26.10.05

26.10.2005: Meldung: Stericycle, Inc. Reports Results for Third Quarter 2005

Stericycle, Inc., the leading provider in North America of medical waste management and compliance services for the healthcare community, today reported financial results for the third quarter of 2005.

THIRD QUARTER AND YEAR-TO-DATE RESULTS

Revenues for the quarter ended September 30, 2005 were $153.2 million, up 12.6% from $136.0 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $7.4 million in revenues for the quarter. Gross profit was $67.6 million, up 14.2% from $59.2 million in the same quarter last year. Gross profit as a percent of revenues was 44.1% versus 43.5% in the third quarter of 2004.

Net income for the third quarter of 2005 rose 10.7% to $23.4 million, up from $21.1 million in the third quarter of 2004.

Earnings per diluted share for the third quarter of 2005 were $0.52, up 13.0% from $0.46 in the third quarter of 2004. The weighted shares outstanding used to determine earnings per diluted share were 45,401,778 for the third quarter of 2005 and 46,299,925 for the third quarter of 2004.

For the nine months ended September 30, 2005, revenues increased to $442.9 million, up 17.4% from $377.3 million in the same period a year ago. Gross profit was $193.8 million, up 15.6% from $167.7 million in the same period a year ago. Gross profit as a percent of revenues was 43.8% versus 44.4% in the same period in 2004. Earnings per diluted share increased 17.2% to $1.50 from $1.28 per diluted share in the same period a year ago.

In September 2005, 3CI Complete Compliance Corporation, of which we are the majority shareholder, recorded a non-cash impairment charge of $0.5 million (after-tax) on its Springhill, Louisiana building and property. Without this charge, our earnings per diluted share for the third quarter would have been $0.53 and our earnings per diluted share for the nine months ended September 30, 2005 would have been $1.51.

Our total debt to capitalization percentage ratio at September 30, 2005 was 31.7% versus 29.1% at December 31, 2004.

Stericycle"s President and CEO, Mark Miller said, "During the quarter, 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 $91.2 million for the first nine months of the year was used to strengthen our business and fund $47.3 million 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 described 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 October 25, 2005 at 4:00 p.m. Central time - dial in number is 866-238-1640. Replay available after the call through November 1st at 888-266-2081 pass code 774403. To hear a simulcast of the call over the internet, or to access an audio archive of the call, go to the Investor Relations page on Stericycle"s website at www.stericycle.com.

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

September 30, December 31,
2005 2004
------------- ------------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,795 $ 7,850
Short-term investments 290 99
Accounts receivable, less allowance for
doubtful accounts of $4,387 in 2005
and $4,188 in 2004 89,983 74,888
Parts and supplies 4,525 4,259
Prepaid expenses 9,171 6,716
Notes receivable 2,698 3,423
Deferred tax asset 11,887 13,296
Other current assets 12,946 4,961
------------- ------------
Total current assets 135,295 115,492
Property, plant and equipment, net 126,350 135,512
Other assets:
Goodwill, net 611,057 516,808
Intangible assets, less accumulated
amortization of $8,969 in 2005 and
$7,951 in 2004 49,629 50,800
Notes receivable 9,517 9,517
Other 2,961 6,012
------------- ------------
Total other assets 673,164 583,137
------------- ------------
Total assets $ 934,809 $ 834,141
============= ============

LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Current portion of long-term debt $ 12,033 $ 13,218
Accounts payable 24,873 17,998
Accrued liabilities 46,420 44,411
Deferred revenue 11,584 7,611
------------- ------------
Total current liabilities 94,910 83,238
------------- ------------
Long-term debt, net of current portion 235,282 190,431
------------- ------------
Deferred income taxes 67,240 57,477
Other liabilities 5,382 7,623
Common shareholders" equity:
Common stock (par value $0.01 per share,
80,000,000 shares authorized, 44,280,914
issued and outstanding in 2005, 44,732,070
issued and outstanding in 2004) 444 448
Additional paid in capital 267,937 298,046
Accumulated other comprehensive income 1,017 2,461
Retained earnings 262,597 194,417
------------- ------------
Total shareholders" equity 531,995 495,372
------------- ------------
Total liabilities and
shareholders" equity $ 934,809 $ 834,141
============= ============


Total debt to capitalization percentage
ratio 31.7% 29.1%
Calculation of total debt to
capitalization percentage ratio:
Total debt $ 247,315 $ 203,649
Shareholders" equity 531,995 495,372
------------- ------------
Capitalization $ 779,310 $ 699,021



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

Three Months Ended
September 30,
--------------------------------------

------------------ ------------------
2005 2004
$ % of Rev $ % of Rev
------------------- ------------------

Revenues $ 153,176 100.0% $ 135,989 100.0%

Cost of revenues 85,588 55.9% 76,822 56.5%
----------- ------ ----------- ------

Gross profit 67,588 44.1% 59,167 43.5%

Selling, general and
administrative expenses 24,091 15.7% 19,956 14.7%
Amortization 499 0.3% 605 0.4%
----------- ------ ----------- ------

Total SG&A expense and
amortization 24,590 16.1% 20,561 15.1%

Income from operations
before acquisition related
expenses 42,998 28.1% 38,606 28.4%

