Exhibit 99.01

For Information Contact:

Laurie H. Alire

Varian, Inc.

650.424.5225

laurie.alire@varianinc.com

VARIAN, INC. REPORTS RECORD SALES

FOR FOURTH QUARTER AND FISCAL YEAR 2003

PALO ALTO, Calif. — Varian, Inc. (Nasdaq: VARI) today announced record sales for the fourth quarter and fiscal year ended October 3, 2003, driven by strong revenue growth in the company’s Scientific Instruments segment as well as higher Vacuum Technologies and Electronics Manufacturing sales. Pro forma net earnings for these same periods also set records for the company; however, GAAP net earnings were down. (Pro forma results for all periods exclude acquisition-related intangible amortization. For a complete reconciliation of pro forma financial information used in this press release to the most directly comparable GAAP financial information, please refer to the attached Reconciliations of GAAP to Pro Forma Results, Reconciliation of Unaudited Results of Operations and Reconciliation of Projected Results of Operations.)

“Varian, Inc.’s fourth-quarter revenues increased almost 15% compared to the year-ago fourth quarter, which is encouraging in two respects,” said Allen J. Lauer, Chairman and Chief Executive Officer. “The growth was truly global in nature, and it was fueled by continued good demand for our life science products coupled with stronger demand for products for industrial and chemical analysis applications.”

Revenues for the fourth quarter of fiscal year 2003 were a record $238.6 million, representing an increase of 14.9% from the $207.7 million reported for the fourth quarter of fiscal year 2002. Pro forma net earnings were $15.5 million, or $0.44 pro forma diluted earnings per share, in the fourth quarter of fiscal year 2003, compared to $14.8 million, or $0.42 pro forma diluted earnings per share, in the fourth quarter of fiscal year 2002, excluding the items set forth in the attached Reconciliation. On a GAAP basis, net earnings in the fourth quarter of fiscal year 2003 were $11.8 million, or $0.34 diluted earnings per share, compared to $14.5 million, or $0.41 diluted earnings per share, in the fourth quarter of fiscal year 2002. The fourth quarter of fiscal year 2003 was a 14-week quarter compared to 13 weeks for the fourth quarter of fiscal year 2002.

During the fourth quarter of fiscal year 2003, the company incurred restructuring costs totaling $3.8 million, which was slightly higher than the anticipated range of $3.0 million to $3.5 million previously announced. These costs related to activities undertaken by the company in the Scientific Instruments and Vacuum Technologies segments which are expected to improve efficiency and more closely align employee skill sets to the company’s evolving product mix. The fourth quarter of fiscal year 2003 also included costs of $1.1 million for settling a patent infringement suit related to the Vacuum Technologies segment.

Fiscal year 2003 revenues totaled a record $847.7 million, an increase of 8.7% compared to the $779.9 million reported for fiscal year 2002. Pro forma net earnings in fiscal year 2003 were $56.4 million, or $1.61 pro forma diluted earnings per share, compared to $53.5 million, or $1.53 pro forma diluted earnings per share, in fiscal year 2002, excluding the items set forth in the attached Reconciliation. On a GAAP basis, net earnings for fiscal year 2003 were $49.1 million, or $1.40 diluted earnings per share, compared to $51.6 million, or $1.48 diluted earnings per share, in fiscal year 2002.

Results by Segment

Scientific Instruments revenues for the fourth quarter of fiscal year 2003 were $156.8 million, representing a 16.5% increase over revenues of $134.6 million in the fourth quarter of the prior year. The segment’s operating profit margin for the fourth quarter of fiscal year 2003 was 10.8% on a pro forma basis and 8.1% on a GAAP basis. For fiscal year 2003, segment revenues grew to $552.0 million, an increase of 11.8% over fiscal year 2002 sales of $493.9 million. Fiscal year 2003 operating profit margin was 10.9% on a pro forma basis and 9.4% on a GAAP basis.

“Scientific Instruments’ strong performance was primarily driven by internal growth stemming from the multiple new instruments and consumable supplies it has introduced in its established product lines and in lines acquired over one year ago,” said Lauer.

