OSI Systems Reports First Quarter Fiscal 2014 Financial Results
- Record Q1 Revenue —14% increase over prior year
-
Record Q1 Earnings Per Share
-
GAAP of
$0.31 -
Non-GAAP of
$0.46 (48% increase over prior year)
-
GAAP of
-
Company raises FY 2014 sales guidance to
$875 million -$905 million -
Company raises FY 2014 earnings guidance to
$3.24 -$3.39 per share
The Company reported revenues of
As of
Fiscal Year 2014 Outlook
Subject to the risk factors detailed in the Safe Harbor section of this
press release, the Company is raising its sales guidance for its fiscal
2014 to
Non-GAAP Figures
Discussion of adjustments to arrive at non-GAAP figures for the three
months ended
Conference Call Information
About
Safe Harbor Statement
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 and which cause actual
results to differ materially from those described in or implied by any
forward-looking statement. Such statements include, but are not limited
to, information provided regarding expected revenues and earnings in
fiscal 2014, sales of recently-introduced products and expectations for
the performance of the Company under its agreement with Mexico's tax and
customs authority. 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 fiscal year ended
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Condensed Consolidated Statements of Operations | ||||||||||||
(in thousands, except per share data) |
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(unaudited) |
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Three Months Ended | ||||||||||||
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2012 | 2013 | |||||||||||
Revenue | $ | 181,694 | $ | 206,274 | ||||||||
Cost of goods sold | 120,339 | 138,328 | ||||||||||
Gross profit | 61,355 | 67,946 | ||||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 39,925 | 42,214 | ||||||||||
Research and development | 11,316 | 11,020 | ||||||||||
Restructuring and other charges | -- | 4,239 | ||||||||||
Total operating expenses | 51,241 | 57,473 | ||||||||||
Income from operations | 10,114 | 10,473 | ||||||||||
Interest and other expense, net | (1,097 | ) | (1,470 | ) | ||||||||
Income before income taxes | 9,017 | 9,003 | ||||||||||
Income tax expense | 2,678 | 2,609 | ||||||||||
Net income | $ | 6,339 | $ | 6,394 | ||||||||
Diluted income per share | $ | 0.31 | $ | 0.31 | ||||||||
Weighted average shares outstanding — diluted | 20,571 | 20,620 | ||||||||||
Consolidated Balance Sheets | ||||||||||
(in thousands) | ||||||||||
(unaudited) | ||||||||||
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Assets | ||||||||||
Cash and cash equivalents | $ | 34,697 | $ | 37,186 | ||||||
Accounts receivable, net | 206,817 | 205,283 | ||||||||
Inventories | 206,213 | 228,007 | ||||||||
Other current assets | 78,972 | 77,151 | ||||||||
Total current assets | 526,699 | 547,627 | ||||||||
Non-current assets | 393,097 | 405,155 | ||||||||
Total Assets | $ | 919,796 | $ | 952,782 | ||||||
Liabilities and Stockholders' Equity | ||||||||||
Bank lines of credit | $ | 59,000 | $ | 79,000 | ||||||
Current portion of long-term debt | 1,797 | 2,956 | ||||||||
Accounts payable and accrued expenses | 123,660 | 125,645 | ||||||||
Other current liabilities | 96,956 | 98,319 | ||||||||
Total current liabilities | 281,413 | 305,920 | ||||||||
Long-term debt | 10,673 | 12,273 | ||||||||
Advances from customers | 75,000 | 68,750 | ||||||||
Other long-term liabilities | 74,259 | 81,449 | ||||||||
Total liabilities | 441,345 | 468,392 | ||||||||
Total stockholders' equity | 478,451 | 484,390 | ||||||||
Total Liabilities and Equity | $ | 919,796 | $ | 952,782 | ||||||
Segment Information | ||||||||||||
(in thousands) |
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(unaudited) |
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Three Months Ended | ||||||||||||
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2012 | 2013 | |||||||||||
Revenues — by Segment: | ||||||||||||
Security division | $ | 82,916 | $ | 97,153 | ||||||||
Healthcare division | 51,581 | 45,787 | ||||||||||
Optoelectronics and Manufacturing division, including intersegment revenues | 57,147 |
71,311 |
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Intersegment revenues elimination | (9,950 | ) | (7,977 | ) | ||||||||
Total | $ | 181,694 | $ | 206,274 | ||||||||
Operating income (loss) — by Segment: | ||||||||||||
Security division (i) | $ | 4,465 | $ | 11,622 | ||||||||
Healthcare division (ii) | 3,881 | (1,998 | ) | |||||||||
Optoelectronics and Manufacturing division (iii) | 4,833 | 4,765 | ||||||||||
Corporate | (3,249 | ) | (4,045 | ) | ||||||||
Eliminations | 184 | 129 | ||||||||||
Total | $ | 10,114 | $ | 10,473 | ||||||||
(i) |
Includes restructuring and other charges of |
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(ii) |
Includes restructuring and other charges of |
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(iii) |
Includes restructuring and other charges of |
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Reconciliation of GAAP to Non-GAAP | ||||||||||||||||||||
(in thousands, except earnings per share data) |
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(unaudited) |
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Three Months Ended |
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2012 | 2013 | |||||||||||||||||||
Net income | EPS | Net income | EPS | |||||||||||||||||
GAAP basis | $ | 6,339 | $ | 0.31 | $ | 6,394 | $ | 0.31 | ||||||||||||
Restructuring and other charges, net of tax | -- | -- | 3,011 | 0.15 | ||||||||||||||||
Non-GAAP basis | $ | 6,339 | $ | 0.31 | $ | 9,405 | $ | 0.46 |
Vice President,
Business Development
310-349-2237
avashishat@osi-systems.com
Source:
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