28.10.04

28.10.2004: Meldung: Stericycle, Inc.: Results for Third Quarter 2004

Wednesday October 27, 4:05 pm ET

LAKE FOREST, Ill.--Oct. 27, 2004--Stericycle, Inc. (NASDAQ:SRCL - News).

* Net income of $21.1 million for the quarter, up 23.0% from year-ago quarter
* Revenues of $136.0 million for the quarter, up 20.1% from year-ago quarter
* Earnings per share of $0.46 for the quarter, up 23.3% from the 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 financial results for the third quarter of 2004. "The third quarter was another strong quarter for our company," said Mark Miller, Stericycle"s president and chief executive officer. "Our continued focus on strategically managing our business has resulted in continued increases in revenues, operating income, and net income."

THIRD QUARTER AND YEAR-TO-DATE RESULTS

Revenues for the quarter ended September 30, 2004 were $136.0 million, up 20.1% from $113.2 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $17 million in the quarter. Gross profit was $59.2 million, up 19.5% from $49.5 million in the same quarter last year. Gross profit as a percent of revenues was 43.5% versus 43.7% in the third quarter of 2003.

Net income for the third quarter of 2004 rose 23.0% to $21.1 million, up from $17.2 million in the third quarter of 2003.

Earnings per diluted share for the third quarter of 2004 were $0.46, up 23.3% from $0.37 in the third quarter of 2003. Weighted shares outstanding used to determine earnings per diluted share were 46,299,925 for the third quarter of 2004 and 46,285,456 for the third quarter of 2003.

For the nine months ended September 30, 2004, revenues increased to $377.3 million, up 11.4% from $338.7 million in the same period a year ago. Gross profit was $167.7 million, up 15.2% from $145.5 million in the same period a year ago. Gross profit as a percent of revenues increased to 44.4% for the nine months ended September 30, 2004 from 43.0% for the same period in 2003. As reported earnings per diluted share increased 24.0% to $1.28 from $1.03 per diluted share in the same period a year ago.

Our total debt to capitalization percentage ratio at September 30, 2004 was 28.6% versus 28.1% at December 31, 2003.

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 from operations of $82.9 million for the first nine months of the year was used to fund $68.2 million in acquisitions and strengthen the core business."

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.

Conference call to be held October 27, 2004 at 4:00 p.m. Central time - dial in number is 866-835-8908. Replay available after the call through November 4th at 888-266-2081 pass code 569959. 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)
(Unaudited)

September December
30, 31,
2004 2003
--------- ---------

ASSETS
Current assets:
Cash and cash equivalents $ 8,955 $ 7,240
Short-term investments 1,658 641
Accounts receivable, less allowance for doubtful
accounts of $4,579 in 2004 and $4,149 in 2003 77,000 59,711
Parts and supplies 3,910 3,244
Prepaid expenses 6,013 7,339
Notes receivable 3,423 2,223
Deferred tax asset 12,908 12,345
Other current assets 5,817 4,994
--------- ---------
Total current assets 119,684 97,737
Property, plant and equipment, net 128,877 96,562
Other assets:
Goodwill, net 527,003 464,946
Intangible assets, less accumulated amortization
of $7,288 in 2004 and $5,459 in 2003 34,493 31,642
Notes receivable 9,517 7,717
Other 8,269 8,858
--------- ---------
Total other assets 579,282 513,163
--------- ---------
Total assets $ 827,843 $ 707,462
========= =========

LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Current portion of long-term debt $ 7,968 $ 4,830
Accounts payable 19,217 15,741
Accrued liabilities 47,696 43,436
Deferred revenue 9,247 4,987
--------- ---------
Total current liabilities 84,128 68,994
--------- ---------
Long-term debt, net of current portion 189,668 163,016
--------- ---------
Deferred income taxes 54,900 42,277
Other liabilities 5,698 4,411
Redeemable preferred stock
Series A convertible preferred stock (par value
$0.1 per share, 75,000 shares authorized, 22,799
outstanding in 2003, liquidation preference of
$24,814 at December 31, 2003) - 20,944
Common shareholders" equity
Common stock (par value $0.01 per share,
80,000,000 shares authorized, 45,146,868 issued
and outstanding in 2004, 41,868,515 issued and
outstanding in 2003) 452 420
Additional paid in capital 318,173 290,631
Accumulated other comprehensive loss (534) 530
Retained earnings 175,358 116,239
--------- ---------
Total shareholders" equity 493,449 407,820
--------- ---------
Total liabilities and shareholders"
equity $ 827,843 $ 707,462
========= =========


Total debt to capitalization percentage ratio 28.6% 28.1%
Calculation of total debt to capitalization
percentage ratio:
Total debt $ 197,636 $ 167,846
Redeemable preferred stock - 20,944
Shareholders" equity 493,449 407,820
--------- ---------
Capitalization $ 691,085 $ 596,610


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

Three Months Ended
September 30,
--------------------------------------
2004 2003
$ % of Rev $ % of Rev
--------------------------------------

Revenues $ 135,989 100.0% $ 113,228 100.0%
Cost of revenues 76,822 56.5% 63,728 56.3%
------------------ ------------------

Gross profit 59,167 43.5% 49,500 43.7%

Selling, general and
administrative expenses 19,956 14.7% 17,276 15.3%
Amortization 605 0.4% 389 0.3%
------------------ ------------------

Total SG&A expense and
amortization 20,561 15.1% 17,665 15.6%

Income from operations
before excluded charges(a) 38,606 28.4% 31,835 28.1%

Write-down of treatment related
fixed assets(a) - 0.0% - 0.0%
Acquisition-related costs 392 0.3% 216 0.2%
------------------ ------------------

