11.02.04

11.2.2004: Meldung: Stericycle: Results for Fourth Quarter and Full Year 2003

Net income of $18.4 million for the quarter, up 61% from year-ago quarter and up 43.9% for full year to $65.8 million.
Earnings per share of $0.40 for the quarter, up 59% from
year-ago quarter and up 41.3% for full year to $1.43.
· Net cash provided by operating activities was $32.8 million for the quarter and $121.1 million for the full year
· Revenues were $114.6 million, up 11% from year-ago quarter and up 12.9% for full year to $453.2 million.
Stericycle, Inc. (NASDAQ:SRCL - News), 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 2003. "The fourth quarter completed a strong year for our company, with across-the-board growth," said Mark Miller, Stericycle president and chief executive officer. "Our continued focus on our proven business model has resulted in continued increases in revenues, operating income, and net income."
Fourth quarter and full year results
Revenues for the quarter ended December 31, 2003 were $114.6 million, up 11.0% from $103.2 million in the same quarter last year. International equipment related sales contributed $1.5 million in revenues for the quarter as compared to $0.3 million in the fourth quarter of 2002. Gross profit was $51.1 million, up 18.0% from $43.3 million in the same quarter last year. Gross profit as a percent of revenues increased to 44.6% from 42.0% in the fourth quarter of 2002.
Net income for the fourth quarter of 2003 rose 61.0% to $18.4 million, up from $11.4 million in the fourth quarter of 2002. Included in the 2002 results was a non-cash write off of fixed assets which reduced net income by $1.8 million.
Earnings per diluted share for the fourth quarter of 2003 were $0.40, up 59.0% from $0.25 in the fourth quarter of 2002. Weighted shares outstanding used to determine earnings per diluted share were 46,311,916 for the fourth quarter of 2003 and 45,392,538 for the fourth quarter of 2002.
For the year ended December 31, 2003, revenues increased to $453.2 million, up 12.9% from $401.5 million for the prior year. International equipment related sales contributed $2.8 million in revenues for the year as compared to $6.4 million in 2002. Gross profit was $196.6 million, up 19.5% from $164.5 million in 2002. Gross profit as a percent of revenues increased to 43.4% for the year ended December 31, 2003 from 41.0% for the prior year. Earnings per share increased 41.3% to $1.43 from $1.01 per diluted share in 2002.
During the fourth quarter of 2003, the company continued to improve its balance sheet position. Our total debt to capitalization percentage ratio improved from 39.1% at December 31, 2002 to 28.1% at December 31, 2003. During the fourth quarter of 2003, we reduced debt by $11.9 million and repurchased $13.2 million of company stock.
Miller said, "During the quarter, we continued to execute our proven business model, generating strong sales growth and record income from operations. The cash flow of $121.1 million generated for the full year was used to strengthen the business by funding acquisitions, paying down our senior bank debt, repurchasing senior subordinated bonds, investing in the company"s future and repurchasing company stock."
Stericycle provides medical waste collection, transportation, treatment and disposal services and safety and compliance programs to healthcare companies nationwide, including hospitals, physician and dental offices, laboratories and clinics. Medical waste includes single-use disposables such as needles, syringes, gloves and other supplies that have been in contact with blood or other bodily fluids, as well as blood, blood products and other items that could harbor infectious agents.
Safe Harbor Statement: Statements in this press release may contain forward-looking statements that involve risks and uncertainties, some of which are beyond Stericycle"s 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.
Conference call to be held February 10, 2004 at 4:00 p.m. Central time - dial in number is 800-419-0063. Replay available after the call through February 17th at 888-266-2081 pass code 299119. To hear a simulcast of the call over the internet, or to access an audio archive of the call, go to www.ccbn.com or Stericycle"s website at www.stericycle.com.
STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)


