[SA`8S-[RBDM#F!#'PAA)9WM[>PL9#_09PCZK^U"Y-1 M;N[(@2`4"S'%0'^BI$(>)1; MVX6H8=L\I(/E$O&WA]F4S"F90:*`M.8X+("\1N<3YA&'Z!A)MYVM)L=K["/B M=>P^4J;-H2046@7U+F3$S+6A5+-M)SLOF.="C7?SWX#H!+N*9V-!(,DOB1^J M!1GMBH4N`+6NEB,U,F_>[V-.7B"+O.`I=@).?"V9U%RQ,-"U.H$79J9[>'5! M*+SV,76QFX@E6^M4]L6-$5_RC>SQR.I;*1W\#/9QH3^%RAU^$A!E;C@NR)JR MV,R*&K-^_DY1X!)X_DM4UH+P'G,*`GNRH&:\:,987A^M&65+T#TJH`,QA&'+ M'*&5K*//AMCST[_(,OJL/[+C,OJG^,^_?\-^),T]$R)YBX>>L1>^N_Q\:(2< M%[[/R7/@RT'5$_O&X`'U`3)X]1RZ:LRQ\-MTT6LCU3?G5!>\J#KB3O(R^+'@ M4=6Q34PQ%#(]R];Z@/\RX9]QME3:/7X?>[^-89`;"!"0K>3+91'Z MBLE\X9_W^O8>X9UP-B-^C0_F'YH)2%["V-)VO:7W:>BT=KI9R[H?7V**072% MU6LI]P9!U4D2^]?*:KC;9QYU"UI&?6L`P-T M#T&3>4S)".VH[C6_Q":1A4!#C:>D^BO"JS1$TH4,3HR,W%3FV"<;`#M,^49KB M<%#T!8I#CN3<[H6[))0(GX=3"?5PZ3*:BYNN!F97*5\X9(NHGE.@5'BZ?RCJ M\UM!4+,M/D4>%H\0Z33`,`)6Q4:98F^65WA'ZOYE(FO$B'\PM;J6 MJ[_?H)EB5J\O%=H8_HKHM]DD]H&CQF2\XB04)NEI9X=KO_DMMJ4EH". MWK4$)-NSP@:-6`:2XLC5/?A/@OH"_24(.L%@=(DYQTC@:QS]K^J#.K'O+9IO M9C/L0.=SLW86=2+2KJ M<.USM;&C[Z9+D3IZ&3Z=ENAPR_@C7@4<SY9+1<(=,`Z!-3`>,9Y-: MAJ]"0&>"A8"2,EZ6E:5CN->SL@-5+S=OV-X!.L&&&L?^8>80"\SA8.R&`XH[ M(0*Y+[`UUMMY#A!E#:T,7XS*:P#9*NV*I@O&_2?,E]?X6=D9Z_$=.*8-FB49 M?#`V$]@:`T2#_G?6TDKF'ZF65BIH=BZ._?.)73A@!.A?XDW_6(".T2Q(_$0U M%=V-W;1H;G#FA'ML!`JJG6`Y>>SP>?1@=V8;B>Q"G-]^)E>)H MIT1D=`H#\Y/F3F^S463-!,"$XQ4B;K+1.[FA)+F7I#KJ;V$X,$AT5$IA&A\= M'WUH+DIV!E#ADI):5!17F1PD%`4]4ON?[=#Z.RWR(W>*YA+N"7HF7MT\:`?> M`X.WHW;))LY!`^1&+6V`.<``_MO$0]'%8?#7\#23SL)&`[-I,+]G6:-!/1V< MS0GMT!CR@L5;QJ]9\.S/`B^9A%#7*@WDIB&K5[TT*)2K9SZ>'!^?C>V/S=%K M!JA?$*&R('N@\ES/PZS@K4UAK,MX@$#KJI9!;MLG9Z>G'\Y.FS`_D'UC>FN6 M&[9W@%ZQH<8Y9X&QY_CDY.-):TEG4!67)+I'[&#RTGGJ/<]V@-CK*99!O'UP M:P=(V9:H*%GE+W%3#96:Z$U#IJ76GN\M!HH63/R[))WI*_;J/7\7$-V8)K2.5&H.AD=I,+!I%-GOC M;.UP2AT9S>2&E5[-PAJ>HI)OJ*CFX=-'AAD\$\SH?%0>88([W*P=+Y"?+FLP MNQZ;89#H"6UVCLKM3I'W\]?V'#5TAB%2(Z79E\'D]BK(6^<47UFIH-'.8H(V M]76(BFAOKJ1K_\3)5,(;WN&E([U+QCE[E1\U:QJ[YJE,@*5M_)J7U_B)A-)! MD_:1:YG08$3J1-[)G$+-&EXR8,@^D-=R'%&;RP3#MV8H;6UTRD@S%G1"%7(V M:"]4:H@/`L`V)]%)?%$GB``@[_O"UG;:OA@?&!;"IM=_&IX$Z?=<@F=6C&O%ZP^'FTI%K7T2>YR1C`N#4/2Z]48EE4'85>_=5A,A@G'?'-KFYR$H<'8!>7CA$E3;ZD%=MQ8,QK.S+F9W:S7GA^H'Z&T,)I2:-0/U-M$UCTR9 M,3ZLWJS3.*E21VLP7`U2)PG3S&ZN=,%5J`?RKCPD!)D1[-8#I+1YI:T6$-LYAZ#)HEW$%\M$Y?Q75(U2:R9U-!@:!8Z&3,-FLYX&-/; MY"X]3@>1%ZY+(H$GX8GS*[0B/E(M='?B-KCVZZ1'IP/8N]YE?LV@:L71IA7J MAU,!,\:7A9M>DDWG;V^Z M/=[ZN?"&7[:O3N@NM3P-@/.2W5G4G;$S$9FTXP M#T\C5H4;EX5+6"S@L6*F;8N5;"?)%G341UHR,4_+8B9-A,X;-F)EK5C%DPC; M$[Q\Z6LFX,>R@.4[7K<81O%5R%,\CS[T5AOP8_NH+%;";,7%LVE>,Y`N+7U!+@:Q83/)9(:-5Y-QZ/I'=&'][F$W) MG$)%[>8*CW2KG0J.>XP89?XMRWL->;D!E MS-BL\L'GST/)_`Q=-OSR?U!+`P04````"`!0?:8^\EG^(XTF```@U0$`%0`< M`&1N97@M,C`Q,3`S,S%?;&%B+GAM;%54"0`#*$_$32A/Q$UU>`L``00E#@`` M!#D!``#576V3X[:1_GY5]Q]P>ZG*;)5F=\:;Q/;:3DHSHUDKGI$FDM:.*W65 MHDA(8LPA%9*:E_SZ0P,$WT&`E$!P*Y7RK-0-/@_5C9=&H_']7UX>/?2$P\@- M_!_>7+Z[>(.P;P>.ZV]_>'.(SJW(=MTW*(HMW[&\P,<_O/&#-W_Y\W__U_?_ M8FQ[V`'_?UJ<8?NK#7VT)WK_[:V(HSL$%LQ^>[9C7?H*GCV,5I9VRT. MF?3$M]8>^R#KUW0;A]_]7%Q8?W7/`-D_SX$KD%Z>[$&_J47AA^![TW_MX"S\:/.&;<_(0]H3_33Y^@T#H\V*:MD);.$3OB:EL M+6O/&O'`$-ZG.N][P[<*8LOK`C)13)#2K\"."UAQ8NP<+;32\)NRAX`MT$:A MV<`N-.B!801A+?O8>@G\X-'%T;LR>M+ZM^^Q%Z>?P,OX]OSBDK^,Y.-_+F-" M[1'[\7QSZ_K$@EW+>P@B%XQQO([BT+)C_G!*F7I\"]7W*3/0'H=%>E9H\];) MGY*WE4B\MP/B:/OXG+;(U3=A\-@66X(D(*_96G?B4R`3XB@XA#9N]>/G.20O M6!T,Z6N($G3#V#__O'SSY^N`6)\/'2#Y*PH\UZ'=ZY7E0>>$ECN,XPC]@[?P M?]\S`*:L;QQ%!(_$SLI"9BRJ'BJWG6:,VJRD`JIL#TR@X0<_"3PR&*^#"-]U M1KE<3E9+P[9XYUIKUR,.AJ.Q[RSCP/YM%W@.F6=,_GUPXU>)E:JKF['?MO2X M97?EIC==32=+-)[=H.5J?OW3 MC_.[F\EB2=C][?-T]>L@^OOK0QB2D4VIVZ_(FNS]!<"+@X`$L>:QH`JQ?D@8 MH41R$&.#'#5':U'YC\,9*]2,N4G!^'@@,6MU['WT^7)3R0D/Q>0O4S) MM+U7QZ&I;WL'B``]!"%=D\1QZ*X/,<1K5L&,V%_@Q^35$#S;J1]C\E)E/G+J MAYA:>>IX5=D:5><[TKB:/?%+*?M,W4QNA-*'H.0I*/\8%`>H^"#$GV2XN^CU M=2%,GS"\+J9U=S$\UU=WXP&X9$OWJOC2@S6`D;85K1OB2?@%70?A/@AI_!U% M!:;,-0:Q:&I<)9E=%M6O@WI>^`A7.EJL,(:]@.8U30T@NH.0+&$,&]4\WN&0 M`871@TTY!38FD#5C)!&#"9Y1!D M+AE[$MPXGKPDDZ1/0>`\NUZ9:3M5,^;=AA:W]BY\M!F_(H&R965JF4/@&)VE MNH@KOS4QK3B>E96P\G'%OWOV'(EWF/8`D97W;LD-ORO_RH0I=H!E,LJO$MT? M1%2_,9IO)HHOC]X;#]D+9[EV(6!OV")O\`83.,[*>DG[[V;[;-0P8ZT*)+CM MMD"OS9*;X5:6XHDT(N+Y&8!12^](@5@L-FWQ4_^)H`S"5P)9.`W.BYB:[E9A M9M-:,3Z-T]<"H.J$+OF:&J>9F:@20->X!8YM.SCX<;3`-G:?($@H[72;50S- M$11HI%.&%OCUS2":`5<$S37[%Z44/;(PVPTXT1!;SZMD3J`58V M0T#L/"9R*"=H9+.C-6!7#+AG([ZVHMW8=^`_L$_S9'D`:AQ?6V'XZOK;GRWO M@`56K:AKQLQ;$>-VWXF1-D=0I5#)7"$*M-ND?^141]"'&R:=D$&&/ULAJ&5MAW".O-=ZZO@^_EUYVDC[NY,R&DSI8 MF^`KZ/+D:L;3"!OIJ*:3YWD8ST#IDG4CFHB=J/&A9+8<\VI.F\SVA26QU' MHFDNTW7PN`_Q#ON1^X3)H!4\XKL@@GV>^69EO8CCU.U:,1:Z[D(V%\T^AJ7. M`'=+6C7Q8MX"8BEMA380:P2=03-O62(260.3M@SDDIZ4;$#)V@6R+FW$L%\N M<&RY/G8F5@@AAR@'^@9O7-L5S;!4%,UXGSHE[G#MN6CS,27P94OC2HAKH;.\ M\26*1O+WCN.#$RW#3O(0)AD&=%AN"I#72IIQ@P;0W.X5T&HS]'IX94M(I5C) M@!$+89,U>A0=L)&P:%O<="Z&SO96B)Y`&/WNW<7%)<1U4;0C\\OOT.7HXN(" M_L\^B)!UB'=D+?,?['R'?#*Y0\$AIC6^B"N8W@(EP^"CR_:Q(#A,EE,$%/9M MTBAHB/:-9%J&=HS4R*1[1>U8Z-LEDL*N5B=*-=@V45['R.;"T13XC"JGBFG81.&',!=[6#/@(%@Z=]&BD4COPH8=?F$(U@ZX_2%&H5:#X!)/&% M#NB]P-^RO()F5#]8KA$=* M/)2U^K7FEF3`I!55_NFM^SD0T0J/.#4VZS+9LI/ERJ(]T]9B]DY`IOK$BFE, MZJ2L%I@LHR,Z%!`]F"/QI/=]LF,3;)"3RPK.N\D(/>]<>X=("P$2"D0(,OQ"AV;^T>JR9'3&H>5YK_`-<52P1I8$",_? MAX2NN_?(>(NF1!G9'GFVNW'IW#EY`,#+GKM/RC&."!MXCS@DC408IL\>005( MX#<3&0!]!^QT!.P!!/!,SIJ]#"I0>!OT\W?H1J%)AF*-\T2L*'T$>:6YAM>\ M9B[]31(%5I$6.,.G(6:K^)I?!!(KL]="?@*P?G\+5E-+_A7463OQSHK!9/P@ M3I\`K\)O\9P16&JR55IX7O(F>OG80S-FG?M!]2"%QP02R4$<<5!' M/8Q^.,TYOPK",'B&L+@H3Z!.TO#1@RKHRLD#,5I]J0*U\!K2^#,YH\<.&N%F M7Z*#[T"TP/7IM,DF"JC$`:6U5%KB^TV@"U M$IODLH@+&ZY)UPT\3H1-%V;D6^8/.%S"QN"-ZQWB[(:3DI$+IG7(N[-\#E$%;.GLN:-7@29?OY%&OP,QUEFH<#02S)F#+P6 M*#?L1H3:#+H,J9+\C^-B>FF?V=Z-=JV"/(D+?UD6?,2IO0[M#,`3NIS%.YII M/Q[5\1R9W.L&0D>G&%?;P1GL<02IN,E`K! M%R.E4M2:(Z5U,*OUW:C90Y7$1!:=)=)Z#E8T>JDZ;IJ'`!DF`[)I\+Q;8BXL M[_=`>H4D^A;XT17>!"'.Y5"4#_:.?:?8"CL?>8_C7>#("W/UBL"D[_7ZDHO^ M;.3M:NXC^GJ=@GXGF3W3;,4,`LHPH#4%P8\RLZ;S==)&*.O"(*MD\A*'%LVX M@B2J:8P?::H)/9P%QQ,GFPVVV0;0]8X@PI`MA\99YMY#FKDWZG7Z(JW3.8"? M*_DQAE"0EDQV(#'U]8'@!&;`90_PQ05JFU6,S?^E-'(K`F7\.M<(38"K)\:8 M^`A1!9H3F*H8*WK;F<0^)8$S$N:O8.`>GDR;A'.$DI2Q*TGJP.9N'VE"J7$\ M+,.JN7V#W>:7B!QGN>4?.P/WWLI*FD!ND.0*VDX40&\6Z``EIM MEEH/3[SS7YAK&4U84`0\B#5=)0"3J03\F M3R>2.8W33"RZ&/Y1#/9AX!SL&#F9INFDB=.&ES&&42E9QUICA"B2JUOZ*R5B>29;(?S6N;XV45E$W? M\A>261O;81+X34'"T%U_59#I=7]B=-K,O`BG?(O8U_WW^"K8]K78^N[+ M+0]'"S*T^`0X81L[`BG3 M5LF/DLPW<#/`K1<\R\YK-*N8JG@KIY'5OE7'K\^2FP%W.