02.05.03

2.5.2003: Meldung: Stericycle Inc. : Results for First Quarter 2003

Stericycle, Inc. Reports Record Results for First Quarter 2003
Thursday May 1, 3:00 pm ET

LAKE FOREST, Ill.-- May 1, 2003--Stericycle, Inc. (NASDAQ:SRCL - News):

-0-

-- NET INCOME OF $14.7 MILLION FOR THE QUARTER, UP 38.1% FROM
YEAR-AGO QUARTER

-- EARNINGS PER SHARE OF $0.32 FOR THE QUARTER, UP 33% FROM
YEAR-AGO QUARTER

-- CASH PROVIDED BY OPERATIONS WAS $28.3 MILLION FOR THE QUARTER

-- REVENUES WERE $112.3 MILLION, UP 15.7% FROM YEAR-AGO QUARTER



Stericycle, Inc. (NASDAQ:SRCL - News), the United States" leading provider of medical waste management and compliance services for the healthcare community, today reported record quarterly financial results for the first quarter of 2003. "The first quarter was another record breaking quarter for our company, with across-the-board growth and record results," said Mark Miller, Stericycle president and chief executive officer. "The solid growth in revenues, operating income, and net income all reflect our disciplined focus on strategically growing and managing our business."

FIRST QUARTER 2003 RESULTS

Revenues for the quarter ended March 31, 2003 were $112.3 million, up 15.7% from $97.1 million in the same quarter last year. International equipment sales contributed $0.7 million in revenues for the quarter as compared to $2.7 million in the first quarter of 2002. Revenues excluding international equipment sales increased 18.2% over the same period in 2002. Gross profit was $47.1 million, up 21.2% from $38.9 million in the same quarter last year. Gross profit as a percent of revenues increased to 42.0% from 40.1% in the first quarter of 2002.

Net income for the first quarter of 2003 rose 38.1% to $14.7 million, up from $10.6 million in the first quarter of 2002.

Earnings per diluted share for the first quarter of 2003 were $0.32, up 33.3% from $0.24 in the first quarter of 2002. Weighted shares outstanding used to determine earnings per diluted share were 45,843,228 for the first quarter of 2003 and 44,771,952 for the first quarter of 2002.

As previously reported, during the first quarter of 2003 we repurchased $9.1 million of our 12-3/8% senior subordinated bonds. The redemption premium to repurchase the senior subordinated bonds was a pre-tax charge of $1.4 million and the write-off of associated deferred financing fees was a pretax charge of $0.2 million. On an after-tax basis, the charges totaled approximately $1.0 million or $0.02 per diluted share.

During the first quarter of 2003, we continued to improve our balance sheet position. Our total debt to capitalization percentage ratio improved from 39.1% at December 31, 2002 to 38.7% at March 31, 2003.

Miller said, "During the quarter, we continued to execute our proven business model and reported strong sales growth and record income from operations. The cash flow of $28.3 million generated from operations was used to strengthen the business by acquiring Scherer Health, Inc. on January 9, 2003, repurchase senior subordinated bonds and invest in the company"s future."

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.

Conference call to be held May 1, 2003 at 4:00 p.m. Central time - dial in number is 800-482-2225. Replay available after the call through May 8th at 888-211-2648 pass code 3360303. 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)


March December
31, 31,
2003 2002
-------- --------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,188 $ 8,375
Short-term investments 1,141 512
Accounts receivable, less allowance for doubtful
accounts of $4,366 in 2003 and $3,779 in 2002 68,540 62,013
Parts and supplies 5,279 4,494
Prepaid expenses 5,109 7,170
Notes receivable 823 823
Deferred tax asset 6,579 6,720
Other current assets 3,442 4,249
-------- --------
Total current assets 100,101 94,356
Property, plant and equipment, net 93,552 88,501
Other assets:
Goodwill, less accumulated amortization
of $32,374 469,389 447,272
Intangible assets, less accumulated amortization
of $6,800 in 2003 and $6,479 in 2002 21,042 20,110
Notes receivable 7,717 7,717
Other 8,385 9,139
-------- --------
Total other assets 506,533 484,238
-------- --------
Total assets $700,186 $667,095
======== ========

LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Current portion of long-term debt $ 25,156 $ 3,933
Accounts payable 12,637 14,330
Accrued liabilities 36,111 31,810
Deferred revenue 4,401 3,681
-------- --------
Total current liabilities 78,305 53,754
-------- --------
Long-term debt, net of current portion 210,473 224,124
-------- --------
Deferred income taxes 34,143 30,729
Other liabilities 4,446 3,710
Redeemable preferred stock
Series A convertible preferred stock
(par value $0.1 per share, 75,000 shares
authorized, 29,326 outstanding in 2003
and 2002, liquidation preference of $31,919 at
March 31, 2002 and December 31, 2002.) 28,049 28,049
Common shareholders" equity
Common stock (par value $0.01 per share,
80,000,000 shares authorized,
40,656,919 issued and outstanding in 2003,
40,437,023 issued and outstanding in 2002.) 407 404
Additional paid in capital 280,680 277,531
Treasury stock (1,435) (1,435)
Accumulated other comprehensive loss (21) (229)
Retained earnings 65,139 50,458
-------- --------
Total shareholders" equity 344,770 326,729
-------- --------
Total liabilities and shareholders" equity $700,186 $667,095
======== ========


