Palo Alto, Calif. - July 24, 2003 - Varian Medical Systems (NYSE:VAR)today reported net earnings of $32 million ($0.45 per diluted share) for the third quarter of fiscal 2003 versus net earnings of $23 million ($0.32 per diluted share) in the year-ago quarter. Sales for the quarter totaled $265 million, up 23 percent from the same period of the last fiscal year. Net orders for the quarter were $285 million, up 14 percent from the prior-year period. At quarter's end, the backlog for the company stood at $789 million, up 18 percent from the same time last year. "The company is reporting another outstanding quarter as we continued to grow all of our businesses at a healthy pace," said Richard M. Levy, chairman and CEO of Varian Medical Systems. "Sales grew in double digits across all business segments and there was promising progress during the quarter among our emerging product lines, including our security and inspection and brachytherapy systems. "For four consecutive quarters, we have grown net earnings by more than 40 percent from the prior-year quarter and generated more than $40 million in operating cash flow. Meanwhile, we continued to strengthen our balance sheet, ending the third quarter with $373 million in cash and marketable securities," said Levy. Please click here to read this release in its entirety.
Varian Medical Systems Reports Third Quarter Growth In Earnings, Sales, Net Orders, And Backlog For Fiscal 2003
Corporate and Financial Releases
24 July 2003