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8-K - VARIAN MEDICAL SYSTEMS INC | v211186_8k.htm |
EXHIBIT
99.1
FOR INFORMATION
CONTACT:
Spencer Sias (650)
424-5782
Spencer.sias@varian.com
For
Immediate Release
|
Varian
Medical Systems Board of Directors Authorizes Repurchase of Additional 12
Million Shares of Stock through Fiscal Year 2012; Additional Accelerated Share
Repurchase Program
PALO ALTO, Calif., February 14,
2011 – Varian Medical Systems, Inc. (NYSE:VAR) today announced that its
Board of Directors has authorized the company to repurchase an additional
12 million shares of its common stock through the end of its fiscal year
2012. Stock repurchases may be made in the open market, in privately
negotiated transactions (including accelerated share repurchase programs), or in
Rule 10b5-1 share repurchase plans, and may be made from time to time or in one
or more larger blocks. These repurchases are in addition to the
approximately 4.5 million shares remaining under an 8 million share
repurchase authorization that expires at the end of the company’s fiscal year
2011.
The
company’s Board of Directors further authorized the company to enter into an
accelerated share repurchase program under which the company could repurchase up
to $300 million of its common stock. The accelerated share repurchase
is expected to be made under the company’s share repurchase authorization
expiring at the end of fiscal year 2011, and potentially under the new
authorization expiring at the end of fiscal year 2012. Details
regarding the accelerated share repurchase program are yet to be
determined.
Share
repurchases will be conducted in compliance with applicable legal requirements,
including the Securities and Exchange Commission's (SEC) Rule 10b-18, and the
timing of the repurchases and the number of shares to be repurchased at any
given time will depend on market conditions, SEC regulations, and other
factors. The repurchase authorizations and the accelerated share
repurchase program do not obligate the company to acquire any particular amount
of common stock and may be modified, suspended or terminated at any time at the
company's discretion.
# # #
Varian
Medical Systems, Inc., of Palo Alto, California, is the world's leading
manufacturer of medical devices and software for treating cancer and other
medical conditions with radiotherapy, radiosurgery, proton therapy, and
brachytherapy. The company supplies informatics software for managing
comprehensive cancer clinics, radiotherapy centers and medical oncology
practices. Varian is a premier supplier of tubes and digital detectors for X-ray
imaging in medical, scientific, and industrial applications and also supplies
X-ray imaging products for cargo screening and industrial inspection. Varian
Medical Systems employs approximately 5,400 people who are located at
manufacturing sites in North America, Europe, and China and approximately 70
sales and support offices around the world. For more information,
visit http://www.varian.com.
Forward-Looking
Statements
Except
for historical information, this news release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Statements concerning future financial results and any statements using
the terms “expect,” “will,” “believe,” “estimate,” or similar statements, are
forward-looking statements that involve risks and uncertainties that could cause
the company’s actual results to differ materially from those anticipated. Such
risks and uncertainties include whether the company will be able to enter into
an agreement relating to the accelerated share repurchase program on favorable
terms; the results of any accelerated share repurchase program, including the
number of shares repurchased and the aggregate cost to the company; the
company’s ability to effect share repurchases in general on favorable terms, or
at all; the company’s ability to generate cash flow, and the other risks listed
from time to time in the company’s filings with the Securities and Exchange
Commission, which by this reference are incorporated herein. The company assumes
no obligation to update or revise the forward-looking statements in this release
because of new information, future events, or otherwise.