OSI Systems, Inc. (NASDAQ:OSIS) today announced financial results
for the quarter ended December 31, 2016.
“Driven by growth in our Security division, we
are pleased to announce strong fiscal second quarter results,” said
Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer.
“The integration and performance of American Science and
Engineering (“AS&E”), which was acquired during our fiscal
first quarter, has been quite positive and has contributed as
expected to our solid results.”
The Company reported revenues of $243 million
for the second quarter of fiscal 2017, an increase of 23% from the
$197 million reported for the second quarter of fiscal 2016. Net
income for the second quarter of fiscal 2017 was $4.8 million, or
$0.25 per diluted share, compared to net income of $0.1 million, or
$0.01 per diluted share, for the second quarter of fiscal 2016.
Non-GAAP net income (excluding the impact of impairment,
restructuring and other charges and acquired intangible assets, net
of related tax impact thereof) for the second quarter of fiscal
2017 was $13.4 million, or $0.68 per diluted share, compared to
non-GAAP net income for the second quarter of fiscal 2016 of $8.6
million, or $0.42 per diluted share.
For the six months ended December 31, 2016, the
Company reported revenues of $463 million, an increase of 17% as
compared to the same period a year ago. Net income in this
period was $5.5 million, or $0.28 per diluted share, compared to
net income of $10.9 million, or $0.53 per diluted share, in the
same period a year ago. Non-GAAP net income for the six
months ended December 31, 2016 was $22.1 million, or $1.12 per
diluted share, compared to non-GAAP net income of $19.8 million, or
$0.97 per diluted share, for the comparable period in the prior
year.
During the quarter ended December 31, 2016, the
Company's book-to-bill ratio for equipment and related services
(non-turnkey) was 1.0, and as of December 31, 2016 the Company's
backlog (measured as quantifiable purchase orders or contracts for
which revenues are expected to be recognized within the next five
years) was $691 million as compared to $623 million as of June 30,
2016. During the second fiscal quarter, cash flow generated from
operations was $20.1 million.
Mr. Chopra further stated, “Our Security
division revenues increased 49% to a second quarter record of $140
million, of which $29 million was generated by our newly acquired
AS&E business. Excluding the AS&E revenues, sales in
our Security division increased 18% over sales in the same
prior-year quarter. We leveraged this growth to significantly
improve our year-over-year operating margin.”
Mr. Chopra further commented, “Our
Optoelectronics and Manufacturing division continues to expand its
profit margins as operational improvements, together with a more
favorable product mix and a migration to more profitable customers,
resulted in second quarter operating margin expansion.”
Mr. Chopra concluded, “Although we have made
progress in many aspects of our Healthcare business, including a
return to profitability, during our second fiscal quarter we
continued to face challenges in our Healthcare division with
year-over-year sales down 8%. We look forward to improvements in
the second half of the fiscal year.”
Fiscal Year 2017 Outlook
The Company reiterates its fiscal 2017 sales
guidance of $955 million - $990 million and its non-GAAP earnings
guidance of $2.80 - $3.20 per diluted share. Actual sales and
non-GAAP diluted earnings per share could vary from this guidance
including as a result of the matters discussed under the
“Forward-Looking Statements” section.
The Company’s fiscal 2017 diluted earnings per
share guidance is provided on a non-GAAP basis only. The
Company does not provide a reconciliation of non-GAAP diluted EPS
guidance on a forward-looking basis to GAAP diluted EPS, the most
directly comparable GAAP measure, because it is unable to provide a
meaningful or accurate compilation of reconciling items or certain
information is not available. This is due primarily to
year-over-year variability and the difficulty in making accurate
forecasts and projections of impairment, restructuring and other
charges and their related tax effects.
Presentation of Non-GAAP Financial
Measures
This earnings release includes a presentation of
non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP
operating income (loss) by segment, and non-GAAP operating margin,
all of which are non-GAAP financial measures. The presentation of
these non-GAAP figures for the three months and six months ended
December 31, 2015 and 2016 is provided to allow for the comparison
of the underlying performance of the Company, net of impairment,
restructuring and other charges and the amortization of
intangible assets acquired through business acquisitions, and their
associated tax effects when applicable. Management believes that
these non-GAAP financial measures provide (i) additional insight
into the ongoing operations of the Company, (ii) meaningful
supplemental information regarding the Company’s results excluding
amounts management does not view as reflective of ongoing operating
results when planning and forecasting and when assessing the
performance of the business, and (iii) a meaningful comparison
against results for past periods of results for current periods and
guidance for future periods. Management also believes that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating the Company’s operating
results and future prospects in the same manner as management and
in comparing financial results across accounting periods and to
those of peer companies. Non-GAAP financial measures should not be
considered in isolation or as a substitute for measures of
financial performance prepared in accordance with GAAP.
