Varian Medical Systems Reports Growth in Net Orders, Sales, and Profits for Second Quarter of Fiscal 2003
Varian Medical Systems (NYSE:VAR) today is reporting results for the second quarter of fiscal 2003 with net earnings of $0.48 per diluted share, up 41 percent from $0.34 per diluted share in the year-ago period. The company achieved second quarter sales of $266 million, up 21 percent versus the year-ago quarter. Net orders for the second quarter were $294 million, up 27 percent from the year-ago period. Backlog at the end of the second quarter stood at $770 million, up 22 percent from the same time last fiscal year. "Our second quarter results exceeded expectations with strong revenue growth in both our X-Ray Products business and our Oncology Systems business," said Richard M. Levy, chairman, president, and chief executive officer of Varian Medical Systems. "Net earnings grew 44 percent over last year's quarter due to increased sales, higher gross margins, and comparatively slower growth in selling, general, and administrative expenses. "We continued strengthening the balance sheet by increasing cash and marketable securities from $321 million to $355 million even after using $23 million in the quarter to buy back shares of our common stock," Levy said. The average number of days to collect accounts receivable was shortened by eight days from the second quarter of last year.Please click here to read this release in its entirety.