Impairment of property and
equipment 872 0.6% - 0.0%
Acquisition related expenses 174 0.1% 392 0.3%
----------- ------ ----------- ------

Income from operations 41,952 27.4% 38,214 28.1%

Other income (expense):
Interest income 228 0.1% 168 0.1%
Interest expense (3,251) -2.1% (3,266) -2.4%
Write-off deferred
finance fees (2005)/Loan
amendment fees (2004) - 0.0% - 0.0%
Other expense (489) -0.3% (275) -0.2%
----------- ------ ----------- ------

Total other income (expense) (3,512) -2.3% (3,373) -2.5%
----------- ------ ----------- ------

Income before income taxes $ 38,440 25.1% $ 34,841 25.6%

Income tax expense 15,057 9.8% 13,713 10.1%
----------- ------ ----------- ------

Net income $ 23,383 15.3% $ 21,128 15.5%
=========== ====== =========== ======

Earnings per share-diluted $ 0.52 $ 0.46
=========== ===========

Weighted average number of
common shares
outstanding-diluted 45,401,778 46,299,925
=========== ===========


Nine Months Ended
September 30,
--------------------------------------

------------------ ------------------
2005 2004
$ % of Rev $ % of Rev
------------------- ------------------


Revenues $ 442,902 100.0% $ 377,338 100.0%

Cost of revenues 249,102 56.2% 209,681 55.6%
----------- ------ ----------- --------

Gross profit 193,800 43.8% 167,657 44.4%

Selling, general and
administrative expenses 68,283 15.4% 56,606 15.0%
Amortization 1,171 0.3% 1,799 0.5%
----------- ------ ----------- --------

Total SG&A expense and
amortization 69,454 15.7% 58,405 15.5%

Income from operations
before acquisition related
expenses 124,346 28.1% 109,252 29.0%

Impairment of property and
equipment 872 0.2% 1,155 0.3%
Acquisition related expenses 444 0.1% 586 0.2%
----------- ------ ----------- --------

Income from operations 123,030 27.8% 107,511 28.5%

Other income (expense):
Interest income 428 0.1% 286 0.1%
Interest expense (8,848) -2.0% (8,379) -2.2%
Write-off deferred
finance fees (2005)/Loan
amendment fees (2004) (197) 0.0% (333) -0.1%
Other expense (2,296) -0.5% (1,242) -0.3%
----------- ------ ----------- --------

Total other income (expense) (10,913) -2.5% (9,668) -2.6%
----------- ------ ----------- --------

Income before income taxes $ 112,117 25.3% $ 97,843 25.9%

Income tax expense 43,937 9.9% 38,724 10.3%
----------- ------ ----------- --------

Net income $ 68,180 15.4% $ 59,119 15.7%
=========== ====== =========== ========

Earnings per share-diluted $ 1.50 $ 1.28
=========== ===========

Weighted average number of
common shares
outstanding-diluted 45,332,089 46,304,444
=========== ===========


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

For the nine months
ended September 30,
2005 2004
---------- --------
(unaudited)
Operating Activities:
Net income $ 68,180 $ 59,119
Adjustments to reconcile net income to net cash
provided by operating activities:
Stock compensation expense 18 21
Impairment of property and equipment 872 1,470
Write-off deferred financing fees 197 -
Tax benefit of disqualifying dispositions of
stock options and exercise of non-qualified
stock options 6,098 6,159
Depreciation 14,564 14,445
Amortization 1,171 1,799
Deferred income taxes 11,172 11,660
Changes in operating assets and liabilities,
net of effect of acquisitions
Accounts receivable (12,249) (7,312)
Parts and supplies (234) (141)
Prepaid expenses and other assets (7,700) 3,109
Accounts payable 6,614 (3,904)
Accrued liabilities (1,066) (2,639)
Deferred revenue 3,595 (851)
---------- --------

Net cash provided by operating activities 91,232 82,935
---------- --------

Investing Activities:
Payments for acquisitions and international
investments, net of cash acquired (48,207) (68,227)
Purchases of short-term investments (191) (1,017)
Proceeds from sale of property and equipment 206 61
Capital expenditures (20,140) (23,343)
---------- --------

Net cash used in investing activities (68,332) (92,526)
---------- --------

Financing Activities:
Proceeds from issuance of note payable 735 12,097
Repayment of long-term debt (4,515) (30,822)
Payments of deferred financing fees (97) -
Net borrowings on 2001 senior credit facility 27,500 32,000
Repayment of 2001 senior credit facility (198,853) -
Net borrowings on 2005 senior credit facility 182,000 -
Principal payments on capital lease obligations (608) (734)
Purchase/cancellation of common stock (47,326) (10,188)
Proceeds from other issuances of common stock 11,097 10,217
---------- --------

Net cash (used in) provided by financing
activities (30,067) 12,570
---------- --------
Effect of exchange rate changes on cash 3,112 (1,264)
Net (decrease) increase in cash and cash
equivalents (4,055) 1,715
Cash and cash equivalents at beginning of
period 7,850 7,240
---------- --------

Cash and cash equivalents at end of period $ 3,795 $ 8,955
========== ========
Non-cash activities:
Net issuances of common stock for certain
acquisitions $ - $ 420
Net issuances of notes payable for certain
acquisitions $ 37,205 $ 17,249


Contact:

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


Source: Stericycle, Inc.
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