December December
31, 31,
2003 2002
---------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 7,240 $ 8,375
Short-term investments 641 512
Accounts receivable, less allowance for
doubtful accounts of $4,419 in 2003 and
$3,779 in 2002 59,711 62,013
Parts and supplies 3,244 4,494
Prepaid expenses 7,339 7,170
Notes receivable 2,223 823
Deferred tax asset 8,692 6,720
Other current assets 4,994 4,249
---------- ---------
Total current assets 94,084 94,356
Property, plant and equipment, net 96,562 88,501
Other assets:
Goodwill, net 464,946 447,272
Intangible assets, less accumulated
amortization of $5,459 in 2003 and
$3,609 in 2002 31,642 20,110
Notes receivable 7,717 7,717
Other 8,858 9,139
---------- ---------
Total other assets 513,163 484,238
---------- ---------
Total assets $ 703,809 $ 667,095
========== =========

LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Current portion of long-term debt $ 4,830 $ 3,933
Accounts payable 15,741 14,330
Accrued liabilities 41,261 31,810
Deferred revenue 4,987 3,681
---------- ---------
Total current liabilities 66,819 53,754
---------- ---------
Long-term debt, net of current portion 163,016 224,124
---------- ---------
Deferred income taxes 40,799 30,729
Other liabilities 4,411 3,710
Redeemable preferred stock
Series A convertible preferred stock (par value
$0.1 per share, 75,000 shares authorized, 22,799
outstanding in 2003 and 29,326 outstanding in
2002, liquidation preference of $24,814 at
December 31, 2003 and $31,919 at December 31,
2002) 20,944 28,049
Common shareholders" equity
Common stock (par value $0.01 per share, 80,000,000
shares authorized , 41,868,515 issued and
outstanding in 2003, 40,437,023 issued and
outstanding in 2002) 420 404
Additional paid in capital 290,631 277,531
Treasury stock of 50,000 shares - (1,435)
Accumulated other comprehensive loss 530 (229)
Retained earnings 116,239 50,458
---------- ---------
Total shareholders" equity 407,820 326,729
---------- ---------
Total liabilities and shareholders"
equity $ 703,809 $ 667,095
========== =========


Total debt to capitalization percentage ratio 28.1% 39.1%
Calculation of total debt to capitalization
percentage ratio:
Total debt $ 167,846 $ 228,057
Redeemable preferred stock 20,944 28,049
Shareholders" equity 407,820 326,729
---------- ---------
Capitalization $ 596,610 $ 582,835


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


Three Months Ended
December 31,
--------------------------------------
2003 2002

$ % of Rev $ % of Rev
--------------------------------------

Revenues $ 114,551 100.0% $ 103,207 100.0%

Cost of revenues 63,412 55.4% 59,861 58.0%
------------------ -----------------

Gross profit 51,139 44.6% 43,346 42.0%

Selling, general and administrative
expenses 16,960 14.8% 15,031 14.6%
Amortization 775 0.7% 414 0.4%
------------------ -----------------

Total SG&A expense and
amortization 17,735 15.5% 15,445 15.0%

Write-down of fixed assets - 0.0% 2,913 2.8%
Acquisition-related costs 240 0.2% 139 0.1%
------------------ -----------------

Income from operations 33,164 29.0% 24,849 24.1%

Other income (expense):
Interest income 58 0.1% 57 0.1%
Interest expense (2,707) -2.4% (4,832) -4.7%
Debt extinguishments and
restructuring - 0.0% (678) -0.7%
Other expense (255) -0.2% (496) -0.5%
------------------ -----------------

Total other income (expense) (2,904) -2.5% (5,949) -5.8%
------------------ -----------------

Income before income taxes $ 30,260 26.4% $ 18,900 18.3%

Income tax expense 11,853 10.3% 7,466 7.2%
------------------ -----------------

Net income $ 18,407 16.1% $ 11,434 11.1%
================== =================

Earnings per share-diluted $ 0.40 $ 0.25
========== ==========

Weighted average number of common
shares outstanding-diluted 46,311,916 45,392,538
========== ==========


