Stericycle, Inc.: Results for First Quarter 2009
Stericycle, Inc. today reported financial results for the first quarter of 2009.
Revenues for the quarter ended March 31, 2009 were $277.1 million, up 8.8% from $254.8 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $19.8 million to the growth in revenues for the quarter. Revenues increased 15.1% compared to the first quarter of 2008 when adjusted for the unfavorable foreign exchange impact of $16.1 million. Gross profit was $127.8 million, up 12.5% from $113.6 million in the same quarter last year. Gross profit as a percent of revenue was 46.1% versus 44.6% in the first quarter of 2008.
Net income for the first quarter of 2009 was $40.7 million or $0.47 per diluted share compared with net income of $31.7 million or $0.35 per diluted share for the first quarter of 2008. Net income for the first quarter of 2008 included the effect of $3.3 million of charges related to an arbitration settlement and net income for the first quarter of 2009 included the effect of $0.4 million of charges related to the adoption of FAS 141R expensing of acquisition transaction related expenses. Adjusted for these charges, the earnings per diluted share increased from $0.39 in the first quarter of 2008 to $0.47 in the first quarter of 2009 or 20.8%.
Cash flow from operations was $76.0 million for the first quarter of 2009. Cash flow and increased loan balances were used to strengthen our business by acquisitions, international investments, capital expenditures and funding share repurchases.
For more information about Stericycle, please visit our website at www.stericycle.com.
Frank ten Brink, 847-607-2012