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.”
Mr. Chopra concluded, “We are also pleased with the
performance in our Optoelectronics and Manufacturing Division, as
third party sales increased 12% over the prior year as our customer
base expanded positioning us well for the future.”
Fiscal Year 2013 Outlook
Subject to the risk factors detailed in the Safe Harbor section
of this press release, the Company announced that it is raising its
earnings guidance and expects diluted earnings per share to
increase at a rate of 21% to 31% to between $2.77 to $3.00 per
share, excluding the impact of restructuring and other charges. In
addition, the Company is raising its sales guidance to $870 million
- $895 million, representing a 10% to 13% increase over fiscal
2012.
Conference Call Information
OSI Systems, Inc. will host a conference call and simultaneous
webcast over the Internet beginning at 9:00am PT (12:00pm ET),
today to discuss its results for the first quarter of fiscal 2013.
To listen, please visit the investor relations section of OSI
Systems website, http://investors.osi-systems.com/index.cfm and
follow the link that will be posted on the front page. A replay of
the webcast will be available shortly after the conclusion of the
conference call until November 6, 2012. The replay can either be
accessed through the Company’s website, www.osi-systems.com, or via
telephonic replay by calling 1-888-286-8010 and entering the
conference call identification number '85433472' 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. The Company sells its products in
diversified markets, including homeland security, healthcare,
defense and aerospace. The Company has more than 35 years of
experience in electronics engineering and manufacturing and
maintains offices and production facilities located in more than a
dozen countries. It implements a strategy of expansion by
leveraging its electronics and contract manufacturing capabilities
into selective end product markets through organic growth and
acquisitions. For more information on OSI Systems Inc. or any of
its subsidiary companies, visit www.osi-systems.com. News Filter:
OSIS-E
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements relate to the Company’s current
expectations, beliefs, projections and similar expressions
concerning matters that are not historical facts. They are not
intended to be guarantees of future performance. Forward-looking
statements involve uncertainties, risks, assumptions and
contingencies, many of which are outside the Company’s control and
which cause actual results to differ materially from those
described in or implied by any forward-looking statement. Such
statements include, but are not limited to, information provided
regarding expected revenues and earnings growth in fiscal 2013,
sales of recently-introduced products and expectations surrounding
the performance of the Company under its agreement with SAT in
Mexico. All forward-looking statements are based on currently
available information and speak only as of the date on which they
are made. The Company assumes no obligation to update any
forward-looking statement made in this press release that becomes
untrue because of subsequent events, new information or otherwise,
except to the extent it is required to do so in connection with its
ongoing requirements under Federal securities laws. For a further
discussion of these and other factors that could cause the
Company’s future results to differ materially from any
forward-looking statements, see the section entitled “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year ended June
30, 2012.
OSI SYSTEMS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Operations
(in thousands, except per share
data)
(Unaudited)
Three Months Ended
September 30, 2011
2012 Revenue $ 161,317 $ 181,694 Cost of goods sold
108,460 120,339 Gross profit 52,857 61,355
Operating expenses: Selling, general and administrative 34,367
39,925 Research and development 10,880 11,316
Total operating expenses 45,247 51,241
Income from operations 7,610 10,114 Interest and other
expense, net (799 ) (1,097 ) Income before income
taxes 6,811 9,017 Income tax expense 2,050
2,678 Net income $ 4,761 $ 6,339
Diluted income per share $ 0.24 $ 0.31 Weighted
average shares outstanding – diluted 20,089
20,571
Consolidated Balance Sheets
(in thousands) (unaudited)
June 30,
2012 September 30, 2012 Assets Cash and cash
equivalents $ 91,452 $ 73,707 Accounts receivable, net 156,867
146,784 Inventories 195,178 195,388 Other current assets
39,616 39,248 Total current assets 483,113 455,127
Non-current assets 266,783 331,598 Total Assets $
749,896 $ 786,725
Liabilities and Stockholders'
Equity Current portion of long-term debt $ 215 $ 1,677 Accounts
payable and accrued expenses 75,252 105,182 Other current
liabilities 85,182 75,172 Total current liabilities
160,649 182,031 Long-term debt 2,467 12,161 Advances from customers
100,000 93,750 Other long-term liabilities 52,661
56,415 Total liabilities 315,777 344,357 Total stockholders’ equity
434,119 442,368 Total Liabilities and Equity $
749,896 $ 786,725
Segment Information (in
thousands) (unaudited)
Three Months Ended September 30,
2011 2012
Revenues – by Segment: Security division $ 72,597 $ 82,916
Healthcare division 46,520 51,581 Optoelectronics and Manufacturing
division, including intersegment revenues 53,091 57,147
Intersegment revenues elimination (10,891 ) (9,950 )
Total $ 161,317 $ 181,694
Operating
income (loss) – by Segment: Security division $ 3,845 $ 4,465
Healthcare division 2,398 3,881 Optoelectronics and Manufacturing
division 4,938 4,833 Corporate (3,307 ) (3,249 ) Eliminations
(264 ) 184 Total $ 7,610 $
10,114
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