Wednesday, Varian, Inc. (VARI) reported a decline in profit for the fourth quarter, as the global economic slowdown and customers' uncertainty and other disruptions related to the pendency of the acquisition by Agilent hit sales.
Net income for the fourth quarter was $1.9 million or earnings of $0.07 per share, compared with $20.3 million or earnings of $0.69 per share in the same period last year. Adjusted net income for the period was $11.5 million or $0.40 per share, compared to $23.0 million or $0.78 per share in the same quarter last year.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.68 per share. Analysts' estimates typically exclude special items.
Sales for the quarter declined to $196.45 million from $282.47 million in the prior year period. Six Wall Street analysts estimated revenues of 225.62 million for the quarter.
Scientific Instruments revenues for the fourth quarter of 2009 declined by 30.3% to $164.7 million, from the fourth quarter of the prior year, while Vacuum Technologies revenues declined by 31.0% to $31.7 million in the fourth quarter of 2009.
According to Varian, revenues in the fourth quarter of fiscal year 2009 were lower than the prior-year quarter, primarily due to the global economic downturn as well as specific items impacting the comparability of the fourth quarter of fiscal year 2009 with the comparable period year-ago. In addition, revenues were negatively impacted by customers' uncertainty and other disruptions related to the announcement and pendency of the acquisition by Agilent.
Cost of sales for the period declined to $113.26 million from $156.37 million during the period and total operating expenses declined to $78.09 million from $93.23 million during the prior year quarter.
The company said that as announced on July 26 it entered into an Agreement and Plan of Merger with Agilent, pursuant to which the company will, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, be acquired by Agilent for $52.00 per share in cash. Varian added that at a special meeting held on October 5, the company's stockholders approved the Merger Agreement and that the transaction remains subject to regulatory approvals and other closing conditions.
For the fiscal year, net earnings declined to $38.62 million or earnings of $1.34 per share, compared with $65.11 million or earnings of $2.17 per share in the year-ago period. Year-to-date net earnings on an adjusted basis declined to $58.04 million or earnings of $2.01 per share, compared with $78.68 million or earnings of $2.62 per share in the prior year period. Full-year sales declined to $806.74 million from $1.012 billion in the year-ago period.
VARI closed Wednesday's last trade on the Nasdaq at $51.33, up $0.01 or 0.02%.
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