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Varian Medical Systems Inc (VAR) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 28, 2012

Varian Medical Systems Inc

CIK: 203527 Ticker: VAR

 

Exhibit 99.1

 

FOR INFORMATION CONTACT:

 

Elisha Finney (650) 424-6803

elisha.finney@varian.com

 

Spencer Sias (650) 424-5782

spencer.sias@varian.com

 

For Immediate Release:

 

Varian Medical Systems Reports Results for Fourth Quarter of Fiscal Year 2012

 

Net earnings per diluted share from continuing operations rise to $1.08 for the fourth quarter and to $3.76 for fiscal year 2012; revenues rise to $756 million for the fourth quarter and to $2.8 billion for the fiscal year

 

PALO ALTO, Calif., Oct. 25, 2012

– Varian Medical Systems (NYSE:VAR) today is reporting net earnings from continuing operations of $1.08 per diluted share in the fourth quarter of fiscal year 2012, up 14 percent from $0.95 in the year-ago quarter. Net earnings per diluted share from continuing operations for fiscal year 2012 climbed to $3.76, up 9 percent from $3.44 in fiscal year 2011.

 

Varian’s company-wide revenues totaled $756 million for the fourth quarter of fiscal 2012, up 5 percent from the year-ago quarter. Revenues for fiscal year 2012 were $2.8 billion, up 8 percent from the fiscal year 2011 total. Excluding proton revenues from the comparisons, fourth quarter revenues were up 9 percent from the year-ago quarter and up 8 percent for the fiscal year. The company ended fiscal year 2012 with a $2.8 billion backlog, up 12 percent from the end of fiscal year 2011.

 

“Varian’s core Oncology Systems and X-Ray Products businesses achieved solid growth in net orders and revenues helped by customer demand around the world for our newer products,” said Dow R. Wilson, president and CEO of Varian Medical Systems. “Margins for our core businesses came in line with our expectations for the quarter given our continued shift to international markets and the comparable strength of the U.S. dollar. Our fourth quarter performance ends what has been a challenging year on a positive note.”

 

The company finished the fiscal year with $705 million in cash and cash equivalents and $161 million of debt. Cash flow from operations for the fiscal year was $493 million. During the fourth quarter, the company spent $85 million to repurchase 1.4 million shares of common stock. The company ended the quarter with accounts receivable days sales outstanding of 85, up 5 days from the year-ago quarter.

 

Oncology Systems

Oncology Systems’ fourth quarter revenues totaled $590 million, up 7 percent from the same period of fiscal year 2011, and fiscal year revenues were $2.2 billion, up 8 percent from fiscal year 2011. Fourth-quarter net orders were $789 million, up 10 percent versus the comparable year-ago period in both North America and the international markets. Net orders for the fiscal year rose to $2.4 billion, up 7 percent from the last fiscal year, with a 5 percent gain in North America and an 8 percent increase in international markets which represented 55 percent of Oncology net orders for the fiscal year. On a constant currency basis, Oncology Systems fourth quarter net orders were up 12 percent, with 14 percent growth in international markets led by 20 percent plus growth in demand in both Europe and Asia.

 

