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OSI Systems Reports Second Quarter Fiscal 2013 Financial Results

OSI Systems, Inc. (NASDAQ: OSIS) today announced financial results for the second fiscal quarter ended December 31, 2012.

“We are pleased to announce our second quarter results. Once again we generated record revenues and non-GAAP earnings per share,” said Deepak Chopra, OSI Systems’ Chairman and CEO. “We are excited to report that our initial scanning locations were certified as fully operational under our multi-year turnkey screening services agreement with Mexico's tax and customs authority. This rapid level of progress gives us great confidence that nearly the entire program will become operational during calendar 2013.”

The Company reported revenues of $194 million for the second quarter of fiscal 2013, an increase of 3% as compared to the same period a year ago. Net income for the second quarter of fiscal 2013 was $12.4 million, or $0.60 per diluted share, compared to net income of $12.3 million, or $0.61 per diluted share, for the second quarter of fiscal 2012. Excluding the impact of impairment, restructuring and other charges, net income for the second quarter of fiscal 2013 would have been $14.4 million, or $0.70 per diluted share.

For the six months ended December 31, 2012, the Company reported revenues of $376 million, an increase of 8% as compared to the same period a year ago. Net income for the six months ended December 31, 2012 was $18.8 million, or $0.91 per diluted share, compared to net income of $17.1 million, or $0.85 per diluted share, for the six months ended December 31, 2011. Excluding the impact of impairment, restructuring and other charges, net income for the six months ended December 31, 2012 would have been $20.7 million, or $1.01 per diluted share.

As of December 31, 2012, the Company’s backlog was approximately $1.0 billion compared to $0.4 billion as of December 31, 2011. During the three months ended December 31, 2012, the Company generated cash flow from operations of $20 million. Capital expenditures during that period totaled $55 million as the Company continued to invest in building infrastructure and capital equipment in Mexico.

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