OSI Systems Reports Fiscal 2018 Fourth Quarter and Full Year Financial Results
- Record Q4 Revenues of $287 Million (14% year-over-year increase)
- Record Fiscal 2018 Revenues of $1.089 Billion (13% year-over-year increase)
-
Q4 Earnings Per Diluted Share
- GAAP EPS of $0.27
- Non-GAAP EPS of $1.02
- Backlog of $976 Million (32% year-over-year increase)
-
FY 2019 Guidance
- Sales Guidance of $1.125 Billion - $1.165 Billion
- Non-GAAP Diluted EPS Guidance of $3.80 - $4.00
OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced financial results for the fourth quarter and
fiscal year ended June 30, 2018.
Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, said, “We are pleased to announce a strong finish to fiscal
2018 highlighted by impressive sales and bookings in the Security division. We are proud to have surpassed $1 billion in annual
sales for the first time in our history. We enter fiscal 2019 with a strong backlog, an enhanced leadership team, and heightened
focus on our core strengths.”
The Company reported revenues of $287 million for the fourth quarter of fiscal 2018, an increase of 14% from the $252 million
reported for the fourth quarter of fiscal 2017. Net income for the fourth quarter of fiscal 2018 was $5.1 million, or $0.27 per
diluted share, compared to net income of $1.5 million, or $0.08 per diluted share, for the fourth quarter of fiscal 2017. Non-GAAP
net income for the fourth quarter of fiscal 2018 was $19.1 million, or $1.02 per diluted share, compared to non-GAAP net income for
the fourth quarter of fiscal 2017 of $19.9 million, or $1.02 per diluted share.
For the fiscal year ended June 30, 2018, the Company reported revenues of $1.089 billion, an increase of 13% over revenues in
the prior fiscal year. Net loss for fiscal 2018 was $29.1 million, or $(1.57) per diluted share, compared to net income of $21.1
million, or $1.07 per diluted share, in the prior fiscal year. Non-GAAP net income for the fiscal year ended June 30, 2018 was
$69.5 million, or $3.61 per diluted share, compared to non-GAAP net income of $58.8 million, or $2.99 per diluted share, for the
2017 fiscal year.
During the three months ended June 30, 2018, the Company's book-to-bill ratio for equipment and related services (non-turnkey)
was approximately 1.3. As of June 30, 2018, the Company's backlog was $976 million, compared to $738 million as of June 30, 2017.
For the three months and fiscal year ended June 30, 2018, cash flow from operations was $17 million and $133 million, respectively,
as compared to $11 million and $63 million for the three months and fiscal year ended June 30, 2017.
Mr. Chopra stated, “Our Security division finished the year with strong revenues and backlog. Fourth quarter revenues in the
division increased 26% to a record $185 million. Excluding $17.5 million of revenues from the trace detection business that we
acquired in July 2017, fourth quarter sales in our Security division increased 14% over sales in the same prior-year fiscal period.
During the quarter, we won several notable orders with overall Security division bookings of $198 million.”
Mr. Chopra further commented, “Our Optoelectronics and Manufacturing division continued the steady performance seen throughout
fiscal 2018. Fourth quarter sales increased 9% on a year-over-year basis. However, one of our businesses within this division
incurred an operating loss in the quarter contributing to an overall year-over-year reduction in operating income. We have taken
steps to address the operational issues and expect improved performance in fiscal 2019.”
Mr. Chopra continued, “Fourth quarter sales in our Healthcare division decreased 11% as compared to the prior fiscal year.
Although we are disappointed with the second half results of our Healthcare division, we are encouraged by the direction under new
leadership. We are increasing focus on patient monitoring, diagnostic cardiology, and supplies and accessories and leveraging our
market positions in the U.S. and Europe, while de-emphasizing our anesthesia products that lack scale. We anticipate these actions
should lead to increased margins in this division.”
Mr. Chopra concluded, “During fiscal 2018, we repurchased $63 million of common stock as part of our share repurchase program,
returning value to our shareholders, and now have approximately 851,000 shares available for future repurchases. Going forward, we
will continue to focus on creating long-term shareholder value by pursuing various growth initiatives, targeting strategic
acquisitions, and exiting non-core lines of business.”
