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Varian Medical Systems Reports Results for First Quarter of Fiscal Year 2013
Date:1/23/2013

PALO ALTO, Calif., Jan. 23, 2013 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today is reporting net earnings of $0.86 per diluted share in the first quarter of fiscal year 2013, up 9 percent from $0.79 in the year-ago quarter.  The results for the first quarter of fiscal year 2013 included a $4.1 million restructuring charge related to an enhanced retirement program. Varian's company-wide revenues totaled $678 million for the first quarter of fiscal year 2013, up 8 percent from the year-ago quarter.  Varian ended the first quarter of fiscal year 2013 with a $2.8 billion backlog, up 11 percent from the end of the first quarter of fiscal year 2012.

"The company's first quarter revenues and net earnings grew in line with our expectations for both our Oncology Systems and X-Ray Products businesses," said Dow R. Wilson, CEO of Varian Medical Systems.  "Margins were also in line with our expectations.  Excluding the restructuring charge in the quarter, our operating margin improved versus the year-ago quarter.  Net orders rose robustly in our X-Ray Products business, but declined in our Oncology business, which experienced weaker orders in Europe and Asia versus very strong year-ago results." 

The company finished the first quarter of fiscal year 2013 with $755 million in cash and cash equivalents and $206 million of debt.  Cash flow from operations for the first quarter was $72 million.  During the first quarter of fiscal year 2013, the company spent $104 million to repurchase 1.5 million shares of common stock.

Oncology Systems
Oncology Systems' first quarter revenues totaled $524 million, up 8 percent from the same period of fiscal year 2012.  First-quarter net orders were $477 million, down 2 percent versus the comparable year-ago period, with a 2 percent gain in North America and a 4 percent decline outside N
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SOURCE Varian Medical Systems
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