“It is also encouraging that industrial demand began to increase during the fourth quarter. Varian, Inc. is well positioned to take advantage of this improving environment since Scientific Instruments has continued to introduce new products for chemical analysis applications while still growing its life science-focused products. We anticipate that pro forma and GAAP operating margins for the first quarter of fiscal year 2004 will improve sequentially.

Vacuum Technologies revenues of $30.7 million rose 4.2% in the fourth quarter of fiscal year 2003 compared to revenues of $29.5 million in the fourth quarter of fiscal year 2002. Sequentially, revenues grew 7.4% in the fiscal 2003 fourth quarter over the fiscal 2003 third quarter. Segment revenues in fiscal year 2003 were $116.8 million, representing an increase of 5.1% over fiscal year 2002 revenues of $111.1 million. Vacuum Technologies’ operating profit margin in the fourth quarter of fiscal 2003 was 12.4% on a pro forma basis and 7.9% on a GAAP basis. For fiscal year 2003, operating profit margin for the Vacuum Technologies segment was 12.8% on a pro forma basis and 11.2% on a GAAP basis.

“Vacuum Technologies revenues reached a two-year high in the fourth quarter supported by new strength in certain industrial applications,” said Lauer. “While operating margins were lower than prior-year quarters, they increased sequentially from the third quarter. We anticipate that pro forma operating margins should continue to improve over the next few quarters.”

Electronics Manufacturing revenues were $51.1 million in the fourth quarter of fiscal year 2003, up 17.3% from revenues of $43.6 million in the fourth quarter of fiscal year 2002. The pro forma and GAAP operating profit margin for Electronics Manufacturing was 10.9% in the fourth quarter of fiscal year 2003. Segment revenues increased to $178.9 million in fiscal year 2003, representing a 2.3% increase over fiscal year 2002 revenues of $174.9 million. Fiscal year 2003 operating profit margin was 11.9% on a pro forma basis and 11.6% on a GAAP basis.

“About $5 million in revenue growth during the quarter came from new customers obtained through the acquisition of the assets of Comtel Electronics, Inc. in the third quarter of fiscal year 2003,” said Lauer. “The remaining increase reflects stronger demand from the business’ established medical equipment, industrial, and communications customers. We expect pro forma and GAAP operating margins to be in the 10-11% range for the next few quarters.”

Outlook

“Varian, Inc. is even more efficient and productive as a result of the restructuring activities undertaken during fiscal year 2003,” said Lauer. “These efficiencies, when combined with the potential of our new products, should enable the company to take full advantage of any rebounding economic environment. During the fourth quarter, all of our businesses experienced some renewed demand from industrial applications, which is encouraging as we move into fiscal year 2004.

“As part of the company’s continuing drive to improve profitability, a project has begun to combine three factories in Southern California into a center of excellence for our consumable supplies business. It is anticipated that this project will be completed during the fourth quarter of fiscal year 2004. While the project will result in one-time charges of approximately $4 million, mostly in the fourth quarter, it should have a positive effect on margins and profitability beginning in fiscal year 2005. About $2 million of the total costs will be non-cash charges.”

For the first time, Varian, Inc. provided fiscal year 2004 earnings per share guidance. “Sales for the first quarter of fiscal year 2004 should increase over the year-ago quarter,” said Lauer, “but be down sequentially from the fourth quarter of fiscal year 2003, which is our usual seasonal pattern. Then as fiscal year 2004 progresses, sales should move up sequentially quarter-by-quarter. Pro forma diluted earnings per share for the first quarter of fiscal year 2004 should be in the $0.38 to $0.41 range, and for the full fiscal year should improve between 10% and 15% over fiscal year 2003 pro forma diluted earnings per share of $1.61, excluding the items set forth in the attached Reconciliation. On a GAAP basis, diluted earnings per share for the first quarter of fiscal year 2004 should be in the $0.36 to $0.39 range, and for the full fiscal year 2004 should increase between 17% and 23% over the fiscal year 2003 GAAP diluted earnings per share of $1.40.”

