10.02.05

10.2.2005: Meldung: Stericycle Reports Results for Q 4 and Full Year 2004

NET INCOME AND EPS INCLUDE $2.6 MILLION, OR $0.06 PER SHARE, IN CHARGES RELATED TO THE REDEMPTION OF SENIOR SUBORDINATED NOTES

REVENUES OF $138.9 MILLION FOR THE QUARTER, UP 21.2% FROM YEAR-AGO QUARTER AND UP 13.9% FOR THE FULL YEAR TO $516.2 MILLION

* NET INCOME OF $19.1 MILLION FOR THE QUARTER, UP 3.5% FROM YEAR-AGO QUARTER AND UP 18.8% FOR FULL YEAR TO $78.2 MILLION
* EARNINGS PER SHARE OF $0.42 FOR THE QUARTER, UP 5.0% FROM THE YEAR-AGO QUARTER AND UP 18.3% FOR THE FULL YEAR TO $1.69

Stericycle, Inc., the United States" leading provider of medical waste management and compliance services for the healthcare community, today reported financial results for the fourth quarter and full year of 2004.

FOURTH QUARTER AND FULL YEAR RESULTS

Revenues for the quarter ended December 31, 2004 were $138.9 million, up 21.2% from $114.6 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $18 million in revenues for the quarter. Gross profit was $60.5 million, up 18.4% from $51.1 million in the same quarter last year. Gross profit as a percent of revenues was 43.6% versus 44.6% in the fourth quarter of 2003.

Net income for the fourth quarter of 2004, including the charges related to the redemption of our senior subordinated notes, rose 3.5% to $19.1 million, up from $18.4 million in the fourth quarter of 2003. As we had previously announced, we redeemed the remaining $50.1 million of our 12-3/8% senior subordinated notes in November 2004. The redemption premium was a cash pre-tax charge of $3.1 million, and the accelerated amortization of financing fees associated with the notes was a non-cash pretax charge of $1.1 million. On an after-tax basis, these charges totaled approximately $2.6 million, or $0.06 per diluted share.

Earnings per diluted share, including this charge, for the fourth quarter of 2004 were $0.42, up 5.0% from $0.40 in the fourth quarter of 2003. Weighted shares outstanding used to determine earnings per diluted share were 45,858,482 for the fourth quarter of 2004 and 46,311,916 for the fourth quarter of 2003.

For the year ended December 31, 2004, revenues increased to $516.2 million, up 13.9% from $453.2 million in the same period a year ago. Gross profit was $228.2 million, up 16.1% from $196.6 million in the same period a year ago. Gross profit as a percent of revenues increased to 44.2% for the year ended December 31, 2004 from 43.4% for the same period in 2003. Earnings per diluted share, including $0.06 in charges related to the redemption of our senior subordinated notes, increased 18.2% to $1.69 from $1.43 per diluted share in the same period a year ago.

Our total debt to capitalization percentage ratio at December 31, 2004 was 29.1% versus 28.1% at December 31, 2003.

Miller said, "During the year, we continued to execute our proven business model, generating strong sales growth, and record income from operations. With a strong balance sheet, the cash flow from operations of $114.6 million for the year was used to strengthen the business and funded $72.4 million in acquisitions, $33.2 million in capital spending, and $34.8 million ($24.7 million in the fourth quarter of 2004) in stock repurchases."

Stericycle provides medical waste collection, transportation, treatment and disposal services and safety and compliance programs. For more information, please visit our website at www.stericycle.com.

Safe Harbor Statement: Statements in this press release may contain forward-looking statements that involve risks and uncertainties, some of which are beyond our control (for example, general economic conditions). Our actual results could differ significantly from the results described in the forward-looking statements. Factors that could cause such differences include difficulties in completing the integration of acquired businesses, changes in governmental regulation of medical waste collection and treatment, and increases in transportation and other operating costs, as well as the various other factors identified in our filings with the U.S. Securities and Exchange Commission. As a result, past financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate future results or trends. We make no commitment to disclose any subsequent revisions to forward-looking statements.

STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)


Dec. 31, Dec. 31,
2004 2003
----------- ---------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 7,850 $ 7,240
Short-term investments 99 641
Accounts receivable, less allowance for
doubtful accounts of $4,188 in 2004
and $4,149 in 2003 74,888 59,711
Parts and supplies 4,259 3,244
Prepaid expenses 6,716 7,339
Notes receivable 3,423 2,223
Deferred tax asset 9,948 12,345
Other current assets 4,961 4,994
----------- ---------
Total current assets 112,144 97,737
Property, plant and equipment, net 135,512 96,562
Other assets:
Goodwill, net 520,156 464,946
Intangible assets, less accumulated
amortization of $7,951 in 2004
and $5,459 in 2003 50,800 31,642
Notes receivable 9,517 7,717
Other 6,012 8,858
----------- ---------
Total other assets 586,485 513,163
----------- ---------
Total assets $ 834,141 $ 707,462
=========== =========

LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Current portion of long-term debt $ 13,218 $ 4,830
Accounts payable 17,998 15,741
Accrued liabilities 44,411 43,436
Deferred revenue 7,611 4,987
----------- ---------
Total current liabilities 83,238 68,994
----------- ---------
Long-term debt, net of current portion 190,431 163,016
----------- ---------
Deferred income taxes 57,477 42,277
Other liabilities 7,623 4,411
Redeemable preferred stock
Series A convertible preferred stock
(par value $0.1 per share, 75,000 shares
authorized, 22,799 outstanding in 2003,
liquidation preference of $24,814 at
December 31, 2003) - 20,944
Common shareholders" equity
Common stock (par value $0.01 per share,
80,000,000 shares authorized, 44,732,070
issued and outstanding in 2004, 41,868,515
issued and outstanding in 2003) 448 420
Additional paid in capital 298,046 290,631
Accumulated other comprehensive loss 2,461 530
Retained earnings 194,417 116,239
----------- ---------
Total shareholders" equity 495,372 407,820
----------- ---------
Total liabilities and
shareholders" equity $ 834,141 $ 707,462
=========== =========


Total debt to capitalization percentage ratio 29.1% 28.1%
Calculation of total debt to capitalization
percentage ratio:
Total debt $ 203,649 $ 167,846
Redeemable preferred stock - 20,944
Shareholders" equity 495,372 407,820
----------- ---------
Capitalization $ 699,021 $ 596,610







STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
(Unaudited)



Three Months Ended
December 31,
------------------------------------------------
(unaudited) (audited)
---------------------- ----------------------
2004 2003
$ % of Rev $ % of Rev
------------------------ ----------------------

Revenues $ 138,890 100.0% $ 114,551 100.0%

Cost of revenues 78,341 56.4% 63,412 55.4%
---------------------- ----------------------

Gross profit 60,549 43.6% 51,139 44.6%

Selling, general
and administrative
expenses 21,587 15.5% 16,960 14.8%
Amortization 631 0.5% 775 0.7%
---------------------- ----------------------

Total SG&A expense
and amortization 22,218 16.0% 17,735 15.5%

Income from
operations before
excluded charges(1) 38,331 27.6% 33,404 29.2%

Write-down of
treatment related
fixed assets(1) - 0.0% - 0.0%
Acquisition-
related costs 187 0.1% 240 0.2%
---------------------- ----------------------

Income from
operations 38,144 27.5% 33,164 29.0%

Other income
(expense):
Interest income 272 0.2% 58 0.1%
Interest expense (2,807) -2.0% (2,707) -2.4%
Loan amendment
fees/debt
extinguishment (4,241) -3.1% - 0.0%
Other expense (647) -0.5% (255) -0.2%
---------------------- ----------------------

Total other
income (expense) (7,423) -5.3% (2,904) -2.5%
---------------------- ----------------------

Income before
income taxes $ 30,721 22.1% $ 30,260 26.4%

Income tax expense 11,662 8.4% 11,853 10.3%
---------------------- ----------------------

Net income $ 19,059 13.7% $ 18,407 16.1%
====================== ======================

Earnings per
share-diluted $ 0.42 $ 0.40
============ ============

Weighted average
number of common
shares
outstanding-diluted 45,858,482 46,311,916
============ ============


(1)As reported
net income $ 19,059 $ 18,407
Plus:
Write off of
treatment related
fixed assets-
after tax $ - $ -
Loan amendment
fees/debt
extinguishment-
after tax $ 2,631 $ -

Adjusted net income $ 21,690 $ 18,407

Adjusted earnings
per share-diluted $ 0.47 $ 0.40



Year Ended
December 31,
-------------------------------------------------
(unaudited) (audited)
------------------------ ----------------------
2004 2003
$ % of Rev $ % of Rev
------------------------ ----------------------

Revenues $ 516,228 100.0% $ 453,225 100.0%

Cost of revenues 288,022 55.8% 256,600 56.6%
------------------------ ----------------------

