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Varian Medical Systems Reports Results for Fourth Quarter of Fiscal Year 2011
Date:10/27/2011

PALO ALTO, Calif., Oct. 27, 2011 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today is reporting net earnings from continuing operations of $0.95 per diluted share in the fourth quarter of fiscal year 2011, up 9 percent from $0.87 in the year-ago quarter.  Net earnings per diluted share from continuing operations for fiscal year 2011 climbed to $3.44, up 16 percent from $2.96 in fiscal year 2010.  Including a charge for discontinued operations, net earnings were $0.87 per diluted share for the fourth quarter and $3.36 for the fiscal year.  

Varian's company-wide revenues totaled $719 million for the fourth quarter of fiscal 2011 and $2.6 billion for the full fiscal year, each up 10 percent from the comparable periods in fiscal year 2010. The company ended fiscal year 2011 with a $2.5 billion backlog, up 15 percent from the end of fiscal year 2010.  

"Our core businesses in Oncology Systems and X-Ray Products ended the fiscal year on a solid footing with healthy growth in their revenues, net orders and backlogs," said Tim Guertin, president and CEO of Varian Medical Systems.  "Our Varian Particle Therapy business booked a proton therapy equipment order in the quarter.  Profit margins were down moderately for the quarter as we began to book revenue for the proton project.  Compared to fiscal 2010, the company's 2011 gross margin increased and the operating margin was flat."  

The company ended the fiscal year with $564 million in cash and cash equivalents and $198 million of debt. During the fourth quarter, the company spent $267 million to repurchase 4.8 million shares of common stock, including an accelerated buyback of 3.8 million shares.  The company ended the quarter with accounts receivable days sales outstanding of 80, an improvement of two days from the year-ago quarter.

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