Varian, Inc. will be holding a conference call with securities analysts and investors later today, November 5, 2003, at 2:00 p.m. Pacific time. Interested investors are invited to listen to the call by going to www.varianinc.com and clicking on the Investors tab at the top of the screen.

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Non-GAAP (Pro Forma) Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release includes certain non-GAAP (pro forma) financial measures such as operating profit, operating margins, net earnings and diluted earnings per share. These non-GAAP financial measures exclude acquisition-related intangible amortization, restructuring costs, in-process R&D charges, costs to settle a patent infringement lawsuit, and acquisition transition costs. These items are excluded because they are not indicative of on-going business activities or normal operating costs.

We believe that these non-GAAP financial measures provide to investors meaningful supplemental information for use in further analyzing on a consistent basis the company’s core operating results, especially when comparing those results to results for previous periods or forecasts. These non-GAAP financial measures also supplement what is used by management to measure and forecast financial results, to compare current period results to that of prior periods, to compare results against that of other companies, and in making financial and operating decisions. These non-GAAP financial measures may be different from those used by other companies and should not be considered to be a substitute for, or superior to, financial information prepared in accordance with GAAP.

To reconcile non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures, see the Reconciliations of GAAP to Pro Forma Results, Reconciliation of Unaudited Results of Operations and Reconciliation of Projected Results of Operations attached to this press release.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, including those relating to: anticipated future operating profit margins, anticipated restructuring costs in fiscal 2004, and anticipated diluted earnings per share for the first quarter of fiscal year 2004 and the full fiscal year. These forward-looking statements are based on management’s current expectations, are not guarantees of future performance, and involve certain risks and uncertainties that could cause the company’s actual results to differ materially from management’s current expectations and the forward-looking statements made in this press release. Those risks and uncertainties include, but are not limited to, the following: whether we will succeed in new product development, commercialization, performance, and acceptance, particularly in life science applications; whether we can achieve continued growth in sales in life science applications; risks arising from the timing of shipments, installations, and the recognition of revenues on leading-edge NMR systems; whether we will see continued demand for vacuum products and for electronics manufacturing services; competitive products and pricing; economic conditions in the company’s product and geographic markets; whether we will see continued and timely delivery of key raw materials and components by suppliers; foreign currency fluctuations that could adversely impact revenue growth and earnings; whether we will see sustained or improved market investment in capital equipment; whether we will be able to successfully integrate acquired businesses; whether we will see reduced demand from customers that operate in cyclical industries; whether government funding for research might decline; the actual cost of anticipated restructuring activities and their impact on future costs; and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission. We disclaim any intent or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise.

About Varian, Inc.

Varian, Inc. (Nasdaq: VARI) is a major supplier of scientific instruments, vacuum technologies, and specialized contract electronics manufacturing services. These businesses serve a broad range of life science and industrial customers worldwide. The company manufactures in 15 locations in North America, Europe, and the Pacific Rim and employs some 4,300 people. Varian, Inc. had fiscal year 2003 sales of $848 million. Additional information about Varian, Inc. is available at www.varianinc.com.

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF QUARTERLY EARNINGS

AND RECONCILIATION OF GAAP TO PRO FORMA RESULTS

(In thousands, except per share amounts)

	Fiscal Quarter Ended October 3, 2003					Fiscal Quarter Ended September 27, 2002
	GAAP		Pro Forma			GAAP		Pro Forma
Sales	$	238,648	$	238,648		$	207,654	$	207,654
Cost of sales		149,437		149,437			127,182		127,182
Gross profit		89,211		89,211			80,472		80,472
Operating expenses
Sales and marketing		39,761		39,761			35,968		35,968
Research and development		11,625		11,625			10,719		10,719
General and administrative		19,448		13,827	(1)		10,706		10,268	(2)
Total operating expenses		70,834		65,213			57,393		56,955
Operating earnings		18,377		23,998			23,079		23,517
Interest expense, net		164		164			467		467
Earnings before income taxes		18,213		23,834			22,612		23,050
Income tax expense		6,374		8,321			8,140		8,298
Net earnings	$	11,839	$	15,513		$	14,472	$	14,752
Net earnings per diluted share	$	0.34	$	0.44		$	0.41	$	0.42
Diluted shares outstanding		35,207		35,207			35,118		35,118

SUMMARY OF RECONCILING ITEMS:

(1) Excludes $738 in acquisition-related intangible amortization, $3,783 in restructuring costs and $1,100 in patent suit settlement costs.

