HAWTHORNE, CA – OSI Systems reported fiscal fourth quarter revenue of $287 million, up 14% year-over-year.

Net income for the quarter ended June 30 was $5.1 million, an increase of 240% compared to the same period last year.

For the fiscal year ended June 30, the company reported revenues of $1.09 billion, an increase of 13% year-over-year. Net loss was $29.1 million, compared to net income of $21.1 million in the prior fiscal year.

“We are pleased to announce a strong finish to fiscal 2018, highlighted by impressive sales and bookings in the Security division,” said Deepak Chopra, OSI Systems’ chairman and CEO. “We are proud to have surpassed $1 billion in annual sales for the first time in our history. We enter fiscal 2019 with a strong backlog, an enhanced leadership team, and heightened focus on our core strengths.”

As of June 30, OSI’s backlog was $976 million, compared to $738 million as of June 30, 2017. For the fiscal fourth quarter and the fiscal year ended June 30, cash flow from operations was $17 million and $133 million, respectively.

“Our Optoelectronics and Manufacturing division continued the steady performance seen throughout fiscal 2018. Fourth quarter sales increased 9% on a year-over-year basis. However, one of our businesses within this division incurred an operating loss in the quarter, contributing to an overall year-over-year reduction in operating income. We have taken steps to address the operational issues and expect improved performance in fiscal 2019.”

For fiscal year 2019, the company anticipates revenues in the range of $1.125 billion to $1.165 billion.

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