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Varian, Inc. Reports Strong Fourth Quarter 2008 Results
Date:10/29/2008

- Sales Up 15%

- Non-GAAP Operating Earnings Up 27%, GAAP Operating Earnings Up 32%

- Non-GAAP Diluted EPS Up 29%, GAAP Diluted EPS Up 32%

PALO ALTO, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Varian, Inc. (NasdaqGS: VARI) today reported fourth fiscal quarter 2008 revenues of $282.5 million, representing an increase of 15% over revenues of $245.6 million in the fourth quarter of fiscal year 2007, with strong orders and excellent execution during the quarter. The increase in sales was broad-based, with good growth in sales for both industrial (which includes environmental, food and energy) and life science applications. Sales grew in all major geographic regions, with particularly strong growth in Asia Pacific and Latin America. Also, the fourth quarter of fiscal year 2008 was a 14-week quarter compared to 13 weeks for the fourth quarter of fiscal year 2007.

Non-GAAP (adjusted) net earnings for the fourth quarter of fiscal year 2008 increased 23% to $26.0 million, or $0.89 diluted earnings per share, compared to $21.2 million, or $0.69 diluted earnings per share, in the fourth quarter of fiscal year 2007. Adjusted net earnings exclude share-based compensation expense as well as other items outlined in the attached Reconciliations of GAAP to Adjusted Results. Share-based compensation expense was $2.4 million, or $0.06 per diluted share, in the fourth quarter of fiscal year 2008 and $2.0 million, or $0.04 per diluted share, in the fourth quarter of fiscal year 2007. On a GAAP basis, net earnings in the fourth quarter of fiscal year 2008 were $21.7 million, or $0.74 diluted earnings per share, compared to $17.4 million, or $0.56 diluted earnings per share, in the fourth quarter of fiscal year 2007.

Adjusted operating earnings increased 27% to $39.1 million in the fourth quarter of fiscal year 2008, compared to $30.8 million in the fourth quarter last year. Adjusted operating profit margin was a rec
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SOURCE Varian, Inc.
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