Varian Associates Posts Loss for Year
- Share via
Varian Associates, an electronics firm, reported a $14.9-million loss for its fiscal year ended Oct. 3. A year earlier, the Palo Alto-based company reported net income of $37.9 million.
The loss was blamed on unusual charges due to various restructuring and cost reduction programs. However, sales dropped $45 million from last year’s $933 million.
Chairman Thomas D. Sege said sales of Varian’s semiconductor equipment group were down 40% and the group suffered a large loss.
In the fourth quarter, Varian’s total revenue was up slightly to $236.3 million from $231.9 million. There was a net loss of $11.4 million, compared to an $11.1-million profit in 1985’s fourth quarter.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