Reconciliations of GAAP to non-GAAP financial
information are provided in the accompanying tables.
The financial results calculated in accordance with
GAAP and reconciliations from those financial results should be
carefully evaluated.
Conference Call Information
OSI Systems, Inc. will host a conference call
and simultaneous webcast over the Internet beginning at 1:30pm PT
(4:30pm ET) today to discuss its results for the second quarter of
fiscal 2017. To listen, please visit the Investor Relations section
of the OSI Systems website,
http://investors.osi-systems.com/index.cfm and follow the link that
will be posted on the front page. A replay of the webcast will be
available shortly after the conclusion of the conference call until
February 9, 2017. The replay can either be accessed through the
Company’s website, www.osi-systems.com, or via telephonic replay by
calling 1-855-859-2056 and entering the conference call
identification number '58688659’ when prompted for the replay
code.
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated
designer and manufacturer of specialized electronic systems and
components for critical applications in the homeland security,
healthcare, defense, and aerospace industries. OSI combines more
than 40 years of electronics engineering and manufacturing
experience with offices and production facilities in more than a
dozen countries to implement a strategy of expansion into selective
end-product markets. For more information on OSI Systems, Inc.
or its subsidiary companies, visit www.osi-systems.com.
News Filter: OSIS-E
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements relate to the Company's current expectations, beliefs
and projections and similar expressions concerning matters that are
not historical facts. Forward-looking statements are not
guarantees of future performance and involve uncertainties, risks,
assumptions and contingencies, many of which are outside the
Company's control and which may cause actual results to differ
materially from those described in or implied by any
forward-looking statement. Forward-looking statements include, but
are not limited to, information regarding expected revenues,
earnings and growth in fiscal 2017. In addition, the Company could
be exposed to a variety of negative consequences as a result of
delays related to the award of domestic and international
contracts; delays in customer programs; delays in revenue
recognition related to the timing of customer acceptance;
unanticipated impacts of sequestration and other U.S. Government
budget control provisions; changes in domestic and foreign
government spending and budgetary, procurement and trade policies
adverse to the Company's businesses; global economic uncertainty;
impact of volatility in oil prices; unfavorable currency exchange
rate fluctuations; market acceptance of the Company's new and
existing technologies, products and services; the Company's ability
to win new business and convert orders received to sales within the
fiscal year; enforcement actions in respect of any noncompliance
with laws and regulations, including export control and
environmental regulations and the matters that are the subject of
some or all of the Company's ongoing investigations and compliance
reviews; contract and regulatory compliance matters, and actions,
if brought, resulting in judgments, settlements, fines,
injunctions, debarment or penalties; AS&E integration and other
AS&E-related risks; and other risks and uncertainties,
including, but not limited to, those detailed herein and from time
to time in the Company's Securities and Exchange Commission filings
which could have a material and adverse impact on the Company's
business, financial condition and results of operations. For
additional information on these and other factors that could cause
the Company's future results to differ materially from any
forward-looking statements, see the section entitled "Risk Factors"
in the Company's Annual Report on Form 10-K for the fiscal year
ended June 30, 2016 and other risks described therein and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. All forward-looking
statements are based on currently available information and speak
only as of the date on which they are made. The Company assumes no
obligation to update any forward-looking statement made in this
press release that becomes untrue because of subsequent events, new
information or otherwise, except to the extent it is required to do
so in connection with requirements under federal securities
laws.
