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OSI Systems Reports First Quarter Fiscal 2013 Financial Results

OSI Systems, Inc. (NASDAQ:OSIS) today announced financial results for the quarter ended September 30, 2012.

Deepak Chopra, OSI Systems’ Chairman and CEO, stated, “Our first quarter results reflect continued strong performance. Our success was evident throughout all of OSI as each of our divisions achieved double-digit sales growth, which led to record first quarter profitability.”

The Company reported revenues of $181.7 million for the first quarter of fiscal 2013, an increase of $20.4 million, or 13%, from the $161.3 million reported for the first quarter of fiscal 2012. Net income for the first quarter of fiscal 2013 was $6.3 million, or $0.31 per diluted share, compared to net income of $4.8 million, or $0.24 per diluted share, for the first quarter of fiscal 2012.

As of September 30, 2012, the Company’s backlog was $1.1 billion compared to $413 million as of September 30, 2011, an increase of 155%. During the three months ended September 30, 2012, the Company generated cash flow from operations of $42 million. Capital expenditures totaled $63 million as the Company invested in building infrastructure and capital equipment for the screening services program in Mexico, and acquired a new building to serve as the future headquarters for the Healthcare division.

Mr. Chopra continued, “Our Security Division reported a 14% topline increase for our fifth consecutive quarter of double-digit sales growth. This quarter was highlighted by the success of our products at the London Olympic Games and the significant progress made under our multi-year turnkey screening services agreement with Mexico's tax and customs authority.”

Mr. Chopra added, “Our Healthcare division continued to build on the momentum seen in the second half of last year as first quarter sales increased 11%. With this solid topline growth and the successful launch of recent new product offerings, we believe that fiscal 2013 will be another strong year for our Healthcare division.”

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