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Varian Medical Systems Inc (VAR) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 27, 2013

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 2013

 

Net earnings per diluted share were $1.08 for the fourth quarter and $3.98 for fiscal year 2013; revenues were $770 million for the fourth quarter and $2.9 billion for the fiscal year; backlog rises 1 percent despite $156 million adjustment

 

PALO ALTO, Calif., Oct. 23, 2013

– Varian Medical Systems (NYSE:VAR) today is reporting net earnings of $1.08 per diluted share in the fourth quarter of fiscal year 2013, equal to the year-ago quarter. Net earnings per diluted share for fiscal year 2013 were $3.98, up 6 percent from $3.76 in fiscal year 2012.

 

Varian’s company-wide revenues totaled $770 million for the fourth quarter of fiscal year 2013, up 2 percent from the year-ago quarter. Revenues for fiscal year 2013 were $2.9 billion, up 5 percent from the fiscal year 2012 total.

 

The company ended fiscal year 2013 with a $2.9 billion backlog, up slightly from the end of fiscal year 2012. As a result of ongoing uncertainty in the U.S. healthcare environment as well as a higher level of cancellations in the quarter relating to orders from small free standing clinic developers whose projects did not move forward, the company re-evaluated similar transactions and decided to adjust its backlog downward by $156 million. To provide additional detail going forward, beginning in the fourth quarter of 2013, the company is changing its presentation of orders to gross orders. For comparability, the attached financial tables include both gross and net orders for fiscal years 2013 and 2012.

 

“This was a quarter of mixed but promising results for Varian,” said Dow R. Wilson, president and CEO of Varian Medical Systems. “Oncology Systems grew gross orders on a global basis versus a strong year-ago comparison despite ongoing weakness in the US healthcare market. Our X-Ray Products business delivered a record performance with robust growth in orders for its tubes and panels for filmless imaging. We are confident in the long-term growth prospects in all of our businesses.”

 

Oncology Systems

Oncology Systems’ fourth quarter revenues totaled $585 million, down 1 percent from the same period of fiscal year 2012, and fiscal year revenues were $2.3 billion, up 3 percent from fiscal year 2012. “Customers took delivery of treatment systems as expected in the quarter, however, short cycle sales of upgrades that normally occur during a quarter did not materialize and the Oncology Systems business fell short of its revenue targets,” Wilson said.

 

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The following information was filed by Varian Medical Systems Inc (VAR) on Wednesday, October 23, 2013 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 Comprehensive Earnings
Consolidated Statements Of Comprehensive Earnings (parenthetical)
Consolidated Statements Of Earnings
Consolidated Statements Of Stockholders' Equity And Comprehensive Earnings
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 (tables)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (detail)
Business Combinations
Business Combinations - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Components Of Accrued Expenses (detail)
Components Of Inventories (detail)
Components Of Other Long-term Liabilities (detail)
Components Of Property, Plant And Equipment (detail)
Computation Of Net Basic And Diluted Earnings Per Share (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 Derivative Instrument Reported In Condensed Consolidated Balance Sheet (detail)
Fair Value Of Employee Stock Purchase Plan With Weighted Average Assumptions (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)
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)
Other Assets (detail)
Outstanding Foreign Currency Forward Contracts (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 Accumulated Other Comprehensive Income (loss) Expected To Be Recognized As Components Of Net Periodic Benefit Cost (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 (detail)
Schedule Of Assumptions Used To Measure Benefit Obligations For Company's Defined Benefit Pension And Post Retirement Benefit Plans (detail)
Schedule Of Changes In Unrecognized Tax Benefits (detail)
Schedule Of Components Of Deferred 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 From Continuing Operations Before Taxes (detail)
Schedule Of Effective Income Tax Rate (detail)
Schedule Of Estimated Future Benefit Payments (detail)
Schedule Of Fair Values Of Plan Assets (detail)
Schedule Of Funded Status Of The Defined Benefit Pension And Post-retirement Benefit Plans (details)
Schedule Of Income Taxes Paid (detail)
Schedule Of Net Periodic Benefit Costs (detail)
Schedule Of Quarterly Financial Data (detail)
Schedule Of Reserve For Future Environmental Costs (detail)
Schedule Of Taxes On Earnings From Continuing Operations (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)
Subsequent Event - Additional Information (detail)
Subsequent Events
Summary Of Long-term Debt Outstanding (detail)
Summary Of Long-term Debt Outstanding (parenthetical) (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: 0001564590-13-001371
Submitted to the SEC: Tue Nov 26 2013 4:46:24 PM EST
Accepted by the SEC: Tue Nov 26 2013
Period: Friday, September 27, 2013
Industry: Electromedical And Electrotherapeutic Apparatus

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