OSI SYSTEMS, INC. AND
SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands) |
|
|
|
|
|
June 30, 2016 |
|
December 31, 2016 |
Assets |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
104,370 |
|
$ |
138,248 |
Accounts receivable,
net |
|
141,716 |
|
|
178,360 |
Inventories |
|
273,288 |
|
|
283,788 |
Other current
assets |
|
35,944 |
|
|
52,179 |
Total
current assets |
|
555,318 |
|
|
652,575 |
Goodwill |
|
122,819 |
|
|
242,951 |
Intangible
assets |
|
56,283 |
|
|
126,282 |
Other non-current
assets |
|
257,303 |
|
|
236,197 |
Total
Assets |
$ |
991,723 |
|
$ |
1,258,005 |
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Bank lines of
credit |
$ |
125,000 |
|
$ |
349,000 |
Current portion of
long-term debt |
|
2,759 |
|
|
2,565 |
Accounts payable and
accrued expenses |
|
117,455 |
|
|
135,722 |
Other
current liabilities |
|
122,621 |
|
|
124,335 |
Total current
liabilities |
|
367,835 |
|
|
611,622 |
Long-term
debt |
|
6,054 |
|
|
4,921 |
Deferred income
taxes |
|
29,160 |
|
|
29,503 |
Other long-term
liabilities |
|
47,828 |
|
|
67,853 |
Total
liabilities |
|
450,877 |
|
|
713,899 |
Total stockholders’
equity |
|
540,846 |
|
|
544,106 |
Total
Liabilities and Stockholders’ Equity |
$ |
991,723 |
|
$ |
1,258,005 |
OSI SYSTEMS, INC. AND
SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except per share
data) |
|
|
Three Months
Ended |
|
Six Months
Ended |
December 31, |
December 31, |
|
|
2015 |
|
|
2016 |
|
|
|
2015 |
|
2016 |
|
Revenues |
$ |
197,339 |
|
|
$ |
242,548 |
|
|
$ |
397,389 |
|
|
$ |
463,403 |
|
Cost of goods
sold |
|
129,275 |
|
|
|
159,953 |
|
|
|
261,354 |
|
|
|
312,721 |
|
Gross
profit |
|
68,064 |
|
|
|
82,595 |
|
|
|
136,035 |
|
|
|
150,682 |
|
Operating
expenses: |
|
|
|
|
|
|
Selling,
general and administrative |
|
43,141 |
|
|
|
51,544 |
|
|
|
83,534 |
|
|
|
95,097 |
|
Research and development |
|
13,045 |
|
|
|
12,938 |
|
|
|
24,926 |
|
|
|
25,416 |
|
Impairment, restructuring and other charges |
|
11,097 |
|
|
|
9,420 |
|
|
|
11,097 |
|
|
|
19,377 |
|
Total
operating expenses |
|
67,283 |
|
|
|
73,902 |
|
|
|
119,557 |
|
|
|
139,890 |
|
Income from
operations |
|
781 |
|
|
|
8,693 |
|
|
|
16,478 |
|
|
|
10,792 |
|
Interest expense and
other, net |
|
(623 |
) |
|
|
(1,981 |
) |
|
|
(1,417 |
) |
|
|
(3,139 |
) |
Income before income
taxes |
|
158 |
|
|
|
6,712 |
|
|
|
15,061 |
|
|
|
7,653 |
|
Provision for income
taxes |
|
50 |
|
|
|
1,879 |
|
|
|
4,148 |
|
|
|
2,143 |
|
Net income |
$ |
108 |
|
|
$ |
4,833 |
|
|
$ |
10,913 |
|
|
$ |
5,510 |
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
0.01 |
|
|
$ |
0.25 |
|
|
$ |
0.53 |
|
|
$ |
0.28 |
|
Weighted average shares
outstanding – diluted |
|
20,386 |
|
|
|
19,653 |
|
|
|
20,427 |
|
|
|
19,620 |
|
|
UNAUDITED Segment Information |
(in thousands) |
|
|
Three Months
Ended December
31, |
|
Six Months Ended December
31, |
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
