Net quadruples at Varian, but shares fall

Gloucester’s Varian Semiconductor Equipment Associates Inc. more than quadrupled net income in the fourth quarter, as the company offset a revenue drop with aggressive cost cuts, but investors weren’t too impressed as shares fell. The chip equipment maker said net income rose to $7.6 million, or 10 cents per share, compared with $1.8 million, or 2 cents, in the same quarter a year ago. Revenue fell 17 percent to $117.5 million. Product revenue fell 14 percent to $105.5 million, while service revenue plunged by 38 percent to $11.9 million.