Year Ended
December 31,
------------------------------------
2003 2002
$ % of Rev $ % of Rev
------------------------------------

Revenues $ 453,225 100.0% $ 401,519 100.0%

Cost of revenues 256,600 56.6% 237,010 59.0%
----------------- -----------------

Gross profit 196,625 43.4% 164,509 41.0%

Selling, general and administrative
expenses 67,708 14.9% 58,432 14.6%
Amortization 1,850 0.4% 1,970 0.5%
----------------- -----------------

Total SG&A expense and amortization 69,558 15.3% 60,402 15.0%

Write-down of fixed assets - 0.0% 2,913 0.7%
Acquisition-related costs 670 0.1% 362 0.1%
----------------- -----------------

Income from operations 126,397 27.9% 100,832 25.1%

Other income (expense):
Interest income 550 0.1% 431 0.1%
Interest expense (12,848) -2.8% (21,539) -5.4%
Debt extinguishments and
restructuring (3,268) -0.7% (2,373) -0.6%
Other expense (2,102) -0.5% (1,774) -0.4%
----------------- -----------------

Total other income (expense) (17,668) -3.9% (25,255) -6.3%
----------------- -----------------

Income before income taxes $ 108,729 24.0% $ 75,577 18.8%

Income tax expense 42,948 9.5% 29,853 7.4%
----------------- -----------------

Net income $ 65,781 14.5% $ 45,724 11.4%
================= =================

Earnings per share-diluted $ 1.43 $ 1.01
========== ==========

Weighted average number of common
shares outstanding-diluted 46,097,802 45,113,171
========== ==========


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

For the Year
Ended December 31,
2003 2002
------ ------
Operating Activities:
Net Income $ 65,781 $ 45,724
Adjustments to reconcile net income to net cash
provided by operating activities:
Ineffective portion of cash flow hedges - (384)
Write off of fixed assets - 2,913
Write off of deferred financing costs 484 367
Stock compensation expense 76 -
Tax benefit of disqualifying dispositions of
stock options 10,044 4,983
Loss on sale of property and equipment 295 341
Depreciation 15,405 13,011
Amortization 1,850 1,970
Deferred income taxes 8,098 16,199
Changes in operating assets and liabilities, net
of effect of acquisitions
Accounts receivable 5,983 7,177
Parts and supplies 1,720 1,845
Prepaid expenses and other assets (1,710) (3,445)
Accounts payable (515) (68)
Accrued liabilities 12,841 7,553
Deferred revenue 751 (1,239)
-------- --------

Net cash provided by operating activities 121,103 96,947
-------- --------

Investing Activities:
Payments for acquisitions and international
investments, net of cash acquired (37,222) (34,591)
Purchases of short-term investments (129) (232)
Proceeds from sale of property and equipment 688 184
Capital expenditures (20,972) (14,831)
-------- --------

Net cash used in investing activities (57,635) (49,470)
-------- --------

Financing Activities:
Proceeds from issuance of note payable 1,132 1,361
Repayment of senior subordinated debt (17,775) (12,610)
Payments of deferred financing costs (395) -
Repayment of long-term debt (6,023) (2,261)
Net repayments of proceeds from senior credit
facility (37,187) (43,155)
Principal payments on capital lease obligations (1,117) (879)
Purchase of treasury stock (13,204) (1,435)
Proceeds from other issuances of common stock 10,533 7,058
-------- --------

Net cash used in financing activities (64,036) (51,921)
-------- --------
Effect of exchange rate changes on cash (567) 82
Net decrease in cash and cash equivalents (1,135) (4,362)
Cash and cash equivalents at beginning of period 8,375 12,737
-------- --------

Cash and cash equivalents at end of period $ 7,240 $ 8,375
======== ========
Non-cash activities:
Net issuances of common stock for certain
acquisitions $ 204 $ 17,298
Net issuances of notes payable for certain
acquisitions $ $ 4,962



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