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STERICYCLE INC (SRCL)

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STERCYCLE : Stericycle, Inc. Reports Results for First Quarter 2011

04/27/2011 | 04:05pm US/Eastern
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Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the first quarter of 2011.

Revenues for the quarter ended March 31, 2011 were $398.1 million, up 18.8% from $335.2 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $30.6 million to the growth in revenues for the quarter. Revenues increased 18.1% compared to the first quarter of 2010 when adjusted for favorable foreign exchange impacts in the first quarter of 2011 of $2.3 million. Gross profit was $182.4 million, up 17.5% from $155.3 million in the first quarter last year. Gross profit as a percent of revenue was 45.8% compared with 46.3% in the first quarter of 2010.

Net income attributable to Stericycle for the first quarter of 2011 was $55.7 million or $0.64 per diluted share compared with $48.1 million or $0.56 per diluted share for the first quarter of 2010. Net income attributable to Stericycle for the first quarter of 2011 included the effect of $3.8 million of after-tax acquisition expenses and $0.2 million of after-tax restructuring costs, and net income for the first quarter of 2010 included the effect of $0.7 million of after-tax acquisition expenses and $0.4 million of after-tax restructuring costs. Adjusted for these charges, non-GAAP earnings per diluted share increased to $0.68 in the first quarter of 2011 from $0.57 in the first quarter of 2010 or up 19.8% (see table below).

Table to reconcile GAAP EPS to non-GAAP EPS*
  Three months ended March 31,
2011   2010   Change $   Change %
GAAP EPS $0.64 $0.56 $0.08 14.4%
 
Acquisition expenses/Restructuring costs 0.05 0.01
 
Non-GAAP EPS (adjusted) $0.68 $0.57 $0.11 19.8%

* 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 $65.6 million for the first quarter of 2011.

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 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.

Conference call to be held April 27, 2011 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 27th by dialing 800-642-1687, access code 55174056. 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.

STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
   
 
March 31, December 31,
2011 2010
(unaudited) (audited)
ASSETS
Current Assets:
Cash and cash equivalents $ 24,656 $ 77,053
Short-term investments 19,768 18,471
Accounts receivable, less allowance for doubtful
accounts of $9,916 in 2011 and $10,845 in 2010 231,171 215,420
Deferred income taxes 15,408 16,824
Prepaid expenses 21,448 16,038
Other current assets 25,212   24,882  
Total Current Assets 337,663 368,688
Property, plant and equipment, net 272,593 267,971
Other assets:
Goodwill 1,616,504 1,595,764
Intangible assets, less accumulated amortization of
$31,991 in 2011 and $28,394 in 2010 388,812 375,174
Other 28,065   31,426  
Total other assets 2,033,381   2,002,364  
Total Assets $ 2,643,637   $ 2,639,023  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 83,516 $ 88,899
Accounts payable 56,120 54,777
Accrued liabilities 127,623 134,711
Deferred revenues 14,679 14,455
Other current liabilities 10,307   15,647  
Total Current Liabilities 292,245 308,489
Long-term debt, net of current portion 921,554 1,014,222
Deferred income taxes 241,096 222,647
Other liabilities - long-term 10,735 13,315
Shareholders' Equity:
Common stock (par value $0.01 per share, 120,000,000 shares
authorized of which 85,702,145 were issued and outstanding in 2011
and 85,242,387 issued outstanding in 2010) 857 852
Additional paid-in capital 75,146 46,945
Accumulated other comprehensive income/ (loss) (3,931 ) (16,869 )
Retained earnings 1,073,171   1,017,497  
Total Stericycle, Inc. Shareholders' Equity 1,145,243 1,048,425
Noncontrolling interest 32,764   31,925  
Total Shareholders' Equity 1,178,007   1,080,350  
Total Liabilities and Shareholders' Equity $ 2,643,637   $ 2,639,023  
STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
       
