News | April 24, 2008

Varian Reports Strong Earning Growth for Q208

April 25, 2008 - Varian Medical Systems reported net earnings of $0.56 per diluted share in the second quarter of fiscal year 2008 versus net earnings of $0.46 per diluted share in the year-ago quarter, marking a rise of 19 percent in operating earnings and a 22 percent growth in earnings per diluted share.

Revenues for the quarter were $528 million, up 19 percent from the second quarter of last fiscal year. Net orders for the quarter were $519 million, down 2 percent from the year-ago quarter when the company acquired ACCEL, which had $68 million of orders including $47 million of backlog. Excluding the impact of ACCEL in both quarters, net orders rose 12 percent to $515 million.

Varian's backlog at the end of the quarter stood at $1.7 billion, up 15
percent from the end of the second quarter of fiscal 2007. The company ended the second quarter with $360 million in cash and $122 million of debt. During the quarter, the company spent $73 million to repurchase 1.5 million shares under its stock repurchase authorization.

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