HAWTHORNE, CA – OSI Systems’ Optoelectronics and Manufacturing group reported fiscal third quarter revenues of $58.3 million, down 4.9% year-over-year.

Operating income for the segment was nearly $6 million, up 12.2% compared to the same quarter last year.

For the nine months ended Mar. 31, Optoelectronics and Manufacturing reported revenues of $176 million, down 4.6% year-over-year. Operating income was $16.1 million, up 14.7%.

“Our Optoelectronics and Manufacturing division continues to expand its profit margins due to operational improvements. Together with a more favorable product mix and a migration to more profitable customers, it resulted in third quarter operating margin expansion,” said Deepak Chopra, OSI’s chairman and CEO.

OSI posted record revenues of $245.1 million for the fiscal third quarter, up 16% year-over-year.

Total net income was $14 million for the quarter ended Mar. 31, an increase of 50.5% compared to the same period last year.

For the nine months ended Mar. 31, the company reported revenues of $708.5 million, an increase of 17% year-over-year. Net income was $19.5 million, down 3.9%.

During the quarter, OSI’s book-to-bill ratio for equipment and related services (non-turnkey) was one. As of Mar. 31, the company's backlog was $686 million, compared to $623 million as of June 30.

The firm expects fiscal 2017 sales between $950 million and $970 million.

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