Palo Alto, Calif. – January 23, 2003 – VarianMedical Systems (NYSE:VAR) today reported strong growth in net earnings, sales, net orders, and backlog for the first quarter of fiscal 2003. Net earnings for the quarter were $21 million ($0.30 per diluted share) versus $13.2 million ($0.19 per diluted share) in the year-ago period. First-quarter sales were $207 million, up 18 percent from the year-ago quarter. Net orders were $251 million, up 26 percent from the year-ago period. Backlog at the end of the quarter stood at a record $743 million, up $121 million or 19 percent from the end of the first quarter in fiscal 2002. “Our company had an outstanding quarter, highlighted by excellent international orders in our Oncology Systems business and a stronger than expected recovery in our X-Ray Products business,” said Richard M. Levy, Varian Medical Systems’ president and CEO. “New products contributed to orders growth in all business segments of the company. The company improved gross margins and operating earnings and generated $41 million in cash flow from operations.”Please click here to read this release in its entirety.
Varian Medical Systems Reports Strong Earnings, Sales, Net Orders, And Backlog For First Quarter Of Fiscal 2003
Corporate and Financial Releases
January 23, 2003