OSI's EMS Sales Down But Margins Improve
HAWTHORNE, CA -- OSI Systems said fiscal first-quarter revenue fell 8% from a year ago to $200.1 million.
Net income was $10.8 million, down from $11.2 million in the September quarter last year.
Optoelectronics and Manufacturing division sales were down 9.5% to $62.6 million. The unit's operating profit rose 29% over the prior year to $5.56 million on favorable sales mix, efficiencies from a facility consolidation completed in the prior year and productivity improvement initiatives.
Deepak Chopra, chairman and CEO, said in a press release, “Although sales declined from the prior year as expected due to a difficult year-over-year comparable, we are very optimistic looking ahead as our book-to-bill ratio was 2.3 and our pipeline of opportunities is robust.”
Cash flow from operations was $24.8 million and capital expenditures were $2.5 million.
OSI reiterated its fiscal 2016 sales guidance of $985 million to $1.03 billion.