@A$KW:@+0WG,!#< M3T5@D0[ZR76P<_7ZF9"8^ND"=6R3.0&[]J#9ZKHT9"SGL"/E7-+AD5RUV6TG MD&5H@#9 M8R"W,7T0JF8ZDZ^_K#[(S"L,TU?H9WG32;TM>H74/O?^AMBCD;<38BO"-YC] M-_<^KJV]2Y:6\D/NR@T8RRAK23&7$-:1F\;]ZQ9D:O)[J!(ZX^IO(2TJ\^:D M"<.N?!3'7+I74LD+@FR%$GK\CE?[WPCOQY>,0%>=,>NCSL]QY=QE@> M7PQ-_4T0/M*$,-ER5%7;T,JT';ETD=J-E;[UJC*-2D0FIYDM45%.V;`SGHB: MXT:V%T0'*!$.U5SX9)_X:=J6:4_C]"`?E/S) M2*%WB.P==@X>+?3D!_XY?4%NX05MTA]!X)'MFC!4HZ4#S;1TRQ'\M'ED2T*50B]4'48/W@!:T'++ M/A(ZJX$:,*I-5(;XSB&E4#NV0$8DG7KV]IIJ>DS<]8KC4_/-SLI:1HZ0:=.*CU(UYZ--B]3@U\YD99H09^?ZFDZKRH_J$13XD_&+95%>\MU MAEQ>)J%W&X0+O"?O;T/8DW-2F:=28YI;(OJ7/1[DJ-X(6> M!+>!9&HT+X@JLBL:#9SUZT2GR,!F#*(Z!GVOOUYL'$4KZR6IZ0'GSWF]0^S` M-<38CVBP5WU">&2;AE9HIW@1Z9+ME&]`WQKN2,J5]0YMCQ:M25IDB4&TS7-V M^5"^U5%_\TU)W.74;P)>P3IY!;E[B=CMK'%HD<;H)5W&A\HPL#%V:-4)N.06 MKM%2&BGE>L;J-J@1RA5O:,=$WS"I`+VF`@+587[&M4X[2'8NY7`D&S?'9D`# M9IX8&=73J71Z6\8-7C=4.E'1->\Z4F)U[J/,J!<7:J+0;'AGF2JQO;^HX_U M9%I&'[,-]@%&']49TN@C#SCF-\6'%F]@QYGP\CS/.IDX@7V@*9L0;1S:;V7\ MY%0"M'J%NF`(;M7"4,Y.24F*#T\IL],V"K>CHWA\BMMGOD(UORQZ&,>G6I*D M9Q@IBV%<'ETE=(,W."1S]:2(B+)_5?2&XE4"0F)?DC#IT8.JT!7]ABOR>C3# M\!4YG11W6(_;N'>4+HEO,_H4]8;B'0)"C2--$Y-^QY<2=/51A2H.;B21T$EQ M#W7L@,BK3QXI#HU(=(;B%35$Q![1P*!';RA"5O2$G)*16NQM20C1&C=][IL+ M;&/WJ=/8D%<=BB.(:C)RJF2G@T918J;T&'D=D M==PD6]1PWZ,?TS.HLEIY+?0,9'.T(91FO"1LLY;)F\6E9(JW@2NST!DNE,`6;.&S1(3!W'60\LC* MPZWP2WSEB<\%-JL8MJ(&&A434L#?PUY>$^Z*#+M#/X[O/$W0_&2\_+R;WD]FJW]Z^->;,"W(:1_?WISW0G4MT+E3# ME5WYHJ9J[#BW,JW<:>[6?+19FB*!LL'Q9//AS*-+F?3JLVD5Q2$85Q.E>M-2 MX:*[]U7B4+&N\6(QGJU^[;7/[82T?/CBE+/M4^[L6J$/M0D><$A#^I(>5RQN M:#]6`C_=:E7$K6\750RTLD&:B$)M;+8K.IR^M$Q#UH4VR`_#8(0=IC)RW?UD M$^**Z8P7L^GLTQ(]3!9H^>-X,>FUHVP%M<;*]00A/@6!\^QZ<._X/-[A<$H6 MFO[677MX3.\Q:HI'J.L:"$VT)99&*505^PU8M$-5O9L[4:<[`[0!E+6`6!/& M`QE]<.1MF-X+R7$MTU2?@[=MQ,RHTHTJ'VJ.XZA[_&G-K6*T\_G-+].[.S2> MW:#YZD/85\U_-KW\ZOQHO)S?H>G[_,)DMQZOI?-;K4'%Z M6KG!@96)S?PZ:1315D>%A.BT=MB`!A0H)NNRFYWA.I[`AXQG[-N%4+',V=LV M8NA"MTY4TRO=CN*HVW-;)=SV>KZ>S39'8][3D5XG@J M60/L"JQ\$SWD2_`J>TN\!1"*F9@J6@;"$^IDTL"$7*7?D(0JGHHA<464:`XJ M_5(+*]/1A@32`N\A2]K?J@]!2IJ&%CKJI-+53GLVND<8-1858_N\G,XFRR5: M3C[!X(*FL]OYXK[_.6`W^-Q%4K6!A@7&GA<\0YW_VR"\"0[K>'/PJD?1KP]A M2-@(/*AE&V9\J1-1[E5',=1FF6TI5:H)<'U:*9NW4%TF0NOL,FS%Q14S:5O=*&6I;!TH63 M-M]3)E%-#.$'_*GFB*SM0T3LDFDGN7KIIJB9VRZ.IA8Q:GM"[0F4!N5,%'XT M/L2[('3_(ZZQ+U$:@O.(J-0[C8Q#3\Y2`UKJ)$P'94KF':,5C<0A(D;#$M(P M$,-++H1J.<0H:9J+UBF2RH?H6K+1&L62PZ\+7?$+QP8XIAQ%:F"C28Z+XE#2 MJ&'<262#2`OT?3B%0K];=(9!C!V="`Q_U&!/GT@,Q_")XH='7H^[/ MX%.8*L8^0DQ\$)8N0UZT4!F(K=?0$!I\`_[^ MK+X(6,WTB?K+[&`F]=V!;RXYGU M6%X.B,5ZWG&4P$W3^A6P:K-N`?<.66 M)[&<*4L0`"Z:@@2M9ENH0A080R*(J"0BH@;-@=?@69$GU5A!\>O^?_PZ>&E6 M70,V;3]U"9"PI!%\/X"?E:S'W<"9^,X-6:(W_+XE.7,_="W@\B_>B%;[3U^& M*+0!)HB()`)1@^8P)G@4Y;\WW_?_\M0#3#=LF=-I^[C*DRDXD_QZ! MP`!\_=:-;,O[%5OA+?FD7*JY4=*@EB[SU=A"KV>B2*0151X,*;! M^B,UXRC(FC:/&N#U!M*`NB<3*4*5&4DR0I@VDR3=(C-R\81!+-J_D58LB"U24HG/\&&HBKL`!R:-Q^?@Z\@Q];X>NMZ^&P;A`2R)FR M%P'@HIU(T&JVCRI$@5VD@HA)&K>&I*M+DVIA&[EV9M(L;BPBU0B_%)A2PJX[ M/B4"+`I3)4-1EO7,-(P;#K7?:S(@;H-0'+HL29DRDUJP1>MH1*K9*,KP!+9` MQ1"7,VX!#X>UY]JW7F!5#E'5RYCZ]6N`%G_[!I2:?_DB-,'OSH00E3+^J[?8 MR%55,C9XM-C,;<]#]T#2;E.4#R=U>3P-V[L#2"N6)PI(M8:36-Q@82U9:#,O M.6S5W&+#:0/'$#&1/*#B(+1$U=BVPP-V[EQK[7KT,K3FTV0R)3/NH4:%>T<[ M#MJ<0PJZ;%*LIEBB@7(J1@^`M:;!"7B9L.ECE@Q1>EF#S`D:Y`T=GY012'?> M5)'KVX5K@"JRE/P5,&8/.[8`/\W=$(OVUNL@CBT6:B53-I9W[5E1Y&Y<[#1; MO;+V(,INR\@):F^KLM(X95*E(2UJG>CJ]9C&*Z.[D^&NOT](/2=-&$\]CN+Y M!DH,0A&;)0Z?7!M'R\`3Y]>+%4RE'\0G1U'_"4#4"KTPDNFDR'1HA+FY@)M4+.OD(NE1S"JG=&FN'7@#/\R76$3:O>!B6# MJUXIE<*J5YF#WE5O$^CZ56]>@Z\'SA*EM_WW[!U98/;]"/G8]!5GOV!WNXNQ M,R:.;FWQ[/"XQN%\4PEM26H0MV_&C*]TIVORI`['*O3U)$RAI`[%& M8#)2C;Z.T(WK'4!:LJ\KXO8[)<_RZ(HKF_ MM#P\WQ"49`H:OSX0[/'DWP=W_RC>EE%5-G3Y4BMJZ:5+G3AI/\AQ'O+=9+@2L2O9V,7.I4XJ2@8*+>O1"&MM-\HW6^1?04H M=:E/H,.C76PK)J`!L'K;T&SG0R72]8J`+E16.PQ!1V3OR*<8.8<0`AU$#87I M:8`].[Q(NBSXG(4^P*US*6OH,?#Q*Z)OA8'"+61E M?5-[RBT)9IO,'9EIW'56IU*3U49UT!G7?@L#@3`UU='=^PTM.G>'XVHIV M=.7J8.?J]7,$&8AL`QXV..S8?:)`)5MU71HRXVO=*7.G.YZK-N_K1*YLIJ01 M!*T@W@Q:OZ*SSVPGZRU*&T-9:X;WZTY"FU+>>,$SF3\2BR%<.4\K53>]5Y?> M,QF,;;)^#G%A24TFZ[*`3IL&#,4Y6U-,HYZ=N>F+@;8A4YF*\:L_XP`EZFET M9\3".R.Z:C09XSF.(<&R@P&?+`3W*;,]#5P!,2PB-HQA\M;UR0KU!,-D8T.# M&B85*$N&R19<^QXFF\FU'";3Q@8_3+:C71XF-RG/X0R3N67N`UG,BI>%12EC MB[\ZL+DE7A-*G0NY$BS!(20J@D#&T'I,#28_*U6%V;MQLI3E1LO,BY@RRRK, MS";%^#0:9`&0,!/L(Z*A+R1HK+"XQ:90$D&@8/!@2".%PJ$0)>S:'*<1;/TQ"KX!,N''*8P= M<&T%OF$[V4Y*LYT\=^(FJ4*RP$_8/X@*&S2+&M@2E_:5(#L<"(K+!#^I3D9FE"+`AS MMTP3=P11R(986Q[-=(AVF(S#CA5C2'[:!S%YL$O&;FR%/GE`DO3P3*:1R"># M-FDKV/IP*QRTE;PU=MC$WP3A(]31>G;C'?HT'C^P2.'SSK5W"`Z?0#]A0QYR M'*`U+K45'8@4J)+&`A^3Z0&[51+`^J1ER,A*#\S9KS9<$^YND!?X6QR:WBW. M%1PC\PCO0`_J.&1F07X+RWN@N^#)G$,TKVW3@O'[O51)UESWU9:=O@EN*SK- MEX&E#:"L!3JY!==(&C%\.UAWCK3>%SI++T1%OWMW<7&9'2K[#GUS,;JXH/^O MWA[Y77+''IL<9)E7']'EUZ,_7OYI=/'-MZE6C.Z)0>[0A\L1@K&?*A&Y/WSX M>O35UW_*R?WU0/J(#Q=4[*)R8/:H3*O`QMB);HGMLQ32)2:SF;I<#P5Y(]E7 M<@*Y/"RQ<-\963(D= MM,(O\15IX[>Z-]HI7+?UQ._=1!%_G M2:".,GWTCVR4[.1;@LD3K"==6F,+SOA'A_AOBHHI.%N?7?CVK#[FYS7AU4H;^3(R8IP-1JY$9QQ MQA'W!:C+R5"117J&*8/$$4F6K2=IV,CZ]H2O)+<0/D&K?:^83P:YMK11Q`[^ M9ZVS`K7J'F%\):[O_2P_W]^/%[^B^2U:3C_-IK?3Z_%LA<;7U_//L]5T]@D] MS.^FU].)L76\/NZK'3$-[&%:V=7!D1VZ:WIV&O8<$[/9E\TFRMF*E=G*GMM* MLFF9'>UFD4'3H_%R1^"LQ=)4G$#:TI&N$GJ[?E#!K7ZR)L)9M[W8Z M&\^NP;_&B\5X]FER/YFM]/B8<&VFBI4*GL=$$H'HT6LN'69]%81A\`QI`++8 M6).&80,7DZA8N1R]?KNIA5LQ].R@!UPCL,5LN3*8B%@^4+S`'FS[9.$%F3&I M*INQJW;4N(EUXZ3-VI1)J&VJ#,;N;G#H/I%IQ1.>^@31@:__?\3.MG#82#TX M>UR39FST%*^!6^XI^>N>*!S)NY(=.%E,?QZOIC]/T')R_7DQ7>F:L8O\]-2$ MTN90KCTZ`T]:S!\:M/Z(N?I&$*2J['W6<,JIL*ADS:9G_V=K.A!907NH3"`L``00E M#@``!#D!``#M75MSX[BQ?D_5^0\\SD-R'GR1O3LSWII)2K[MF[1:8>8D=-\+^,@!Z8/PT\$Z MBAY^.CY^>GHZ>EXP_XBRU?'IR38Z>0^\`^L!Q/C+JXSN\=!(!?HI>'@"?"YX\K3D+.7_XSP"H#AFX>WR,\"]`0[>VB]WGPNA/=``/Q_!A\?\HV,1S_$N!;E$ MX?K&IT]A-UE*;+W%N4`^QWV^QCC2$*-&WOOKKS)/F@;>=1"1Z.5SL*1LDQA3 MNS1J[MWVS0S<-HC6."(N\CMV5(UW!S9$W=^3@>*2;AYP$&KVEXROMT#7B`4P M?H8SS.9K4+9=E"9';R%^IM1[(KX/UG`+GE/N,2MM*,5LNQF=U]3W8(UW_7\QT7%V M$4]O06"0WY`H40M&M$N:F`"L=;4,2#R7[[0-FB)OC]3-?Q.!0(;V"MI"_;#E35M4%,3=O M%7ZLF$US!Y-1'#\DZ[U#=TW\PN*6C&Y:.C3[7MHJ.64P3GPZ.(6M:QR"0/2! MB\Z7EJ#*$C.&O2]I%TA%3>2$7>B"ACBAY;R$@D^]P*9X0'#K"\,KXL?1UG%+ MT$HI#0=6*G<&ZUE?6",:(=]H4&$/0EP-2#.ZD0&:29U[Z8_6P?D-1VG7?*%A M*("Q]KGA\-6DS6$[/;(\;HDD02WRY_:#BN95&+)=/1N]Z(F;AL*H(CV6KQ`@<8 ME)>NYP64AJ,IE7L+[=G$0F_<#DTWT&7I1CR&P2C;'\!N\P(O*<.E\-A7$B2" MY^,5;."KK:0AAJ\X6E/XY!