Palo Alto, Calif. - October 24, 2002 - Varian Medical Systems (NYSE:VAR)today reported net earnings of $33.8 million ($0.48 per diluted share) for the fourth quarter of fiscal 2002 versus net earnings of $23.1 million ($0.33 per diluted share) in the year-ago quarter. Net earnings for fiscal year 2002 were $93.6 million ($1.33 per diluted share) versus net earnings of $54.3 million ($0.79 per diluted share) in fiscal 2001. The fiscal 2001 reported earnings included a $5 million investment write-off and a charge of $13.7 million net of tax for the cumulative effect of changes in accounting principles, arising from the transition to SAB101 revenue recognition rules. Excluding these one-time effects in fiscal 2001, fourth quarter net earnings grew 29 percent over pro-forma net earnings of $26.3 million ($0.38 per diluted share) in the year-ago period. Net earnings for fiscal 2002 grew 31 percent over pro-forma net earnings of $71.3 million ($1.04 per diluted share) in fiscal 2001. Fourth-quarter sales were $261 million, up 16 percent from the year-ago quarter, bringing sales for the fiscal year to $873 million, up $99 million or 13 percent from fiscal 2001 totals. Net orders for the quarter were $293 million, up 19 percent from the same period last year, and net orders for fiscal 2002 totaled $974 million, up 13 percent from fiscal 2001 levels. At the end of fiscal 2002, backlog for the company stood at a record $698 million, up 17 percent from the end of last year.Please click here to read this release in its entirety.
Varian Medical Systems Reports Strong Growth In Earnings, Sales, Net Orders, Backlog For Fourth Quarter And Fiscal 2002
Corporate and Financial Releases
24 October 2002