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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OSI Systems Inc | NASDAQ:OSIS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.65 | -0.45% | 145.30 | 144.83 | 145.31 | 147.43 | 141.57 | 141.70 | 17,574 | 14:57:22 |
In the Consolidated Balance Sheets, the number for Total shareholders' equity for March 31, 2013 should be 458,701 (sted 468,701).
The corrected release reads:
OSI SYSTEMS REPORTS THIRD QUARTER FISCAL 2013 FINANCIAL RESULTS
OSI Systems, Inc. (NASDAQ: OSIS), a vertically integrated provider of solutions in Security, Healthcare, and specialized electronics, today announced financial results for the third quarter ended March 31, 2013.
Deepak Chopra, OSI Systems’ Chairman and CEO, stated, “We are pleased to announce the results of our third quarter operations. We achieved record earnings for the 12th consecutive quarter as a result of significant operating margin expansion, led by our Security division. Although we experienced lower sales in the quarter due to a difficult prior-year comparison in our Security division and lower than expected results in our Healthcare division, our growth outlook for fiscal 2014 and beyond remains strong with a very robust opportunity pipeline and new product introductions in both divisions. With our Mexico turnkey program ramping up nicely and the majority of our capital investment behind us, we expect to generate significant free cash flow over the next twelve months.”
The Company reported revenues of $198 million for the third quarter of fiscal 2013, a decrease of 5% as compared to the same period a year ago. Net income for the third quarter of fiscal 2013 was $13.5 million, or $0.66 per diluted share, compared to net income of $12.6 million, or $0.62 per diluted share, for the third quarter of fiscal 2012. Excluding the impact of impairment, restructuring, and other charges, net income for the third quarter of fiscal 2013 would have been $15.2 million, or $0.74 per diluted share, compared to net income of $13.2 million, or $0.65 per diluted share, for the third quarter of fiscal 2012.
For the nine months ended March 31, 2013, the Company reported revenues of $574 million, an increase of 3% as compared to the same period a year ago. Net income for the nine months ended March 31, 2013 was $32.3 million, or $1.57 per diluted share, compared to net income of $29.6 million, or $1.46 per diluted share, for the nine months ended March 31, 2012. Excluding the impact of impairment, restructuring, and other charges, net income for the nine months ended March 31, 2013 would have been $35.9 million, or $1.75 per diluted share, compared to net income of $30.3 million, or $1.50 per diluted share, for the nine months ended March 31, 2012.
As of March 31, 2013, the Company’s backlog was approximately $1.0 billion, which was comparable to the amount as of December 31, 2012. During the nine months ended March 31, 2013, the Company generated cash flow from operations of $57 million and capital expenditures were $139 million primarily as a result of the significant investment in the Mexico turnkey program.
Mr. Chopra continued, “During the third quarter, our Security division achieved record profits as the higher margin turnkey screening solution model continues to play a larger role in the division’s operations. The ramp up of our program in Mexico and a solid pipeline of opportunities provide optimism for continued strong performance of our Security division. Sales comparisons for the third quarter were skewed as we recognized $42 million in revenues in the prior year related to a $98 million contract where we served as a prime contractor and hardware systems integrator. Excluding the change in revenues from this program, the Security division’s sales increased by 41%. The success of our turnkey screening solution programs, the pipeline of opportunities and our expanded product portfolio, continue to provide an outstanding outlook for our Security division.”
Mr. Chopra added, “Our Healthcare division results were disappointing. Although we did see a rebound in sales in our European, Middle-Eastern, and African market, which grew year over year, our North American sales were soft. Looking ahead, we continue to believe in a bright future for our Healthcare division as we gain traction with our recently expanded product offerings including the recently launched Arkon anesthesia delivery system.”
Outlook
Subject to the risk factors detailed in the Safe Harbor section of this press release, the Company currently expects fourth quarter earnings per diluted share to increase at a rate of 29% - 38% over the prior-year period to between $1.02 to $1.09, excluding the impact of impairment, restructuring and other charges. The Company currently anticipates fourth quarter revenues to be between $220 million - $230 million.
Non-GAAP Figures
Discussion of adjustments to arrive at non-GAAP figures for the three months and nine months ended March 31, 2013 is provided to allow for the comparison of underlying earnings, net of impairment, restructuring and other non-recurring charges and their related tax benefit, thus providing additional insight into the on-going operations of the Company. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s results primarily because they exclude amounts that we do not view as reflective of ongoing operating results when planning and forecasting and when assessing the performance of the business. We believe that our non-GAAP financial measures also facilitate the comparison of results for current periods and guidance for future periods with results for past periods. Please see the reconciliation of GAAP to non-GAAP net income and earnings per share at the end of this release.
