OSI Systems Announces Receipt Of Largest International Order: 17 Cargo & Vehicle Inspection Systems
May 7, 2007 Hawthorne, CA
Security Division Backlog at New Record $124 million as of March 31, 2007
OSI Systems, Inc. (NASDAQ: OSIS), a vertically-integrated provider of specialized electronic products for critical applications in the Security and Healthcare industries, announced today that its Security division, Rapiscan Systems, has received an order from an undisclosed international customer for 17 Cargo & Vehicle Inspection systems. The order was reflected in the Security Divisions record backlog of approximately $124 million as of March 31, 2007 compared to $115 million as of December 31, 2006. Due to competitive purposes, the value of the contract was not disclosed.
Rapiscan Systems provides a broad range of scanning technologies allowing its customers either stand-alone systems or customized hybrid solutions to optimize scanning performance. Systems to be delivered under this order will come in varying configurations utilizing X-ray,and Neutron technologies.
Rapiscan Systems President, Ajay Mehra, said, This announcement marks a significant milestone for us. As our single largest international order, it speaks volumes to our continued international growth and to the ever-expanding relationships with our customers. Further, it underscores our commitment to mitigating global security threats, as evidenced by the breadth of our products and services offerings.
Rapiscan Systems high-energy X-ray product line, marketed under the Eagle brand name, is a high-performance 4.5 MV x-ray inspection system, providing approximately 280mm -300mm of steel penetration to rapidly and accurately inspect containers and trucks at seaports and land border crossings. The Eagle's high-energy x-ray imaging system can produce a high-resolution image of a 20-foot container in less than 10 seconds. Even dense cargo can be clearly imaged reducing the need for time consuming manual inspections.
Rapiscan Systems proprietary material-specific Thermal Neutron Analysis ("TNA") technology automatically produces a "red light/green light" response for the operator indicating whether or not the suspicious object is a threat. This process minimizes human error in image interpretation and the associated cost incurred from having to manually inspect the contents of the container.
About OSI Systems, Inc.
OSI Systems, Inc. and its subsidiaries is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications. The company sells its products in diversified markets, including homeland security, healthcare, defense and aerospace. The company has more than 30 years of experience in electronics engineering and manufacturing and maintains offices and production facilities located in more than a dozen countries. OSI Systems implements a strategy of expansion by leveraging its electronics and contract manufacturing capabilities into selective end product markets through organic growth and acquisitions. For more information on OSI Systems Inc. or any of its subsidiary companies, visit www.osi-systems.com.
About Rapiscan Systems
Rapiscan Systems, a division of OSI Systems, Inc. is a leading supplier of high quality security inspection solutions utilizing X-ray and gamma-ray imaging, and advanced threat identification techniques such as neutron and diffraction analysis. The companys products are sold into four market segments; Baggage and Parcel Inspection, Cargo and Vehicle Inspection, Hold Baggage Screening and People Screening. The company has an installed base globally of more than 50,000 security and inspection systems. The Rapiscan Systems product line is manufactured at four locations and supported by a global support service network. For more information on Rapiscan Systems, please visit www.rapiscansystems.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding the companys expectations, goals or intentions about the future, including the size of the contract and the performance of the systems provided. The actual results may differ materially from those described in or implied by any forward-looking statement. In particular, the timing, and delivery of the cargo and vehicle inspection systems may not ultimately remain in line with the companys current expectations. Other important factors are set forth in the Securities and Exchange Commission filings OSI Systems, Inc. All forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
OSI Systems Inc
Jeremy Norton Director of Investor Relations
12525 Chadron Ave
Hawthorne CA 90250
Tel: (310) 349 2237