Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the first quarter of 2012.
Revenues for the quarter ended March 31, 2012 were $460.1 million, up 15.6% from $398.1 million from the first quarter last year. Acquisitions contributed approximately $41.0 million to the current period growth in revenues compared with last year in the period. The impact on revenues from foreign exchange in the quarter was $3.3 million unfavorable. Gross profit was $205.3 million, up 12.5% from $182.4 million in the first quarter last year. Gross profit as a percent of revenue was 44.6% compared with 45.8% in the first quarter of 2011.
Net income attributable to Stericycle for the first quarter of 2012 was $64.9 million or $0.75 per diluted share compared with $55.7 million or $0.64 per diluted share for the first quarter of 2011. Net income attributable to Stericycle for the first quarter of 2012 and first quarter of 2011 includes acquisition expenses, adjustments of contingent consideration to fair value, and other items. Excluding the effects of these items, non-GAAP earnings per diluted share were $0.78 for the quarter (see table below). Our non-GAAP earnings per diluted share increased 12.9% from our non-GAAP earnings per diluted share of $0.69 in the first quarter of 2011.
|Table to reconcile GAAP EPS to non-GAAP EPS:|
|Three months ended March 31,|
|2012||2011||Change $||Change %|
|Change in Fair Value/Other||0.01||(0.02||)|
|Non-GAAP EPS (adjusted)||$||0.78||$||0.69||$||0.09||12.9||%|
* 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.
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