OSI Systems' third-quarter fiscal 2010 revenues increase 1% to $145.4M

Published on April 26, 2010 at 10:38 AM · No Comments

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.

“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.”

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.

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