Varian, Inc. Reports Second Quarter 20... ( PALO ALTO Calif. April 29 /- Varian I...)

Varian, Inc. Reports Second Quarter 2009 Results

Date:4/29/2009

PALO ALTO, Calif., April 29 /PRNewswire-FirstCall/ -- Varian, Inc. (NasdaqGS: VARI) today reported second quarter fiscal year 2009 revenues of $205.4 million, a decrease of 17.2% from the second quarter of fiscal year 2008.

Non-GAAP (adjusted) diluted earnings per share for the second quarter of 2009 were $0.55 (including $0.05 of share-based compensation expense), a decrease of 14.1% from the $0.64 (including $0.07 of share-based compensation expense) in the second quarter of 2008. On a GAAP basis, diluted earnings per share in the second quarter of 2009 were $0.35, compared to $0.52 in the second quarter of 2008.

Adjusted operating profit margin was 11.8% in the second quarter of 2009, compared to 12.0% in the prior-year quarter. On a GAAP basis, operating profit margin was 7.5% in the second quarter of 2009, compared to 10.9% in the same quarter a year ago.

Free cash flow, which is defined as operating cash flow less net fixed asset purchases, was $25.5 million, or 250% of GAAP net earnings, in the second quarter of 2009.

"We were able to maintain solid adjusted operating profit margins in the quarter even with the expected lower revenues," said Garry W. Rogerson, Chairman and Chief Executive Officer. "This was primarily due to the positive impact of efficiency improvements we have implemented in recent years, combined with benefits from the cost reduction activities we announced on January 16, 2009 and positive foreign currency movements. We also generated excellent free cash flow, which demonstrates the fundamental strength and flexibility of our business, even in a challenging economic environment."

On a sequential basis, second quarter 2009 revenues of $205.4 million decreased only 1.3% from first quarter 2009 revenues of $208.2 million. Second quarter 2009 adjusted diluted earnings per share were $0.55, an increase of 1.9% from the $0.54 reported in the first qu
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