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Varian Medical Systems Inc (VAR) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 26, 2014

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 2014

 

Net earnings per diluted share were $1.02 for the fourth quarter and $3.83 for fiscal year 2014; revenues were $812 million for the fourth quarter and $3 billion for the fiscal year; backlog rises 10 percent to $3.2 billion

 

PALO ALTO, Calif., Oct. 22, 2014

– Varian Medical Systems (NYSE:VAR) today is reporting net earnings of $1.02 per diluted share in the fourth quarter of fiscal year 2014 and $3.83 for the full fiscal year 2014, which included about $33 million in charges for a patent litigation settlement and an impairment of a portion of the company’s investment in Augmenix earlier in the fiscal year. A delay in an order for an installation at the Maryland Proton Therapy Center and a sharp increase in the tax rate negatively impacted earnings in the quarter.

 

Varian’s company-wide revenues totaled $812 million for the fourth quarter of fiscal year 2014, up 5 percent from the year-ago quarter. Revenues for fiscal year 2014 were $3 billion, up 4 percent from the previous fiscal year. With strong gross orders in both of its major business segments, the company ended fiscal year 2014 with a $3.2 billion backlog, up 10 percent from the end of fiscal year 2013.

 

“The company’s major businesses generated strong quarter-over-quarter order growth following a year of investment in expanding global infrastructure and R&D,” said Dow R. Wilson, president and CEO of Varian Medical Systems. “Revenues grew as expected in our Oncology Systems business while soft X-ray tube sales led to slower growth in our Imaging Components business.

 

“Customer financing of the Maryland proton project was not sufficiently completed to enable Varian to book revenues for the project, which would have increased net earnings for the quarter by about $0.17 per diluted share,” Wilson added. “Net earnings were negatively impacted by about $0.09 per diluted share as the result of a sharp increase in the tax rate for the quarter. Gross margins declined in the quarter in our particle therapy and oncology businesses.”

 

Oncology Systems

Oncology Systems’ fourth quarter revenues totaled $622 million, up 6 percent from the year-ago period, and fiscal year 2014 revenues were $2.3 billion, up 4 percent from fiscal year 2013.

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The following information was filed by Varian Medical Systems Inc (VAR) on Wednesday, October 22, 2014 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
Accrued Product Warranty (detail)
Activity Of Goodwill By Reportable Operating Segment (detail)
Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Assets Measured At Fair Value On Nonrecurring Basis (detail)
Balance Sheet Components
Balance Sheet Components (tables)
Balance Sheet Components - Additional Information (detail)
Balance Sheet Components - Available-for-sale Securities (detail)
Balance Sheet Components - Components Of Accrued Expenses (detail)
Balance Sheet Components - Components Of Inventories (detail)
Balance Sheet Components - Components Of Other Long-term Liabilities (detail)
Balance Sheet Components - Components Of Property, Plant And Equipment (detail)
Balance Sheet Components - Other Assets (detail)
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)
Computation Of Net Basic And Diluted Earnings Per Share (detail)
Cptc Loans
Cptc Loans - Additional Information (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Effective Portion Of Foreign Currency Forward Contracts Designated As Cash Flow Hedges (detail)
Employee Stock Plans
Employee Stock Plans (tables)
Employee Stock Plans - Activity For Restricted Stock Restricted Stock Units And Performance Units (detail)
Employee Stock Plans - Activity Under Employee Stock Plans (detail)
Employee Stock Plans - Activity Under Employee Stock Plans (parenthetical) (detail)
Employee Stock Plans - Additional Information (detail)
Employee Stock Plans - Fair Value With Weighted Average Assumptions (detail)
Employee Stock Plans - Net Share-based Compensation Expense (detail)
Employee Stock Plans - Options Outstanding And Exercisable Under Employee Stock Plans (detail)
Employee Stock Plans - Options Outstanding And Exercisable Under Employee Stock Plans (parenthetical) (detail)
Employee Stock Plans - Summary Of Share-based Awards Available For Grant (detail)
Employee Stock Plans - Summary The Effect Of Recording Pre-tax Share-based Compensation Expense For Equity Incentive Awards (detail)
Fair Value
Fair Value (tables)
Fair Value - Additional Information (detail)
Fair Value Of Derivative Instruments Reported In Consolidated Balance Sheets (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)
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 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 Liabilities For Future Environmental Costs (detail)
Schedule Of Net Periodic Benefit Costs (detail)
Schedule Of Quarterly Financial Data (detail)
Schedule Of Quarterly Financial Data (parenthetical) (detail)
Schedule Of Taxes On Earnings (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Operating Results Information For Each Reportable Segment (detail)
Stockholders Equity - Additional Information (detail)
Stockholders Equity - Schedule Of Accumulated Other Comprehensive Loss And Related Tax Effects (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Schedule Of Amounts Reclassified Out Of Other Comprehensive Earnings (detail)
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 - Additional Information (detail)
Taxes On Earnings
Taxes On Earnings (tables)
Taxes On Earnings - Additional Information (detail)
Valuation And Qualifying Accounts
Ticker: VAR
CIK: 203527
Form Type: 10-K Annual Report
Accession Number: 0001564590-14-005915
Submitted to the SEC: Mon Nov 24 2014 8:06:30 PM EST
Accepted by the SEC: Tue Nov 25 2014
Period: Friday, September 26, 2014
Industry: Electromedical And Electrotherapeutic Apparatus

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