OSI Systems, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2015; Provides Earnings Guidance for the Full Year 2016
January 28, 2016 at 02:35 am IST
Share
OSI Systems, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2015. For the quarter, the company reported revenues of $197,339,000 against $257,829,000 a year ago. Income from operations was $781,000 against $26,061,000 a year ago. Income before income taxes was $158,000 against $25,229,000 a year ago. Net income was $108,000 against $18,241,000 a year ago. Diluted earnings per share were $0.01 against $0.89 a year ago. During the second fiscal quarter, cash flow used in operations was $5.3 million. Second quarter results were further impacted by the deferral of revenue recognition for equipment shipped during the quarter. On Non-GAAP basis, net income was $8,149,000 or $0.40 per share against $19,744,000 or $0.96 per share a year ago. The change in EPS was largely driven by the decline in sales in Healthcare division, which carries the highest contribution margin of 3 divisions along with the decrease in sales in Security division, coupled with other factors in this division. Operating cash flow less capital expenditures, was negative $8 million for the quarter as working capital requirements increased to build inventory to support the company's significant backlog in the Security division and the timing of collections led to higher day sales outstanding or DSO. Capital expenditures were $2.4 million.
For the six months, the company reported revenues of $397,389,000 against $476,226,000 a year ago. Income from operations was $16,478,000 against $42,725,000 a year ago. Income before income taxes was $15,061,000 against $41,029,000 a year ago. Net income was $10,913,000 against $29,490,000 a year ago. Diluted earnings per share were $0.53 against $1.44 a year ago. EBITDA was $74,813,000 against $58,852,000 a year ago. On Non-GAAP basis, net income was $18,954,000 or $0.93 per share against $31,506,000 or $1.54 per share a year ago.
For 2016, the company expects sales guidance is $900 million - $945 million and earnings guidance is $2.95 to $3.20 per diluted share, excluding the impact of impairment, restructuring and other charges.
OSI Systems, Inc. through its subsidiaries, is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications. The Company sell its products and provide related services in diversified markets, including homeland security, healthcare, defense and aerospace. The Company operates through three divisions: Security, Healthcare, and Optoelectronics and Manufacturing. Security division is engaged in providing security and inspection systems and turnkey security screening solutions. Healthcare division is engaged providing patient monitoring, cardiology and remote monitoring, and connected care systems and associated accessories. Optoelectronics and Manufacturing division is engaged in providing specialized electronic components and electronic manufacturing services for its Security and Healthcare divisions, as well as to third parties for applications in the defense and aerospace markets, among others.
OSI Systems, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2015; Provides Earnings Guidance for the Full Year 2016