Exhibit 99.1

For Information Contact:

Laurie H. Alire

Varian, Inc.

650.424.5225

laurie.alire@varianinc.com

VARIAN, INC. REPORTS FIRST QUARTER FY04 RESULTS

PALO ALTO, Calif. — Varian, Inc. (Nasdaq: VARI) today reported sales for the first quarter of fiscal year 2004 of $212.5 million, representing an 8.6% increase over first quarter 2003 sales of $195.7 million. The increase was primarily driven by continued strong growth in the company’s Scientific Instruments segment as well as higher sales in its Vacuum Technologies and Electronics Manufacturing segments.

Pro forma net earnings were $14.2 million for the first quarter of fiscal year 2004, or $0.40 pro forma diluted earnings per share, compared to $14.3 million, or $0.41 pro forma diluted earnings per share, in the first quarter of fiscal year 2003. On a GAAP basis, net earnings in the first quarter of fiscal year 2004 were $13.6 million, or $0.38 diluted earnings per share, compared to $12.7 million, or $0.36 diluted earnings per share, in the first quarter of fiscal year 2003. (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 – Unaudited Consolidated Condensed Statement of Quarterly Earnings, Unaudited Results of Operations, and Projected Results of Operations.)

“Sales grew in all regions of the world, including in North America,” said Garry W. Rogerson, president and CEO. “This demand was driven by some general economic pick-up and by good customer acceptance of new products introduced over the past two years. Innovation continues to be a key growth driver in our business, and we intend to continue our product development efforts accordingly.”

Results by Segment

Scientific Instruments revenues for the first quarter of fiscal year 2004 were $134.1 million, representing a 7.9% increase over revenues of $124.3 million in the first quarter of the prior year. The segment’s operating profit margin for the first quarter of fiscal year 2004 was 10.1% on a pro forma basis and 9.5% on a GAAP basis.

During the first quarter of fiscal year 2004, the Scientific Instruments segment met the company’s revenue expectations, but pro forma operating margins were lower sequentially and versus the year-ago quarter. Operating margins were adversely affected by a disproportionate increase in sales of high-field nuclear magnetic resonance (NMR) systems and leading-edge cold probes for NMR. The company is shipping cold probes in increasing numbers and has a large backlog of customers waiting. Cold probes, which are state-of-the-art products, have high initial costs, but margins are expected to improve as probe assembly moves from a laboratory environment to the manufacturing floor and the company progresses along the learning curve in producing, installing, and supporting this breakthrough technology. During the quarter, particularly strong sales of mass spectrometer products helped to offset lower sales of low-field NMR systems.

Vacuum Technologies revenues of $31.3 million rose 6.5% in the first quarter of fiscal year 2004 compared to revenues of $29.4 million in the first quarter of fiscal year 2003. Vacuum Technologies’ operating profit margin in the first quarter of fiscal 2004 was 15.5% on a pro forma basis and 15.4% on a GAAP basis. During the first quarter of fiscal year 2004, revenues continued to grow sequentially and pro forma operating margins returned sequentially to the mid-teens. The growth was driven by increased demand for life science and certain industrial applications.

Electronics Manufacturing revenues were $47.1 million in the first quarter of fiscal year 2004, up 12.0% from revenues of $42.0 million in the first quarter of fiscal year 2003. The revenue growth primarily resulted from increased demand from industrial customers and included about $3 million of revenues from new customers obtained through the acquisition of the assets of Comtel Electronics, Inc. in the third quarter of fiscal year 2003. The pro forma and GAAP operating profit margin for Electronics Manufacturing was 10.8% in the first quarter of fiscal year 2004.

Outlook

“Although we have seen improved demand from our industrial and life science customers for many of our products,” said Rogerson, “our operating profit margins have been affected by a mix shift to high-field NMR systems and the cost of product support as we move through the learning curve on breakthrough technologies such as NMR cold probes.

“Margins should improve as we become more efficient in producing, installing, and supporting these new technologies. In addition, we have programs in place to address margin improvement in Scientific Instruments through cost reduction efforts, the ongoing introduction of higher-margin new products, and increased consumable sales.

“As a result of the investments we are making in future technologies and the higher costs associated with current leading-edge products, our guidance for the second quarter of fiscal year 2004 is $0.36 to $0.40 pro forma diluted earnings per share, or $0.34 to $0.38 GAAP diluted earnings per share, and $1.60 to $1.74 pro forma diluted earnings per share, or $1.47 to $1.61 GAAP diluted earnings per share, for fiscal year 2004.

“For the second fiscal quarter and the full fiscal year, we expect high single-digit revenue growth, with pro forma operating profit margins of roughly 9.0% to 10.0% for the quarter and 9.5% to 10.5% for the full fiscal year. GAAP operating profit margins should be approximately 0.5% and 0.7% lower than the comparable pro forma results for the second fiscal quarter and the full fiscal year, respectively.