 
Three Months Ended
March 31,
2011 2010
(unaudited)
$   % of Rev $   % of Rev
 
Revenues $ 398,126 100.0 % $ 335,177 100.0 %
 
Cost of revenues 215,634 54.2 % 179,432 53.5 %
Restructuring Costs 62     0.0 % 428     0.1 %
 
Gross profit 182,430 45.8 % 155,317 46.3 %
 
Selling, general and administrative expenses 71,910 18.1 % 64,022 19.1 %
Amortization 3,347     0.8 %

1,975

   

0.6

%

 
Total SG&A expense and amortization

75,257

   

18.9

%

65,997     19.7 %
 
Income from operations before
acquisition, integration, and other expenses 107,173 26.9 % 89,320 26.6 %
 
Acquisition expenses 3,798 1.0 % 800 0.2 %
Restructuring costs 196 0.0 % 239 0.1 %
Integration expenses 766     0.2 % 1,149     0.3 %
 
Income from operations 102,413 25.7 % 87,132 26.0 %
 
Other income (expense):
Interest income 184 0.0 % 80 0.0 %
Interest expense (11,372 ) -2.9 % (8,963 ) -2.7 %
Other expense, net (263 )   -0.1 % (1,003 )   -0.3 %
 
Total other income (expense) (11,451 )   -2.9 % (9,886 )   -2.9 %
 
Income before income taxes 90,962 22.8 % 77,246 23.0 %
 
Income tax expense 34,376     8.6 % 28,612     8.5 %
 
Net income 56,586 14.2 % 48,634 14.5 %
 
Net income attributable to
noncontrolling interests 912     0.2 % 515     0.2 %
 
Net income attributable to Stericycle, Inc. $ 55,674     14.0 % $ 48,119     14.4 %
 
Earnings per share-diluted $ 0.64   $ 0.56  
 
Weighted average number of
common shares outstanding-diluted 87,526,683   86,573,237  
STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
   
Three Months Ended
March 31,
2011 2010
(unaudited) (unaudited)
Operating Activities:
Net income $ 56,586 $ 48,634
Adjustments to reconcile net income to net cash
provided by operating activities:
Stock compensation expense 3,863 3,874
Excess tax benefit of stock options exercised (8,092 ) (1,163 )
Depreciation 11,756 10,414
Amortization 3,347 1,975
Deferred income taxes 16,051 13,784
Changes in operating assets and liabilities, net of
effect of acquisitions:
Accounts receivable (11,615 ) (7,932 )
Accounts payable (433 ) (3,522 )
Accrued liabilities (1,341 ) 15,601
Deferred revenues (34 ) 1,611
Other assets and liabilities (4,503 ) (2,221 )
 
Net cash provided by operating activities 65,585   81,055  
 

Investing Activities:

Payments for acquisitions and international
investments, net of cash acquired (19,543 ) (50,459 )
Purchases of short-term investments (1,240 ) (423 )
Proceeds from sale of property and equipment 389 -
Capital expenditures (11,692 ) (12,804 )
 
Net cash used in investing activities (32,086 ) (63,686 )
 
Financing Activities:
Repayment of long-term debt (24,563 ) (27,533 )
Net (repayments)/ borrowings on senior credit facility (86,044 ) 24,873
Purchase/cancellation of treasury stock - (10,616 )
Proceeds from other issuances of common stock 14,811 4,195
Excess tax benefit of stock options exercised 8,092   1,163  
 
Net cash used in financing activities (87,704 ) (7,918 )
Effect of exchange rate changes on cash 1,808   (2,332 )
Net (decrease)/ increase in cash and cash equivalents (52,397 ) 7,119
Cash and cash equivalents at beginning of period 77,053   15,767  
 
Cash and cash equivalents at end of period $ 24,656   $ 22,886  
Non-cash activities:
Net issuances of notes payable for certain acquisitions $ 1,100 $ 10,038

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


© Business Wire 2011
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