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Varian Medical Systems Reports Results for Fourth Quarter of Fiscal Year 2013
Date:10/23/2013

were $138 million, up 6 percent from the year-ago quarter, and revenues for fiscal year 2013 were $546 million, up 11 percent from the prior fiscal year.  Compared to the corresponding periods in fiscal year 2012, X-Ray Products' fourth quarter gross orders rose 26 percent to $183 million, and fiscal year gross orders rose 15 percent to $585 million.  There was no material difference between gross and net orders for the X-ray business during the quarter or fiscal year.

"Our X-Ray Products business generated double digit order growth for the quarter and the fiscal year in both tubes and flat panels," Wilson said. "Our components are being designed into next-generation imaging equipment from several large manufacturers, and we appear to be gaining share in this market."

Other
The company's Other category, which is comprised of the Security and Inspection Products business, the Varian Particle Therapy business, and the Ginzton Technology Center, recorded fourth quarter revenues of $47 million versus $36 million in the year-ago quarter.  Revenues for fiscal year 2013 rose to $144 million from $125 million in fiscal year 2012.  The revenue gains for both the quarter and the fiscal year were driven by ongoing proton projects in San Diego, Saudi Arabia and Russia. 

Gross orders in the Other Category were $18 million for the fourth quarter and $86 million for the full fiscal year 2013, down $130 million from the prior year when the company booked two proton orders totaling over $120 million.  There was no material difference between gross and net orders for the Other category.

The company finished the fiscal year with $1.1 billion in cash and cash equivalents and $506 million of debt. Cash flow from operations was $155 million for the quarter and $455 million for the fiscal year.  During the fourth quarter, the company spent $135 million to repurchase 1.9 million shares of common stock. 

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