%(LN"'Q%J^T[>/P@*_4U]LK7KRHZU#5MHGF3\+ MC:]&8;R!U.3=@GAR=G[2`<9ZIR8R)CUS'.`52K:+9J!8A"F4.P(AE>%H"F4N M(7IR_OZ=I:[9B#WI1-:&`[0U("B-J>TNEF;>PN$.,(#^6\.<N/!;9$_`WIB']!SG.Q.?X8%,4/\\'KJ;4A`>"_QLQ(YXKJ,QD.OJTAF M`S8.V3\SF)_2':\`Z'`->3-Y];> MD503'>Z2AM'MDJ<,\0/R.6:/Q,7AG/JBLRH5L>&HJD3/`'YO8:A\NQE/^TD1 M$9>3&@ZM7/#2-N?T_/3\W8?W-KKPKYBLUK"7GH)P:(6_Q9L%9K?+Y!`OO(VC M)`><)PC)\PNZ-V&X3717*+.5=S9F(^CVANQ`NR/_4+;Q6D?H:C2UD_$W9#%9 MDD>C1_1M1MZ"958C5S2SFQ]LM)LDX?P;-%.-.LHW[VT,AL\S;>*75B#O/^S] M7._C<3U]=)])I:4+/%E[>5[IV:OR2GE[3M*@$;FEA7`E315+*#7YD+DR7)P9 MHX\$0+YX^050^!P4,:FI&Y'')`59H=MK&AG*<75@*Z7,=-;+YEE_ZOTKSHYN M[^D==FG@$A]7$HON:7]SVL_7#&5PK_>PW`SWTQ\V&^H\?GCP$R]'?N[EI3M= MJF%:EW,,XY>V,IDM?+#1%G+%>9(C_)A&@[A/!-[V;E3A'U5K[?)N.Q$2UE M\AAZWQT.S&B$>M>!]W9LP2)+V(91=V,'(""+1F`)LT1:6*XQC$)\A=/_M0U" MQCY>NY!IE)N'G8>IU\LE=J'3KI_=-;^+?0?=>!N(>TA@'-W8QV`7M9F'LHM]!@]*N>O:_6#S_E<_YM`KFC?FH$H7+0V[ MLMPL-,'_(C#^J>NR&'N@HQ>[T;;43@7RCKP#'KAT'!\YTAV5LS=-6MH'I6L\ M,_3"[X-JS2\*[G%92&?U=I6K:>*\T>R(JTRE+.%1RS8:/#981$,IB[.LA?[` MBVMU'2*J/#:804.I?#CHOR<9AR7P,'``7RE>.[;0VV`!%84R]#M>7QW/O4>Y M`\`.#L/6O.M@4&:SP1I$>A5&T2VG9SQ6D<^%^N486CELCDJT*F_SDO+ZV<70 MA^@YTY:7`\CK1U4K].I%)WJV9[.=]>R:K@O:\8Q7XDX097]("&VV&IG.Q2QF MY^7_*PPZN"11%G[V<0)IX$TWE$7DWS(+T6.SV5[T>J"PGAU4*S+1?(RO'M8_ M0BXH+&;E"N5G1`*NY6W`K_;>+D%OZ*3H9>:C(.('D$F%!0',NHPVCP:Z?9`? MH1SI9P#M>7TA.469,?R`B%?48L@>2G;0PC&N3JZ-1,;2?GOUP-A(X M*Z\J2#$4O+TP1N`J:A1H61J+$'178JSI`*P7E$ M\[MD);3-9^YQQ4G9R!@RL%ZCUZ[2(4PTEAEZR19,4Q=6+[`SSEX&PB%T5=JA MV2>B"BC=V`W;&VAX1+$WZ*1G]WL`[?///4^Q,,5J]#NTU]`R9HOIHF5N+Q;F MX30=5^V*!L9\;)%J5=> M5\/&-2YTA(NQEQ3;OH--X$M6@V&^IBRZQVQSA1?"$46/S[#!1,,'2D%,'05M M3@8O=\'G,(SYVX3@8G2SH4'R(E^+74AX[+`)B7(VU^#1/R86]&FO$WEA>^.U MHYZ*VUQ1+E_#W5`&HV[,W#5T2>N@H\$T7FO1T:YS'8;Q+&=GQ=1[17@7!E[C MV1"%22BYQF\32O7>:O1$;_;IPCQ>0^FBI<71D\I]'"(*P#8H!MO-=BM!U'C_ M*Y??YF![/L9)L2Q_/#H@R\+;O-;+SB&3=`&/1#%H#58<AJG`_CEH:K'DG(-T:47=%X$2UC/[])(8Y&*,AM3J]2:V[@ MW3-I&LXVY)(FBLTQ6+UH4:=!;]@Z3O-L0T,QU6/:)4CZ8&M$&%*0*]AV]-6% M>YSVT5G-/%K0_V$2(^>(^C$@K*A0L"(+'PN3,85'ATV>$=M&NW*919Q_AS3; M_=<2OT`^C\S/U[@$=E%#?*)90SQKQ4F;,:UR>+:&1/Z,AJ2M-*T6VW#%H1,; M5)5UKA$8<,[::[#:?%Z:Z7O(]2?-A@P:>#;K!EN-"^ZL"V!#69APM M+4JJ-,_752.U]I9:D>50>72].;,(R8P&6"RRY7=6F\4F^*HR[2C1`*TD-QI> MM>@&QCUV&A5/"\R\B-]+K7YL-(I54:U^)S6O\7&/GM.N47JFDMIH2)626UP2 MK=(Y;8MAPS&LR6KS&E@:/1./K6IR,WM M?#E&=LZ,]2@EF.7UL^O'_+%+!7QZ;&9"JR>[ZK!G[*"7"@;PDW/IM"FA,Q-6 MB;"&50??^:)'NMHQ%:?::4CO)'[S@"G=WH<9/TD>7E,?M`WY[!^]***V^JQC MBL_K:V7SS8Y2+[2'[U7$0T'?U:X%\+^I$'\1!;V@C-$G6%XHP[ME*@,@U@WQ MEL6V/6)?JR_>'MRM$YJ/JTQRRX/WS0[2&I3'@*A(:N.&74EF8A[0S*N5$(\)^S9=;(Y3\-N7)#T]YND"-."I>!BV M'#CD'*+LB#:.L4'?JI#--Y":W02#7AJHF_%RQH!<%#&RB",^_-U3[A?00Z`/ MR+/*[_@HD_9V^P5CLZY=ZV_S]KU3',?,R,T^O$EN2F]CDS_+-4@Z0):U)Z0R MQQ#DIY<"L>W.[[G#$2(!]JX1"WA0`_;#\2;V>;8ZK,")*WQ`1X?)?+1UM+`Y MB62K;K+@YB5B&%[C("2/>'MK,*F@"=LN<=2G6POFVT1GE7;U%H%YQSK-3M.: M^,>`LDAJFR=MC=HVYA2RV>^Z35K1QL(3\]WTY-[VD;::V*YZY^UF#+PB4V!\ MP8AVC795I\4\`Y`\_B`_BFIC,`#\EF.I-@V*;:;D[=ZQ5UQH/F*O/$Z6T9H/ MM$+X#&-+2R0PZL5N]"MB#`4P[/%N0/ZEC\*0+`GVY'!K;F,_J_< M&#JZ5]_M:AG9)<1&7UQ1";XS1]\1N"WI!G?X$0>Q;$16DYKMDVK9BTN`)Y8F M<)7J^19[D*GGD53#6?(\6U8$3G*ZK,UMSEY.=;:LK4ZQ'/NP_V?(]E^]YHJZ M,3]4YS>R@BC9D18U(XMNRHK9\%(V.7WY1Q1X3LKLE+EW,@XIQ).<.G;@VXOW M!31(?_,PJ7L?_.FW5)X[O")3!D$DU^P>ODD`1/7C4?5_5715$&??2P1= M#&881`$%O2L4J<"HT8T2E9H.\D<.!D%D"B)Z7,P;'ZU$D9'JYZ-"H":[XB6! M09WAAH0N\O^)$;N!OXBNL$@I1P6'5`M%R7X#@$G]5P^:"NV(P:GHD<-CRD2> M[::W9B2?1^2DHP)'KD:.C6"V'W#9^ROV_;\%]"F88Q3"QM#C[XQA)@"HA7Y4 M*+7HDD-ERLR?BOMWZL?0K^SEAOB8"1\X$].-$)J&#L6>T2A(,F^_PP_\\#Y8 M\1OAPKE'33Y"@&2J%->NC,(IL:)+&(97E,FW]C6J$:)2TR`'PY3E0"KD+%[X MQ+WQ*1*=^0AH1@A$1?X02D]74H\*;:F/"W;+%J*<'!9H(9Q3CA#=7'3%@;R% MT*HC8>;%P'J"+`IYB4[XQX^T:)&B!KN5PWR\6U7("UGL'?']1TL3%2]0B#U> MG0$'H3"-^?3DG&.Q@/L%B/:[*).G;XN#.:T6J$6B3U\U55OLG=X9W;]C MYX5XZONIK4N?UETZ9W&`QTF9AG*!NO0*-Y:3#N;`=9%4KJF@'3:3]*(LVW%R9K9Q=V?-EE5]W_T M>0=_$PI$K$NW[6^5LW5M8+#S^:Y`UI^>TE70H@DOOR;>],QX$8:"76XADN:2(4J\DCUO$R+:[#93A^F(HM"1Q^+)K=2 M`9RF7TWJ?I52.RGY4(9:B)S5\[C``5X25197*\>`+UUFDNEYFYI\J-E,$Y#M M4YS ML@<$GAX2,M?;9<-#S6\M^!05K':DIDV;N-*5B2M>R-\7N.R/C=U;^5:$D_,- MY9UE';+S'KV@BB[CCGRWT=,M+JFB'\K3NO5UR?%4RECD3]EE@&`UY4&@E6Q% M^;ZQHLSYG`KC<"?JC6=:EC MOFMFBK"2^3;R<2+,2LF8_N1D;.;<;_I&(]51=AN#03>UN&":H4=]7G-2PT1` MR6]P216R:$Y3/";9],M&:DF).SD$K_+O8F6ED$\5-]%B,_$14SWGZ]K`8/&5 M#O!I/&]JNS->848>H9U'/,=NS)+"S"TR,#$Q,#,S M,2YXUP&S9<;01X($+&IT,O41VJ`L:\]^]^_NGP MET[G\_'-)0E%D,3`-0DD4`TA63`](\=BP8'@-./&/]:HV[$8[1O!5_1SZSI[^_O M^U;J$4WE%/1?-`8UIP&LU$/T'Y;=0,0(WN]W>H/.H.^00Q0U:4($)N3G0L:G M,*%)I(?>MX1&;,(@]`C56K)QHF%-(>$%E;0M9%3?SR$/JW4Z4;X3&.?W.[V^ M:16Y(.20F](AYPR%41")1+,QPJ$Y"B' M?KEJ&37!KGC%W]G?COE=DH8!'*0[*&UK*2LS+2(O@Z$U&( ML^79MX3I^Y2,#>4-'/3*'!0A?B4I2!OZ//3GC&-BP%YY)"7%OFE[:QK]S:*& M*>G/,@$K%%*$:2G(*3BFD09$, MBQ3`6DIR2OZA9BWCEJFKKX89YFTYW*YB&]H\M!^$"!DU=K[;UN:2N\K*ZE:C5KJ[+F3NQLH_#39)(5J MEU([#*8-XZ=IR/2>.F1:,HH))@NDNIJ<4#4[C\3"G7UL%-63,]B1G!S;G($8 M=&+A6YJ::4IWS56.LO)Z@O8>15"V4?]_D6/^F#O1&Y@0>^-Y8.X,AYYB\3PR M-Z6V;"9A,O3,K6;'7&'V!H/^%S2ZNXPCIV+P:^Y>+<$E/[-V'0*5006DT>M+@[_1W4._>+.-7^LWWX?HK9":\,KU?MUC@_0QPZ4(+%!- M%?/5VML\%3[\0KY/C/8D_EF<53#;*`VRS*'H[8 MU&B&YI=3F("4$.:G1JO3ZFMZ3\=F/!O[S6N,9LUT'K!/;PYB3-":ROL+3),F M>:!CR5CAJ$N,6Q^D2.9.%1-FC,VP*#(P0T_+Q`Q3*\/ART1X:X'3X:"=:)PN M8(=>@&8QO=U)-%4"]N%32/^_X$=!@&V$UU*$2:#SL\O4U=WUG]GA,)'97JSD M<0CC.H?K=FU':).D@5[QNI,NS7XY6XN.HX3QZ;.XO)-,>#Y317$;_0W(8I*0`(U;D4\8A&<#4I M/J-T]-3IO-`;K;2?6% MS7?'5#%U-2GN'='VW5X%;:#SNX#]<-X/_73-CC__!5!+`0(>`Q0````(`%!] MIC[Q*H+VOF$``/@&!``1`!@```````$```"D@0````!D;F5X+3(P,3$P,S,Q M+GAM;%54!0`#*$_$375X"P`!!"4.```$.0$``%!+`0(>`Q0````(`%!]IC[Q MF`L``00E#@``!#D!``!02P$"'@,4````"`!0?:8^ M\EG^(XTF```@U0$`%0`8```````!````I($H;P``9&YE>"TR,#$Q,#,S,5]L M86(N>&UL550%``,H3\1-=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`4'VF M/J55JZ@%%```J#,!`!4`&````````0```*2!!)8``&1N97@M,C`Q,3`S,S%? M<')E+GAM;%54!0`#*$_$375X"P`!!"4.```$.0$``%!+`0(>`Q0````(`%!] MICZIV.A64@8``$(O```1`!@```````$```"D@5BJ``!D;F5X+3(P,3$P,S,Q M+GAS9%54!0`#*$_$375X"P`!!"4.```$.0$``%!+!08`````!0`%`+\!