As a result of the enactment of the Tax Cuts and Jobs Act (the “Tax Act”) in December 2017, the Company recognized a charge of
$55 million during the fiscal year ended June 30, 2018. The charge includes management’s estimate of the tax on accumulated
overseas profits and the revaluation of deferred tax assets and liabilities. The changes included in the Tax Act are broad and
complex. The final impacts of the Tax Act may differ materially from the amounts estimated due to, among other things, changes in
interpretation of the Tax Act, any legislative action that may be taken to address questions arising due to the Tax Act and any
changes in accounting standards for income taxes or related interpretations in response to the Tax Act. The Company currently
anticipates finalizing and recording any resulting adjustments by the end of the 2018 calendar year.
The effective tax rate for fiscal 2018 was 179.0% primarily as a result of the Tax Act. Excluding discrete items and the impact
of the Tax Act, the effective tax rate would have been approximately 27% for fiscal 2018. For the fourth quarter of fiscal 2018,
the effective tax rate was 10.7%. Excluding discrete items and the impact of the Tax Act, the fourth quarter effective tax rate
would have been approximately 19.7%.
Fiscal Year 2019 Outlook
For fiscal year 2019, the Company anticipates revenues in the range of $1.125 billion to $1.165 billion, and non-GAAP earnings
per diluted share in the range of $3.80 to $4.00. Actual sales and non-GAAP diluted earnings per share could vary from this
guidance due to factors discussed under “Forward-Looking Statements” or other factors.
The Company’s fiscal 2019 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 to GAAP diluted EPS (the most directly comparable GAAP measure) on a
forward-looking basis because the Company is unable to provide a meaningful or accurate compilation of reconciling items and
certain information is not available. This is due to the inherent difficulty, high variability, and complexity in accurately
forecasting the timing and amount of various items that would be excluded from GAAP diluted EPS, including, for example,
acquisition costs and other non-recurring items that have not yet occurred, are out of the Company’s control or cannot be
reasonably predicted. For the same reasons, the Company is unable to address the probable significance of unavailable information.
The amount of these deductions may be material and, therefore, could result in GAAP diluted EPS, the corresponding GAAP financial
measure, being materially less than projected non-GAAP diluted EPS.
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 and twelve months ended June 30, 2017 and 2018 is provided to allow for the comparison of the
underlying performance of the Company, net of impairment, restructuring and other charges (including certain legal costs),
amortization of intangible assets acquired through business acquisitions, non-cash interest expense related to convertible debt and
gain from the disposition of a business, and their associated tax effects, and the impact from discrete income tax items, including
charges resulting from the Tax Act. 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) for purposes of planning, forecasting, and assessing the
performance of the Company’s businesses, (iii) a meaningful comparison of results of current periods against results of past
periods and (iv) financial results that are comparable to those of peer companies. Non-GAAP financial measures should not be
assessed in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. These non-GAAP
measures may not be the same as similar measures used by other companies due to possible differences in method and in the items or
events being adjusted.
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
The Company 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 fourth quarter of fiscal 2018 and the full 2018 fiscal year. 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 September 6, 2018. 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 ‘3678868’ when prompted for the replay code.