“In summary, we have powerful technologies and platforms, but to take full advantage of their promise, Varian, Inc. must continue its drive into new applications. To do this, we will maintain our pace of innovation, particularly in information-rich detectors such as NMR and mass spectrometers, with ongoing investments in R&D, new product support, and by more rapidly acquiring additional key technologies.”

Varian, Inc. will be holding a conference call with securities analysts and investors later today, January 28, 2004, 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 and restructuring 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 – Unaudited Consolidated Condensed Statement of Quarterly Earnings, Unaudited Results of Operations, and 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 revenue growth, operating profit margins, and diluted earnings per share for the second 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 can increase margins on newer leading-edge NMR products; 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. 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 14 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

RECONCILIATION OF GAAP TO PRO FORMA

UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF QUARTERLY EARNINGS

(In thousands, except per share amounts)

	Fiscal Quarter Ended January 2, 2004					Fiscal Quarter Ended December 27, 2002
	GAAP		Pro Forma			GAAP		Pro Forma
Sales	$	212,493	$	212,493		$	195,743	$	195,743
Cost of sales		132,717		132,717			119,353		119,353
Gross profit		79,776		79,776			76,390		76,390
Operating expenses
Sales and marketing		37,156		37,156			33,686		33,686
Research and development		11,155		11,155			10,874		10,874
General and administrative		10,505		9,642	(1)		11,580		9,052	(2)
Total operating expenses		58,816		57,953			56,140		53,612
Operating earnings		20,960		21,823			20,250		22,778
Interest expense, net		53		53			427		427
Earnings before income taxes		20,907		21,770			19,823		22,351
Income tax expense		7,318		7,620			7,136		8,046
Net earnings	$	13,589	$	14,150		$	12,687	$	14,305
Net earnings per diluted share	$	0.38	$	0.40		$	0.36	$	0.41
Diluted shares outstanding		35,658		35,658			35,017		35,017

SUMMARY OF RECONCILING ITEMS:

(1) Excludes $702 in acquisition-related intangible amortization and $161 in restructuring costs.

(2) Excludes $496 in acquisition-related intangible amortization and $2,032 in restructuring costs.

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEET

(In thousands, except par value amounts)

	Jan. 2, 2004		Oct. 3, 2003
ASSETS
Current assets
Cash and cash equivalents	$	158,208	$	135,791
Accounts receivable, net		162,921		165,049
Inventories		136,272		125,649
Deferred taxes		26,614		26,464
Other current assets		15,347		17,788
Total current assets		499,362		470,741
Property, plant, and equipment, net		121,309		120,088
Goodwill		126,423		126,411
Intangible assets, net		16,076		16,762
Other assets		2,958		3,050
Total assets	$	766,128	$	737,052
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Notes payable	$	1,860	$	—
Current portion of long-term debt		2,500		2,811
Accounts payable		60,344		61,209
Deferred profit		12,576		14,385
Accrued liabilities		137,287		141,938
Total current liabilities		214,567		220,343
Long-term debt		35,316		36,273
Deferred taxes		12,454		12,454
Other liabilities		10,804		10,413
Total liabilities		273,141		279,483
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—34,703 shares at Jan. 2, 2004 and 34,181 shares at Oct. 3, 2003		262,866		252,630
Retained earnings		207,155		193,566
Accumulated other comprehensive income		22,966		11,373
Total stockholders’ equity		492,987		457,569
Total liabilities and stockholders’ equity	$	766,128	$	737,052

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(In thousands)

	Fiscal Quarter Ended
	Jan. 2, 2004			Dec. 27, 2002
Cash flows from operating activities
Net earnings	$	13,589		$	12,687
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		6,306			5,440
Loss (gain) on disposition of property, plant, and equipment		37			(26	)
Tax benefit from stock option exercises		3,716			—
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net		6,713			17,094
Inventories		(8,373	)		(5,218	)
Other current assets		4,647			785
Other assets		71			18
Accounts payable		(2,112	)		(396	)
Deferred profit		(1,847	)		1,004
Accrued liabilities		(6,882	)		(3,259	)
Other liabilities		(135	)		502
Net cash provided by operating activities		15,730			28,631
Cash flows from investing activities
Proceeds from sale of property, plant, and equipment		56			174
Purchase of property, plant, and equipment		(4,359	)		(4,197	)
Purchase of businesses, net of cash acquired		—			(532	)
Net cash used in investing activities		(4,303	)		(4,555	)
Cash flows from financing activities
Net issuance (repayment) of debt		266			(931	)
Repurchase of common stock		(2,478	)		(8,074	)
Issuance of common stock		8,997			1,380
Net transfers to Varian Medical Systems, Inc.		(326	)		(270	)
Net cash provided by (used in) financing activities		6,459			(7,895	)
Effects of exchange rate changes on cash and cash equivalents		4,531			467
Net increase in cash and cash equivalents		22,417			16,648
Cash and cash equivalents at beginning of period		135,791			65,145
Cash and cash equivalents at end of period	$	158,208		$	81,793