``#U %L``````` ` end XML 23 R16.xml IDEA: Income Taxes 2.2.0.25falsefalse0211 - Disclosure - Income Taxestruefalsefalse1falsefalseUSDfalsefalse7/1/2010 - 3/31/2011 USD ($) USD ($) / shares $Jul-01-2010_Mar-31-2011http://www.sec.gov/CIK0000708850duration2010-07-01T00:00:002011-03-31T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_IncomeTaxExpenseBenefitAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseIncome Taxes [Abstract]3false0us-gaap_IncomeTaxDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 11: Income Taxes</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As part of the process of preparing the condensed consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax exposure and assessing changes in temporary differences resulting from differing treatment of items, such as depreciation, amortization and inventory reserves, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within the condensed consolidated balance sheets. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Accounting standards relating to income taxes require that we continually evaluate the necessity of establishing or changing a valuation allowance for deferred tax assets, depending on whether it is more likely than not that actual benefit of those assets will be realized in future periods. We have evaluated our deferred tax assets as of March 31, 2011 and concluded that it is more likely than not that the deferred tax assets will be realized in the future; therefore, the establishment or modification of a valuation allowance is not required. In addition, we adopted the provisions of the FASB’s accounting standard related to the accounting for uncertainty in income taxes. The accounting standard requires financial statement reporting of the expected future tax consequences of uncertain tax return reporting positions on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances, but it prohibits any discounting of any of the related tax effects for the time value of money. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Our total amount of unrecognized tax benefits as of March 31, 2011 was $5.4 million, of which $1.7 million, if recognized, would affect our effective tax rate compared to $8.0 million on June 30, 2010, of which $1.9 million, if recognized, would have affected our effective tax rate. The liability for income taxes associated with uncertain tax positions is classified in deferred and other income taxes payable. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">We record interest and penalties related to unrecognized tax benefits in income tax expense. At March 31, 2011, we had approximately $1.4 million accrued for estimated interest related to uncertain tax positions compared to approximately $1.7 million on June 30, 2010. During the nine months ended March 31, 2011, we accrued a total of $292,000 in interest on these uncertain tax positions. At March 31, 2011, we had approximately $38,000 accrued for estimated penalties related to uncertain tax positions compared to approximately $69,000 on June 30, 2010. During the period ended March 31, 2011, we accrued no additional penalties on these uncertain tax positions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">We are subject to audit by the Internal Revenue Service and California Franchise Tax Board for the fiscal years 2006 through 2009. As we have operations in most other US states, other state tax authorities may assess deficiencies related to prior year activities; however, the years open to assessment vary with each state. We also file income tax returns for non-US jurisdictions; the most significant of which are Germany, Japan, the UK and Hong Kong. The years open to adjustment for Germany are for the fiscal years 2004 through 2009, fiscal years 2004 through 2009 for the UK and Hong Kong and fiscal years 2003 through 2009 for Japan. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the settlement of ongoing litigation, the completion of ongoing examinations, the expiration of the statute of limitations, or other circumstances. At this time, an estimate of the range of the reasonably possible change cannot be made. </div> </div>    <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 4: Derivative Securities</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">All derivatives, whether designated in hedging relationships or not, are required to be recorded on our consolidated balance sheets at fair value as either assets or liabilities. If the derivative is designated as a fair-value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge or net investment hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in earnings when the hedged item affects earnings; ineffective portions of changes in fair value are recognized in earnings. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex operates on a global basis and is exposed to foreign currency exchange rate fluctuations in the normal course of its business. As part of its risk management strategy, Dionex uses derivative instruments to manage exposures to foreign currency. The objective is to offset gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them, thereby reducing volatility of earnings or protecting fair value of assets and liabilities. Dionex does not have any leveraged derivatives nor use derivative contracts for speculative purposes. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Net Investment Hedge</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex uses a $10 million cross-currency swap arrangement for Japanese yen that expires in March 2012 to hedge the exchange rate exposure of our net investment in our Japanese subsidiary. Dionex considers the impact of its counterparty’s credit risk on the fair value of the contract as well as the ability to each party to execute under the contract. Dionex assessed and documented hedge effectiveness of the contract and designated it as a net investment hedge at the inception date, January 1, 2008. We reassess edge effectiveness on a quarterly basis. The gain or loss related to the effective portion of the hedge is reported in accumulated other comprehensive income as part of the foreign currency translation adjustment, and the gain or loss related to the ineffective portion, if any, is reported in other income (expense), net. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Other Derivatives</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Other derivatives not designated as hedging instruments consist primarily of foreign exchange forward contracts with high quality financial institutions to manage our exposure to the impact of fluctuations in foreign currency exchange rates on our intercompany receivables balances. Principal hedged currencies include the Euro, Japanese yen, Australian dollar, Canadian dollar, British pound sterling, and Swiss Francs. The periods of these forward contracts is approximately 30 days and have varying notional amounts that are intended to be consistent with changes in the underlying exposures and require Dionex to exchange foreign currencies for U.S. dollars at maturity. Gains (losses) on these contracts are reported as other income (expense) in the current period earnings. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">Total gross notional amounts for outstanding derivatives were as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives not designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency forwards: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Euro </div></td> <td> </td> <td align="left">$</td> <td align="right">5,909</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,659</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Japanese yen </div></td> <td> </td> <td> </td> <td align="right">5,401</td> <td> </td> <td> </td> <td> </td> <td align="right">4,282</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Australian dollar </div></td> <td> </td> <td> </td> <td align="right">983</td> <td> </td> <td> </td> <td> </td> <td align="right">791</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Canadian dollar </div></td> <td> </td> <td> </td> <td align="right">1,432</td> <td> </td> <td> </td> <td> </td> <td align="right">853</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">British pound sterling </div></td> <td> </td> <td> </td> <td align="right">2,582</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Swiss francs </div></td> <td> </td> <td> </td> <td align="right">456</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency swaps </div></td> <td> </td> <td> </td> <td align="right">10,000</td> <td> </td> <td> </td> <td> </td> <td align="right">10,000</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">26,763</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">33,585</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows derivative instruments measured at gross fair value and balance sheet location on the condensed consolidated balance sheet: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>June 30, 2010</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Accrued</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other Long-</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Accrued</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other Long-</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Term Liabilities</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Term Liabilities</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency swaps </div></td> <td> </td> <td align="left">$</td> <td align="right">4,252</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,390</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives not designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency forwards </div></td> <td> </td> <td align="left">$</td> <td align="right">157</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">290</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the effect of derivative instruments designated as hedging instruments and not designated as hedging instruments in the condensed consolidated statements of operations in the three and nine months ended March 31, 2011 and 2010: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine months</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Ended March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Ended March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net investment hedges </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Unrealized gain (loss) recognized in other comprehensive income on derivatives </div></td> <td> </td> <td align="left">$</td> <td align="right">324</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">76</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(862</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(466</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Realized gain (loss) reclassified from other comprehensive income into income </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives not designated as hedging instruments </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currency forwards </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Realized gain (loss) included other income (expense), net </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(435</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">598</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(3,444</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(29</td> <td nowrap="nowrap">)</td> </tr>  </table> </div> </div>    <div align="left" style="font-family: 'Times New Roman',Times,serif">   <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 1: Summary of Significant Accounting Policies </b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Organization and Basis of Presentation</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The condensed consolidated financial statements included herein have been prepared by Dionex Corporation, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2010. Unless the context otherwise requires, the terms “Dionex,” “we,” “our” and “us” and words of similar import as used in these notes to condensed consolidated financial statements include Dionex Corporation and its consolidated subsidiaries. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited condensed consolidated financial statements included herein reflect all adjustments (which include only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the results for the periods presented. The results for such periods are not necessarily indicative of the results to be expected for the entire fiscal year ending June 30, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On December 12, 2010, Dionex, Thermo Fisher Scientific, Inc., a Delaware corporation (“Thermo Fisher”), and Weston D Merger Co., a Delaware corporation and a wholly owned subsidiary of Thermo Fisher (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, merge with and into Dionex and Dionex will survive the merger and continue as a wholly owned subsidiary of Thermo Fisher (the “Merger”). Pursuant to the terms of the Merger Agreement and subject to the conditions thereof, at the effective time of the Merger (the “Effective Time”), each share of common stock of Dionex issued and outstanding immediately prior to the Effective Time will be converted into the right to receive $118.50 in cash, without interest. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Merger Agreement includes customary representations, warranties and covenants of Dionex and Thermo Fisher. Dionex has agreed to operate its business and the business of its subsidiaries in the ordinary course of business consistent with past practices until the Effective Time. Dionex has also agreed not to solicit, initiate, knowingly encourage or knowingly facilitate alternative acquisition proposals and will not knowingly permit its representatives to solicit or encourage any alternative acquisition proposal, in each case, subject to certain exceptions set forth in the Merger Agreement. The Merger Agreement contains certain termination rights, including, subject to the terms of the agreement, if the Dionex Board of Directors determines to accept a “Superior Proposal” as defined in the Merger Agreement, and also provides that under certain circumstances, upon termination, Dionex may be required to pay Thermo Fisher a termination fee of $65 million. The closing of the merger is currently expected to take place in the middle of May 2011 after receipt of a pending regulatory approval in Europe. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>New Accounting Standards Adopted</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><i>Transfers of Financial Assets</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In June 2009, the Financial Accounting Standards Board (“FASB”) issued new standards for the accounting for transfers of financial assets. These new standards amend the criteria for a transfer of a financial asset to be accounted for as a sale, establish more stringent conditions for reporting a transfer of a portion of a financial asset as a sale, change the initial measurement of a transferor’s interest in transferred financial assets, eliminate the qualifying special-purpose entity concept and require enhanced disclosures. Dionex adopted these standards in the first quarter of fiscal 2011 and they did not have a material impact on our consolidated financial statements but did expand our disclosures about transfers of financial assets. Refer to Note 7 for additional information. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Financial Instruments</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In January 2010, the FASB issued a new accounting standard to amend the disclosure requirements related to recurring and nonrecurring fair value measurements. The guidance requires new disclosures on the transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy, including the reasons and the timing of the transfers. Additionally, the guidance requires a roll forward of activities on purchases, sales, issuance, and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3 fair value measurements). The guidance became effective for us with the reporting period beginning January 1, 2010, except for the disclosure on the roll forward activities for Level 3 fair value measurements, which was effective for us in the first quarter of fiscal 2011. Other than requiring additional disclosures, adoption of this new standard did not have a material impact on our consolidated financial statements or any additional disclosures as Dionex did not have any financial instruments transfers between Level 1 and 2 during the nine months ended March 31, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Revenue Recognition</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Net sales are derived primarily from sales of products, software licenses, and services (including installation, training, other consulting services, and extended maintenance contracts on our products). The following revenue recognition policies define the manner in which Dionex accounts for sales transactions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex recognizes revenue when persuasive evidence of an arrangement exists, the product has been delivered or service has been performed, the sales price is fixed or determinable, and collection is reasonably assured. Delivery of the product is generally considered to have occurred when shipped. Shipping charges billed to customers are included in net sales, and the related costs are included in cost of sales. Sales from products are typically not subject to rights of return and, historically, actual sales returns have not been significant. Dionex sells products through its direct sales force and through distributors and resellers. Sales through distributors and resellers are recognized as revenue upon sale to the distributor or reseller as these sales are considered to be final and no right of return or price protection exists. Customer acceptance is generally limited to performance under our published product specifications. When additional customer acceptance conditions apply, all revenue related to the sale is deferred until acceptance is obtained. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In October 2009, the FASB issued a new accounting standard for multiple deliverable revenue arrangements. The new standard changes the requirements for establishing separate units of accounting in a multiple element arrangement and requires the allocation of arrangement consideration to each deliverable to be based on the relative selling price. The FASB also issued a new accounting standard for certain revenue arrangements that include software elements. This new standard excludes software that is contained on a tangible product from the scope of software revenue guidance if the software is essential to the tangible product’s functionality. Dionex prospectively adopted both these standards in the first quarter of fiscal 2011 for new and materially modified arrangements originating after July 1, 2010. The impact of adopting these standards was not material to net sales on our consolidated financial statements for the nine months ended March 31, 2011. The new accounting standard for revenue recognition if applied in the same manner to the year ended June 30, 2010 would not have had a material impact on net sales or to our consolidated financial statements for that fiscal year. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Under these new standards, when a sales arrangement contains multiple elements, such as products, software licenses and/or services, Dionex allocates revenue to each element based on a selling price hierarchy. Using the selling price hierarchy, Dionex determines selling price of each deliverable using vendor specific objective evidence (“VSOE”), if it exists, and otherwise third-party evidence (“TPE”). If neither VSOE nor TPE of selling price exists, Dionex uses estimated selling price (“ESP”). Dionex generally expects that it will not be able to establish TPE due to the nature of the markets in which we compete, and, as such, Dionex typically will determine selling price using VSOE or if not available, ESP. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex’s basis for establishing VSOE of a deliverable’s selling price consists of standalone sales transactions when the same or similar product or service is sold separately. However, when services are never sold separately, such as product installation services, VSOE is based on the product’s estimated installation hours based on historical experience multiplied by the standard service billing rate. In determining VSOE, Dionex requires that a substantial majority of the selling prices for a product or service fall within a reasonably narrow price or hour range, as defined by Dionex. Dionex also considers the geographies in which the products or services are sold, major product and service groups, and other environmental variables in determining VSOE. Absent the existence of VSOE and TPE, our determination of a deliverable’s ESP involves evaluating several factors based on the specific facts and circumstances of these arrangements, which include pricing strategy and policies driven by geographies, market conditions, competitive landscape, correlation between proportionate selling price and list price established by management having the relevant authority, and other environmental variables in which the deliverable is sold. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For multiple element arrangements which include extended maintenance contracts, Dionex allocates and defers the amount of consideration equal to the separately stated price and recognizes revenue on a straight-line basis over the contract period. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For multiple element arrangements which contain software deliverables and non-software deliverables (i.e. instruments) where the instruments’ essential functionality is not dependent on both deliverables functioning together, revenue is allocated to the software deliverables as a group using the relative selling prices of each deliverable in the arrangement based on the selling price hierarchy. The consideration allocated to the software deliverable group is then allocated to each software deliverable within that group in accordance with software revenue recognition guidance. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For perpetual software licenses, Dionex recognizes revenue at the inception of the license term assuming all revenue recognition criteria have been met. Dionex uses the residual method to allocate revenue to software licenses at the inception of the license term when VSOE of fair value for the undelivered elements exists, such as software installations, and all other revenue recognition criteria have been satisfied. If Dionex cannot objectively determine the VSOE of fair value of any undelivered elements included in these multiple-element arrangements, revenue is deferred until all elements are delivered, or until VSOE of fair value can be objectively determined for the remaining undelivered elements. </div> </div>    <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 8: Warranty</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While Dionex engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The changes in the warranty provision were as follows during the nine months ended March 31: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(in thousands)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance, beginning </div></td> <td> </td> <td align="left">$</td> <td align="right">2,532</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,028</td> <td> </td> </tr> <tr> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Additions </div></td> <td> </td> <td> </td> <td align="right">4,257</td> <td> </td> <td> </td> <td> </td> <td align="right">2,789</td> <td> </td> </tr> <tr> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Effects of foreign currencies exchange </div></td> <td> </td> <td> </td> <td align="right">216</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(35</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Settlements </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,164</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,076</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance, end </div></td> <td> </td> <td align="left">$</td> <td align="right">2,841</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,706</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>    <div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 2: Earnings Per Share</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Basic earnings per share attributable to Dionex Corporation are determined by dividing net income attributable to Dionex Corporation by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Dionex Corporation are determined by dividing net income attributable to Dionex Corporation by the weighted average number of common shares used in the basic earnings per share calculation, plus the number of common shares that would be issued assuming conversion of all potentially dilutive securities outstanding under the treasury stock method. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table is a reconciliation of the numerators and denominators used in computing basic and diluted earnings per share attributable to Dionex Corporation: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Nine Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands, except per share data)</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Numerator: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net income </div></td> <td> </td> <td align="left">$</td> <td align="right">16,828</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,731</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">46,264</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">44,650</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Denominator: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Weighted average shares used to compute net income per common share — basic </div></td> <td> </td> <td> </td> <td align="right">17,483</td> <td> </td> <td> </td> <td> </td> <td align="right">17,638</td> <td> </td> <td> </td> <td> </td> <td align="right">17,422</td> <td> </td> <td> </td> <td> </td> <td align="right">17,671</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Effect of dilutive stock options </div></td> <td> </td> <td> </td> <td align="right">491</td> <td> </td> <td> </td> <td> </td> <td align="right">319</td> <td> </td> <td> </td> <td> </td> <td align="right">402</td> <td> </td> <td> </td> <td> </td> <td align="right">343</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Weighted average shares used to compute net income per common share — diluted </div></td> <td> </td> <td> </td> <td align="right">17,974</td> <td> </td> <td> </td> <td> </td> <td align="right">17,957</td> <td> </td> <td> </td> <td> </td> <td align="right">17,824</td> <td> </td> <td> </td> <td> </td> <td align="right">18,014</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Basic earnings per share </div></td> <td> </td> <td align="left">$</td> <td align="right">0.96</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1.01</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.66</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.53</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Diluted earnings per share </div></td> <td> </td> <td align="left">$</td> <td align="right">0.94</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.99</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.60</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.48</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Stock options to purchase 760,026 shares were excluded from the computation of diluted earnings per share in the three months ended March 31, 2010, and options to purchase 23,705 shares and 660,769 shares were excluded from the computation of diluted earnings per share in the nine months ended March 31, 2011 and 2010, respectively, because the exercise price of the stock options exceeded the average market price of the Company’s common stock and, as a result, would have had an anti-dilutive effect. </div> </div>    <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Note 12: Commitments and Contingencies</b></font> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In July 2008, Dionex acquired a Swedish company using a combination of cash and post-acquisition earn-out payment arrangements. Under the purchase agreement, earn-out payments of 70% for fiscal 2009, 30% for fiscal 2010 and 30% for 2011 as a percentage of the acquired company’s net income are payable to the seller at the end of each fiscal year. No payments were accrued during the nine months ended March 31, 2011 as we do not believe payment is probable. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">Certain facilities and equipment are leased under non-cancelable operating leases. Dionex generally pays taxes, insurance and maintenance costs on leased facilities and equipment. Rental expense for all operating leases was $2.1 million and $1.8 million in the three months ended March 31, 2011 and 2010, respectively and $5.3 million and $5.9 million in the nine months ended March 31, 2011 and 2010, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Minimum rental commitments under these non-cancelable operating leases were as follows as of March 31, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Less than 1 Year </div></td> <td> </td> <td align="left">$</td> <td align="right">6,154</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">1-2 Years </div></td> <td> </td> <td> </td> <td align="right">3,479</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2-3 Years </div></td> <td> </td> <td> </td> <td align="right">2,198</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">3-4 Years </div></td> <td> </td> <td> </td> <td align="right">1,134</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">4-5 Years </div></td> <td> </td> <td> </td> <td align="right">531</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">After 5 Years </div></td> <td> </td> <td> </td> <td align="right">1,373</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">14,869</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Dionex enters into standard indemnification agreements with many of our customers and certain other business partners in the ordinary course of business. These agreements include provisions for indemnifying the customer against any claim brought by a third party to the extent any such claim alleges that our product infringes a patent, copyright or trademark, or violates any other proprietary rights of that third party. The maximum potential amount of future payments Dionex could be required to make under these indemnification agreements is not estimable, however, Dionex has not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. No material claims for such indemnifications were outstanding as of March 31, 2011. Dionex has not recorded any liabilities for these indemnification agreements as of March 31, 2011 or June 30, 2010. </div> </div>  <!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringIncludes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 falsefalseCOMMITMENTS AND CONTINGENCIES12Commitments and ContingenciesUnKnownUnKnownUnKnownUnKnownfalsetrue

DIONEX CORPORATION