About OSI Systems
OSI Systems 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. The Company 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 or its subsidiary
companies, visit www.osi-systems.com. News Filter: OSIS-E
Forward-Looking Statements
This 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 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 provided regarding expected revenues, earnings and growth in fiscal 2019. 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;
failure to secure the renewal of key customer 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;; effect of
changes in tax legislation; 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; 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 those in any forward-looking statements, see the section titled "Risk Factors" in the Company's most recently filed
Annual Report on Form 10-K and other risks described therein and in documents subsequently filed by the Company from time to time
with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which 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 STATEMENTS OF OPERATIONS |
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Fiscal Year Ended
June 30,
|
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
| Net revenues: |
|
|
|
|
|
|
|
|
| Products |
|
$ |
167,555 |
|
|
$ |
203,397 |
|
|
$ |
655,840 |
|
|
$ |
732,927 |
|
| Services |
|
|
84,847 |
|
|
|
83,929 |
|
|
|
305,111 |
|
|
|
356,359 |
|
| Total net revenues |
|
|
252,402 |
|
|
|
287,326 |
|
|
|
960,951 |
|
|
|
1,089,286 |
|
| Cost of goods sold: |
|
|
|
|
|
|
|
|
| Products |
|
|
117,793 |
|
|
|
141,420 |
|
|
|
466,293 |
|
|
|
504,483 |
|
| Services |
|
|
47,818 |
|
|
|
44,740 |
|
|
|
171,157 |
|
|
|
193,151 |
|
| Total cost of goods sold |
|
|
165,611 |
|
|
|
186,160 |
|
|
|
637,450 |
|
|
|
697,634 |
|
| Gross profit |
|
|
86,791 |
|
|
|
101,166 |
|
|
|
323,501 |
|
|
|
391,652 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| Selling, general and administrative |
|
|
48,032 |
|
|
|
64,001 |
|
|
|
192,560 |
|
|
|
239,592 |
|
| Research and development |
|
|
11,140 |
|
|
|
15,067 |
|
|
|
50,951 |
|
|
|
61,189 |
|
|
Impairment, restructuring and other charges, net
|
|
|
24,813 |
|
|
|
11,474 |
|
|
|
46,698 |
|
|
|
34,963 |
|
| Total operating expenses |
|
|
83,985 |
|
|
|
90,542 |
|
|
|
290,209 |
|
|
|
335,744 |
|
| Income from operations |
|
|
2,806 |
|
|
|
10,624 |
|
|
|
33,292 |
|
|
|
55,908 |
|
| Interest expense, net |
|
|
(3,913 |
) |
|
|
(4,976 |
) |
|
|
(9,629 |
) |
|
|
(19,293 |
) |
| Other income, net |
|
|
- |
|
|
|
78 |
|
|
|
2,088 |
|
|
|
239 |
|
| Income (loss) before income taxes |
|
|
(1,107 |
) |
|
|
5,726 |
|
|
|
25,751 |
|
|
|
36,854 |
|
| Provision for (benefit from) income taxes |
|
|
(2,654 |
) |
|
|
612 |
|
|
|
4,675 |
|
|
|
65,981 |
|
| Net income (loss) |
|
$ |
1,547 |
|
|
$ |
5,114 |
|
|
$ |
21,076 |
|
|
$ |
(29,127 |
) |
|
|
|
|
|
|
|
|
|
| Diluted earnings (loss) per share |
|
$ |
0.08 |
|
|
$ |
0.27 |
|
|
$ |
1.07 |
|
|
$ |
(1.57 |
) |
| Weighted average shares outstanding – diluted |
|
|
19,479 |
|
|
|
18,680 |
|
|
|
19,689 |
|
|
|
