26.10.07

26.10.2007: Meldung: Stericycle Reports Q3 Results

Revenues for the quarter ended September 30, 2007 were $237.3 million, up 16.8% from $203.3 million in the third quarter of 2006. Acquisitions less than 12 months old contributed $12.3 million to the $34.0 million revenue growth in the third quarter of 2007. Gross profit was $106.8 million, up 18.0% from $90.5 million in the third quarter last year. Gross profit as a percent of revenues was 45.0% versus 44.5% in the third quarter of 2006.

Net income for the third quarter of 2007 was $32.9 million or $0.37 per diluted share compared with net income of $27.5 million or $0.30 per diluted share for the third quarter of 2006. During the second quarter of 2007 we completed a 2-for-1 stock split. All historical per share numbers have been adjusted for the split.

For the nine months ended September 30, 2007, revenues increased to $681.2 million, up 17.3% from $580.9 million in the same period a year ago. Gross profit was $305.6 million, up 19.0% from $256.8 million in the same period a year ago. Gross profit as a percent of revenues was 44.9% versus 44.2% in the same period in 2006. Earnings per diluted share increased 24.3% to $1.05 from $0.84 per diluted share in the same period a year ago.

Cash flow from operations was $128.1 million for the first nine months of 2007. Cash flow and increased loan balances funded $95.2 million in stock repurchases, $79.0 million in acquisitions and international investments and $37.6 million in capital spending.

For more information about Stericycle, 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, 2007 at 4:00 p.m. Central time - Dial 866-814-8448 at least 5 minutes before start time. If you are unable to participate on the call, a replay will be available through November 22nd by dialing 888-266-2081, access code 1137831. 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
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
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September 30, December 31,
2007 2006
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 7,703 $ 13,492
Short-term investments 812 2,548
Accounts receivable, less allowance for doubtful accounts of $5,985 in 2007 and $5,411 in 2006
154,763 130,354
Deferred tax asset 14,431 16,072
Asset group held for sale - 33,674
Other current assets 26,514 22,462
Total current assets 204,223 218,602
Property, plant and equipment, net 185,327 156,953
Other assets:
Goodwill 920,848 813,973
Intangible assets, less accumulated amortization of $14,068 in 2007 and $11,454 in 2006
143,664 115,879
Other 20,235 22,499
Total other assets 1,084,747 952,351
Total assets $ 1,474,297 $ 1,327,906
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LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Current portion of long-term debt $ 16,440 $ 22,681
Accounts payable 35,597 25,033
Accrued liabilities 75,064 75,434
Deferred revenue 13,507 11,662
Liability group held for sale - 7,221
Total current liabilities 140,608 142,031
Long-term debt, net of current portion 545,146 443,115
Deferred income taxes 119,009 105,521
Other liabilities 13,468 12,158
Common shareholders" equity:
Common stock (par value $0.01 per share, 120,000,000 shares authorized, 86,971,032 issued and outstanding in 2007, 88,503,930 issued and outstanding in 2006)
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870 443
Additional paid in capital 180,042 252,568
Accumulated other comprehensive income 14,033 5,229
Retained earnings 461,121 366,841
Total shareholders" equity 656,066 625,081
Total liabilities and shareholders" equity $ 1,474,297 $ 1,327,906
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Total debt to capitalization percentage ratio 46.1% 42.7%
Calculation of total debt to capitalization percentage ratio:
Total debt $ 561,586 $ 465,796
Shareholders" equity 656,066 625,081
Capitalization $ 1,217,652 $ 1,090,877
STERICYCLE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
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Three Months Ended Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)
2007 2006 2007 2006
$ Â % of Rev $ Â % of Rev $ Â % of Rev $ Â % of Rev
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Revenues $ 237,323 100.0% $ 203,267 100.0% $ 681,217 100.0% $ 580,940 100.0%
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Cost of revenues 130,509 Â 55.0% 112,744 Â 55.5% 375,650 Â 55.1% 324,103 Â 55.8%
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Gross profit 106,814 45.0% 90,523 44.5% 305,567 44.9% 256,837 44.2%
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Selling, general and administrative expenses
43,665 18.4% 35,791 17.6% 124,711 18.3% 104,508 18.0%
Amortization 929 Â 0.4% 1,178 Â 0.6% 2,679 Â 0.4% 2,473 Â 0.4%
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Total SG&A expense and amortization 44,594 Â 18.8% 36,969 Â 18.2% 127,390 Â 18.7% 106,981 Â 18.4%
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Income from operations before acquisition integration and other expenses
62,220 26.2% 53,554 26.3% 178,177 26.2% 149,856 25.8%
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Gain on sale of assets - 0.0% - 0.0% (1,898) -0.3% - 0.0%
Impairment of intangible asset - 0.0% - 0.0% 228 0.0% - 0.0%
Impairment of fixed assets - 0.0% - 0.0% 1,261 0.2% 300 0.1%
Acquisition integration expenses 360 Â 0.2% 519 Â 0.3% 1,279 Â 0.2% 1,814 Â 0.3%
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Income from operations 61,860 26.1% 53,035 26.1% 177,307 26.0% 147,742 25.4%
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Other income (expense):
Interest Income 307 0.1% 490 0.2% 1,245 0.2% 997 0.2%
Interest expense (8,864) -3.7% (7,810) -3.8% (24,840) -3.6% (20,969) -3.6%
Investment in security write down - 0.0% - 0.0% - 0.0% (1,000) -0.2%
Insurance proceeds - 0.0% - 0.0% 500 0.1% - 0.0%
Other expense, net (247) Â -0.1% (580) Â -0.3% (1,030) Â -0.2% (1,810) Â -0.3%
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Total other income (expense) (8,804) Â -3.7% (7,900) Â -3.9% (24,125) Â -3.5% (22,782) Â -3.9%
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Income before income taxes 53,056 22.4% 45,135 22.2% 153,182 22.5% 124,960 21.5%
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Income tax expense 20,161 Â 8.5% 17,603 Â 8.7% 58,902 Â 8.6% 48,735 Â 8.4%
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Net income $ 32,895 Â 13.9% $ 27,532 Â 13.5% $ 94,280 Â 13.8% $ 76,225 Â 13.1%
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Earnings per share-diluted $ 0.37 $ 0.30 $ 1.05 $ 0.84
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Weighted average number of common shares outstanding-diluted
89,794,892 90,495,268 90,068,563 90,485,544
STERICYCLE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
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For the nine months ended
September 30,
2007 2006


