OSI Systems, Inc. (NASDAQ:OSIS), a vertically integrated provider
of specialized electronics products for critical applications in
the Security and Healthcare industries, today announced its
financial results for its first quarter ended September 30, 2008.
The Company reported revenues of $148.2 million for the first
quarter of fiscal 2009, an increase of 13% from the $131.0 million
reported for the first quarter of fiscal 2008. Net income for the
first quarter of fiscal 2009 was $0.1 million, or $0.01 per diluted
share, compared to a net loss of $(2.1) million, or $(0.12) per
diluted share for the first quarter of fiscal 2008. The results for
the first quarter ended September 30, 2008 and the prior comparable
period of fiscal 2008 included non-recurring restructuring charges
of $0.8 million compared to $0.1 million for the comparable period
of fiscal 2008. Excluding the impact of the aforementioned
non-recurring charges, net income for the first quarter of fiscal
2009 would have been approximately $0.7 million or $0.04 per
diluted share compared to a net loss of $(2.0) million or $(0.12)
per diluted share for the first quarter of fiscal 2008. These
non-GAAP figures are provided to allow for the comparison of
underlying earnings, net of non-recurring charges, providing
insight into the on-going operations of the Company. The Company�s
backlog as of September 30, 2008, was approximately $231 million,
compared to $212 million as of June 30, 2008. For the comparable
period, the backlog for the Company�s Security division increased
by $26 million to $141 million. For the first quarter of fiscal
2009, the Company generated cash flow from operations of $14.7
million and capital expenditures were $2.2 million, as compared to
cash flow from operations using $3.6 million and capital
expenditures of $2.6 million during the first quarter of fiscal
2008. Deepak Chopra, OSI Systems� Chairman and CEO, stated,
�Revenue growth for the first quarter was driven primarily by
strong performances in our Security and Optoelectronics divisions
which grew 20% and 23% respectively. For the quarter our Security
division achieved record bookings of approximately $94 million
improving our backlog to near record levels. Mr. Chopra continued,
�For the quarter, sales in our Healthcare division declined 3% when
compared to the first quarter of the prior fiscal year. The decline
was a direct result of the tightening credit markets within North
America causing customers to delay planned orders. Internationally,
however, our Healthcare division sales remain strong. We continue
to be diligent in monitoring the market conditions within North
America as it relates to our Healthcare division and have begun to
implement proactive measures to address our overall cost structure.
Mr. Chopra concluded, �Within our Security division we have made
significant announcements of late. Firstly, we were awarded a $3
million contract for air cargo inspection systems. This was the
first contract award we have received related to the U.S.
government mandate for 100% inspection of all air cargo by August
2010. Additionally, today we announced receipt of an approximate $6
million development and delivery contract from the TSA for our next
generation high-speed CT system for checked baggage screening.�
Company Outlook � Guidance for Fiscal 2009 Due to significant
levels of economic uncertainty within the credit markets in North
America, the Company is unable to provide guidance for fiscal 2009
and as such has withdrawn its previously published guidance for
fiscal 2009. Alan Edrick, Executive Vice President and CFO, stated,
�We remain confident in our long run business fundamentals. While
our healthcare division has been impacted by economic conditions in
the Unites States and the challenging credit markets, we are moving
quickly to address our overall cost structure. Overall
our�liquidity position�remains strong and in the first quarter we
generated $12.5 million of free cash flow, a record for the
Company.� Conference Call Information OSI Systems, Inc. will host a
conference call and simultaneous webcast over the Internet
beginning at 9:00 a.m. PT (12:00 p.m. ET) today to discuss its
financial and business results for the first quarter of fiscal
2009. The conference call will contain forward looking information.
To listen, please log on to www.fulldisclosure.com or the investor
relations section of the OSI Systems website
(http://investors.osi-systems.com/index.cfm). A replay of the
webcast will be available shortly after the conclusion of the
conference call until November 13, 2008. The replay can either be
accessed through the Company�s website or via telephonic replay by
calling 1-888-286-8010 and entering the conference call
identification number �40344917� when prompted for the replay code.