18,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UNAUDITED SEGMENT INFORMATION |
|
(in thousands)
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Fiscal Year Ended
June 30,
|
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
| Revenues – by Segment: |
|
|
|
|
|
|
|
|
| Security division |
|
$ |
147,160 |
|
|
$ |
185,217 |
|
|
$ |
555,197 |
|
|
$ |
690,001 |
|
| Healthcare division |
|
|
53,607 |
|
|
|
47,594 |
|
|
|
200,034 |
|
|
|
189,387 |
|
| Optoelectronics and Manufacturing division (including intersegment revenues) |
|
|
60,236 |
|
|
|
65,461 |
|
|
|
236,100 |
|
|
|
254,485 |
|
| Intersegment revenues eliminations |
|
|
(8,601 |
) |
|
|
(10,946 |
) |
|
|
(30,380 |
) |
|
|
(44,587 |
) |
| Total |
|
$ |
252,402 |
|
|
$ |
287,326 |
|
|
$ |
960,951 |
|
|
$ |
1,089,286 |
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) – by Segment: |
|
|
|
|
|
|
|
|
| Security division |
|
$ |
(1,511 |
) |
|
$ |
17,914 |
|
|
$ |
35,256 |
|
|
$ |
84,106 |
|
| Healthcare division |
|
|
4,151 |
|
|
|
(7,634 |
) |
|
|
2,624 |
|
|
|
(14,609 |
) |
| Optoelectronics and Manufacturing division |
|
|
7,643 |
|
|
|
5,800 |
|
|
|
23,792 |
|
|
|
22,024 |
|
| Corporate |
|
|
(7,477 |
) |
|
|
(6,429 |
) |
|
|
(29,359 |
) |
|
|
(35,030 |
) |
| Intersegment eliminations |
|
|
- |
|
|
|
973 |
|
|
|
979 |
|
|
|
(583 |
) |
| Total |
|
$ |
2,806 |
|
|
$ |
10,624 |
|
|
$ |
33,292 |
|
|
$ |
55,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OSI SYSTEMS, INC. AND SUBSIDIARIES |
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
| (in thousands) |
|
|
|
|
|
|
|
June 30, 2017 |
|
June 30, 2018 |
| Assets |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
169,650 |
|
$ |
84,814 |
| Accounts receivable, net |
|
|
206,526 |
|
|
210,744 |
| Inventories |
|
|
248,510 |
|
|
313,552 |
| Other current assets |
|
|
28,314 |
|
|
41,587 |
| Total current assets |
|
|
653,000 |
|
|
650,697 |
| Goodwill |
|
|
242,129 |
|
|
292,213 |
| Intangible assets |
|
|
118,450 |
|
|
142,001 |
| Other non-current assets |
|
|
216,508 |
|
|
170,780 |
| Total Assets |
|
$ |
1,230,087 |
|
$ |
1,255,691 |
|
|
|
|
|
| Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
| Bank lines of credit |
|
$ |
103,000 |
|
$ |
113,000 |
| Current portion of long-term debt |
|
|
2,396 |
|
|
2,262 |
| Accounts payable and accrued expenses |
|
|
137,559 |
|
|
194,815 |
| Other current liabilities |
|
|
103,179 |
|
|
133,245 |
| Total current liabilities |
|
|
346,134 |
|
|
443,322 |
| Long-term debt |
|
|
241,750 |
|
|
248,980 |
| Deferred income taxes |
|
|
20,681 |
|
|
15,002 |
| Other long-term liabilities |
|
|
52,309 |
|
|
58,951 |
| Total liabilities |
|
|
660,874 |
|
|
766,255 |
| Total stockholders’ equity |
|
|
569,213 |
|
|
489,436 |
| Total Liabilities and Stockholders’ Equity |
|
$ |
1,230,087 |
|
$ |
1,255,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RECONCILIATION OF GAAP TO NON-GAAP |
| NET INCOME AND EARNINGS PER SHARE |
|
(in thousands, except earnings per share data)
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Fiscal Year Ended
June 30,
|
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
|
Net income |
|
EPS |
|
Net income |
|
EPS |
|
Net income |
|
EPS |
|
