Palo Alto, Calif. - October 24, 2002 - Varian Medical Systems (NYSE:VAR)today reported net earnings of $33.8 million ($0.48 per diluted share) for the fourth quarter of fiscal 2002 versus net earnings of $23.1 million ($0.33 per diluted share) in the year-ago quarter. Net earnings for fiscal year 2002 were $93.6 million ($1.33 per diluted share) versus net earnings of $54.3 million ($0.79 per diluted share) in fiscal 2001. The fiscal 2001 reported earnings included a $5 million investment write-off and a charge of $13.7 million net of tax for the cumulative effect of changes in accounting principles, arising from the transition to SAB101 revenue recognition rules. Excluding these one-time effects in fiscal 2001, fourth quarter net earnings grew 29 percent over pro-forma net earnings of $26.3 million ($0.38 per diluted share) in the year-ago period. Net earnings for fiscal 2002 grew 31 percent over pro-forma net earnings of $71.3 million ($1.04 per diluted share) in fiscal 2001. Fourth-quarter sales were $261 million, up 16 percent from the year-ago quarter, bringing sales for the fiscal year to $873 million, up $99 million or 13 percent from fiscal 2001 totals. Net orders for the quarter were $293 million, up 19 percent from the same period last year, and net orders for fiscal 2002 totaled $974 million, up 13 percent from fiscal 2001 levels. At the end of fiscal 2002, backlog for the company stood at a record $698 million, up 17 percent from the end of last year.Please click here to read this release in its entirety.
