OSI Systems Announces Fourth Quarter Update
July 17 2007 - 6:00AM
Business Wire
OSI Systems, Inc. (NASDAQ:OSIS), a vertically-integrated provider
of specialized electronic products for critical applications in the
Security and Healthcare industries, today announced an update for
the fourth quarter ended June 30, 2007. Based upon preliminary
unaudited data for the fourth quarter of fiscal 2007, the Company
expects to report record revenues for the fourth quarter of
approximately $152.7 million, an increase of 22% compared to the
fourth quarter of fiscal 2006 and for the fiscal year ended June
30, 2007 record revenues of approximately $532.1 million, an
increase of 18% compared to fiscal 2006. A breakout by business
segment for the fourth quarter and year ended June 30, 2007 is as
follows (in millions): Three Months Ended Year Ended June 30, June
30, 2007 2006 2007 2006 (unaudited) Revenues - by Segment Group:
Security Group $ 56.0 $ 41.3 $ 186.4 $ 135.1 Healthcare Group 68.6
58.8 233.2 220.6 Optoelectronics and Manufacturing Group including
intersegment revenues 39.4 37.3 150.5 125.9 Intersegment revenues
elimination (11.3 ) (11.8 ) (38.0 ) (28.9 ) Total $ 152.7 $ 125.6 $
532.1 $ 452.7 In addition to achieving record shipments for the
fourth quarter the Company maintained its backlog of approximately
$209 million as of June 30, 2007. Furthermore, following a review
of its global operations to integrate recent acquisitions and
rationalize its cost structure, the Company achieved approximately
$17 million of pre-tax annualized cost savings during fiscal 2007
by reducing its global workforce and consolidating multiple
facilities. During the fourth quarter of fiscal 2007, the Company
also identified an additional $2 - $3 million of annualized cost
savings and plans to achieve these savings during the first half of
fiscal 2008. The Company expects to announce its operating results
for the fourth quarter and fiscal year ended June 30, 2007 on or
around August 30, 2007. About OSI Systems, Inc. OSI Systems, Inc.
and its subsidiaries is a vertically integrated designer and
manufacturer of specialized electronic systems and components for
critical applications. The Company sells its products in
diversified markets, including homeland security, healthcare,
defense and aerospace. The Company has more than 30 years of
experience in electronics engineering and manufacturing and
maintains offices and production facilities located in more than a
dozen countries. The Company implements a strategy of expansion by
leveraging its electronics and contract manufacturing capabilities
into selective end product markets through organic growth and
acquisitions. For more information on OSI Systems Inc. or any of
its subsidiaries, visit www.osi-systems.com. This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such statements
include information regarding the company�s expectations, goals or
intentions about the future, including, but not limited to, the
Company�s predictions about quarterly and full-year revenues,
cost-cutting measures and other matters. The actual results may
differ materially from those described in or implied by any
forward-looking statement. In particular, the Company has not yet
finalized the financial statements to be included in its annual
report on Form 10-K for fiscal year 2007 and certain of the
cost-cutting measures it has identified may not ultimately be
implemented or realizable by the Company. Other important factors
are set forth in the Securities and Exchange Commission filings OSI
Systems, Inc. All forward-looking statements speak only as of the
date made, and the Company undertakes no obligation to update,
amend or clarify these forward-looking statements.
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