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The following information was filed by Varian Medical Systems Inc (VAR) on Thursday, October 25, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Stockholders' Equity And Comprehensive Earnings
Consolidated Statements Of Stockholders' Equity And Comprehensive Earnings (parenthetical)
Accrued Product Warranty (detail)
Accumulated Other Comprehensive Income (detail)
Activity For Restricted Stock Restricted Stock Units And Performance Units (detail)
Activity Of Goodwill By Reportable Operating Segment (detail)
Activity Under Employee Stock Plans (detail)
Activity Under Employee Stock Plans (parenthetical) (detail)
Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Balance Sheet Components
Balance Sheet Components (detail)
Balance Sheet Components (tables)
Business Combination - Additional Information (detail)
Business Combinations
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Components Of Net Periodic Benefit Cost (detail)
Computation Of Net Basic And Diluted Earnings Per Share (detail)
Credit Facilities
Credit Facilities - Additional Information (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities - Additional Information (detail)
Discontinued Operations
Discontinued Operations - Additional Information (detail)
Effective Portion Of Foreign Currency Forward Contracts Designated As Cash Flow Hedges (detail)
Employee Stock Plans
Employee Stock Plans (tables)
Employee Stock Plans - Additional Information (detail)
Fair Value
Fair Value (tables)
Fair Value - Additional Information (detail)
Fair Value Of Employee Stock Purchase Plan With Weighted Average Assumptions (detail)
Fair Value Of Other Financial Instruments (detail)
Fair Values Of Derivative Instruments Reported On Condensed Consolidated Balance Sheet (detail)
Financing Receivables And Allowance For Credit Losses
Financing Receivables And Allowance For Credit Losses (detail)
Financing Receivables And Allowance For Credit Losses (tables)
Financing Receivables And Allowance For Credit Losses - Additional Information (detail)
Gains Losses Related To Foreign Currency Forward Exchange Contracts That Are Not Designated As Hedging Instruments (detail)
Geographic Information (detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (detail)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Additional Information (detail)
Long-term Debt Outstanding (detail)
Long-term Debt Outstanding (parenthetical) (detail)
Net Periodic Benefit Costs (detail)
Operating Results Information For Each Business Segment (detail)
Options Outstanding And Exercisable Under Employee Stock Plans (detail)
Options Outstanding And Exercisable Under Employee Stock Plans (parenthetical) (detail)
Outstanding Foreign Currency Forward Contracts Entered Into Hedge Forecasted Revenues And Designated As Cash Flow Hedges (detail)
Outstanding Foreign Currency Forward Contracts That Were Entered Into To Hedge Balance Sheet Exposures (detail)
Quarterly Financial Data
Quarterly Financial Data (tables)
Reconciliation For Assets And Liabilities Measured And Recorded At Fair Value On Recurring Basis (detail)
Reconciliation Of Segment Operating Results To Companys Earnings From Continuing Operations Before Taxes (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Retirement Plans
Retirement Plans (tables)
Retirement Plans - Additional Information (detail)
Schedule Ii Valuation And Qualifying Accounts (detail)
Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss Before Tax (detail)
Schedule Of Assumed Healthcare Cost Trend Rates For Post Retirement Benefit Plan (detail)
Schedule Of Assumptions Used To Determine Net Periodic Benefit Cost And To Compute Expected Long Term Return On Assets (detail)
Schedule Of Assumptions Used To Measure Benefit Obligations For Companys Defined Benefit Pension And Post Retirement Benefit Plans (detail)
Schedule Of Changes In Unrecognized Tax Benefits (detail)
Schedule Of Deferred Income Tax Assets And Liabilities (detail)
Schedule Of Defined Benefit Pension Plan Balances With Accumulated Benefit Obligation Exceeded Fair Value Of Plan Assets (detail)
Schedule Of Earnings Before Income Taxes And Discontinuing Operations (detail)
Schedule Of Estimated Future Benefit Payments (detail)
Schedule Of Fair Values Of Plan Assets (detail)
Schedule Of Funded Status Of Defined Benefit Pension And Post-retirement Benefit Plans (detail)
Schedule Of Income Taxes Current And Deferred (detail)
Schedule Of Income Taxes Paid (detail)
Schedule Of Quarterly Financial Data (detail)
Schedule Of Reconciliation Of Federal Income Tax Rate (detail)
Schedule Of Reserve For Future Environmental Costs - Additional Information (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Share-based Compensation Expense (detail)
Short-term Investment (detail)
Stockholders Equity - Additional Information (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Strategic Arrangement
Strategic Arrangement - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Taxes On Earnings
Taxes On Earnings (tables)
Taxes On Earnings - Additional Information (detail)
Valuation And Qualifying Accounts
Variable Interest Entity
Variable Interest Entity - Additional Information (detail)
Ticker: VAR
CIK: 203527
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-478911
Submitted to the SEC: Wed Nov 21 2012 4:22:06 PM EST
Accepted by the SEC: Wed Nov 21 2012
Period: Friday, September 28, 2012
Industry: Electromedical And Electrotherapeutic Apparatus

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