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Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the first quarter of 2010.
Revenues for the quarter ended March 31, 2010 were $335.2 million, up 21.0% from $277.1 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $28.9 million to the growth in revenues for the quarter. Revenues increased 19.1% compared to the first quarter of 2009 when adjusted for favorable foreign exchange impacts in the first quarter of 2010 of $5.2 million. Gross profit was $155.3 million, up 21.5% from $127.8 million in the first quarter last year. Gross profit as a percent of revenue was 46.3% compared with 46.1% in the first quarter of 2009. Gross profit for the first quarter of 2010 was unfavorably impacted by $0.4 million of restructuring costs for our regulated returns management services business.
Net income attributable to Stericycle for the first quarter of 2010 was $48.1 million or $0.56 per diluted share compared with $40.7 million or $0.47 per diluted share for the first quarter of 2009. Net income attributable to Stericycle for the first quarter of 2009 included the effect of $0.4 million of after-tax transaction expenses related to acquisitions, and net income for the first quarter of 2010 included the effect of $0.7 million of after-tax transaction expenses related to acquisitions and $0.4 million of after-tax restructuring costs for our regulated returns management services business. Adjusted for these charges, non-GAAP earnings per diluted share increased from $0.47 in the first quarter of 2009 to $0.57 in the first quarter of 2010 or up 20.2% (see table below). Table to reconcile GAAP EPS to non-GAAP EPS* Three months ended March 31, 2010 2009
% GAAP EPS $0.56 $0.47 $0.09 18.7 %
Transaction expenses related to acquisitions/Restructuring costs 0.01 0.01
Non-GAAP EPS (adjusted) $0.57 $0.47 $0.10 20.2 %
* In accordance with U.S. generally accepted accounting principles (GAAP), reported earnings per share include the after-tax impact of the items identified in this table. For internal purposes, including the determination of management compensation, the Company excludes these items from results when evaluating operating performance. This table and the Company's internal use of non-GAAP earnings per share are not intended to imply, and should not be interpreted as implying, that non-GAAP earnings per share is a better measure of performance than GAAP earnings per share.
Cash flow from operations was $81.1 million for the first quarter of 2010. Cash flow and increased loan balances were used to strengthen our business by acquisitions, capital expenditures and share repurchases.
For more information about Stericycle, please visit our website at www.stericycle.com.
Conference call to be held April 28, 2010 at 4:00 p.m. Central time - Dial 866-516-6872 at least 5 minutes before start time. If you are unable to participate on the call, a replay will be available through May 28th by dialing 800-642-1687, access code 63224499. To hear a live simulcast of the call over the internet on www.earnings.com, or to access an audio archive of the call, go to the Investors page on Stericycle's 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 changes in governmental regulation of medical waste collection and treatment and increases in transportation and other operating costs, as well as the 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. STERICYCLE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
March 31, December 31, 2010 2009 (unaudited) (audited) ASSETS Current Assets: Cash and cash equivalents $ 22,886 $ 15,767 Short-term investments 1,786 1,131
Accounts receivable, less allowance for doubtful accounts of $9,370 in 2010 and $8,709 in 2009 192,296 179,770 Deferred income taxes 9,746 14,087 Prepaid expenses 19,296 12,421 Other current assets 25,804 23,364 Total Current Assets 271,814 246,540 Property, plant and equipment, net 253,830 246,154 Other assets: Goodwill 1,428,348 1,394,091
