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OSI Systems Reports Fourth Quarter And Fiscal Year 2013 Financial Results

OSI Systems, Inc. (NASDAQ: OSIS) today announced financial results for its fourth quarter and fiscal year ended June 30, 2013.

Deepak Chopra, OSI Systems President and CEO, stated, “We are pleased to announce the results of our fourth quarter, as we finished the year strong, positioning us well for future growth. We achieved record non-GAAP earnings for the 16th consecutive quarter as a result of significant operating margin expansion. As expected, sales decreased 3% as our fourth quarter sales from the prior year were unusually high due to a large U.S. Army program that was substantially completed during that quarter, making our prior fourth quarter results a difficult point of comparison. Excluding the impact of this program, sales increased by 20%.”

Mr. Chopra continued, “The momentum gained from a strong finish by each division, combined with a year-end backlog of approximately $1 billion and a significant pipeline of opportunities, positions us well for solid growth in fiscal 2014.”

The Company reported revenues of $228 million for the fourth quarter of fiscal 2013, a decrease of 3% from the $235 million reported for the fourth quarter of fiscal 2012. Net income for the fourth quarter of fiscal 2013 was $11.8 million, or $0.58 per diluted share, compared to net income of $15.9 million, or $0.78 per diluted share for the fourth quarter of fiscal 2012. Excluding the impact of impairment, restructuring and other charges, and the impact of tax elections discussed below, net income for the fourth quarter of fiscal 2013 would have been approximately $20.9 million, or $1.02 per diluted share, compared to net income of $16.3 million, or $0.79 per diluted share for the fourth quarter of fiscal 2012.

For the fiscal year ended June 30, 2013, the Company reported revenues of $802 million, a 1% increase from the $793 million reported for fiscal 2012. Net income for fiscal 2013 was $44.1 million, or $2.15 per diluted share, compared to net income of $45.5 million, or $2.24 per diluted share in fiscal 2012. Excluding the impact of impairment, restructuring and other charges, and the impact of tax elections discussed below, net income for fiscal 2013 would have been approximately $56.8 million, or $2.76 per diluted share, compared to net income of $46.6 million, or $2.29 per diluted share for the comparable period of fiscal 2012.

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