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Varian Reports on Q1

GLOUCESTER, Mass. — Varian Semiconductor Equipment Associates, Inc. (“Varian Semiconductor”) (NASDAQ: VSEA) today announced results for its fiscal year 2011 first quarter ended December 31, 2010.

Revenue for the first quarter of fiscal year 2011 totaled $282.6 million, compared to revenue of $141.3 million for the same period a year ago. Varian Semiconductor recorded net income of $71.9 million, or $0.95 per diluted share during the first quarter of fiscal year 2011, compared to net income of $16.6 million, or $0.22 per diluted share for the same period a year ago. The tax rate for the first quarter of fiscal year 2011 was 10%. The quarter's tax rate was reduced by 4% due to discrete items, including the retroactive benefit of the R&D tax credit. The quarter's tax rate was also lower due to the current quarter's benefit of the R&D tax credit and a higher projected mix of international sales.

Gary Dickerson, chief executive officer of Varian Semiconductor, said, “Since our last earnings conference call, we have seen a steadily increasing business demand for tools by our customers. We are optimistic about Varian's 2011 business opportunities, some of which are reflected in our second quarter guidance.”

Bob Halliday, chief financial officer, provided forward guidance for the second quarter of fiscal year 2011, “In the first quarter of fiscal year 2011, we reported our highest-ever quarterly operating margins, net income and earnings per share. Our earnings per share of $0.95 and our revenues of $282.6 million exceeded our guidance. Second quarter revenue is expected to be between $315.0 and $325.0 million and earnings per share are anticipated to range from $1.02 to $1.07.”

Varian Semiconductor will hold a conference call, broadcast over the Internet, at 5:30 p.m. eastern time today to discuss Varian Semiconductor's operating results and outlook. Access to the call is available through the investor relations page on Varian Semiconductor's website at www.vsea.com. Replays will be available via the website for two weeks after the call.

{complink 12962|Varian Semiconductor Equipment Associates Inc.}

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