Varian, Inc. Reports Higher Sales and Profits for the Second Quarter of Fiscal Year 2004
Varian, Inc. reported higher sales of $232.7 million for the second quarter of fiscal year 2004, representing an increase of 13.7% over second quarter 2003 sales of $204.6 million. The increase was driven by the general economic improvement and by strong demand for the Company's newer products. All three of the Company's segments, particularly the vacuum Technologies segment, contributed to the revenue growth.
Pro forma net earnings were $15.4 million for the second quarter of fiscal year 2004, or $0.43 pro forma diluted earnings per share, compared to $14.3 million, or $0.41 pro forma diluted earnings per share, in the second quarter of fiscal year 2003. On a GAAP basis, net earnings in the second quarter of fiscal year 2004 were $14.7 million, or $0.41 diluted earnings per share, compared to $13.9 million, or $0.40 diluted earnings per share, in the second quarter of fiscal year 2003.
Results by Segment
Scientific Instruments revenues for the second quarter of fiscal year 2004 were $149.9 million, representing a 10.6% increase over revenues of $135.5 million in the second quarter of the prior year. Demand was strong in Europe and continued to improve in North America.
Scientific Instruments operating profit margin for the second quarter of fiscal year 2004 was 10.2% on a pro forma basis and 9.5% on a GAAP basis. As the Company had anticipated, pro forma operating margins were lower versus the year-ago quarter, but improved slightly sequentially. Operating margins continued to be adversely affected by a mix shift towards high-field nuclear magnetic resonance (NMR) systems and leading edge cold probes for NMR and away from lower field NMR systems. The negative impact of this mix shift on operating margins was partially offset by stronger sales of higher margin mass spectrometry products and application-based consumables.
Vacuum Technologies revenues of $38.4 million rose 36.5% in the second quarter of fiscal year 2004 compared to revenues of $28.2 million in the second quarter of fiscal year 2003. Vacuum Technologies operating profit margin in the second quarter of fiscal year 2004 was 17.6% on both a pro forma and GAAP basis. During the quarter, Vacuum Technologies revenue growth was fueled by significantly higher demand in both life science and industrial applications. In life sciences, the segment experienced a substantial uptick in demand for turbomolecular pumps for use in OEM mass spectrometers. Industrial growth was driven by semiconductor applications, but demand for pumps for broad industrial uses also increased during the quarter. Operating margins improved primarily as a result of sales volume leverage.
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