PALO ALTO, Calif.--(BUSINESS WIRE)--Nov. 19, 2001--Varian Medical Systems, Inc. (NYSE:VAR) today announced that its board of directors has approved a 2-for-1 stock split in the form of a stock dividend on the company's outstanding common stock. Holders of the company's common stock will receive one additional share of common stock for every share of common stock they own.
The company expects the stock dividend will be paid on or about January 15, 2002, to stockholders of record on December 10, 2001. After the stock split, Varian Medical Systems will have approximately 70.2 million diluted shares of stock outstanding. The board declared the stock split at its meeting on Friday, November 16.
"This stock split follows more than two years of record financial performance and reflects management confidence in the continued growth prospects of our company," said Richard M. Levy, president and CEO of Varian Medical Systems. "By doubling the number of shares outstanding, we expect to enhance market interest in Varian Medical Systems and increase the liquidity of the stock."
Varian Medical Systems, Inc., (NYSE:VAR) of Palo Alto, California, is the world's leading manufacturer of radiotherapy systems, which are treating thousands of cancer 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 some 2,600 people at some 40 sites around the world. In its most recent fiscal year ended September 28, 2001, Varian Medical Systems reported sales of $774 million. Additional information is available on the company's web site at www.varian.com.
Forward Looking Statements
Statements in this press release regarding future business, events, plans, objectives, expectations, estimates, and other similar matters constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, certain risks beyond the control of the Company and other risks as described in the Company's Annual Report on Form 10-K and other reports filed from time to time by the Company with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company discloses no interest or obligation to update these forward-looking statements.
Varian Medical Systems, Inc.
Elisha Finney, 650/424-6803
Spencer Sias, 650/424-5782