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Varian Medical Systems Reports Results for Second Quarter of Fiscal Year 2013
Date:4/24/2013

PALO ALTO, Calif., April 24, 2013 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today is reporting net earnings of $1.02 per diluted share in the second quarter of fiscal year 2013, up 9 percent from $0.94 in the year-ago quarter.  The results for the second quarter of fiscal year 2013 included a $2.6 million restructuring charge related to the completion of the previously announced enhanced retirement program. Varian's company-wide revenues totaled $768 million for the second quarter of fiscal year 2013, up 7 percent from the year-ago quarter.  Varian ended the second quarter of fiscal year 2013 with a $2.8 billion backlog, up 4 percent from the end of the second quarter of fiscal year 2012.

"Varian's revenues and net earnings continued to grow during the second quarter in line with our expectations for the company," said Dow R. Wilson, CEO of Varian Medical Systems.  "Net orders rose in double digits for our X-Ray Products business, but fell in our Oncology business, principally because of weakness in mature U.S. and Western European markets as well as a tough quarter-over-quarter comparison in Asia and negative fluctuations in currency exchange rates, predominantly in Japan." 

The company finished the second quarter of fiscal year 2013 with $740 million in cash and cash equivalents and $238 million of debt.  During the second quarter of fiscal year 2013, cash flows from financing activities included $90 million toward the repurchase of 1.4 million shares of common stock.

Oncology Systems
Oncology Systems' second quarter revenues totaled $582 million, up 3 percent from the same period of fiscal year 2012.  Second-quarter net orders were $555 million, down 2 percent versus the comparable year-ago period, with a 9 percent decline in North America and a 4 percent gain outside North America. Markets outside North America
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