27.04.07

27.4.2007: Meldung: Stericycle Reports Results for Q1 2007

Stericycle oday reported financial results for the first quarter of 2007.

FIRST QUARTER RESULTS

Revenues for the quarter ended March 31, 2007 were $211.0 million, up 17.7% from $179.2 million in the first quarter of 2006. Acquisitions less than 12 months old contributed $13.9 million to the $31.8 million revenue growth in the first quarter of 2007. Gross profit was $94.2 million, up 19.7% from $78.8 million in the first quarter last year. Gross profit as a percent of revenues was 44.7% versus 43.9% in the first quarter of 2006.

Net income for the first quarter of 2007 was $29.4 million or $0.65 per diluted share compared with net income of $23.5 million or $0.52 per diluted share for the first quarter of 2006.

Cash flow from operations was $52.9 million for the first quarter of 2007. Cash flow and increased loan balances funded $46.1 million in stock repurchases, $14.6 million in acquisitions and international investments and $10.3 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 April 26, 2007 at 4:00 p.m. Central time - Dial 866-793-1343 at least 5 minutes before start time. If you are unable to participate on the call, a replay will be available through May 3rd by dialing 888-266-2081, access code 1066094. 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)


March 31, December 31,
2007 2006
------------- -------------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 18,094 $ 13,492
Short-term investments 1,859 2,548
Accounts receivable, less allowance for
doubtful
accounts of $5,349 in 2007 and $5,411 in
2006 125,428 130,354
Deferred tax asset 13,579 16,072
Asset group held for sale - 33,674
Other current assets 22,975 22,462
------------- -------------
Total current assets 181,935 218,602
Property, plant and equipment, net 166,783 156,953
Other assets:
Goodwill 828,599 813,973
Intangible assets, less accumulated
amortization of
$12,203 in 2007 and $11,454 in 2006 124,665 115,879
Other 23,327 22,499
------------- -------------
Total other assets 976,591 952,351
------------- -------------
Total assets $ 1,325,309 $ 1,327,906
============= =============

LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Current portion of long-term debt $ 23,477 $ 22,681
Accounts payable 24,793 25,033
Accrued liabilities 75,404 75,434
Deferred revenue 15,294 11,662
Liability group held for sale - 7,221
------------- -------------
Total current liabilities 138,968 142,031
------------- -------------
Long-term debt, net of current portion 448,547 443,115
Deferred income taxes 110,471 105,521
Other liabilities 13,503 12,158
Common shareholders" equity:
Common stock (par value $0.01 per share,
80,000,000
shares authorized, 43,764,461 issued and
outstanding
in 2007, 44,251,965 issued and
outstanding in 2006) 438 443
Additional paid in capital 212,603 252,568
Accumulated other comprehensive income 4,552 5,229
Retained earnings 396,227 366,841
------------- -------------
Total shareholders" equity 613,820 625,081
------------- -------------
Total liabilities and
shareholders" equity $ 1,325,309 $ 1,327,906
============= =============


Total debt to capitalization percentage
ratio 43.5% 42.7%
Calculation of total debt to
capitalization percentage ratio:
Total debt $ 472,024 $ 465,796
Shareholders" equity 613,820 625,081
------------- -------------
Capitalization $ 1,085,844 $ 1,090,877

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


Three Months Ended
March 31,
-------------------------------------------
(unaudited)
-------------------------------------------
2007 2006
$ % of Rev $ % of Rev
-------------------- --------------------

Revenues $ 211,049 100.0% $ 179,249 100.0%

Cost of revenues 116,813 55.3% 100,496 56.1%
-------------------- --------------------

Gross profit 94,236 44.7% 78,753 43.9%

Selling, general and
administrative expenses 37,779 17.9% 32,865 18.3%
Amortization 868 0.4% 511 0.3%
-------------------- --------------------

Total SG&A expense and
amortization 38,647 18.3% 33,376 18.6%
-------------------- --------------------

Income from operations
before acquisition
integration and other
expenses 55,589 26.4% 45,377 25.3%

Gain on sale of assets (823) -0.4% - 0.0%
Impairment of fixed assets 650 0.3% - 0.0%
Acquisition integration
expenses 313 0.1% 631 0.3%
-------------------- --------------------

Income from operations 55,449 26.4% 44,746 25.0%

Other income (expense):
Interest Income 401 0.2% 256 0.1%
Interest expense (7,700) -3.7% (5,906) -3.3%
Insurance proceeds 500 0.2% - 0.0%
Other expense, net (553) -0.3% (530) -0.3%
-------------------- --------------------

Total other income
(expense) (7,352) -3.6% (6,180) -3.5%
-------------------- --------------------

Income before income taxes 48,097 22.8% 38,566 21.5%

Income tax expense 18,710 8.9% 15,041 8.4%
-------------------- --------------------

Net income $ 29,387 13.9% $ 23,525 13.1%
==================== ====================

Earnings per share-diluted $ 0.65 $ 0.52
=========== ===========

Weighted average number of
common shares outstanding-
diluted 45,218,346 45,155,925
=========== ===========

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

For the three months ended
March 31,
2007 2006
------------- -------------
(unaudited)
Operating Activities:
Net income $ 29,387 $ 23,525
Adjustments to reconcile net income to
net cash
provided by operating activities:
Gain on sale of assets (823) -
Impairment of fixed assets 650 -
Stock compensation expense 2,450 2,589
Excess tax benefit of disqualifying
dispositions of stock options and
exercise of non-qualified stock
options (576) (2,256)
Depreciation 6,270 5,784
Amortization 868 511
Deferred income taxes 6,176 5,310
Changes in operating assets and
liabilities, net of
effect of acquisitions
Accounts receivable 5,420 (2,014)
Other assets 1,316 (4,738)
Accounts payable (1,635) (4,322)
Accrued liabilities (245) 4,460
Deferred revenue 3,632 2,333
------------- -------------

Net cash provided by operating activities 52,890 31,182
------------- -------------

Investing Activities:
Payments for acquisitions and
international
investments, net of cash acquired (14,645) (120,825)
Proceeds from maturity/(purchases) of
short-term investments 689 (5,700)
Proceeds from sale of business 26,453 -
Proceeds from sale of property and
equipment 49 -
Capital expenditures (10,300) (7,506)
------------- -------------

Net cash provided by (used in) investing
activities 2,246 (134,031)
------------- -------------

Financing Activities:
Proceeds from issuance of note payable - 4,582
Repayment of long-term debt (16,200) (8,730)
Net borrowings on senior credit
facility 10,879 110,153
Principal payments on capital lease
obligations (111) (613)
Excess tax benefit of stock options
exercised 576 2,256
Purchase/cancellation of treasury stock (46,071) (11,198)
Proceeds from other issuances of common
stock 3,075 5,511
------------- -------------

Net cash (used in) provided by financing
activities (47,852) 101,961
Effect of exchange rate changes on cash (2,682) 824
------------- -------------
Net increase (decrease) in cash and cash
equivalents 4,602 (64)
Cash and cash equivalents at beginning of
period 13,492 7,825
------------- -------------

Cash and cash equivalents at end of
period $ 18,094 $ 7,761
============= =============
Non-cash activities:
Net issuances of notes payable for
certain acquisitions $ 11,854 $ 21,263


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

Source: Stericycle, Inc.
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