Shares of OSI Systems Inc. fell 19 percent after the maker of X-ray systems for security and heath care uses said it couldn't predict future results because of the ongoing credit crunch. However, the company's earnings turned from a loss to a profit in its fiscal first quarter.
Hawthorn-based OSI reported net income of $100,000, (1 cent per share), compared to a net loss of $2.1 million (-12 cents) a year ago. Revenues rose 13 percent $148 million.
Excluding one-time items, earnings would have been 4 cents per share, 1 cent better than the consensus of analysts surveyed by Thomson/First Call, who had expected revenue of just over $144 million.
The company withdrew its previously published guidance for fiscal 2009, citing the significant levels of economic uncertainty within the credit markets and the impact that would have on potential customers.
Chief Executive Deepak Chopra said sales in the company's healthcare division fell 3 percent in the first quarter as customers to delay planned orders. Revenue growth was driven by strong performances in the security and optoelectronics divisions, which grew 20 percent and 23 percent respectively.
The company announced separately that its security division, Rapiscan Systems, had been awarded a $6 million contract by the U.S Transportation Security Administration for its baggage screening system.
OSI shares were down $2.77 to $11.78 in morning trading on the Nasdaq.
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