OSI Systems Reports Third Quarter Fiscal 2012 Financial Results
- Record Q3 Revenue - 19% increase over prior year
-
Record Q3 Earnings Per Share
-
GAAP of
$0.62 (38% increase over prior year) -
Non-GAAP of
$0.65 (36% increase over prior year)
-
GAAP of
-
Record Backlog of
$1.1 billion -
Company raises FY 2012 Revenue guidance to
$765 - $780 million (17% - 19% growth) -
Company raises FY 2012 Earnings guidance to
$2.33 - $2.43 per share (27% - 32% growth)
The Company reported revenues of
For the nine months ended
Excluding the impact of restructuring and other charges, net income for
the third quarter of fiscal 2012 would have been
As of
During the nine months ended
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 the Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements
relate to the Company's current expectations, beliefs, projections and
similar expressions concerning matters that are not historical facts and
are not guarantees of future performance. Forward-looking
statements involve uncertainties, risks, assumptions and contingencies,
many of which are outside the Company's control, that may cause actual
results to differ materially from those described in or implied by any
forward-looking statement. All forward-looking statements are
based on currently available information and speak only as of the date
on which they are made. The Company assumes no obligation to
update any forward-looking statement made in this press release that
becomes untrue because of subsequent events, new information or
otherwise, except to the extent it is required to do so in connection
with its ongoing requirements under Federal securities laws. For
a further discussion of these and other factors that could cause the
Company's future results to differ materially from any forward-looking
statements, see the section entitled "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended
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CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
||||||||||||||||||
2011 | 2012 | 2011 | 2012 | ||||||||||||||||
Revenues | $ | 174,931 | $ | 208,439 | $ | 472,671 | $ | 557,749 | |||||||||||
Cost of goods sold | 112,678 | 139,308 | 303,497 | 369,937 | |||||||||||||||
Gross profit | 62,253 | 69,131 | 169,174 | 187,812 | |||||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative expenses | 37,116 | 37,063 | 103,050 | 107,409 | |||||||||||||||
Research and development | 12,436 | 12,932 | 33,509 | 35,358 | |||||||||||||||
Restructuring and other charges | 905 | 931 | 2,064 | 931 | |||||||||||||||
Total operating expenses | 50,457 | 50,926 | 138,623 | 143,698 | |||||||||||||||
Income from operations | 11,796 | 18,205 | 30,551 | 44,114 | |||||||||||||||
Interest expense and other, net | 612 | (792 | ) | (484 | ) | (2,312 | ) | ||||||||||||
Income before income taxes | 12,408 | 17,413 | 30,067 | 41,802 | |||||||||||||||
Provision for income taxes | 3,642 | 4,838 | 8,691 | 12,165 | |||||||||||||||
Net income | $ | 8,766 | $ | 12,575 | $ | 21,376 | $ | 29,637 | |||||||||||
Diluted earnings per share | $ | 0.45 | $ | 0.62 | $ | 1.10 | $ | 1.46 | |||||||||||
Weighted average shares outstanding - diluted | 19,687 | 20,433 | 19,424 | 20,253 | |||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
|
March 31, | |||||||||||
2011 | 2012 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 55,619 | $ | 90,787 | ||||||||
Accounts receivable, net | 136,716 | 157,830 | ||||||||||
Inventories | 169,634 | 202,452 | ||||||||||
Other current assets | 43,317 | 34,897 | ||||||||||
Total current assets | 405,286 | 485,966 | ||||||||||
Non-current assets | 179,630 | 235,775 | ||||||||||
Total Assets | $ | 584,916 | $ | 721,741 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Accounts payable and accrued expenses | $ | 80,887 | $ | 80,715 | ||||||||
Other current liabilities | 80,094 | 74,278 | ||||||||||
Total current liabilities | 160,981 | 154,993 | ||||||||||
Long-term debt | 2,756 | 2,579 | ||||||||||
Other long-term liabilities | 36,379 | 145,570 | ||||||||||
Total liabilities | 200,116 | 303,142 | ||||||||||
Total shareholders' equity | 384,800 | 418,599 | ||||||||||
Total Liabilities and Equity | $ | 584,916 | $ | 721,741 | ||||||||
Segment Information | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
2011 | 2012 | 2011 | 2012 | |||||||||||||||||
Revenues — by |
||||||||||||||||||||
|
$ | 88,173 | $ | 111,796 | $ | 215,973 | $ | 273,370 | ||||||||||||
|
51,114 | 56,333 | 152,837 | 162,046 | ||||||||||||||||
Optoelectronics and |
47,865 | 49,976 | 137,458 | 154,426 | ||||||||||||||||
Intersegment revenues elimination | (12,221 | ) | (9,666 | ) | (33,597 | ) | (32,093 | ) | ||||||||||||
Total | $ | 174,931 | $ | 208,439 | $ | 472,671 | $ | 557,749 | ||||||||||||
Operating income (loss) — by |
||||||||||||||||||||
|
$ | 8,177 | $ | 10,557 | $ | 17,292 | $ | 22,403 | ||||||||||||
|
2,274 | 6,254 | 10,536 | 16,977 | ||||||||||||||||
Optoelectronics and |
4,284 | 3,558 | 11,975 | 12,947 | ||||||||||||||||
Corporate | (2,805 | ) | (2,552 | ) | (8,053 | ) | (8,458 | ) | ||||||||||||
Eliminations | (134 | ) | 388 | (1,199 | ) | 245 | ||||||||||||||
Total | $ | 11,796 | $ | 18,205 | $ | 30,551 | $ | 44,114 | ||||||||||||
(i) |
Includes restructuring and other charges of |
|
(ii) |
Includes restructuring and other charges of |
|
Reconciliation of GAAP to Non-GAAP | ||||||||||||||||||||||||||||||||
(in thousands, except earnings per share data) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
For the Three Months Ended |
For the Nine Months Ended March 31, | |||||||||||||||||||||||||||||||
2011 | 2012 | 2011 | 2012 | |||||||||||||||||||||||||||||
Net |
EPS |
Net |
EPS |
Net |
EPS |
Net |
EPS | |||||||||||||||||||||||||
GAAP basis | $ | 8,766 | $ | 0.45 | $ | 12,575 | $ | 0.62 | $ | 21,376 | $ | 1.10 | $ | 29,637 | $ | 1.46 | ||||||||||||||||
Restructuring and other charges, net of tax | 639 | 0.03 | 672 | 0.03 | 1,467 | 0.08 | 660 | 0.04 | ||||||||||||||||||||||||
Non-GAAP basis | $ | 9,405 | $ | 0.48 | $ | 13,247 | $ | 0.65 | $ | 22,843 | $ | 1.18 | $ | 30,297 | $ | 1.50 |
Vice President,
Business Development
(310) 349-2237
avashishat@osi-systems.com
Source:
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