Revenues – by Segment: |
|
|
|
|
|
Security
division |
$ |
93,720 |
|
|
$ |
139,504 |
|
|
$ |
190,130 |
|
|
$ |
263,213 |
|
Healthcare division |
|
55,548 |
|
|
|
51,110 |
|
|
|
107,013 |
|
|
|
96,760 |
|
Optoelectronics and Manufacturing division (including intersegment
revenues) |
|
60,560 |
|
|
|
60,601 |
|
|
|
123,108 |
|
|
|
117,555 |
|
Intersegment revenues eliminations |
|
(12,489 |
) |
|
|
(8,667 |
) |
|
|
(22,862 |
) |
|
|
(14,125 |
) |
Total |
$ |
197,339 |
|
|
$ |
242,548 |
|
|
$ |
397,389 |
|
|
$ |
463,403 |
|
|
|
|
|
|
|
|
|
Operating income (loss) – by Segment: |
|
|
|
|
Security
division |
$ |
2,534 |
|
|
$ |
9,130 |
|
|
$ |
15,169 |
|
|
$ |
18,480 |
|
Healthcare division |
|
3,380 |
|
|
|
801 |
|
|
|
6,318 |
|
|
|
(2,463 |
) |
Optoelectronics and Manufacturing division |
|
3,192 |
|
|
|
5,525 |
|
|
|
8,753 |
|
|
|
10,175 |
|
Corporate |
|
(7,903 |
) |
|
|
(6,802 |
) |
|
|
(13,105 |
) |
|
|
(15,815 |
) |
Eliminations |
|
(422 |
) |
|
|
39 |
|
|
|
(657 |
) |
|
|
415 |
|
Total |
$ |
781 |
|
|
$ |
8,693 |
|
|
$ |
16,478 |
|
|
$ |
10,792 |
|
|
RECONCILIATION OF GAAP TO
NON-GAAP |
|
NET INCOME AND EARNINGS PER
SHARE |
|
(in thousands, except earnings per share
data) |
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December
31, |
|
2015 |
|
|
2016 |
|
|
2016 |
|
2016 |
|
|
Net Income |
|
EPS |
|
Net Income |
|
EPS |
|
Net Income |
|
EPS |
|
Net Income |
|
EPS |
GAAP basis |
$ |
108 |
|
|
$ |
0.01 |
|
|
$ |
4,833 |
|
|
$ |
0.25 |
|
|
$ |
10,913 |
|
|
$ |
0.53 |
|
|
$ |
5,510 |
|
|
$ |
0.28 |
|
Impairment,
restructuring and other charges |
|
11,097 |
|
|
|
0.54 |
|
|
|
9,420 |
|
|
|
0.48 |
|
|
11,097 |
|
|
0.54 |
|
|
19,377 |
|
|
|
0.99 |
|
Amortization of
acquired intangible assets |
|
557 |
|
|
|
0.03 |
|
|
|
2,489 |
|
|
|
0.12 |
|
|
1,124 |
|
|
0.06 |
|
|
3,620 |
|
|
|
0.18 |
|
Tax benefit of above
adjustments |
|
(3,210 |
) |
|
|
(0.16 |
) |
|
|
(3,334 |
) |
|
|
(0.17 |
) |
|
(3,366 |
) |
|
(0.16 |
) |
|
(6,440 |
) |
|
|
(0.33 |
) |
Non-GAAP
basis |
$ |
8,552 |
|
|
$ |
0.42 |
|
|
$ |
13,408 |
|
|
$ |
0.68 |
|
|
$ |
19,768 |
|
|
$ |
0.97 |
|
|
$ |
22,067 |
|
|
$ |
1.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO
NON-GAAP |
OPERATING INCOME (LOSS) AND OPERATING MARGIN
BY SEGMENT |
(in thousands, except
percentages) |
|
Three Months Ended December 31,
2015 |
|
|
Security Division |
|
Healthcare Division |
|
Optoelectronics and Manufacturing Division |
|
Corporate / Elimination |
|
Total |
|
|
|
|
% of Net Sales |
|
|
|
% of Net Sales |
|
|
|
% of Net Sales |
|
|
|
|
|
% of Net Sales |
GAAP basis – operating
income (loss) |
|
$ |
2,534 |
|
2.7 |
% |
|
$ |
3,380 |
|
6.1 |
% |
|
$ |
3,192 |
|
|
5.3 |
|
% |
|
$ |
(8,325 |
) |
|
$ |
781 |
|
0.4 |
% |
Impairment,
restructuring and other charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of assets |
|
|
5,888 |
|
6.3 |
% |
|
|
- |
|
- |
|
|
|
553 |
|
|
0.9 |
|
% |
|
|
2,300 |
|
|
|
