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Varian, Inc. Reports First Quarter 2008 Results
Date:1/23/2008

- Sales Up 9%

- Non-GAAP and GAAP Operating Earnings Up 6%

- Non-GAAP Diluted EPS Up 15%, GAAP Diluted EPS Up 16%

PALO ALTO, Calif., Jan. 23 /PRNewswire-FirstCall/ -- Varian, Inc. (NasdaqGS: VARI) today reported first quarter 2008 revenues of $237.4 million, representing an increase of 8.9% over revenues of $217.9 million in the first quarter of fiscal year 2007. The increase was broad-based, with growth in sales of products for both life science and industrial (which includes environmental, food and energy) applications. Sales increased in all geographic regions, with particularly strong sales growth in Asia Pacific and Latin America.

Non-GAAP (adjusted) net earnings for the first quarter of fiscal year 2008 increased 13.8% to $21.5 million, or $0.70 diluted earnings per share, compared to $18.9 million, or $0.61 diluted earnings per share, in the first quarter of fiscal year 2007. On a GAAP basis, net earnings in the first quarter of fiscal year 2008 were $17.6 million, or $0.57 diluted earnings per share, compared to $15.4 million, or $0.49 diluted earnings per share, in the first quarter of fiscal year 2007.

Adjusted operating earnings increased 6.1% to $30.1 million in the first quarter of fiscal year 2008, compared to $28.4 million in the first quarter last year. Adjusted operating profit margin was 12.7% in the first quarter of fiscal year 2008, compared to 13.0% in the prior-year quarter. This decrease was primarily due to lower adjusted operating margins in the Vacuum Technologies segment in the current quarter compared to unusually strong results in the year-ago quarter. In addition, the sales growth in the first quarter of fiscal year 2008 was entirely attributable to the Scientific Instruments segment, which has lower adjusted operating margins than the Vacuum Technologies segment. On a GAAP basis, operating earnings were $24.1 million and operating profit margin was 10
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SOURCE Varian, Inc.
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