HAWTHORNE, CA -- OSI Systems reported fiscal fourth-quarter net income fell 26% year-over-year on restructuring and other one-time charges. Revenues at the contract electronics assembler and OEM fell 3% to $228 million.

Earnings for the period ended June 30 totaled $11.8 million, including the effects of $9.1 million in one-time charges.

OSI's Optoelectronics and Manufacturing Division reported record sales of $69.9 million and an operating profit of $4.65 million during the quarter. Sales were up 24% from the previous year, while profit was down 20%. Operating profits were impacted by the mix of business and approximately $2 million of bad debt expense and inventory reserves due to a customer bankruptcy.

For the fiscal year, the company reported revenues of $802 million, up 1%, and net income of $44.1 million, down 3.1%. Excluding nonrecurring charges, net income would have been approximately $56.8 million.

During the quarter, the company's Mexico business unit took charges of $6.8 million in order to accelerate depreciation and realize cash tax savings of approximately $26 million.

As of June 30, the backlog was approximately $1 billion, comparable to March 31.

OSI guided for fiscal 2014 sales of $870 million and $895 million, representing an 8% to 12% increase over fiscal 2013. On Aug. 1, OSI acquired fellow contract assembler Briton EMS.

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