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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3.77 | 2.58% | 149.72 | 149.72 | 149.99 | 149.72 | 141.57 | 141.70 | 69,923 | 19:42:15 |
From Jul 2019 to Jul 2024
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, 2010.
Deepak Chopra, OSI Systems’ Chairman and CEO, stated, “We are very pleased with the strong quarterly earnings and cash flow in the face of a challenging economic environment. We are positioned very well for expanded earnings as sales growth accelerates.”
The Company reported revenues of $145.4 million for the third quarter of fiscal 2010, an increase of 1% as compared to the same period a year ago. Net income for the third quarter of fiscal 2010 was $6.1 million, or $0.33 per diluted share, compared to net income of $2.6 million, or $0.15 per diluted share, for the third quarter of fiscal 2009.
For the nine months ended March 31, 2010, the Company reported revenues of $429.8 million, a decrease of 5% as compared to the same period a year ago. Net income for the nine months ended March 31, 2010 was $15.6 million, or $0.85 per diluted share, compared to net income of $6.9 million, or $0.39 per diluted share, for the nine months ended March 31, 2009.
Excluding the impact of restructuring and other charges, net income for the third quarter of fiscal 2010 would have been approximately $6.8 million or $0.36 per diluted share compared to a net income of $4.2 million or $0.24 per diluted share for the third quarter of fiscal 2009 and net income for the nine months of fiscal 2010 would have been approximately $16.7 million or $0.91 per diluted share compared to a net income of $10.8 million or $0.61 per diluted share for the nine months of fiscal 2009. These non-GAAP figures are provided to allow for the comparison of underlying earnings, net of restructuring and other charges, thus providing additional insight into the on-going operations of the Company.
As of March 31, 2010, the Company’s backlog was $230 million compared to $203 million as of June 30, 2009, an increase of 13%. During the three and nine months ended March 31, 2010, the Company generated cash flow from operations of $16 million and $40 million, respectively.
Mr. Chopra continued, "Our Security division experienced an excellent third quarter and is poised for continued sales and operating profit growth. As sales increased 23% in the quarter coupled with efficiency improvement initiatives, we reported a 10.2% operating margin which led to an operating profit increase of 119% over fiscal 2009.”
Mr. Chopra concluded, “Macroeconomic factors have continued to result in a challenging environment for our Healthcare division. In what is historically a seasonally soft quarter for our healthcare business, we managed to generate reasonable profit and strong cash flow. The substantial improvements to our cost structure that we have implemented have provided a much more efficient operating infrastructure, which is expected to result in significant operating margin leverage when our sales growth resumes.”
Fiscal Year 2010 Outlook
Subject to the risk factors detailed in the Safe Harbor section of this press release, the Company is raising its fiscal 2010 earnings guidance and expects earnings per diluted share to increase at a rate of 43% - 50% to between $1.30 to $1.36, excluding the impact of restructuring and other non-recurring charges. In addition, the Company is providing revenue guidance for the fourth quarter of fiscal 2010 of $153 million to $167 million, representing an increase from the prior year of 10% to 20%.
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 2010. 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 at 12:00pm PT (3:00pm ET) until May 10, 2010. 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 ‘79134342’ 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 30 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 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 cash generating potential of its businesses 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 continue to generate cash, that strong sales by its Security division will continue to occur in the future, or that cost-cutting measures in its Healthcare division will ultimately prove beneficial. 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.
Consolidated Statements of Operations (in thousands, except per share data) (Unaudited) Three Months EndedMarch 31,
Nine Months EndedMarch 31,
2009 2010 2009 2010 Revenue $ 144,095 $ 145,401 $ 451,298 $ 429,783 Cost of goods sold 94,264 92,184 297,413 275,734 Gross profit 49,831 53,217 153,885 154,049 Operating expenses: Selling, general and administrative 34,406 34,789 107,674 101,679 Research and development 8,572 9,129 27,454 27,471 Restructuring and other charges 2,401 946 6,000 1,553 Total operating expenses 45,379 44,864 141,128 130,703 Income from operations 4,452 8,353 12,757 23,346 Interest expense and other income, net (583 ) 175 (2,341 ) (1,214 ) Income before income taxes 3,869 8,528 10,416 22,132 Income tax expense 1,296 2,416 3,549 6,558 Net income $ 2,573 $ 6,112 $ 6,867 $ 15,574 Diluted income per share $ 0.15 $ 0.33 $ 0.39 $ 0.85 Weighted average shares outstanding – diluted 17,396 18,772 17,624 18,219Consolidated Balance Sheets (in thousands) (Unaudited) June 30, March 31, 2009 2010 Assets Cash and cash equivalents $ 25,172 $ 46,337 Accounts receivable, net 110,453 112,787 Inventories 150,763 122,804 Other current assets 36,855 45,907 Total current assets 323,243 327,835 Non-current assets 151,585 166,152 Total Assets $ 474,828 $ 493,987 Liabilities and Stockholders' Equity Bank lines of credit $ 4,000 $ -- Current portion of long-term debt 8,557 9,670 Accounts payable and accrued expenses 68,813 54,952 Other current liabilities 54,265 66,878 Total current liabilities 135,635 131,500 Long-term debt 39,803 28,392 Other long-term liabilities 23,390 28,930 Total liabilities 198,828 188,822 Total shareholders’ equity 276,000 305,165 Total Liabilities and Equity $ 474,828 $ 493,987
Segment Information (in thousands) (Unaudited) Three Months Ended
March 31,
Nine Months EndedMarch 31,
2009 2010 2009 2010 Revenues – by Segment Group: Security Group $ 56,495 $ 69,341 $ 182,247 $ 175,768 Healthcare Group 50,376 45,910 164,898 149,920 Optoelectronics and Manufacturing Group including intersegment revenues 48,811 38,177 138,438 127,631 Intersegment revenues elimination (11,587 ) (8,027 ) (34,285 ) (23,536 ) Total $ 144,095 $ 145,401 $ 451,298 $ 429,783 Operating income (loss) – by Segment Group: Security Group $ 3,248 $ 7,096 $ 11,142 $ 13,198 Healthcare Group 2,226 1,706 2,687 9,009 Optoelectronics and Manufacturing Group 4,185 1,504 11,243 8,222 Corporate (4,952 ) (2,390 ) (11,849 ) (8,359 ) Eliminations (255 ) 437 (466 ) 1,276 Total $ 4,452 $ 8,353 $ 12,757 $ 23,346
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, 2009 2010 2009 2010 Net Net Net Net income EPS income EPS income EPS income EPS GAAP basis $ 2,573 $ 0.15 $ 6,112 $ 0.33 $ 6,867 $ 0.39 $ 15,574 $ 0.85 Restructuring and other charges, net of tax 1,597 0.09 678 0.03 3,956 0.22 1,093 0.06 Non-GAAP basis $ 4,170 $ 0.24 $ 6,790 $ 0.36 $ 10,823 $ 0.61 $ 16,667 $ 0.91
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