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OSI Systems Reports Fourth Quarter and Fiscal Year 2012 Financial Results
- Record Quarterly Revenues of $235 million (28% increase over prior year)
Q4 Earnings per Share
- GAAP EPS $0.78 (28% increase over prior year)
- Non-GAAP EPS of $0.95 (44% increase over prior year)
- Record Year-End Backlog of $1.1 billion
- FY 2013 Revenue Guidance of $870 million - $890 million (10% - 12% growth)
- FY 2013 Non-GAAP Earnings Guidance of $2.75 - $2.95 per Share (20% - 29% growth)
HAWTHORNE, Calif.--(BUSINESS WIRE)--August 9, 2012--OSI Systems, Inc. (NASDAQ: OSIS) today announced financial results for its fourth quarter and fiscal year ended June 30, 2012.
Deepak Chopra, OSI Systems President and CEO, stated, “We are pleased to report outstanding results for our fourth quarter and fiscal year, as we closed out a truly transformative year in very strong fashion. In addition to record financial results, noteworthy achievements during fiscal 2012 included a major turnkey screening solutions win with Servicio de Administración Tributaria, Mexico’s tax and customs authority (“SAT”), European certification of our Rapiscan RTT® (Real Time Tomography) ultra-high speed, checked baggage screening system and multiple new product introductions in our Healthcare Division.”
Mr. Chopra continued, “Each of our divisions finished the year strong. This momentum, combined with a record year-end backlog of $1.1 billion, positions us well for continued strong top line growth and earnings expansion in fiscal 2013.”
The Company reported revenues of $235 million for the fourth quarter of fiscal 2012, an increase of 28% from the $183 million reported for the fourth quarter of fiscal 2011. Net income for the fourth quarter of fiscal 2012 was $15.9 million, or $0.78 per diluted share, compared to net income of $12.0 million, or $0.61 per diluted share for the fourth quarter of fiscal 2011. Excluding the impact of restructuring charges and start-up costs related to the SAT program, net income for the fourth quarter of fiscal 2012 would have been approximately $19.4 million or $0.95 per diluted share compared to net income of $13.0 million or $0.66 per diluted share for the fourth quarter of fiscal 2011.
For the fiscal year ended June 30, 2012, the Company reported revenues of $793 million, a 21% increase from the $656 million reported for fiscal 2011. Net income for fiscal 2012 was $45.5 million, or $2.24 per diluted share, compared to net income of $33.4 million, or $1.71 per diluted share in fiscal 2011. Excluding the impact of restructuring and other nonrecurring charges, and start-up costs related to the SAT agreement, net income for fiscal 2012 would have been approximately $50.9 million, or $2.51 per diluted share compared to net income of $35.9 million or $1.84 per diluted share for the comparable period of fiscal 2011.
As of June 30, 2012, the Company’s backlog was approximately $1.1 billion compared to $0.3 billion as of June 30, 2011, an increase of 249%.
During fiscal 2012, the Company generated free cash flow of $52 million as net cash increased to $89 million as of June 30, 2012.
Mr. Chopra continued, “Our Security Division experienced exceptional sales growth in fiscal 2012. During the fourth quarter, our Security Division reported a 50% increase in sales to a record $118.4 million generating record operating income, excluding restructuring charges and start-up costs related to the SAT program. For the full fiscal year, the Security Division’s record $392 million of revenue lead to record operating income. This strong momentum, coupled with new products and the SAT program, provides a solid platform for continued strong performance.”
Mr. Chopra concluded, “Our Healthcare Division continued the progress witnessed over the past few quarters with a truly outstanding fourth quarter. Our revenues grew by 18% and this growth led to a record operating margin of 15% during the quarter and a 55% increase in operating income over the prior year. With a positive reception to our new product offerings, we believe the future is very bright.”
The following information was filed by Osi Systems Inc (OSIS) on Thursday, August 9, 2012 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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