Palo Alto, Calif. - February 14, 2003 - Varian MedicalSystems, Inc. (NYSE: VAR) today announced that its Board of Directors has authorized the Company to repurchase up to two million shares through the end of February, 2004. The new authorization is effective immediately and follows the completion of an earlier repurchase authorization. "We're generating operating cash flow of about $40 million per quarter and we expect that the continuation of our stock repurchase program will be accretive to earnings," said Richard M. Levy, chairman, president and CEO of Varian Medical Systems. "These stock repurchases should enhance shareholder value by helping to offset dilution from employee stock option exercises and our employee stock purchase program." Under the earlier repurchase authorization that became effective in August, 2001, Varian Medical Systems spent $83.7 million to repurchase two million shares of stock at an average price of $41.86 per share. As of the end of the first fiscal quarter ended December 27, 2002, the company reported $321 million in cash and marketable securities. The stock repurchases will be made from time to time through brokers and dealers on the New York Stock Exchange in privately negotiated transactions with nonaffiliated stockholders. Shares will be retired and cancelled upon repurchase. Varian Medical Systems, Inc., (NYSE:VAR) of Palo Alto, California is the world's leading manufacturer of integrated cancer therapy systems, which are treating thousands of patients per day. The company is also a premier supplier of X-ray tubes and flat-panel digital subsystems for imaging in medical, scientific, and industrial applications. Varian Medical Systems employs approximately 2,750 people who are located at manufacturing sites in North America and Europe and in its 50 sales and support offices around the world. In its most recent fiscal year ended September 27, 2002, Varian Medical Systems reported sales of $873 million. Additional information is available on the company's investor relations web site at www.varian.com .
Varian Medical Systems’ Board Of Directors Authorizes Repurchase Of Another Two Million Shares Of Stock
Corporate and Financial Releases
February 14, 2003