Total debt to capitalization percentage ratio 38.7% 39.1%
Calculation of total debt to capitalization
percentage ratio:
Total debt $235,629 $228,057
Redeemable preferred stock 28,049 28,049
Shareholders" equity 344,770 326,729
-------- --------
Capitalization $608,448 $582,835


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

Three Months Ended
March 31,
------------------------------------
2003 2002
% of % of
$ Rev $ Rev
----------------- -----------------

Revenues $ 112,311 100.0% $ 97,064 100.0%

Cost of revenues 65,167 58.0% 58,175 59.9%
----------------- -----------------

Gross profit 47,144 42.0% 38,889 40.1%

Selling, general and
administrative expenses 16,374 14.6% 14,187 14.6%
Amortization 321 0.3% 508 0.5%
----------------- -----------------

Total SG&A expense and
amortization 16,695 14.9% 14,695 15.1%

Acquisition-related costs 91 0.1% 153 0.2%
----------------- -----------------

Income from operations 30,358 27.0% 24,041 24.8%

Other income (expense):
Interest income 189 0.2% 163 0.2%
Interest expense (3,927) -3.5% (5,809) -6.0%
Debt extinguishments (1,628) -1.4% - 0.0%
Other expense (645) -0.6% (671) -0.7%
----------------- -----------------

Total other income (expense) (6,011) -5.4% (6,317) -6.5%
----------------- -----------------

Income before income taxes $ 24,347 21.7% $ 17,724 18.3%

Income tax expense 9,666 8.6% 7,093 7.3%
----------------- -----------------

Net income $ 14,681 13.1% $ 10,631 11.0%
================= =================

Earnings per share-diluted $ 0.32 $ 0.24
=========== ===========

Weighted average number of
common shares outstanding-
diluted 45,843,228 44,771,952
=========== ===========

Calculation of EBITDA:
Income from operations $ 30,358 $ 24,041
Other expense (645) (671)
Depreciation and amortization 4,264 3,563
----------- -----------

EBITDA $ 33,977 30.3% $ 26,933 27.7%


STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(IN THOUSANDS)
(UNAUDITED)
For the Three
Months Ended
March 31,
2003 2002
-------- --------

Operating Activities:
Net Income $ 14,681 $ 10,631
Adjustments to reconcile net income to net cash
provided by operating activities:
Ineffective portion of cash flow hedges - (381)
Write off of deferred financing costs 247 -
Stock compensation expense 76 -
Tax benefit of disqualifying dispositions of
stock options 1,343 1,168
Loss on sale of property and equipment 72 36
Depreciation 3,943 3,055
Amortization 321 508
Deferred income taxes 3,555 (728)
Changes in operating assets and liabilities,
net of effect of acquisitions
Accounts receivable (2,200) 4,279
Parts and supplies (279) 1,653
Prepaid expenses and other assets 5,626 (2,184)
Accounts payable (2,643) (3,035)
Accrued liabilities 3,368 8,106
Deferred revenue 165 (2,037)
-------- --------

Net cash provided by operating activities 28,275 21,071
-------- --------

Investing Activities:
Payments for acquisitions and international
investments, net of cash acquired (31,301) (3,975)
Purchases of short-term investments (629) (243)
Proceeds from sale of property and equipment 132 31
Capital expenditures (3,788) (3,867)
-------- --------

Net cash used in investing activities (35,586) (8,054)
-------- --------

Financing Activities:
Proceeds from issuance of note payable 1,132 1,181
Repayment of senior subordinated debt (9,129) -
Payments of deferred financing costs (395) -
Repayment of long-term debt (752) -
Net proceeds from (repayments of)
senior credit facility 15,814 (17,687)
Principal payments on capital lease obligations (252) (76)
Proceeds from other issuances of common stock 1,733 2,028
-------- --------

Net cash provided by (used in) financing
activities 8,151 (14,554)
-------- --------
Effect of exchange rate changes on cash (27) 70
Net increase (decrease) in cash and cash
equivalents 813 (1,467)
Cash and cash equivalents at beginning of period 8,375 12,737
-------- --------

Cash and cash equivalents at end of period $ 9,188 $ 11,270
======== ========
Non-cash activities:
Net issuances of common stock for certain
acquisitions 70 1,900



Contact:

FRB/Weber Shandwick
Cindy Martin, 312/640-6741 (media)
Leslie Loyet, 312/640-6672 (investors)


Source: Stericycle, Inc.
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