(2) Excludes $438 in acquisition-related intangible amortization.

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF ANNUAL EARNINGS

AND RECONCILIATION OF GAAP TO PRO FORMA RESULTS

(In thousands, except per share amounts)

	Fiscal Year Ended October 3, 2003					Fiscal Year Ended September 27, 2002
	GAAP		Pro Forma			GAAP		Pro Forma
Sales	$	847,739	$	847,739		$	779,893	$	779,893
Cost of sales		525,893		525,424	(1)		484,200		484,200
Gross profit		321,846		322,315			295,693		295,693
Operating expenses
Sales and marketing		144,089		144,089			132,304		132,304
Research and development		45,653		45,653			39,918		39,918
General and administrative		55,499		44,797	(2)		39,509		37,948	(3)
Purchased in-process research and development		—		—			890		—	(4)
Total operating expenses		245,241		234,539			212,621		210,170
Operating earnings		76,605		87,776			83,072		85,523
Interest expense, net		995		995			1,905		1,905
Earnings before income taxes		75,610		86,781			81,167		83,618
Income tax expense		26,463		30,373			29,540		30,102
Net earnings	$	49,147	$	56,408		$	51,627	$	53,516
Net earnings per diluted share	$	1.40	$	1.61		$	1.48	$	1.53
Diluted shares outstanding		35,057		35,057			34,928		34,928

SUMMARY OF RECONCILING ITEMS:

(1) Excludes $469 in acquisition transition costs.

(2) Excludes $2,647 in acquisition-related intangible amortization, $6,918 in restructuring costs, $1,100 in patent suit settlement costs and $37 in acquisition transition costs.

(3) Excludes $1,561 in acquisition-related intangible amortization.

(4) Excludes $890 relating to a purchased in-process research and development charge.

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEET

(In thousands, except par value amounts)

	Oct. 3, 2003		Sept. 27, 2002
ASSETS
Current assets
Cash and cash equivalents	$	135,791	$	65,145
Accounts receivable, net		165,049		168,958
Inventories		125,649		116,252
Deferred taxes		26,464		30,644
Other current assets		17,788		16,084
Total current assets		470,741		397,083
Property, plant, and equipment, net		120,088		105,871
Goodwill		126,411		115,922
Intangible assets, net		16,762		12,153
Other assets		3,050		3,575
Total assets	$	737,052	$	634,604
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt	$	2,811	$	3,321
Accounts payable		61,209		52,086
Deferred profit		14,385		20,952
Accrued liabilities		141,938		122,819
Total current liabilities		220,343		199,178
Long-term debt		36,273		37,635
Deferred taxes		12,454		8,191
Other liabilities		10,413		9,879
Total liabilities		279,483		254,883
Stockholders’ equity
Preferred stock—par value $.01, authorized—1,000 shares; issued—none		—		—
Common stock—par value $.01, authorized—99,000 shares; issued and outstanding—34,181 shares at Oct. 3, 2003 and 33,951 shares at Sept. 27, 2002		252,630		251,904
Retained earnings		193,566		144,419
Accumulated other comprehensive gain (loss)		11,373		(16,602	)
Total stockholders’ equity		457,569		379,721
Total liabilities and stockholders’ equity	$	737,052	$	634,604

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(In thousands)

