Varian Medical Systems Reports Earnings, Revenues, Net Orders, and Backlog for First Quarter of Fiscal Year 2005; Company Raises Guidance for Fiscal Year 2005 | Varian

Varian Medical Systems Reports Earnings, Revenues, Net Orders, and Backlog for First Quarter of Fiscal Year 2005; Company Raises Guidance for Fiscal Year 2005

PALO ALTO, Calif., Jan. 26, 2005 – Varian Medical Systems(NYSE:VAR) today is reporting higher earnings, revenues, net orders, and
quarter-ending backlog for the first quarter of fiscal year 2005.  The
company today reported net earnings of $40 million ($0.29 per diluted share)
for the first quarter of fiscal year 2005, versus net earnings of $29 million
($0.21 per diluted share) in the year-ago first quarter.
First-quarter revenues were $299 million, up 12 percent from the year-ago
quarter, with growth in all business segments.  Net orders were $334
million for the first quarter, up 8 percent from the year-ago quarter with
solid contributions from emerging product lines.  The company ended the
quarter with another record backlog of $1 billion, 18 percent higher than at
the end of the first quarter in fiscal year 2004.
“Expected revenue growth led to solid gains in gross margin, operating
margin, and earnings per diluted share,” said Richard M. Levy, chairman
and CEO of Varian Medical Systems.  “Strong net order growth in the
international market and in our emerging product lines for flat panel imaging,
brachytherapy, and image-guided radiation therapy (IGRT) was partially offset
by a decline in North American Oncology Systems’ orders.
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