OSI Systems, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Reiterates Earnings Guidance for Fiscal 2013
January 24, 2013 at 06:30 pm IST
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OSI Systems, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported revenues of $194,049,000, an increase of 3% as compared to $187,993,000 for the same period a year ago. Income from operations was $18,678,000 against $18,299,000 a year ago. Income before income taxes was $17,293,000 against $17,578,000 a year ago. Net income was $12,421,000 or $0.60 per diluted share compared to net income of $12,301,000 or $0.61 per diluted share for the second quarter of fiscal 2012. Excluding the impact of impairment, restructuring and other charges, non-GAAP net income for the second quarter of fiscal 2013 would have been $14,377,000 or $0.70 per diluted share compared to $13,301,000 or $0.61 per diluted share a year ago. During the three months ended December 31, 2012, the company generated cash flow from operations of $20,000,000. Capital expenditures during that period totaled $55,000,000 as the company continued to invest in building infrastructure and capital equipment in Mexico.
For the six months ended December 31, 2012, the company reported revenues of $375,743,000, an increase of 8% as compared to $349,310,000 for the same period a year ago. Income from operations was $28,792,000 against $25,909,000 a year ago. Income before income taxes was $26,310,000 against $24,389,000 a year ago. Net income for the six months ended December 31, 2012 was $18,760,000 or $0.91 per diluted share compared to net income of $17,062,000 or $0.85 per diluted share for the six months ended December 31, 2011. Excluding the impact of impairment, restructuring and other charges, non-GAAP net income for the second quarter of fiscal 2013 would have been $20,716,000 or $1.01 per diluted share compared to $17,062,000 or $0.85 per diluted share a year ago.
The company reiterated earnings guidance for fiscal 2013. Subject to the risk factors, the company is reiterating its fiscal 2013 earnings guidance and expects earnings per diluted share to increase at a rate of 21% to 31% to between $2.77 to $3.00, excluding the impact of impairment, restructuring and other non-recurring charges. The company currently expects revenues to between $850 million to $875 million, representing a 7% to 10% increase over fiscal 2012 revenues.
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, 2012; Reiterates Earnings Guidance for Fiscal 2013