	Fiscal Quarter Ended						Fiscal Year Ended
	Oct. 3, 2003			Sept. 27, 2002			Oct. 3, 2003			Sept. 27, 2002
Cash flows from operating activities
Net earnings	$	11,839		$	14,472		$	49,147		$	51,627
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		6,650			5,771			24,082			21,331
Loss (gain) on disposition of property, plant, and equipment		31			213			(93	)		307
Purchased in-process research and development		—			—			—			890
Tax benefit from stock option exercises		559			4,688			1,911			6,086
Deferred taxes		5,870			140			8,735			(1,554	)
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net		3,542			(10,330	)		17,628			(2,783	)
Inventories		9,187			3,618			1,332			8,190
Other current assets		4,010			355			6,595			(2,594	)
Other assets		423			(103	)		677			1,517
Accounts payable		33			5,034			5,351			869
Deferred profit		(2,302	)		(2,608	)		(6,715	)		(752	)
Accrued liabilities		(2,198	)		6,381			12,629			(2,540	)
Other liabilities		(258	)		(44	)		318			(25	)
Net cash provided by operating activities		37,386			27,587			121,597			80,569
Cash flows from investing activities
Proceeds from sale of property, plant, and equipment		115			71			588			463
Purchase of property, plant, and equipment		(11,095	)		(6,357	)		(26,656	)		(21,598	)
Purchase of businesses, net of cash acquired		(1,427	)		(2,113	)		(25,013	)		(55,438	)
Net cash used in investing activities		(12,407	)		(8,399	)		(51,081	)		(76,573	)
Cash flows from financing activities
Net repayment of debt		(2,823	)		(562	)		(2,707	)		(6,019	)
Repurchase of common stock		—			(1,581	)		(10,368	)		(1,581	)
Issuance of common stock		3,584			3,784			9,184			10,739
Net transfers to Varian Medical Systems, Inc.		(162	)		(529	)		(901	)		(2,882	)
Net cash provided by (used in) financing activities		599			1,112			(4,792	)		257
Effects of exchange rate changes on cash and cash equivalents		(925	)		(336	)		4,922			1,013
Net increase in cash and cash equivalents		24,653			19,964			70,646			5,266
Cash and cash equivalents at beginning of period		111,138			45,181			65,145			59,879
Cash and cash equivalents at end of period	$	135,791		$	65,145		$	135,791		$	65,145

VARIAN, INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF UNAUDITED RESULTS OF OPERATIONS

(In millions, except margin and per share data)

	Fiscal Quarter Ended						Fiscal Year Ended
	Oct. 3, 2003			Sept. 27, 2002			Oct. 3, 2003			Sept. 27, 2002
TOTAL COMPANY
Operating Profit
U.S. GAAP as reported	$	18.4		$	23.1		$	76.6		$	83.1
Pro forma adjustments:
Acquisition-related intangible amortization		0.7			0.4			2.7			1.5
Restructuring costs		3.8			—			6.9			—
Patent suit settlement costs		1.1			—			1.1			—
Acquisition transition costs		—			—			0.5			—
In-process R&D charge		—			—			—			0.9
Pro forma as presented	$	24.0		$	23.5		$	87.8		$	85.5
Operating Margins
U.S. GAAP as reported		7.7	%		11.1	%		9.0	%		10.7	%
Pro forma adjustments:
Acquisition-related intangible amortization		0.3			0.2			0.4			0.2
Restructuring costs		1.6			—			0.8			—
Patent suit settlement costs		0.5			—			0.1			—
Acquisition transition costs		—			—			0.1			—
In-process R&D charge		—			—			—			0.1
Pro forma as presented		10.1	%		11.3	%		10.4	%		11.0	%
Net Earnings
U.S. GAAP as reported	$	11.8		$	14.5		$	49.1		$	51.6
Pro forma adjustments:
Acquisition-related intangible amortization		0.5			0.3			1.8			1.0
Restructuring costs		2.5			—			4.5			—
Patent suit settlement costs		0.7			—			0.7			—
Acquisition transition costs		—			—			0.3			—
In-process R&D charge		—			—			—			0.9
Pro forma as presented	$	15.5		$	14.8		$	56.4		$	53.5
Diluted Earnings Per Share
U.S. GAAP as reported	$	0.34		$	0.41		$	1.40		$	1.48
Pro forma adjustments:
Acquisition-related intangible amortization		0.01			0.01			0.05			0.03
Restructuring costs		0.07			—			0.13			—
Patent suit settlement costs		0.02			—			0.02			—
Acquisition transition costs		—			—			0.01			—
In-process R&D charge		—			—			—			0.02
Pro forma as presented	$	0.44		$	0.42		$	1.61		$	1.53

