OSI Systems Reports Second Quarter Fiscal 2012 Financial Results
- Record Q2 Revenue - 11% increase over prior year
- Record Q2 Earnings Per Share - 30% increase over prior year
-
Security Division wins
$400 million turnkey agreement after quarter end -
Company raises FY 2012 Revenue guidance to
$750 - $770 million (14% - 17% growth) -
Company raises FY 2012 Earnings guidance to
$2.30 - $2.42 per share (25% - 32% growth)
The Company reported revenues of
For the six months ended
As of
Fiscal Year 2012 Outlook
Subject to the risk factors detailed in the Safe Harbor section of this
press release, the Company is raising its annual revenue guidance from
Conference Call Information
About
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
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share data) |
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(Unaudited) |
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For the Three Months Ended |
For the Six Months Ended |
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2010 | 2011 | 2010 | 2011 | |||||||||||||||||
Revenues | $ | 169,287 | $ | 187,993 | $ | 297,740 | $ | 349,310 | ||||||||||||
Cost of goods sold |
109,264 | 122,169 | 190,819 | 230,629 | ||||||||||||||||
Gross profit | 60,023 | 65,824 | 106,921 | 118,681 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative expenses | 33,958 | 35,979 | 65,934 | 70,346 | ||||||||||||||||
Research and development |
11,842 | 11,546 | 21,073 | 22,426 | ||||||||||||||||
Restructuring, and other charges | 903 | - | 1,159 | - | ||||||||||||||||
Total operating expenses | 46,703 | 47,525 | 88,166 | 92,722 | ||||||||||||||||
Income from operations | 13,320 | 18,299 | 18,755 | 25,909 | ||||||||||||||||
Interest expense and other, net | (506 | ) | (721 | ) | (1,096 | ) | (1,520 | ) | ||||||||||||
Income before income taxes | 12,814 | 17,578 | 17,659 | 24,389 | ||||||||||||||||
Provision for income taxes | 3,596 | 5,277 | 5,049 | 7,327 | ||||||||||||||||
Net income | $ | 9,218 | $ | 12,301 | $ | 12,610 | $ | 17,062 | ||||||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.61 | $ | 0.65 | $ | 0.85 | ||||||||||||
Weighted average shares outstanding - diluted | 19,475 | 20,237 | 19,289 | 20,161 | ||||||||||||||||
CONSOLIDATED BALANCE SHEETS |
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(in thousands) |
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(Unaudited) |
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December 31, | ||||||||||||
2011 | 2011 | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 55,619 | $ | 52,868 | |||||||||
Accounts receivable, net | 136,716 | 145,314 | |||||||||||
Inventories | 169,634 | 205,789 | |||||||||||
Other current assets | 43,317 | 36,429 | |||||||||||
Total current assets | 405,286 | 440,400 | |||||||||||
Non-current assets | 179,630 | 184,837 | |||||||||||
Total Assets | $ | 584,916 | $ | 625,237 | |||||||||
Liabilities and Stockholders' Equity | |||||||||||||
Accounts payable and accrued expenses | $ | 80,887 | $ | 102,621 | |||||||||
Other current liabilities | 80,094 | 75,230 | |||||||||||
Total current liabilities | 160,981 | 177,851 | |||||||||||
Long-term debt | 2,756 | 2,554 | |||||||||||
Other long-term liabilities | 36,379 | 44,467 | |||||||||||
Total liabilities | 200,116 | 224,872 | |||||||||||
Total shareholders' equity | 384,800 | 400,365 | |||||||||||
Total Liabilities and Equity | $ | 584,916 | $ | 625,237 | |||||||||
Segment Information |
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(in thousands) |
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(unaudited) |
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Three Months Ended |
Six Months Ended |
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2010 | 2011 | 2010 | 2011 | |||||||||||||||||
Revenues — by |
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$ | 76,703 | $ | 88,977 | $ | 127,800 | $ | 161,574 | ||||||||||||
|
55,799 | 59,193 | 101,723 | 105,713 | ||||||||||||||||
Optoelectronics and |
47,682 | 51,359 | 89,593 | 104,450 | ||||||||||||||||
Intersegment revenues elimination | (10,897 | ) | (11,536 | ) | (21,376 | ) | (22,427 | ) | ||||||||||||
Total | $ | 169,287 | $ | 187,993 | $ | 297,740 | $ | 349,310 | ||||||||||||
Operating income (loss) — by |
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$ | 7,004 | $ | 8,001 | $ | 9,115 | $ | 11,846 | ||||||||||||
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5,664 | 8,325 | 8,262 | 10,723 | ||||||||||||||||
Optoelectronics and |
4,270 | 4,451 | 7,691 | 9,389 | ||||||||||||||||
Corporate | (3,072 | ) | (2,599 | ) | (5,248 | ) | (5,906 | ) | ||||||||||||
Eliminations | (546 | ) | 121 | (1,065 | ) | (143 | ) | |||||||||||||
Total | $ | 13,320 | $ | 18,299 | $ | 18,755 | $ | 25,909 |
Vice President,
Business Development
310-349-2237
avashishat@osi-systems.com
Source:
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