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Varian, Inc. Reports Third Quarter 2008 Results
Date:7/23/2008

- Sales Up 8% - Non-GAAP Operating Earnings Down 6%, GAAP Operating Earnings Down 16%

- Non-GAAP Diluted EPS Down 2%, GAAP Diluted EPS Down 19%

PALO ALTO, Calif., July 23 /PRNewswire-FirstCall/ -- Varian, Inc. (NasdaqGS: VARI) today reported third fiscal quarter 2008 revenues of $244.4 million, representing an increase of 7.6% over revenues of $227.1 million in the third quarter of fiscal year 2007. Sales grew for both industrial (which includes environmental, food and energy) and life science applications. The company continued to experience solid sales growth in Europe, Asia Pacific and Latin America, while sales in North America remained essentially flat.

Non-GAAP (adjusted) net earnings for the third quarter of fiscal year 2008 decreased 6.7% to $17.7 million, or $0.60 diluted earnings per share, compared to $19.0 million, or $0.61 diluted earnings per share, in the third quarter of fiscal year 2007. On a GAAP basis, net earnings in the third quarter of fiscal year 2008 were $11.4 million, or $0.38 diluted earnings per share, compared to $14.6 million, or $0.47 diluted earnings per share, in the third quarter of fiscal year 2007.

Adjusted operating earnings decreased 6.0% to $25.9 million in the third quarter of fiscal year 2008, compared to $27.5 million in the third quarter last year. Adjusted operating profit margin was 10.6% in the third quarter of fiscal year 2008, compared to 12.1% in the prior-year quarter. On a GAAP basis, operating earnings were $17.4 million and operating profit margin was 7.1% in the third quarter of fiscal year 2008, compared to $20.7 million and 9.1% in the same quarter a year ago.

Although the company started the quarter with a strong backlog and then experienced solid orders, revenues were $11 million to $13 million lower than the company expected, which significantly impacted earnings and operating margins. The revenue shortfall was primarily due to delaye
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SOURCE Varian, Inc.
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