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OSI Systems Reports First Quarter Fiscal 2014 Financial Results

Stocks in this article: OSIS

OSI Systems, Inc. (NASDAQ:OSIS) today announced financial results for the quarter ended September 30, 2013.

Deepak Chopra, OSI Systems’ Chairman and CEO, stated, “We are happy to report that our first quarter performance resulted in record-breaking revenue and profit, and provided an outstanding start for our fiscal year. Led by our Security and Optoelectronics and Manufacturing divisions, we achieved 14% sales growth leading to our 17 th straight quarter of record year-over-year non-GAAP earnings.”

The Company reported revenues of $206.3 million for the first quarter of fiscal 2014, an increase of $24.6 million, or 14%, from the $181.7 million reported for the first quarter of fiscal 2013. Net income for the first quarter of fiscal 2014 was $6.4 million, or $0.31 per diluted share, compared to net income of $6.3 million, or $0.31 per diluted share, for the first quarter of fiscal 2013. Excluding the impact of restructuring and other charges, net income for the first quarter of fiscal 2014 would have been approximately $9.4 million, or $0.46 per diluted share compared to net income of 6.3 million or $0.31 per diluted share for the comparable period of fiscal 2013.

As of September 30, 2013, the Company’s backlog was $1.0 billion, which was comparable to the amount as of June 30, 2013. During the three months ended September 30, 2013, the Company generated cash flow from operations of $6.2 million. Capital expenditures for the period totaled $8.0 million.

Mr. Chopra continued, "Our Security division reported a record 17% topline increase and the growth this year was primarily a result of our turnkey scanning operations. These sales contributed to record first-quarter Security division operating income. These results combined with our substantial sales pipeline make us confident that fiscal 2014 will be an excellent year for our Security division.”

Mr. Chopra added, “We are also very pleased with the performance in our Optoelectronics and Manufacturing division, as sales increased 25% over the prior year as our expanded customer base has performed well, which resulted in very strong operating income. We are well positioned for continued success in the Opto division in fiscal 2014.”

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