Varian Medical Systems reported first-quarter fiscal 2004 revenues of $267 million, up 29% from the $206.7 million reported in the same period a year earlier. Net earnings for the quarter (end-January 2) were $29 million, compared with $21 million a year ago.
The Palo Alto, CA-based manufacturer of integrated cancer therapy systems, x-ray tubes, and flat-panel subsystems reported a backlog at the end of the quarter of a record $850 million, up 14% from the first quarter of fiscal 2003. Net orders were up 23% to $308 million, compared with net orders of $251 million for the same period last year, Varian said.
In related news, the company has completed its previously authorized 2-million share repurchase authorization that extends through this February. Varian’s board has authorized the repurchase of another 3 million shares through August 31, 2005, the company reported.
By AuntMinnie.com staff writersJanuary 29, 2004
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