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(unaudited)
Operating Activities:
Net income $ 94,280 $ 76,225
Adjustments to reconcile net income to net cash provided by operating activities:
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Gain on sale of assets (1,898 ) -
Impairment of fixed assets 1,261 300
Impairment of permit intangible 228 -
Write down of investment in securities - 1,000
Stock compensation expense 7,855 7,927
Excess tax benefit of disqualifying dispositions of stock options and exercise of non-qualified stock options
(3,414 ) (7,783 )
Depreciation 19,975 17,636
Amortization 2,679 2,473
Deferred income taxes 11,958 7,814
Changes in operating assets and liabilities, net of effect of acquisitions
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Accounts receivable (13,931 ) (18,131 )
Other assets 1,845 (1,723 )
Accounts payable 6,044 (6,466 )
Accrued liabilities (445 ) 34,430
Deferred revenue 1,706 Â 1,015 Â
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Net cash provided by operating activities 128,143 Â 114,717 Â
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Investing Activities:
Payments for acquisitions and international investments, net of cash acquired
(78,966 ) (142,922 )
Proceeds from maturity/(purchases) of short-term investments 1,763 (2,901 )
Proceeds from sale of assets 26,453 -
Proceeds from sale of property and equipment - 601
Capital expenditures (37,602 ) (25,556 )
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Net cash used in investing activities (88,352 ) (170,778 )
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Financing Activities:
Proceeds from issuance of note payable - 5,953
Repayment of long-term debt (32,374 ) (13,936 )
Net borrowings on senior credit facility 68,623 69,139
Principal payments on capital lease obligations (49 ) (669 )
Excess tax benefit of stock options exercised 3,414 7,783
Purchase/cancellation of treasury stock (95,174 ) (26,060 )
Proceeds from other issuances of common stock 11,441 Â 13,122 Â
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Net cash (used in) provided by financing activities (44,119 ) 55,332
Effect of exchange rate changes on cash (1,461 ) (2,916 )
Net decrease in cash and cash equivalents (5,789 ) (3,645 )
Cash and cash equivalents at beginning of period 13,492 Â 7,825 Â
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Cash and cash equivalents at end of period $ 7,703 Â $ 4,180 Â
Non-cash activities:
Net issuances of notes payable for certain acquisitions $ 54,108 $ 27,957
Net issuances of common stock for certain acquisitions $ 365 $ 750


Contact:
Investor Information:
(800) 643-0240 ext. 2012
Fax: (847) 367-9493
investor@stericycle.com
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