Palo Alto, Calif. – November 19, 2004 – Varian Medical Systems, Inc. (NYSE:VAR) today announced that its Board of Directors has authorized the Company to re purchase up to six million shares of its stock over a period extending through December 31, 2005.
As of the end of fiscal year 2004, Varian Medical Systems had repurchased approximately 4.5 million shares of stock under an existing 6-million share repurchase authorization which extends from November 2003 through August 2005. Since commencing stock repurchases in fiscal year 2001, the company has spent about $366 million to repurchase approximately 12.5 millionshares of stock at an average price of approximately $29 per share. As of the end of the fiscal year 2004 on October 1, 2004, the company had a reported $393 million in cash and marketable securities.The stock repurchases will be made from time to time through brokers and dealers on the New York StockExchange or in privately negotiated transactions with nonaffiliated stockholders. Shares will be retired and cancelled upon repurchase.
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