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© stevanovicigor dreamstime.com Electronics Production | May 13, 2015

OSI Systems record Q3 revenue of $215 million

OSI Systems reported revenues of USD 215.4 million for the third quarter of fiscal 2015, an increase of 6% as compared to the same period a year ago.
"We are pleased to announce our third quarter financial results," said Deepak Chopra, OSI Systems' Chairman and CEO. "We achieved record third quarter sales and profitability, excluding the impact of restructuring and other charges. While we are encouraged by our performance this year, we expect to continue to make appropriate business adjustments as the global macroeconomic environment evolves."

The Company reported revenues of USD 215.4 million for the third quarter of fiscal 2015, an increase of 6% as compared to the same period a year ago. Net income for the third quarter of fiscal 2015 was USD 13.2 million, compared to net income of USD 4.8 million for the third quarter of fiscal 2014.

On a non-GAAP basis, excluding the impact of restructuring and other charges, net income for the third quarter of fiscal 2015 would have been USD 15.9 million, compared to net income of USD 14.3 million, for the comparable quarter of the prior year.

As of March 31, 2015, the Company's backlog was approximately USD 0.6 billion and the non-turnkey book to bill ratio for the three months ended March 31, 2015 was 1.0. During the third quarter, the Company generated USD 23.1 million of free cash flow, which contributed to record free cash flow of USD 77.6 million for the nine months ended March 31, 2015.

Mr. Chopra continued, "During the third quarter, our Security division's revenues rose modestly by 4% over the prior year third quarter. We are pleased with the market's reception of our new RTT 110 (Real Time Tomography) explosives detection systems (EDS). We have received several orders for this product, including a very strategic win in Europe, the recently-announced USD 27 million order from the Leonardo da Vinci - Fiumicino Airport in Rome. We believe that the potential of RTT as European airports meet the latest requirement for hold baggage screening, as well as a robust pipeline of opportunities in both our product and turnkey screening solutions businesses position this division well for the future."

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