Advertisement

News Wire

OSI Systems Closes Q2

HAWTHORNE, Calif. — OSI Systems, Inc. (NASDAQ:OSIS), a vertically integrated provider of solutions in Security, Healthcare, and specialized electronics, today announced financial results for the second quarter ended December 31, 2010. “We are extremely pleased with our second quarter financial results. Record revenues led to outstanding earnings and cash flow. With a strong backlog and a solid balance sheet, we believe we are well positioned for continued growth.”

Deepak Chopra, OSI Systems’ Chairman and CEO, stated, “We are extremely pleased with our second quarter financial results. Record revenues led to outstanding earnings and cash flow. With a strong backlog and a solid balance sheet, we believe we are well positioned for continued growth.”

The Company reported revenues of $169.3 million for the second quarter of fiscal 2011, an increase of 12% as compared to the same period a year ago. Net income for the second quarter of fiscal 2011 was $9.2 million, or $0.47 per diluted share, compared to net income of $7.0 million, or $0.39 per diluted share, for the second quarter of fiscal 2010.

For the six months ended December 31, 2010, the Company reported revenues of $297.7 million, an increase of 5% as compared to the same period a year ago. Net income for the six months ended December 31, 2010 was $12.6 million, or $0.65 per diluted share, compared to net income of $9.5 million, or $0.53 per diluted share, for the six months ended December 31, 2009.

Excluding the impact of restructuring and other charges, net income for the second quarter of fiscal 2011 would have been approximately $9.9 million or $0.51 per diluted share compared to a net income of $7.4 million or $0.41 per diluted share for the second quarter of fiscal 2010; and net income for the first half of fiscal 2011 would have been approximately $13.4 million or $0.70 per diluted share compared to a net income of $9.9 million or $0.56 per diluted share for the first half of fiscal 2010. 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 December 31, 2010, the Company’s backlog was $293 million compared to $240 million as of June 30, 2010, an increase of 22%. During the three and six months ended December 31, 2010, the Company generated cash flow from operations of $9.9 million and $19.5 million, respectively.

Mr. Chopra continued, “Our Security division had another outstanding quarter as revenues increased 30% to a record $76.7 million. In addition, strong bookings continued during the second quarter resulting in a backlog of $191 million, an increase of 17% since the start of fiscal 2011. The backlog, combined with a robust pipeline, provides confidence in sustaining exceptional growth in our Security division.”

OSI Systems Inc.

0 comments on “OSI Systems Closes Q2

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.