Gross profit 228,206 44.2% 196,625 43.4%

Selling, general
and administrative
expenses 78,193 15.1% 67,708 14.9%
Amortization 2,430 0.5% 1,850 0.4%
------------------------ ----------------------

Total SG&A expense
and amortization 80,623 15.6% 69,558 15.3%

Income from
operations before
excluded charges(1) 147,583 28.6% 127,067 28.0%

Write-down of
treatment related
fixed assets(1) 1,155 0.2% - 0.0%
Acquisition-related
costs 773 0.2% 670 0.1%
------------------------ ----------------------

Income from
operations 145,655 28.2% 126,397 27.9%

Other income
(expense):
Interest income 558 0.1% 550 0.1%
Interest expense (11,186) -2.2% (12,848) -2.8%
Loan amendment
fees/debt
extinguishment (4,574) -0.9% (3,268) -0.7%
Other expense (1,889) -0.4% (2,102) -0.5%
------------------------ ----------------------

Total other
income (expense) (17,091) -3.3% (17,668) -3.9%
------------------------ ----------------------

Income before
income taxes $ 128,564 24.9% $ 108,729 24.0%

Income tax expense 50,386 9.8% 42,948 9.5%
------------------------ ----------------------

Net income $ 78,178 15.1% $ 65,781 14.5%
======================== ======================

Earnings per
share-diluted $ 1.69 $ 1.43
============== ===========

Weighted average
number of common
shares
outstanding-diluted 46,195,897 46,097,802
============== ===========


(1)As reported
net income $ 78,178 $ 65,781
Plus:
Write off of
treatment related
fixed assets-after
tax $ 698 $ -
Loan amendment
fees/debt
extinguishment-
after tax $ 2,781 $ 1,977

Adjusted net income $ 81,657 $ 67,758

Adjusted earnings
per share-diluted $ 1.77 $ 1.47







STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(IN THOUSANDS)

For the Year Ended
December 31,
2004 2003
---------- ---------
(unaudited) (audited)
Operating Activities:
Net Income $ 78,178 $ 65,781
Adjustments to reconcile net income to net cash
provided by operating activities:
Write off of deferred financing costs 1,094 484
Fees for extinguishment of senior
subordinated notes 3,147 2,784
Stock compensation expense 21 76
Tax benefit of disqualifying dispositions
of stock options 7,719 10,044
Loss on sale and impairment of property
and equipment 1,515 295
Depreciation 19,373 15,405
Amortization 2,430 1,850
Deferred income taxes 13,849 9,576
Changes in operating assets and liabilities,
net of effect of acquisitions
Accounts receivable (4,986) 5,983
Parts and supplies (494) 1,720
Prepaid expenses and other assets 6,301 (1,710)
Accounts payable (5,123) (515)
Accrued liabilities (5,926) 11,363
Deferred revenue (2,487) 751
---------- ---------

Net cash provided by operating activities 114,611 123,887
---------- ---------

Investing Activities:
Payments for acquisitions and international
investments, net of cash acquired (72,408) (37,222)
Purchases of short-term investments 542 (129)
Proceeds from sale of property and equipment 85 688
Capital expenditures (33,312) (20,972)
---------- ---------

Net cash used in investing activities (105,093) (57,635)
---------- ---------

Financing Activities:
Proceeds from issuance of note payable 12,435 1,132
Repayment of senior subordinated notes (54,012) (20,559)
Payments of deferred financing costs - (395)
Repayment of long-term debt (4,402) (6,023)
Net borrowings (repayments of) proceeds
from senior credit facility 61,695 (37,187)
Principal payments on capital lease
obligations (996) (1,117)
Purchase of common stock (34,847) (13,204)
Proceeds from other issuances of common stock 13,186 10,533
---------- ---------

Net cash used in financing activities (6,941) (66,820)
---------- ---------
Effect of exchange rate changes on cash (1,967) (567)
Net increase (decrease) in cash and cash
equivalents 610 (1,135)
Cash and cash equivalents at beginning
of period 7,240 8,375
---------- ---------

Cash and cash equivalents at end of period $ 7,850 $ 7,240
========== =========
Non-cash activities:
Net issuances of common stock for
certain acquisitions $ 441 $ 204
Net issuances of notes payable for
certain acquisitions $ 17,795 $ -


Contact:

Stericycle, Inc.
Frank ten Brink, 847-607-2012


Source: Stericycle, Inc.
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