31.10.03

31.10.2003: Meldung: Stericycle, Inc. Reports Results for Third Quarter 2003

Stericycle, Inc.: NET INCOME OF $17.2 MILLION FOR THE QUARTER, UP 41% FROM YEAR-AGO QUARTER
EARNINGS PER SHARE OF $0.37 FOR THE QUARTER, UP 37% FROM YEAR-AGO QUARTER
CASH PROVIDED BY OPERATIONS LESS CAPITAL EXPENDITURES WAS $23.0 MILLION FOR THE QUARTER AND $73.7 MILLION FOR THE FIRST NINE MONTHS OF THE YEAR
REVENUES WERE $113.2 MILLION, UP 11% FROM YEAR-AGO QUARTER

Stericycle, Inc., 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 2003. "The third quarter was another strong quarter for our company, with across-the-board growth," said Mark Miller, Stericycle 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, 2003 were $113.2 million, up 11.0% from $102.0 million in the same quarter last year. International equipment related sales contributed $0.2 million in revenues for the quarter as compared to $2.2 million in the third quarter of 2002. Revenues excluding international equipment related sales increased 13.3% over the same period in 2002. Gross profit was $49.5 million, up 17.7% from $42.0 million in the same quarter last year. Gross profit as a percent of revenues increased to 43.7% from 41.2% in the third quarter of 2002.
Net income for the third quarter of 2003 rose 41.5% to $17.2 million, up from $12.1 million in the third quarter of 2002.
Earnings per diluted share for the third quarter of 2003 were $0.37, up 37.0% from $0.27 in the third quarter of 2002. Weighted shares outstanding used to determine earnings per diluted share were 46,285,456 for the third quarter of 2003 and 45,124,354 for the third quarter of 2002.
For the nine months ended September 30, 2003, revenues increased to $338.7 million, up 13.5% from $298.3 million in the same period a year ago. Gross profit was $145.5 million, up 20% from $121.2 million in the same period a year ago. Gross profit as a percent of revenues increased to 43.0% for the nine months ended September 30, 2003 from 40.6% for the same period in 2002. Earnings per share increased 35.5% to $1.03 from $0.76 per diluted share in the same period a year ago.
During the third quarter of 2003, the company continued to improve its balance sheet position, our total debt to capitalization percentage ratio improving from 39.1% at December 31, 2002 to 30.1% at September 30, 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 of $88.3 million generated from operations for the first nine months of the year, was used to strengthen the business by repurchasing senior subordinated bonds, paying down the senior bank debt and investing 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.
Safe Harbor Statement: Statements in this press release may contain forward-looking statements that involve risks and uncertainties, some of which are beyond Stericycle"s 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 identified 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 30, 2003 at 4:00 p.m. Central time - dial in number is 800-482-5519. Replay available after the call through November 6th at 888-211-2648 pass code 274993. 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)
September December
30, 31,
2003 2002
---------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 6,542 $ 8,375
Short-term investments 1,302 512
Accounts receivable, less allowance for
doubtful accounts of $4,480 in 2003
and $3,779 in 2002 62,995 62,013
Parts and supplies 4,630 4,494
Prepaid expenses 3,120 7,170
Notes receivable 823 823
Deferred tax asset 8,164 6,720
Other current assets 3,682 4,249
---------- ---------
Total current assets 91,258 94,356
Property, plant and equipment, net 94,705 88,501
Other assets:
Goodwill 466,308 447,272
Intangible assets, less accumulated
amortization of $7,613 in 2003
and $3,609 in 2002 29,061 20,110
Notes receivable 7,717 7,717
Other 7,748 9,139
---------- ---------
Total other assets 510,834 484,238
---------- ---------
Total assets $696,797 $667,095
========== =========
LIABILITIES AND SHAREHOLDERS" EQUITY
Current liabilities:
Current portion of long-term debt $ 9,766 $ 3,933
Accounts payable 10,254 14,330
Accrued liabilities 41,998 31,810
Deferred revenue 4,758 3,681
---------- ---------
Total current liabilities 66,776 53,754
---------- ---------
Long-term debt, net of current portion 169,988 224,124
---------- ---------
Deferred income taxes 38,807 30,729
Other liabilities 4,614 3,710
Redeemable preferred stock
Series A convertible preferred stock (par value
$0.1 per share, 75,000 shares authorized,
22,799 outstanding in 2003 and 29,326
outstanding in 2002, liquidation preference of
$24,814 at September 30, 2003 and $31,919 at
December 31, 2002.) 20,944 28,049
Common shareholders" equity
Common stock (par value $0.01 per share,
80,000,000 shares authorized, 42,042,289
issued and outstanding in 2003, 40,437,023
issued and outstanding in 2002.) 421 404
Additional paid in capital 298,276 277,531
Treasury stock (1,435) (1,435)
Accumulated other comprehensive loss 574 (229)
Retained earnings 97,832 50,458
---------- ---------
Total shareholders" equity 395,668 326,729
---------- ---------
Total liabilities and shareholders"
equity $696,797 $667,095
========== =========
Total debt to capitalization percentage ratio 30.1% 39.1%
Calculation of total debt to capitalization
percentage ratio:
Total debt $179,754 $228,057
Redeemable preferred stock 20,944 28,049
Shareholders" equity 395,668 326,729
---------- ---------
Capitalization $596,366 $582,835
STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
Three Months Ended
September 30,
