HAWTHORNE, CA – OSI Systems reported fiscal third quarter revenues ended Mar. 31 of $215.4 million, up 6% year-over-year. Net income was $13.2 million, an increase of 175% compared to the fiscal third quarter of 2014.

The company's Optoelectronics and Manufacturing (EMS) division sales were essentially flat at $65.3 million. Operating income for the division was up 47% to $5 million.

“We achieved record third quarter sales and profitability, excluding the impact of restructuring and other charges,” said Deepak Chopra, OSI Systems’ chairman and CEO. “While we are encouraged by our performance this year, we expect to continue to make appropriate business adjustments as the global macroeconomic environment evolves.”

Operational efficiencies coupled with a more favorable product mix resulted in strong operating margin expansion. In addition, we are taking advantage of an opportunity to consolidate facilities within our Optoelectronics and Manufacturing division and reducing costs in our Healthcare and Security divisions. These actions have commenced and are expected to be largely completed this fiscal year,” Chopra said, referring to the closing of OSI's EMS plant in North Andover, MA.

For the nine months ended Mar. 31, the company reported revenues of $691.6 million, up 7% over the same period a year ago. Net income was $42.7 million, up 65.5% year-over-year.

As of Mar. 31, OSI’s backlog was approximately $600 million. During the third quarter, the firm generated $23.1 million in free cash flow, which contributed to record free cash flow of $77.6 million for the nine months ended Mar. 31.

The company currently anticipates fiscal 2015 sales between $950 million and $975 million.