8,741 |
|
4.4 |
% |
Employee
termination costs |
|
|
336 |
|
0.4 |
% |
|
|
- |
|
- |
|
|
|
206 |
|
|
0.3 |
|
% |
|
|
- |
|
|
|
542 |
|
0.3 |
% |
Legal
settlement and related costs |
|
|
- |
|
- |
|
|
|
- |
|
- |
|
|
|
1,718 |
|
|
2.8 |
|
% |
|
|
- |
|
|
|
1,718 |
|
0.9 |
% |
Other |
|
|
76 |
|
0.1 |
% |
|
|
- |
|
- |
|
|
|
20 |
|
|
0.0 |
|
% |
|
|
- |
|
|
|
96 |
|
0.0 |
% |
Subtotal |
|
|
6,300 |
|
6.7 |
% |
|
|
- |
|
- |
|
|
|
2,497 |
|
|
4.1 |
|
% |
|
|
2,300 |
|
|
|
11,097 |
|
5.6 |
% |
Amortization of
acquired intangible assets |
|
|
202 |
|
0.2 |
% |
|
|
162 |
|
0.3 |
% |
|
|
193 |
|
|
0.3 |
|
% |
|
|
- |
|
|
|
557 |
|
0.3 |
% |
Non-GAAP basis–
operating income (loss) |
|
$ |
9,036 |
|
9.6 |
% |
|
$ |
3,542 |
|
6.4 |
% |
|
$ |
5,882 |
|
|
9.7 |
|
% |
|
$ |
(6,025 |
) |
|
$ |
12,435 |
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2016 |
|
|
Security Division |
|
Healthcare Division |
|
Optoelectronics and Manufacturing Division |
|
Corporate / Elimination |
|
Total |
|
|
|
|
% of Net Sales |
|
|
|
% of Net Sales |
|
|
|
% of Net Sales |
|
|
|
|
|
% of Net Sales |
GAAP basis – operating
income (loss) |
|
$ |
9,130 |
|
6.5 |
% |
|
$ |
801 |
|
1.6 |
% |
|
$ |
5,525 |
|
|
9.1 |
|
% |
|
$ |
(6,763 |
) |
|
$ |
8,693 |
|
3.6 |
% |
Impairment,
restructuring and other charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related costs |
|
|
85 |
|
0.1 |
% |
|
|
- |
|
- |
|
|
|
- |
|
|
- |
|
|
|
|
64 |
|
|
|
149 |
|
0.1 |
% |
Facility
closure/ consolidation |
|
|
3 |
|
0.0 |
% |
|
|
69 |
|
0.1 |
% |
|
|
24 |
|
|
0.0 |
|
% |
|
|
- |
|
|
|
96 |
|
0.0 |
% |
Employee
termination costs |
|
|
7,657 |
|
5.5 |
% |
|
|
824 |
|
1.6 |
% |
|
|
266 |
|
|
0.4 |
|
% |
|
|
- |
|
|
|
8,747 |
|
3.6 |
% |
Other |
|
|
- |
|
- |
|
|
|
- |
|
- |
|
|
|
(67 |
) |
|
(0.1 |
) |
% |
|
|
495 |
|
|
|
428 |
|
0.2 |
% |
Subtotal |
|
|
7,745 |
|
5.6 |
% |
|
|
893 |
|
1.7 |
% |
|
|
223 |
|
|
0.4 |
|
% |
|
|
559 |
|
|
|
9,420 |
|
3.9 |
% |
Amortization of
acquired intangible assets |
|
|
1,989 |
|
1.4 |
% |
|
|
139 |
|
0.3 |
% |
|
|
361 |
|
|
0.6 |
|
% |
|
|
- |
|
|
|
2,489 |
|
1.0 |
% |
Non-GAAP basis–
operating income (loss) |
|
$ |
18,864 |
|
13.5 |
% |
|
$ |
1,833 |
|
3.6 |
% |
|
$ |
6,109 |
|
|
10.1 |
|
% |
|
$ |
(6,204 |
) |
|
$ |
20,602 |
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO
NON-GAAP |
OPERATING INCOME (LOSS) AND OPERATING MARGIN
BY SEGMENT |
(in thousands, except
percentages) |
|
|
Six Months Ended December 31,
2015 |
|
|
Security Division |
|
Healthcare Division |
|
Optoelectronics and Manufacturing Division |
|
Corporate / Elimination |
|
Total |
|
|
|
|
% of Net Sales |
|
|
|
% of Net Sales |
|
|
|
% of Net Sales |
|
|
|
|
|
% of Net Sales |
GAAP basis – operating
income (loss) |
|
$ |
15,169 |
|
8.0 |
% |
|
$ |
6,318 |
|
|
5.9 |
|
% |
|
$ |
8,753 |
|
|
7.1 |
% |
|
$ |
(13,762 |
) |
|
$ |
16,478 |
|
4.1 |
% |
Impairment,