---------------------------------------
2003 2002
% %
$ of Rev $ of Rev
------------------- -------------------
Revenues $ 113,228 100.0% $ 101,979 100.0%
Cost of revenues 63,728 56.3% 59,932 58.8%
------------------ -------------------
Gross profit 49,500 43.7% 42,047 41.2%
Selling, general and
administrative expenses 17,276 15.3% 14,854 14.6%
Amortization 389 0.3% 540 0.5%
------------------ -------------------
Total SG&A expense and
amortization 17,665 15.6% 15,394 15.1%
Acquisition-related costs 216 0.2% 48 0.0%
------------------ -------------------
Income from operations 31,619 27.9% 26,605 26.1%
Other income (expense):
Interest income 232 0.2% 113 0.1%
Interest expense (2,829) -2.5% (6,602) -6.5%
Debt extinguishments and
restructuring - 0.0% - 0.0%
Other expense (641) -0.6% (257) -0.3%
------------------ -------------------
Total other income
(expense) (3,238) -2.9% (6,746) -6.6%
------------------ -------------------
Income before income taxes $ 28,381 25.1% $ 19,859 19.5%
Income tax expense 11,210 9.9% 7,723 7.6%
------------------ -------------------
Net income $ 17,171 15.2% $ 12,136 11.9%
================== ===================
Earnings per share-diluted $ 0.37 $ 0.27
=========== ===========
Weighted average number of
common shares
outstanding-diluted 46,285,456 45,124,354
=========== ===========
Calculation of EBITDA:
Net Income: $ 17,171 $ 12,136
Interest income (232) (113)
Interest expense 2,829 6,602
Income tax expense 11,210 7,723
Depreciation and
amortization 4,243 3,901
----------- -----------
EBITDA $ 35,221 31.1% $ 30,249 29.7%
Nine Months Ended
September 30,
---------------------------------------
2003 2002
% %
$ of Rev $ of Rev
------------------- -------------------
Revenues $ 338,674 100.0% $ 298,312 100.0%
Cost of revenues 193,188 57.0% 177,149 59.4%
------------------ -------------------
Gross profit 145,486 43.0% 121,163 40.6%
Selling, general and
administrative expenses 50,748 15.0% 43,401 14.5%
Amortization 1,075 0.3% 1,556 0.5%
------------------ -------------------
Total SG&A expense and
amortization 51,823 15.3% 44,957 15.1%
Acquisition-related costs 430 0.1% 223 0.1%
------------------ -------------------
Income from operations 93,233 27.5% 75,983 25.5%
Other income (expense):
Interest income 492 0.1% 374 0.1%
Interest expense (10,141) -3.0% (17,927) -6.0%
Debt extinguishments and
restructuring (3,268) -1.0% (475) -0.2%
Other expense (1,847) -0.5% (1,278) -0.4%
------------------ -------------------
Total other income
(expense) (14,764) -4.4% (19,306) -6.5%
------------------ -------------------
Income before income taxes $ 78,469 23.2% $ 56,677 19.0%
Income tax expense 31,095 9.2% 22,387 7.5%
------------------ -------------------
Net income $ 47,374 14.0% $ 34,290 11.5%
=================== ===================
Earnings per share-diluted $ 1.03 $ 0.76
=========== ===========
Weighted average number of
common shares outstanding-
diluted 46,000,142 45,015,659
=========== ===========
Calculation of EBITDA:
Net Income: $ 47,374 $ 34,290
Interest income (492) (374)
Interest expense 10,141 17,927
Income tax expense 31,095 22,387
Depreciation and amortization 12,542 11,111
----------- -----------
EBITDA $ 100,660 29.7% $ 85,341 28.6%
STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(IN THOUSANDS)
For the Nine Months
Ended September 30,
2003 2002
--------------- --------------
Operating Activities:
Net Income $ 47,374 $ 34,290
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 484 -
Stock compensation expense 76 -
Tax benefit of disqualifying
dispositions of stock options 5,645 1,168
Loss on sale of property and
equipment 212 341
Depreciation 11,467 9,555
Amortization 1,075 1,556
Deferred income taxes 6,634 13,545
Changes in operating assets and
liabilities, net of effect
of acquisitions
Accounts receivable 2,699 3,404
Parts and supplies 334 1,795
Prepaid expenses and other assets 7,539 1,346
Accounts payable (5,002) (3,725)
Accrued liabilities 9,224 11,554
Deferred revenue 522 (1,551)
--------------- --------------
Net cash provided by operating
activities 88,283 72,897
--------------- --------------
Investing Activities:
Payments for acquisitions and
international investments,
net of cash acquired (33,411) (10,884)
Purchases of short-term investments (790) (47)
Proceeds from sale of property and
equipment 384 98
Capital expenditures (14,561) (11,363)
--------------- --------------
Net cash used in investing
activities (48,378) (22,196)
--------------- --------------
Financing Activities:
Proceeds from issuance of
note payable 1,132 882
Repayment of senior
subordinated debt (17,775) (10,537)
Payments of deferred financing costs (395) -
Repayment of long-term debt (3,714) (913)
Net repayments of senior credit
facility (27,792) (50,187)
Principal payments on capital lease
obligations (913) (619)
Purchase of treasury stock - (1,435)
Proceeds from other issuances of
common stock 8,024 5,176
--------------- --------------
Net cash used in financing
activities (41,433) (57,633)
--------------- --------------
Effect of exchange rate
changes on cash (305) 106
Net decrease in cash and cash
equivalents (1,833) (6,826)
Cash and cash equivalents at
beginning of period 8,375 12,737
--------------- --------------
Cash and cash equivalents at end of
period $ 6,542 $ 5,911
=============== ==============
Non-cash activities:
Net issuances of common stock for
certain acquisitions $ 70 $ 2,286
Net issuances of notes payable for
certain acquisitions 180

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

Source: Stericycle, Inc.
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