HAWTHORNE, CA -- OSI Systems reported fiscal fourth quarter revenues of $221 million, down 17% from 2015.

Net income for the period ended June 30 was $5.9 million, down from $22.4 million a year ago. The current results include restructuring and other charges of $4.9 million.

Sales at its Optoelectronics and Manufacturing division (EMS) fell 7.2% year-over-year to $63.1 million. Operating income rose 45.6% to $5.6 million.

For the fiscal year ended June 30, the company reported revenues of $830 million, down 13% from 2015. Net income was $26.2 million, less than half last year's net income of $65.2 million. Not including impairment, restructuring and other charges, net income was $42.4 million, versus $72.4 million last year.

In a statement announcing the results, OSI Systems’ president and CEO Deepak Chopra stated, “While our fourth quarter and full year operating results, in part, reflect the challenges of fiscal 2016, we are optimistic about our prospects for fiscal 2017. We are confident that our strengthened leadership team, enhanced product portfolios and robust pipeline of opportunities across each of our divisions position us well for top line growth and expanded profitability in fiscal 2017.”

“Operating efficiencies in the Optoelectronics and Manufacturing Division continued to drive year over year profit growth," Chopra added. "Though external sales decreased by 1% during the fourth quarter from the prior year, we were able to achieve operating margin improvement on a lower revenue base in the fourth quarter as we have throughout fiscal 2016.”

The company guided for fiscal 2017 sales to grow 4 to 8% to $865 million to $895 million.

Register now for PCB West, the Silicon Valley's largest trade show for the printed circuit industry, taking place Sept. 13-15 in Santa Clara: pcbwest.com

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