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Stericycle, Inc. Reports Results For The Second Quarter Of 2012

Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the second quarter of 2012.

Revenues for the quarter ended June 30, 2012 were $468.9 million, up 14.3% from $410.4 million from the second quarter last year. Acquisitions contributed approximately $36.6 million to the current period growth in revenues compared with the same period last year. Revenues increased 16.2% compared with the prior period when adjusted for unfavorable foreign exchange impacts of $8.1 million. Gross profit was $209.5 million, up 12.2% from $186.7 million in the second quarter last year. Gross profit as a percent of revenue was 44.7% compared with 45.5% in the second quarter of 2011.

Net income attributable to Stericycle for the second quarter of 2012 was $67.6 million or $0.78 per diluted share compared with $55.5 million or $0.63 per diluted share for the second quarter of 2011. Net income attributable to Stericycle for the second quarter of 2012 and second quarter of 2011 includes acquisition expenses, adjustments of contingent consideration to fair value, restructuring, plant closure, and other items. Excluding the effect of these items, non-GAAP earnings per diluted share were $0.81 for the current quarter (see table below). Non-GAAP earnings per diluted share increased 17.0% from non-GAAP earnings per diluted share of $0.69 in the second quarter of 2011.

FIRST SIX MONTHS’ RESULTS

Revenues for the six months ending June 30, 2012 were $929.0 million, up 14.9% from $808.6 million in the same period last year. Revenues increased 16.3% compared with the prior period when adjusted for an unfavorable foreign exchange impact of $11.4 million. Gross profit was $414.8 million, up 12.4% from $369.2 million in the same period last year. Gross profit as a percent of revenue was 44.6% compared with 45.7% in 2011. Non-GAAP earnings per diluted share, when adjusted for various non-operational items, increased 15.5% to $1.58 from $1.37(see table below).
               
Table to reconcile non-GAAP EPS to GAAP EPS:
 

 

Three months ended June 30,

Six months ended June 30,

 
 

2012
 

2011
 

Change$
 

Change%
 

2012
 

2011
 

Change$
 

Change%
GAAP EPS

$

0.78

$

0.63

$

0.15

23.2

%

$

1.53

$

1.27

$

0.26

20.5

%

 
Acquisition expenses

0.02

0.05

0.04

0.09

 
Restructuring/Plant Closure

0.01

0.01
 
Acceleration of

0.01

0.01
Term Loan Fees
 
Non-GAAP EPS (adjusted)

$

0.81

$

0.69

$

0.12

17.0

%

$

1.58

$

1.37

$

0.21

15.5

%

 

* 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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