OSI Systems Reports First Quarter Fiscal 2012 Financial Results
- Record Q1 Revenue - 26% increase over prior year
- Earnings Per Share - 33% increase over prior year
-
Record Backlog of
$413 million (36% increase over prior quarter) -
Company raises FY 2012 earnings guidance to
$2.27 - $2.40 per share (23%-30% growth) -
Company raises FY 2012 revenue guidance to
$740 - $760 million (13%-16% growth)
The Company reported revenues of
As of
Fiscal Year 2012 Outlook
Subject to the risk factors detailed in the Safe Harbor section of this
press release, the Company announced that it is raising its fiscal 2012
sales guidance to be between
Conference Call Information
About
Safe Harbor Statement
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 future sales and 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 or that strong sales by its
Security division will continue to occur in the future. Other important
factors are set forth in our
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) |
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Three Months Ended
September 30, |
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2010 | 2011 | |||||||||||||||||||||
Revenue | $ | 128,453 | $ | 161,317 | ||||||||||||||||||
Cost of goods sold | 81,555 | 108,460 | ||||||||||||||||||||
Gross profit | 46,898 | 52,857 | ||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Selling, general and administrative | 31,976 | 34,367 | ||||||||||||||||||||
Research and development | 9,231 | 10,880 | ||||||||||||||||||||
Restructuring and other charges | 256 | — | ||||||||||||||||||||
Total operating expenses | 41,463 | 45,247 | ||||||||||||||||||||
Income from operations | 5,435 | 7,610 | ||||||||||||||||||||
Interest and other expense, net | (590 | ) | (799 | ) | ||||||||||||||||||
Income before income taxes | 4,845 | 6,811 | ||||||||||||||||||||
Income tax expense | 1,453 | 2,050 | ||||||||||||||||||||
Net income | $ | 3,392 | $ | 4,761 | ||||||||||||||||||
Diluted income per share | $ | 0.18 | $ | 0.24 | ||||||||||||||||||
Weighted average shares outstanding — diluted | 19,078 | 20,089 | ||||||||||||||||||||
Consolidated Balance Sheets (in thousands) (Unaudited) |
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|
September 30, | |||||||||||||||||||
2011 | 2011 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 55,619 | $ | 58,363 | ||||||||||||||||
Accounts receivable, net | 136,716 | 130,607 | ||||||||||||||||||
Inventories | 169,634 | 187,957 | ||||||||||||||||||
Other current assets | 43,317 | 41,149 | ||||||||||||||||||
Total current assets | 405,286 | 418,076 | ||||||||||||||||||
Non-current assets | 179,630 | 180,196 | ||||||||||||||||||
Total assets | $ | 584,916 | $ | 598,272 | ||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Accounts payable and accrued expenses | 80,666 | 88,106 | ||||||||||||||||||
Other current liabilities | 80,315 | 73,984 | ||||||||||||||||||
Total current liabilities | 160,981 | 162,090 | ||||||||||||||||||
Long-term debt | 2,756 | 2,641 | ||||||||||||||||||
Other long-term liabilities | 36,379 | 44,350 | ||||||||||||||||||
Total liabilities | 200,116 | 209,081 | ||||||||||||||||||
Total stockholders' equity | 384,800 | 389,191 | ||||||||||||||||||
Total liabilities and equity | $ | 584,916 | $ | 598,272 | ||||||||||||||||
Segment Information (in thousands) (Unaudited) |
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Three Months Ended
September 30, |
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2010 | 2011 | |||||||||||||||||||||
Revenues — by Segment: | ||||||||||||||||||||||
Security division | $ | 51,097 | $ | 72,597 | ||||||||||||||||||
Healthcare division | 45,924 | 46,520 | ||||||||||||||||||||
Optoelectronics and Manufacturing division, including intersegment revenues | 41,911 | 53,091 | ||||||||||||||||||||
Intersegment revenues elimination | (10,479 | ) | (10,891 | ) | ||||||||||||||||||
Total | $ | 128,453 | $ | 161,317 | ||||||||||||||||||
Operating income (loss) — by Segment: | ||||||||||||||||||||||
Security division | $ | 2,111 | $ | 3,845 | ||||||||||||||||||
Healthcare division | 2,598 | 2,398 | ||||||||||||||||||||
Optoelectronics and Manufacturing division | 3,421 | 4,938 | ||||||||||||||||||||
Corporate | (2,176 | ) | (3,307 | ) | ||||||||||||||||||
Eliminations | (519 | ) | (264 | ) | ||||||||||||||||||
Total | $ | 5,435 | $ | 7,610 |
Vice President,
Business Development
310-349-2237
avashishat@osi-systems.com
Source:
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