HAWTHORNE, CA -- OSI Systems today said fiscal fourth quarter revenues at its contract assembly division fell 3.6% year-over-year to $68 million.

Operating income fell 12.2% to $3.83 million for the period, OSI said.

Overall sales rose 2% year-over-year to $267 million. Net income was $22.4 million, up from $22.1 million last year. Excluding restructuring and other charges, net income would have been $25 million, versus $24.5 million in 2014, for the quarter ended June 30.

During the fourth quarter the Optoelectronics and Manufacturing Division's operating margins improved and a significant facility consolidation was completed. "This initiative, as well as the recent deployment of other efficiency enhancements in our Healthcare and Security Divisions, will benefit our operations going forward,” said OSI Systems president and CEO Deepak Chopra said.

Speaking about the overall company, Chopra added, “We achieved record sales and earnings during the quarter and fiscal 2015. With a robust pipeline of opportunities across each of our divisions coupled with significant, recently implemented operational improvement initiatives, we are optimistic for the future.”

For the fiscal year ended June 30, the company reported revenues of $958 million, up 6% increase from fiscal 2014. Net income was $65.2 million, versus $47.9 million. OSI took restructuring and one-time charges, plus tax elections related to the company’s Mexico operations, of $7.2 million for the year.

The Optoelectronics and Manufacturing Division's revenue rell 5.8% for the year to $267.9 million.

During the quarter, the company’s book-to-bill ratio for equipment and related services (non-turnkey) was 1.2 and backlogs as of June 30 were $638 million. During fiscal 2015, the company generated cash flow from operations of $105.1 million.

 The company guided for fiscal 2016 sales of $985 million to $1.02 billion.

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