Varian Medical Systems Third Quarter Net Earnings Rise 32 Percent; Company Reports Global Growth in Sales, Net Orders, and Backlog | Varian

Varian Medical Systems Third Quarter Net Earnings Rise 32 Percent; Company Reports Global Growth in Sales, Net Orders, and Backlog

Palo Alto, Calif.July 29, 2004 Varian Medical Systems (NYSE:VAR) today is reporting results for the third quarter of fiscal year 2004 with net earnings of $43 million up 32 percent from $32 million in the year-ago period. Adjusting for the previously announced 2-for-1 stock split that will take effect this July 30, net earnings for the third quarter were $0.30 per diluted share, up 30 percent from $0.23 per diluted share recorded in the third quarter of last fiscal year. The company reported third quarter sales of $303 million, up 14 percent versus the year-ago quarter. Net orders for the third quarter were $328 million, up 15 percent from the year-ago period.Backlog at the end of the third quarter stood at $903 million, up 14 percent from the same time last fiscal year.

The company generated record quarterly operating cash flow and ended the quarter with about $414 million in cash and marketable securities. During the quarter, the company spent $49 million to buy back company stock.

“We will continue to buy back shares under our ongoing repurchase program,” said Richard M. Levy, the company’s chairman and chief executive officer.

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