Record Quarter for OSI Systems

UTP Sensors parent company OSI Systems Inc. reported revenues of $24.8 million for the second quarter of fiscal year 1999 (ended December 31), up 2% from the $24.3 million reported for the same period in the previous year. The quarter resulted in a net loss of $603,000 ($0.06 per share, diluted), compared to a net income of $2.4 million ($0.24 per share, diluted) for the second quarter of FY1997.

In connection with completed earlier in the year. OSI is taking a one-time estimated in-process research and development charge of approximately $2.6 million or $0.26 per share. Excluding these charges, net income for the quarter was $2 million ($0.20 per share, diluted).

OSI produces devices, subsystems and end-products based on optoelectronic technology.