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OSI Systems Reports Fourth Quarter And Fiscal Year 2012 Financial Results

Stocks in this article: OSIS

OSI Systems, Inc. (NASDAQ: OSIS) today announced financial results for its fourth quarter and fiscal year ended June 30, 2012.

Deepak Chopra, OSI Systems President and CEO, stated, “We are pleased to report outstanding results for our fourth quarter and fiscal year, as we closed out a truly transformative year in very strong fashion. In addition to record financial results, noteworthy achievements during fiscal 2012 included a major turnkey screening solutions win with Servicio de Administración Tributaria, Mexico’s tax and customs authority (“SAT”), European certification of our Rapiscan RTT ® (Real Time Tomography) ultra-high speed, checked baggage screening system and multiple new product introductions in our Healthcare Division.”

Mr. Chopra continued, “Each of our divisions finished the year strong. This momentum, combined with a record year-end backlog of $1.1 billion, positions us well for continued strong top line growth and earnings expansion in fiscal 2013.”

The Company reported revenues of $235 million for the fourth quarter of fiscal 2012, an increase of 28% from the $183 million reported for the fourth quarter of fiscal 2011. Net income for the fourth quarter of fiscal 2012 was $15.9 million, or $0.78 per diluted share, compared to net income of $12.0 million, or $0.61 per diluted share for the fourth quarter of fiscal 2011. Excluding the impact of restructuring charges and start-up costs related to the SAT program, net income for the fourth quarter of fiscal 2012 would have been approximately $19.4 million or $0.95 per diluted share compared to net income of $13.0 million or $0.66 per diluted share for the fourth quarter of fiscal 2011.

For the fiscal year ended June 30, 2012, the Company reported revenues of $793 million, a 21% increase from the $656 million reported for fiscal 2011. Net income for fiscal 2012 was $45.5 million, or $2.24 per diluted share, compared to net income of $33.4 million, or $1.71 per diluted share in fiscal 2011. Excluding the impact of restructuring and other nonrecurring charges, and start-up costs related to the SAT agreement, net income for fiscal 2012 would have been approximately $50.9 million, or $2.51 per diluted share compared to net income of $35.9 million or $1.84 per diluted share for the comparable period of fiscal 2011.

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