Intangible assets, less accumulated amortization of $20,364 in 2010 and $18,546 in 2009 304,783 269,454 Other 28,236 26,564 Total other assets 1,761,367 1,690,109 Total Assets $ 2,287,011 $ 2,182,803
LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 67,680 $ 65,932 Accounts payable 45,922 47,608 Accrued liabilities 113,824 92,226 Deferred revenues 16,377 14,954 Total Current Liabilities 243,803 220,720 Long-term debt, net of current portion 929,039 922,919 Deferred income taxes 187,797 171,744 Other liabilities 14,482 10,247 Shareholders' Equity:
Common stock (par value $0.01 per share, 120,000,000 shares authorized, 84,652,064 in 2010 and 84,715,005 issued and outstanding in 2009) 847 847 Additional paid-in capital 46,290 47,522 Accumulated other comprehensive loss (22,562 ) (12,292 ) Retained earnings 857,737 809,618 Total Stericycle, Inc. Shareholders' Equity 882,312 845,695 Noncontrolling interest 29,578 11,478 Total Shareholders' Equity 911,890 857,173 Total Liabilities and Shareholders' Equity $ 2,287,011 $ 2,182,803 STERICYCLE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
Three Months Ended March 31, 2010 2009 (unaudited) $ % of Rev $ % of Rev
Selling, general and administrative expenses 64,022 19.1% 51,872 18.7% Amortization 1,975 0.6% 1,010 0.4%
Total SG&A expense and amortization 65,997 19.7% 52,882 19.1%
Income from operations before acquisition, integration, and other expenses 89,320 26.6% 74,921 27.0%
Transactional expenses related to acquisitions 800 0.2% 610 0.2% Restructuring costs and impairment of fixed assets 239 0.1% - 0.0% Acquisition integration expenses 1,149 0.3% 111 0.0%
Income from operations 87,132 26.0% 74,200 26.8%
Other income (expense): Interest income 80 0.0% 174 0.1% Interest expense (8,963) -2.7% (8,099) -2.9% Other expense, net (1,003) -0.3% (790) -0.3%
Total other income (expense) (9,886) -2.9% (8,715) -3.1%
Income before income taxes 77,246 23.0% 65,485 23.6%
Income tax expense 28,612 8.5% 24,811 9.0%
Net income 48,634 14.5% 40,674 14.7%
Net income attributable to noncontrolling interests 515 0.2% 19 0.0%
Net income attributable to Stericycle, Inc. $ 48,119 14.4% $ 40,655 14.7%
Earnings per share-diluted $ 0.56 $ 0.47
Weighted average number of common shares outstanding-diluted 86,573,237 86,841,903 STERICYCLE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)
Three Months Ended March 31, 2010 2009 (unaudited) (unaudited) Operating Activities: Net income $ 48,634 $ 40,655 Adjustments to reconcile net income to net cash provided by operating activities: Restructuring costs and impairment of fixed assets 667 - Stock compensation expense 3,874 3,461 Excess tax benefit of stock options exercised (1,163 ) (264 ) Depreciation 10,414 7,834 Amortization 1,975 1,010 Deferred income taxes 13,784 7,858 Changes in operating assets and liabilities, net of effect of acquisitions: Accounts receivable (7,932 ) 7,882 Accounts payable (3,522 ) (3,715 ) Accrued liabilities 14,934 13,527 Deferred revenues 1,611 1,096 Other assets (2,221 ) (3,068 )
Net cash provided by operating activities 81,055 76,276
Investing Activities: Payments for acquisitions and international investments, net of cash acquired (50,459 ) (16,296 ) Purchases of short-term investments (423 ) (1,664 ) Proceeds from sale of property and equipment - 244 Capital expenditures (12,804 ) (8,389)
Net cash used in investing activities (63,686 ) (26,105 )
Financing Activities: Repayment of long-term debt (27,533 ) (2,908) Net borrowings/(repayments) on senior credit facility 24,873 (25,112 ) Purchase/cancellation of treasury stock (10,616 ) (27,482 ) Proceeds from other issuances of common stock 4,195 3,229 Excess tax benefit of stock options exercised 1,163 264
Net cash used in financing activities (7,918) (52,009 ) Effect of exchange rate changes on cash (2,332) 1,839 Net increase in cash and cash equivalents 7,119 1 Cash and cash equivalents at beginning of period 15,767 9,095
Cash and cash equivalents at end of period $ 22,886 $ 9,096 Non-cash activities: Net issuances of notes payable for certain acquisitions $ 10,038 $ 1,900
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