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 third quarter of fiscal 2013. To listen, please log on to the Company’s website at www.osi-systems.com and follow the link in the Investor Relations section. A replay of the webcast will be available shortly after the conclusion of the conference call for approximately two weeks. The replay can either be accessed through the Company’s website, www.osi-systems.com, or via telephonic replay by calling 1-888-843-7419 or 1-630-652-3042 and entering the conference call identification number ‘34725974’ 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
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 and are not 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 in fiscal 2013, sales of recently introduced products, and expectations for the performance of the Company under its agreement with Mexico’s tax and customs authority. 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 fiscal year ended June 30, 2012 and other risks subsequently filed by the Company from time to time with the Securities and Exchange Commission.
OSI SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
For the Three Months Ended
March 31,
For the Nine Months Ended
March 31,
2012 2013 2012 2013 Revenues $ 208,439 $ 198,409 $ 557,749 $ 574,152 Cost of goods sold 139,308 126,571 369,937 370,871 Gross profit 69,131 71,838 187,812 203,281 Operating expenses: Selling, general and administrative expenses 37,063 37,752 107,409 114,506 Research and development 12,932 12,386 35,358 35,560 Impairment, restructuring and other charges 931 2,286 931 5,009 Total operating expenses 50,926 52,424 143,698 155,075 Income from operations 18,205 19,414 44,114 48,206 Interest expense and other, net (792 ) (1,341 ) (2,312 ) (3,823 ) Income before income taxes 17,413 18,073 41,802 44,383 Provision for income taxes 4,838 4,544 12,165 12,094 Net income $ 12,575 $ 13,529 $ 29,637 $ 32,289 Diluted earnings per share $ 0.62 $ 0.66 $ 1.46 $ 1.57 Weighted average shares outstanding - diluted 20,433 20,556 20,253 20,579
CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
June 30, March 31, 2012 2013 Assets Cash and cash equivalents $ 91,452 $ 47,680 Accounts receivable, net 156,867 169,418 Inventories 195,178 198,292 Other current assets 39,616 56,763 Total current assets 483,113 472,153 Property and equipment, net 111,664 238,815 Other non-current assets 155,119 144,634 Total Assets $ 749,896 $ 855,602 Liabilities and Stockholders' Equity Bank lines of credit $ -- $ 55,000 Current portion of long-term debt 215 1,795 Accounts payable and accrued expenses 75,252 109,974 Other current liabilities 85,182 88,925 Total current liabilities 160,649 255,694 Long-term debt 2,467 11,099 Advances from customers 100,000 81,250 Other long-term liabilities 52,661 48,858 Total liabilities 315,777 396,901 Total shareholders’ equity 434,119458,701
Total Liabilities and Equity
$ 749,896 $ 855,602Segment Information (in thousands) (Unaudited) Three Months Ended
March 31,
Nine Months EndedMarch 31,
2012 2013 2012 2013 Revenues – by Segment Group: Security Group $ 111,796 $ 99,840 $ 273,370 $ 274,619 Healthcare Group 56,333 51,357 162,046 159,052 Optoelectronics and Manufacturing Group including intersegment revenues 49,976 54,761 154,426 169,185 Intersegment revenues elimination (9,666 ) (7,549 ) (32,093 ) (28,704 ) Total $ 208,439 $ 198,409 $ 557,749 $ 574,152 Operating income (loss) – by Segment Group:Security Group(i)
$ 10,557 $ 16,179 $ 22,403 $ 29,251 Healthcare Group 6,254 3,593 16,977 14,389Optoelectronics and Manufacturing Group(ii)
3,558 3,271 12,947 13,561 Corporate (2,552 ) (4,017 ) (8,458 ) (9,704 ) Eliminations 388 388 245 709 Total $ 18,205 $ 19,414 $ 44,114 $ 48,206 (i) Includes impairment, restructuring, and other non-recurring charges of $1.7 million and $4.4 million for the three and nine months ended March 31, 2013, respectively. (ii) Includes restructuring and other charges of $0.6 million for the three and nine months ended March 31, 2013 and $0.9 million for the three months and nine months ended March 31, 2012.
Reconciliation of GAAP to Non-GAAP
(in thousands, except earnings per share data)
(Unaudited)
For the Three Months Ended March 31, For the Nine Months Ended March 31, 2012 2013 2012 2013Net
income
EPSNet
income
EPSNet
income
EPSNet
income
EPS GAAP basis $ 12,575 $ 0.62 $ 13,529 $ 0.66 $ 29,637 $ 1.46 $ 32,289 $ 1.57 Impairment, restructuring and other charges, net of tax 672 0.03 1,711 0.08 660 0.04 3,644 0.18 Non-GAAP basis $ 13,247 $ 0.65 $ 15,240 $ 0.74 $ 30,297 $ 1.50 $ 35,933 $ 1.75
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