About OSI Systems, Inc. OSI Systems, Inc. is a vertically
integrated designer and manufacturer of specialized electronic
systems and components for critical applications�in�the homeland
security, healthcare, defense and aerospace industries. We
combine�more than 30 years of�electronics engineering and
manufacturing experience with�offices and production facilities in
more than a dozen countries to�implement a strategy of expansion
into selective end product markets.�For more information on OSI
Systems Inc. or any of its subsidiary companies, visit
www.osi-systems.com. News Filter: OSIS-G This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such statements
include information regarding the Company�s expectations, goals or
intentions about the future, including the Company�s predictions
about the effects of steps being taken to improve profitability as
well as the Company�s guidance regarding future revenues and future
earnings. The actual results may differ materially from those
described in or implied by any forward-looking statement. In
particular, there can be no assurance that the Company will achieve
profitability or that future revenue or earnings predictions will
ultimately prove accurate. Other important factors are set forth in
our Securities and Exchange Commission filings. All forward-looking
statements speak only as of the date made, and we undertake no
obligation to update these forward-looking statements. OSI SYSTEMS,
INC. AND SUBSIDIARIES � CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share data) (Unaudited) � Three Months Ended
September 30, � 2007 � � � 2008 � Revenue $ 131,013 $ 148,161 Cost
of goods sold � 86,903 � � 98,526 � Gross profit 44,110 49,635 �
Operating expenses: Selling, general and administrative 36,211
37,571 Research and development 9,729 10,213 Impairment,
restructuring, and other charges � 85 � � 801 � Total operating
expenses � 46,025 � � 48,585 � � Income (loss) from operations
(1,915 ) 1,050 � Interest expense, net (1,089 ) (895 ) Income
(loss) before provision for income taxes and minority interest
(3,004 ) 155 � Provision (benefit) for income taxes (1,055 ) 53
Minority interest of net earnings (losses) of consolidated
subsidiaries (118 ) 30 � � Net income (loss) � (2,067 ) � 132 � �
Diluted income (loss) per share $ (0.12 ) $ 0.01 � � Weighted
average shares outstanding � diluted � 17,171 � � 18,166 �
CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) � � June 30,
September 30, � 2008 � 2008 Assets Cash and cash equivalents $
18,232 $ 21,048 Accounts receivable, net 156,781 137,116
Inventories 144,807 148,599 Other current assets � 36,635 � 42,030
Total current assets 356,455 348,793 Non-current assets � 151,186 �
149,455 Total $ 507,641 $ 498,248 � Liabilities and Stockholders'
Equity Bank lines of credit $ 18,657 $ 9,000 Current portion of
long-term debt 6,593 7,094 Accounts payable and accrued expenses
89,594 82,373 Other current liabilities � 46,653 � 58,156 Total
current liabilities 161,497 156,623 Long-term debt 49,091 46,541
Other long-term liabilities � 17,804 � 19,095 Total liabilities
228,392 222,259 Minority interest 1,228 1,198 Shareholders' equity
� 278,021 � 274,791 Total liabilities and stockholders� equity $
507,641 $ 498,248 SEGMENT INFORMATION (in thousands) (unaudited) �
Three Months Ended September 30, � 2007 � � � 2008 � Revenues � by
Segment Group: Security Group $ 48,805 $ 58,685 Healthcare Group
56,598 54,827 Optoelectronics and Manufacturing Group including
intersegment revenues 36,372 44,882 Intersegment revenues
elimination � (10,762 ) � (10,233 ) Total � 131,013 � � 148,161 � -
- Operating income (loss) � by Segment Group: Security Group $ (696
) $ 3,048 Healthcare Group 1,051 (1,824 ) Optoelectronics and
Manufacturing Group 1,339 3,863 Corporate (3,479 ) (4,215 )
Eliminations � (130 ) � 178 � Total $ (1,915 ) $ 1,050 �
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