PALO ALTO, Calif., Feb. 8 /PRNewswire-FirstCall/ -- Varian, Inc. (NasdaqGS: VARI) today reported that it has filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the first quarter of its fiscal year 2010. That Form 10-Q provides financial and related information on the Company's first fiscal quarter, which ended January 1, 2010.
Non-GAAP (Adjusted) Financial Measures
This press release includes non-GAAP (adjusted) financial measures for cost of sales, selling, general and administrative expenses, research and development expenses, operating earnings, operating profit margins, income tax expense, net earnings and diluted earnings per share. These non-GAAP financial measures exclude acquisition-related intangible and inventory write-up amortization, costs related to the pending acquisition of the Company by Agilent Technologies, Inc. ("Agilent") and restructuring and other related costs. Reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP financial measures are detailed in the Reconciliations of GAAP to Adjusted Results attached to this press release. We believe that presentation of these non-GAAP financial measures provides useful information to investors regarding our results of operations and our cash flows.
We similarly believe that excluding costs related to the pending acquisition by Agilent and restructuring and other related costs (principally related to facility closures and employee terminations to reduce costs and improve operational efficiency) provides supplemental information and an alternative presentation useful to investors' understanding of the company's core operating results and trends, especially when comparing those results on a consistent basis to results for previous periods and anticipated results for future periods. Investors have indicated that they consider financial measures of our results of operations excluding restructuring and other related costs as important supplemental information useful to their understanding of our historical results and estimating of our future results.
We believe that our non-GAAP financial measures should only be considered in addition to, and not as a substitute for or superior to, our financial measures prepared in accordance with GAAP.
CONTACT: Investor Relations of Varian, Inc., +1-650-424-5471,
ir@varianinc.com
Web site: http://www.varianinc.com/
