HAWTHORNE, CA – OSI Systems reported fiscal third-quarter revenues ended Mar. 31 of $204 million, up 3% year-over-year.
Net income for the quarter was $4.8 million, down 64.4% compared to the fiscal third quarter of 2013.

For the nine months ended Mar. 31, the company reported revenues of $646.6 million, up 13% year-over-year.

Net income during this period was $25.8 million, down 20.1% compared to the first nine months of fiscal 2013.

“During the third quarter, we produced outstanding cash flow and generated record Adjusted EBITDA. Our earnings, however, fell short of the third quarter in the prior year primarily due to much higher depreciation in the current year as a result of the ramp-up of our Mexican turnkey operations, and several significant sales opportunities that slipped to our fourth quarter. We believe we are positioned to deliver very strong fourth quarter results,” said Deepak Chopra, OSI Systems’ chairman and CEO.

OSI is reiterating its sales guidance for fiscal 2014of $890 million to $920 million, representing an 11% to 15% increase over fiscal 2013.

OSI Systems provides electronic systems, components and security screening services.