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INVESTOR RELATIONS

 

Varian Medical Systems Reports Strong Growth In Earnings, Sales, Net Orders, Backlog For Fourth Quarter And Fiscal 2002
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.

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