VARIAN, INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF UNAUDITED RESULTS OF OPERATIONS

(In millions, except margin data)

	Fiscal Quarter Ended						Fiscal Year Ended
	Oct. 3, 2003			Sept. 27, 2002			Oct. 3, 2003			Sept. 27, 2002
SCIENTIFIC INSTRUMENTS SEGMENT
Operating Profit
U.S. GAAP as reported	$	12.7		$	14.4		$	51.7		$	54.4
Pro forma adjustments:
Acquisition-related intangible amortization		0.7			0.5			2.6			1.5
Restructuring costs		3.5			—			5.7			—
In-process R&D charge		—			—			—			0.9
Pro forma as presented	$	16.9		$	14.9		$	60.0		$	56.8
Operating Margins
U.S. GAAP as reported		8.1	%		10.7	%		9.4	%		11.0	%
Pro forma adjustments:
Acquisition-related intangible amortization		0.5			0.3			0.5			0.3
Restructuring costs		2.2			—			1.0			—
In-process R&D charge		—			—			—			0.2
Pro forma as presented		10.8	%		11.0	%		10.9	%		11.5	%
VACUUM TECHNOLOGIES SEGMENT
Operating Profit
U.S. GAAP as reported	$	2.4		$	4.7		$	13.0		$	16.8
Pro forma adjustments:
Acquisition-related intangible amortization		—			—			0.1			0.1
Restructuring costs		0.3			—			0.8			—
Patent suit settlement costs		1.1			—			1.1			—
Pro forma as presented	$	3.8		$	4.7		$	15.0		$	16.9
Operating Margins
U.S. GAAP as reported		7.9	%		16.0	%		11.2	%		15.1	%
Pro forma adjustments:
Acquisition-related intangible amortization		—			—			0.1			0.1
Restructuring costs		0.9			—			0.7			—
Patent suit settlement costs		3.6			—			0.8			—
Pro forma as presented		12.4	%		16.0	%		12.8	%		15.2	%

VARIAN, INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF UNAUDITED RESULTS OF OPERATIONS

(In millions, except margin data)

	Fiscal Quarter Ended						Fiscal Year Ended
	Oct. 3, 2003			Sept. 27, 2002			Oct. 3, 2003			Sept. 27, 2002
ELECTRONICS MANUFACTURING SEGMENT
Operating Profit
U.S. GAAP as reported	$	5.6		$	5.4		$	20.8		$	17.8
Pro forma adjustment:
Acquisition transition costs		—			—			0.5			—
Pro forma as presented	$	5.6		$	5.4		$	21.3		$	17.8
Operating Margins
U.S. GAAP as reported		10.9	%		12.5	%		11.6	%		10.2	%
Pro forma adjustment:
Acquisition transition costs		—			—			0.3			—
Pro forma as presented		10.9	%		12.5	%		11.9	%		10.2	%

VARIAN, INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF PROJECTED RESULTS OF OPERATIONS

	Range of Projected Results
	Fiscal Quarter Ending January 2, 2004	Fiscal Year Ending October 1, 2004
TOTAL COMPANY
Projected Diluted Earnings per Share
Projected U.S. GAAP	$0.36 – $0.39	$1.64 – $1.72
Pro forma adjustments:
Projected acquisition-related intangible amortization	$0.01	$0.06
Projected restructuring costs	$0.01	$0.07
Projected pro forma	$0.38 – $0.41	$1.77 – $1.85