Income from operations 38,214 28.1% 31,619 27.9%

Other income (expense):
Interest income 168 0.1% 232 0.2%
Interest expense (3,266) -2.4% (2,829) -2.5%
Loan amendment fees/debt
extinguishment - 0.0% - 0.0%
Other expense (275) -0.2% (641) -0.6%
------------------ ------------------

Total other income
(expense) (3,373) -2.5% (3,238) -2.9%
------------------ ------------------

Income before income taxes $ 34,841 25.6% $ 28,381 25.1%

Income tax expense 13,713 10.1% 11,210 9.9%
------------------ ------------------

Net income $ 21,128 15.5% $ 17,171 15.2%
================== ==================

Earnings per share-diluted $ 0.46 $ 0.37
=========== ===========

Weighted average number of common
shares outstanding-diluted 46,299,925 46,285,456
=========== ===========


(a)As reported net income $ 21,128 $ 17,171
Plus:
Write off of treatment related
fixed assets-after tax $ - $ -
Loan amendment fees/debt
extinguishment-after tax $ - $ -

Adjusted net income $ 21,128 $ 17,171

Adjusted earnings per share-
diluted $ 0.46 $ 0.37


Nine Months Ended
September 30,
---------------------------------------
2004 2003
$ % of Rev $ % of Rev
---------------------------------------

Revenues $ 377,338 100.0% $ 338,674 100.0%

Cost of revenues 209,681 55.6% 193,188 57.0%
----------------- -----------------
Gross profit 167,657 44.4% 145,486 43.0%

Selling, general and
administrative expenses 56,606 15.0% 50,748 15.0%
Amortization 1,799 0.5% 1,075 0.3%
----------------- -----------------

Total SG&A expense and
amortization 58,405 15.5% 51,823 15.3%

Income from operations before
excluded charges(a) 109,252 29.0% 93,663 27.7%

Write-down of treatment
related fixed assets(a) 1,155 0.3% - 0.0%
Acquisition-related costs 586 0.2% 430 0.1%
----------------- -----------------

Income from operations 107,511 28.5% 93,233 27.5%

Other income (expense):
Interest income 286 0.1% 492 0.1%
Interest expense (8,379) -2.2% (10,141) -3.0%
Loan amendment fees/debt
extinguishment (333) -0.1% (3,268) -1.0%
Other expense (1,242) -0.3% (1,847) -0.5%
----------------- -----------------
Total other income
(expense) (9,668) -2.6% (14,764) -4.4%
----------------- -----------------
Income before income taxes $ 97,843 25.9% $ 78,469 23.2%

Income tax expense 38,724 10.3% 31,095 9.2%
----------------- -----------------

Net income $ 59,119 15.7% $ 47,374 14.0%
================= =================

Earnings per share-diluted $ 1.28 $ 1.03
=========== ===========

Weighted average number of
common shares
outstanding-diluted 46,304,444 46,000,142
=========== ===========

(a)As reported net income $ 59,119 $ 47,374
Plus:
Write off of treatment
related fixed assets-after tax $ 698 $ -
Loan amendment fees/debt
extinguishment-after tax $ 201 $ 1,974

Adjusted net income $ 60,018 $ 49,348

Adjusted earnings per
share-diluted $ 1.30 $ 1.07


STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(IN THOUSANDS)
(Unaudited)
For the Nine Months
Ended September 30,
2004 2003
-------- --------

Operating Activities:
Net Income $ 59,119 $ 47,374
Adjustments to reconcile net income to net cash
provided by operating activities:
Write off of deferred financing costs - 484
Stock compensation expense 21 76
Tax benefit of disqualifying dispositions of
stock options 6,159 5,645
Loss on sale of property and equipment 1,470 212
Depreciation 14,445 11,467
Amortization 1,799 1,075
Deferred income taxes 11,660 6,634
Changes in operating assets and liabilities,
net of effect of acquisitions
Accounts receivable (7,312) 2,699
Parts and supplies (141) 334
Prepaid expenses and other assets 3,109 7,539
Accounts payable (3,904) (5,002)
Accrued liabilities (2,639) 9,224
Deferred revenue (851) 522
-------- --------

Net cash provided by operating activities 82,935 88,283
-------- --------

Investing Activities:
Payments for acquisitions and international
investments, net of cash acquired (68,227) (33,411)
Purchases of short-term investments (1,017) (790)
Proceeds from sale of property and equipment 61 384
Capital expenditures (23,343) (14,561)
-------- --------

Net cash used in investing activities (92,526) (48,378)
-------- --------

Financing Activities:
Proceeds from issuance of note payable 12,097 1,132
Repayment of senior subordinated debt - (17,775)
Payments of deferred financing costs - (395)
Repayment of long-term debt (30,822) (3,714)
Net (repayments of) proceeds from senior credit
facility 32,000 (27,792)
Principal payments on capital lease
obligations (734) (913)
Purchase of common stock (10,188) -
Proceeds from other issuances of common stock 10,217 8,024
-------- --------

Net cash provided by (used in) financing
activities 12,570 (41,433)
-------- --------
Effect of exchange rate changes on cash (1,264) (305)
Net increase (decrease) in cash and cash
equivalents 1,715 (1,833)
Cash and cash equivalents at beginning of
period 7,240 8,375
-------- --------

Cash and cash equivalents at end of period $ 8,955 $ 6,542
======== ========
Non-cash activities:
Net issuances of common stock for certain
acquisitions $ 420 $ 70
Net issuances of notes payable for certain
acquisitions $ 17,249 $ -


Contact:

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


Source: Stericycle, Inc.
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