Net income
(loss)
|
|
EPS |
| GAAP basis |
|
$ |
1,547 |
|
|
$ |
0.08 |
|
|
$ |
5,114 |
|
|
$ |
0.27 |
|
|
$ |
21,076 |
|
|
$ |
1.07 |
|
|
$ |
(29,127 |
) |
|
$ |
(1.57 |
) |
| Impairment, restructuring and other charges |
|
|
24,813 |
|
|
|
1.27 |
|
|
|
11,474 |
|
|
|
0.61 |
|
|
|
46,698 |
|
|
|
2.37 |
|
|
|
34,963 |
|
|
|
1.88 |
|
| Amortization of acquired intangible assets1 |
|
|
2,357 |
|
|
|
0.12 |
|
|
|
4,643 |
|
|
|
0.25 |
|
|
|
8,382 |
|
|
|
0.43 |
|
|
|
15,713 |
|
|
|
0.85 |
|
| Non-cash interest expense |
|
|
1,771 |
|
|
|
0.09 |
|
|
|
1,912 |
|
|
|
0.10 |
|
|
|
2,477 |
|
|
|
0.13 |
|
|
|
7,470 |
|
|
|
0.40 |
|
| Gain from disposition of business |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,110 |
) |
|
|
(0.11 |
) |
|
|
- |
|
|
|
- |
|
| Tax effect of above adjustments |
|
|
(8,161 |
) |
|
|
(0.42 |
) |
|
|
(3,555 |
) |
|
|
(0.19 |
) |
|
|
(15,305 |
) |
|
|
(0.78 |
) |
|
|
(15,610 |
) |
|
|
(0.84 |
) |
| Discrete tax items |
|
|
(2,433 |
) |
|
|
(0.12 |
) |
|
|
(517 |
) |
|
|
(0.02 |
) |
|
|
(2,433 |
) |
|
|
(0.12 |
) |
|
|
56,087 |
|
|
|
3.02 |
|
| Impact of diluted shares 2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.13 |
) |
| Non-GAAP basis |
|
$ |
19,894 |
|
|
$ |
1.02 |
|
|
$ |
19,071 |
|
|
$ |
1.02 |
|
|
$ |
58,785 |
|
|
$ |
2.99 |
|
|
$ |
69,496 |
|
|
$ |
3.61 |
|
| |
1
|
|
Amortization is based in part on the preliminary fair value of the acquired
intangibles and is subject to change as purchase accounting is finalized. |
|
2
|
|
For the fiscal year ended June 30, 2018, the weighted average diluted shares used to
calculate EPS on a GAAP basis exclude potential common shares (stock options and restricted stock units) due to their
antidilutive effect resulting from the Company’s reported net loss. For the fiscal year ended June 30, 2018, the weighted
average diluted shares used to calculate EPS on a non-GAAP basis were approximately 19,274,000 shares. |
|
|
|
|
| RECONCILIATION OF GAAP TO NON-GAAP |
| OPERATING INCOME (LOSS) AND OPERATING MARGIN BY SEGMENT |
|
(in thousands, except percentages)
|
| |
| Three Months Ended June 30, 2017 |
|
|
Security Division |
|
Healthcare Division |
|
Optoelectronics and
Manufacturing Division
|
|
Corporate / Elimination |
|
Total |
|
|
|
|
% of |
|
|
|
% of |
|
|
|
% of |
|
|
|
|
|
% of |
|
|
|
|
Sales
|
|
|
|
Sales
|
|
|
|
Sales
|
|
|
|
|
|
Sales
|
| GAAP basis – operating income (loss) |
|
$ |
(1,511 |
) |
|
(1.0 |
)% |
|
$ |
4,151 |
|
|
7.8 |
% |
|
$ |
7,643 |
|
12.7 |
% |
|
$ |
(7,477 |
) |
|
$ |
2,806 |
|
1.1 |
% |
| Impairment, restructuring and other charges |
|
|
21,849 |
|
|
14.9 |
% |
|
|
967 |
|
|
1.8 |
% |
|
|
473 |
|
0.8 |
% |
|
|
1,524 |
|
|
|
24,813 |
|
9.8 |
% |
| Amortization of acquired intangible assets |
|
|
1,980 |
|
|
1.3 |
% |
|
|
14 |
|
|
0.0 |
% |
|
|
364 |
|
0.6 |
% |
|
|
- |
|
|
|
2,358 |
|
1.0 |
% |
| Non-GAAP basis– operating income (loss) |
|
$ |
22,318 |
|
|
15.2 |
% |
|
$ |
5,132 |
|
|
9.6 |
% |
|
$ |
8,480 |
|
14.1 |
% |
|
$ |
(5,953 |
) |
|
$ |
29,977 |
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended June 30, 2018 |
|
|
Security Division |
|
Healthcare Division |
|
Optoelectronics and
