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OSI Systems Inc. Announces $3M Shipment of Delayed Order

5 January 1999

OSI Systems Inc. Announces Approximately $3 Million Shipment of Previously Delayed Cargo Scanning Machine Order; Q1 Delay is Resolved by Shipment Within OSI System's FY99 Q2


    HAWTHORNE, Calif.--Jan. 5, 1999--OSI Systems Inc. , Tuesday announced that the company has shipped four large cargo scanning machines that had undergone shipping delays occasioned by logistical issues on the part of an offshore customer.
    Shipment of the four machines was delayed from the company's fiscal quarter which ended Sept. 30, 1998, but was completed before the end of the company's fiscal second quarter which ended Dec. 31, 1998. The delayed shipment represents the 9th through 12th large cargo machines out of a total order of 16 machines. The final four machines are anticipated to ship in OSI System's current fiscal year which ends June 30, 1999.
    OSI Systems, with headquarters in Hawthorne, is a vertically integrated worldwide provider of devices, subsystems and end-products based on optoelectronic technology.
    The company designs and manufactures optoelectronic devices, systems and value-added subsystems for original equipment manufacturers for use in a broad range of applications, including security, medical diagnostics, telecommunications, office automation, aerospace, computer peripherals and industrial automation.
    In addition, the company utilizes its optoelectronic technology and design capabilities to manufacture security and inspection products that it markets worldwide to end users under the "Rapiscan," "Metor" and "Secure" brand names. These products are used to inspect people, baggage, cargo and other objects for weapons, explosives, drugs and other contraband.


    "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical facts are forward-looking statements that are subject to risks and uncertainties including those risks detailed in the company's Securities and Exchange Commission filings that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues.