OSI Systems Q4 Profit Rises, Results Top Estimates; Sees FY15 Adj. EPS In Line

(RTTNews) - OSI Systems Inc. (OSIS) reported that its net income for the fourth quarter of fiscal 2014 rose to $22.1 million or $1.07 per share, from $11.8 million or $0.58 per share, in the fourth quarter of fiscal 2013.

Excluding the impact of impairment, restructuring and other charges and the impact of tax elections, net income for the fourth quarter of fiscal 2014 would have been $24.5 million, or $1.19 per share, compared to net income of $20.9 million, or $1.02 per share, for the fourth quarter of fiscal 2013.

Deepak Chopra, OSI Systems President and CEO, said, "We are pleased to report record results for our fourth quarter. Led by our Security Division, we reported a 14% increase in sales with strong bookings highlighted by a significant Foreign Military Sales (FMS) contract from the U.S. Department of Defense. Our substantial backlog and pipeline of opportunities place us in a solid position heading into our new fiscal year."

Quarterly revenues were $260 million, an increase of 14% from the $228 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.17 per share and revenues of $245.99 million for the fourth-quarter. Analysts' estimates typically exclude special items.

The company announced that it anticipates fiscal 2015 sales to be between $960 million and $985 million. In addition, the Company anticipates approximately 12% - 20% growth in earnings per share to $3.50 to $3.75, excluding the impact of impairment, restructuring and other charges, and the impact of certain tax elections. Wall Street currently is looking for fiscal year 2015 earnings of $3.55 per share on annual revenues of $948.20 million.