restructuring and other charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of assets |
|
|
5,888 |
|
3.1 |
% |
|
|
- |
|
|
- |
|
|
|
|
553 |
|
|
0.4 |
% |
|
|
2,300 |
|
|
|
8,741 |
|
2.2 |
% |
Employee
termination costs |
|
|
336 |
|
0.2 |
% |
|
|
- |
|
|
- |
|
|
|
|
206 |
|
|
0.2 |
% |
|
|
- |
|
|
|
542 |
|
0.1 |
% |
Legal
settlement and related costs |
|
|
- |
|
- |
|
|
|
- |
|
|
- |
|
|
|
|
1,718 |
|
|
1.4 |
% |
|
|
- |
|
|
|
1,718 |
|
0.4 |
% |
Other |
|
|
76 |
|
0.0 |
% |
|
|
- |
|
|
- |
|
|
|
|
20 |
|
|
0.0 |
% |
|
|
- |
|
|
|
96 |
|
0.0 |
% |
Subtotal |
|
|
6,300 |
|
3.3 |
% |
|
|
- |
|
|
- |
|
|
|
|
2,497 |
|
|
2.0 |
% |
|
|
2,300 |
|
|
|
11,097 |
|
2.8 |
% |
Amortization of
acquired intangible assets |
|
|
410 |
|
0.2 |
% |
|
|
326 |
|
|
0.3 |
|
% |
|
|
388 |
|
|
0.3 |
% |
|
|
- |
|
|
|
1,124 |
|
0.3 |
% |
Non-GAAP basis–
operating income (loss) |
|
$ |
21,879 |
|
11.5 |
% |
|
$ |
6,644 |
|
|
6.2 |
|
% |
|
$ |
11,638 |
|
|
9.5 |
% |
|
($ |
11,462 |
) |
|
$ |
28,699 |
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended December 31,
2016 |
|
|
Security Division |
|
Healthcare Division |
|
Optoelectronics and Manufacturing Division |
|
Corporate / Elimination |
|
Total |
|
|
|
|
% of Net Sales |
|
|
|
% of Net Sales |
|
|
|
% of Net Sales |
|
|
|
|
|
% of Net Sales |
GAAP basis – operating
income (loss) |
|
$ |
18,480 |
|
7.0 |
% |
|
$ |
(2,463 |
) |
|
(2.5 |
) |
% |
|
$ |
10,175 |
|
|
8.7 |
% |
|
$ |
(15,400 |
) |
|
$ |
10,792 |
|
2.3 |
% |
Impairment,
restructuring and other charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of assets |
|
|
5,332 |
|
2.0 |
% |
|
|
86 |
|
|
0.1 |
|
% |
|
|
- |
- |
|
|
|
|
- |
|
|
|
5,418 |
|
1.2 |
% |
Acquisition-related costs |
|
|
810 |
|
0.3 |
% |
|
|
- |
|
|
- |
|
|
|
|
- |
- |
|
|
|
|
3,213 |
|
|
|
4,023 |
|
0.9 |
% |
Facility
closure/ consolidation |
|
|
179 |
|
0.1 |
% |
|
|
69 |
|
|
0.1 |
|
% |
|
|
24 |
|
|
0.0 |
|
% |
|
|
- |
|
|
|
272 |
|
0.1 |
% |
Employee
termination costs |
|
|
7,807 |
|
3.0 |
% |
|
|
1,080 |
|
|
1.1 |
|
% |
|
|
331 |
|
|
0.3 |
|
% |
|
|
- |
|
|
|
9,218 |
|
2.0 |
% |
Other |
|
|
7 |
|
0.0 |
% |
|
|
- |
|
|
- |
|
|
|
|
(67 |
) |
|
(0.1 |
) |
% |
|
|
506 |
|
|
|
446 |
|
0.1 |
% |
Subtotal |
|
|
14,135 |
|
5.4 |
% |
|
|
1,235 |
|
|
1.3 |
|
% |
|
|
288 |
|
|
0.2 |
|
% |
|
|
3,719 |
|
|
|
19,377 |
|
4.2 |
% |
Amortization of
acquired intangible assets |
|
|
2,589 |
|
1.0 |
% |
|
|
304 |
|
|
0.3 |
|
% |
|
|
727 |
|
|
0.6 |
|
% |
|
|
- |
|
|
|
3,620 |
|
0.8 |
% |
Non-GAAP basis–
operating income (loss) |
|
$ |
35,204 |
|
13.4 |
% |
|
$ |
(924 |
) |
|
(1.0 |
) |
% |
|
$ |
11,190 |
|
|
9.5 |
|
% |
|
$ |
(11,681 |
) |
|
$ |
33,789 |
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Additional Information, Contact:
OSI Systems, Inc.
Ajay Vashishat
Vice President, Business Development
12525 Chadron Ave.
Hawthorne, CA 90250
Tel: (310) 349-2237
avashishat@osi-systems.com
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