VARIAN, INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF GAAP TO PRO FORMA

UNAUDITED RESULTS OF OPERATIONS

(In millions, except margin and per share data)

	Fiscal Quarter Ended
	Jan. 2, 2004			Dec. 27, 2002
TOTAL COMPANY
Operating Profit
U.S. GAAP as reported	$	21.0		$	20.3
Pro forma adjustments:
Acquisition-related intangible amortization		0.7			0.5
Restructuring costs		0.1			2.0
Pro forma as presented	$	21.8		$	22.8
Operating Margins
U.S. GAAP as reported		9.9	%		10.3	%
Pro forma adjustments:
Acquisition-related intangible amortization		0.3			0.2
Restructuring costs		0.1			1.1
Pro forma as presented		10.3	%		11.6	%
Net Earnings
U.S. GAAP as reported	$	13.6		$	12.7
Pro forma adjustments:
Acquisition-related intangible amortization		0.5			0.3
Restructuring costs		0.1			1.3
Pro forma as presented	$	14.2		$	14.3
Diluted Earnings Per Share
U.S. GAAP as reported	$	0.38		$	0.36
Pro forma adjustments:
Acquisition-related intangible amortization		0.01			0.01
Restructuring costs		0.01			0.04
Pro forma as presented	$	0.40		$	0.41

VARIAN, INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF GAAP TO PRO FORMA

UNAUDITED RESULTS OF OPERATIONS

(In millions, except margin data)

	Fiscal Quarter Ended
	Jan. 2, 2004			Dec. 27, 2002
SCIENTIFIC INSTRUMENTS SEGMENT
Operating Profit
U.S. GAAP as reported	$	12.7		$	13.1
Pro forma adjustments:
Acquisition-related intangible amortization		0.7			0.5
Restructuring costs		0.2			1.6
Pro forma as presented	$	13.6		$	15.2
Operating Margins
U.S. GAAP as reported		9.5	%		10.5	%
Pro forma adjustments:
Acquisition-related intangible amortization		0.5			0.4
Restructuring costs		0.1			1.3
Pro forma as presented		10.1	%		12.2	%
VACUUM TECHNOLOGIES SEGMENT
Operating Profit
U.S. GAAP as reported	$	4.8		$	4.5
Pro forma adjustment:
Acquisition-related intangible amortization		—			—
Pro forma as presented	$	4.8		$	4.5
Operating Margins
U.S. GAAP as reported		15.4	%		15.2	%
Pro forma adjustment:
Acquisition-related intangible amortization		0.1			—
Pro forma as presented		15.5	%		15.2	%

VARIAN, INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF GAAP TO PRO FORMA

UNAUDITED RESULTS OF OPERATIONS

(In millions, except margin data)

	Fiscal Quarter Ended
	Jan. 2, 2004			Dec. 27, 2002
ELECTRONICS MANUFACTURING SEGMENT
Operating Profit
U.S. GAAP as reported	$	5.1		$	4.7
Pro forma adjustments:
None		—			—
Pro forma as presented	$	5.1		$	4.7
Operating Margins
U.S. GAAP as reported		10.8	%		11.2	%
Pro forma adjustments:
None		—			—
Pro forma as presented		10.8	%		11.2	%
GENERAL CORPORATE
Operating Profit
U.S. GAAP as reported	$	(1.7	)	$	(2.0	)
Pro forma adjustment:
Restructuring costs		—			0.4
Pro forma as presented	$	(1.7	)	$	(1.6	)

VARIAN, INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF GAAP TO PRO FORMA

PROJECTED RESULTS OF OPERATIONS

	Range of Projected Results
	Fiscal Quarter Ending Apr. 2, 2004	Fiscal Year Ending Oct. 1, 2004
TOTAL COMPANY
Projected Diluted Earnings per Share
Projected U.S. GAAP	$0.34–$0.38	$1.47–$1.61
Pro forma adjustments:
Projected acquisition-related intangible amortization	$0.01	$0.06
Projected restructuring costs	$0.01	$0.07
Projected pro forma	$0.36–$0.40	$1.60–$1.74
Projected Operating Margins
Projected U.S. GAAP	8.5%–9.5%	8.8%–9.8%
Pro forma adjustments:
Projected acquisition-related intangible amortization	0.4%	0.3%
Projected restructuring costs	0.1%	0.4%
Projected pro forma	9.0%–10.0%	9.5%–10.5%