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OSI Systems Reports Fourth Quarter and Fiscal Year 2011 Financial Results
Earnings per Share
- GAAP EPS $0.61 (45% increase over prior year)
- Non-GAAP EPS of $0.66 (40% increase over prior year)
- Record quarterly sales of $183 million (11% increase over prior year)
- Record fourth quarter Backlog of $304 million (27% increase over prior year)
- FY 2012 Non-GAAP Earnings Guidance of approximately 20% - 26% growth
HAWTHORNE, Calif.--(BUSINESS WIRE)--August 25, 2011--OSI Systems, Inc. (NASDAQ: OSIS) today announced financial results for its fourth quarter and fiscal year ended June 30, 2011.
Deepak Chopra, OSI Systems President and CEO, stated, “We are very pleased to report the results of our fourth quarter, as we generated outstanding profitability and strong sales growth leading to record annual sales and profits. This momentum, combined with our record backlog, positions us well for continued top line growth and earnings expansion in fiscal 2012.”
The Company reported revenues of $183.4 million for the fourth quarter of fiscal 2011, an increase of 11% from the $165.3 million reported for the fourth quarter of fiscal 2010. Net income for the fourth quarter of fiscal 2011 was $12.0 million, or $0.61 per diluted share, compared to net income of $8.0 million, or $0.42 per diluted share for the fourth quarter of fiscal 2010. Excluding the impact of restructuring and other nonrecurring charges, net income for the fourth quarter of fiscal 2011 would have been approximately $13.0 million or $0.66 per diluted share compared to net income of $8.8 million or $0.47 per diluted share for the fourth quarter of fiscal 2010.
For the fiscal year ended June 30, 2011, the Company reported revenues of $656.1 million, a 10% increase from the $595.1 million reported for fiscal 2010. Net income for fiscal 2011 was $33.4 million, or $1.71 per diluted share, compared to net income of $23.6 million, or $1.28 per diluted share in fiscal 2010. Excluding the impact of restructuring and other nonrecurring charges, net income for fiscal 2011 would have been approximately $35.9 million, or $1.84 per diluted share compared to net income of $25.6 million or $1.39 per diluted share for the comparable period of fiscal 2010.
Discussion of adjustments to arrive at non-GAAP figures for the three and twelve months ended June 30, 2011 is provided to allow for the comparison of underlying earnings, net of restructuring and other nonrecurring charges, thus providing additional insight into the on-going operations of the Company. For the three months and fiscal year ended June 30, 2011 the Company incurred restructuring and other nonrecurring charges of $1.4 million and $3.4 million, respectively, compared to $1.3 million and $2.9 million for the comparable periods of fiscal 2010.
During fiscal 2011, the Company generated operating cash flow of $40.1 million, resulting in the Company paying down its long-term debt by $32.6 million and increasing its net cash from $15.9 million as of June 30, 2010 to $52.6 million as of June 30, 2011.
Mr. Chopra, continued, “Our Security Division completed a solid fiscal 2011 with another strong quarter of bookings leading to 17% growth in revenues. Further, our Security Division is primed to continue double-digit growth in fiscal 2012, as our turnkey screening business in Puerto Rico commenced operations during the fourth quarter and our backlog reached a record year-end level of $200 million, a 39% increase from the prior year.”
Mr. Chopra continued, “Our Healthcare Division’s strong fourth quarter performance resulted in our second straight quarter of double-digit sales growth. As a result of this growth, coupled with an improved cost structure, our Healthcare Division achieved record operating income of $7.7 million and an operating margin of 12.3% during the quarter.”
Mr. Chopra continued, “Our Optoelectronics and Manufacturing Division finished strong reporting a 27% increase in sales during the fourth quarter. This outstanding performance resulted in both record annual sales and operating profit for the division. Heading into fiscal 2012, our Optoelectronics and Manufacturing Division is well positioned to continue strong growth with our growing, diversified customer base and the benefits of our vertical integration strategy.”
The following information was filed by Osi Systems Inc (OSIS) on Thursday, August 25, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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