Manufacturing Division
|
|
Corporate / Elimination |
|
Total |
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
|
|
% of
|
|
|
|
|
Sales
|
|
|
|
Sales
|
|
|
|
Sales
|
|
|
|
|
|
Sales
|
| GAAP basis – operating income (loss) |
|
$ |
17,914 |
|
|
9.7 |
% |
|
$ |
(7,634 |
) |
|
-16.0 |
% |
|
$ |
5,800 |
|
8.9 |
% |
|
$ |
(5,456 |
) |
|
$ |
10,624 |
|
3.7 |
% |
| Impairment, restructuring and other charges, net |
|
|
1,766 |
|
|
0.9 |
% |
|
|
9,439 |
|
|
19.8 |
% |
|
|
222 |
|
0.3 |
% |
|
|
47 |
|
|
|
11,474 |
|
4.0 |
% |
| Amortization of acquired intangible assets |
|
|
3,697 |
|
|
2.0 |
% |
|
|
- |
|
|
- |
% |
|
|
946 |
|
1.4 |
% |
|
|
- |
|
|
|
4,643 |
|
1.6 |
% |
| Non-GAAP basis– operating income (loss) |
|
$ |
23,377 |
|
|
12.6 |
% |
|
$ |
1,805 |
|
|
3.8 |
% |
|
$ |
6,968 |
|
10.6 |
% |
|
$ |
(5,409 |
) |
|
$ |
26,741 |
|
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RECONCILIATION OF GAAP TO NON-GAAP |
| OPERATING INCOME (LOSS) AND OPERATING MARGIN BY SEGMENT |
|
(in thousands, except percentages)
|
| |
| Fiscal Year Ended June 30, 2017 |
|
|
Security Division |
|
Healthcare Division |
|
Optoelectronics and
Manufacturing Division
|
|
Corporate / Elimination |
|
Total |
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
|
|
% of
|
|
|
|
|
Sales
|
|
|
|
Sales
|
|
|
|
Sales
|
|
|
|
|
|
Sales
|
| GAAP basis – operating income (loss) |
|
$ |
35,256 |
|
6.3 |
% |
|
$ |
2,624 |
|
|
1.3 |
% |
|
$ |
23,792 |
|
10.1 |
% |
|
$ |
(28,380 |
) |
|
$ |
33,292 |
|
3.5 |
% |
| Impairment, restructuring and other charges |
|
|
36,979 |
|
6.7 |
% |
|
|
3,315 |
|
|
1.7 |
% |
|
|
1,026 |
|
0.4 |
% |
|
|
5,378 |
|
|
|
46,698 |
|
4.8 |
% |
| Amortization of acquired intangible assets |
|
|
6,558 |
|
1.2 |
% |
|
|
373 |
|
|
0.2 |
% |
|
|
1,451 |
|
0.6 |
% |
|
|
- |
|
|
|
8,382 |
|
0.9 |
% |
| Non-GAAP basis– operating income (loss) |
|
$ |
78,793 |
|
14.2 |
% |
|
$ |
6,312 |
|
|
3.2 |
% |
|
$ |
26,269 |
|
11.1 |
% |
|
$ |
(23,002 |
) |
|
$ |
88,372 |
|
9.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended June 30, 2018 |
|
|
Security Division |
|
Healthcare Division |
|
Optoelectronics and
Manufacturing Division
|
|
Corporate / Elimination |
|
Total |
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
|
|
% of
|
|
|
|
|
Sales
|
|
|
|
Sales
|
|
|
|
Sales
|
|
|
|
|
|
Sales
|
| GAAP basis – operating income (loss) |
|
$ |
84,106 |
|
12.2 |
% |
|
$ |
(14,609 |
) |
|
-7.7 |
% |
|
$ |
22,024 |
|
8.7 |
% |
|
$ |
(35,613 |
) |
|
$ |
55,908 |
|
5.1 |
% |
| Impairment, restructuring and other charges, net |
|
|
3,893 |
|
0.6 |
% |
|
|
24,168 |
|
|
12.8 |
% |
|
|
1,712 |
|
0.6 |
% |
|
|
5,190 |
|
|
|
34,963 |
|
3.2 |
% |
| Amortization of acquired intangible assets |
|
|
13,140 |
|
1.9 |
% |
|
|
29 |
|
|
0.0 |
% |
|
|
2,544 |
|
1.0 |
% |
|
|
- |
|
|
|
15,713 |
|
1.5 |
% |
| Non-GAAP basis– operating income (loss) |
|
$ |
101,139 |
|
14.7 |
% |
|
$ |
9,588 |
|
|
5.1 |
% |
|
$ |
26,280 |
|
10.3 |
% |
|
$ |
(30,423 |
) |
|
$ |
106,584 |
|
9.8 |
% |
OSI Systems, Inc.
Ajay Vashishat
Vice President, Business Development
(310) 349-2237
avashishat@osi-systems.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180823005716/en/