OSI Systems finished the year strong

The Company reported revenues of USD 228 million for the fourth quarter of fiscal 2013, a decrease of 3% from the USD 235 million reported for the fourth quarter of fiscal 2012. Net income for the fourth quarter of fiscal 2013 was USD 11.8 million, compared to net income of USD 15.9 million for the fourth quarter of fiscal 2012. Excluding the impact of impairment, restructuring and other charges, and the impact of tax elections discussed below, net income for the fourth quarter of fiscal 2013 would have been approximately USD 20.9 million, compared to net income of USD 16.3 million for the fourth quarter of fiscal 2012. Deepak Chopra, OSI Systems President and CEO, stated, “We are pleased to announce the results of our fourth quarter, as we finished the year strong, positioning us well for future growth. We achieved record non-GAAP earnings for the 16th consecutive quarter as a result of significant operating margin expansion. As expected, sales decreased 3% as our fourth quarter sales from the prior year were unusually high due to a large U.S. Army program that was substantially completed during that quarter, making our prior fourth quarter results a difficult point of comparison. Excluding the impact of this program, sales increased by 20%.” Mr. Chopra continued, “The momentum gained from a strong finish by each division, combined with a year-end backlog of approximately USD 1 billion and a significant pipeline of opportunities, positions us well for solid growth in fiscal 2014.” For the fiscal year ended June 30, 2013, the Company reported revenues of USD 802 million, a 1% increase from the USD 793 million reported for fiscal 2012. Net income for fiscal 2013 was USD 44.1 million, compared to net income of USD 45.5 million in fiscal 2012. Excluding the impact of impairment, restructuring and other charges, and the impact of tax elections discussed below, net income for fiscal 2013 would have been approximately USD 56.8 million, or USD 2.76 per diluted share, compared to net income of USD 46.6 million, or USD 2.29 per diluted share for the comparable period of fiscal 2012.