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

Stocks in this article: SRCL

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

Revenues for the quarter ended September 30, 2012 were $480.5 million, up 14.2% from $420.9 million from the third quarter last year. Acquisitions less than 12 months old contributed approximately $31.5 million to the current period’s growth in revenues. Revenues increased 16.0% compared with the prior period when adjusted for an unfavorable foreign exchange impact of $8.0 million. Gross profit was $215.6 million, up 13.4% from $190.1 million in the third quarter last year. Gross profit as a percent of revenue was 44.9% compared with 45.2% in the third quarter of 2011.

Net income attributable to Stericycle for the third quarter of 2012 was $65.5 million or $0.75 per diluted share compared with $59.2 million or $0.68 per diluted share for the third quarter of 2011. Net income attributable to Stericycle for the third quarter of 2012 and third quarter of 2011 includes acquisition expenses, restructuring costs, loss on sale of business, and other items. Excluding the effect of these items, non-GAAP earnings per diluted share were $0.84 for the current quarter (see table below). Non-GAAP earnings per diluted share increased 15.3% from non-GAAP earnings per diluted share of $0.72 in the third quarter of 2011.

FIRST NINE MONTHS’ RESULTS

Revenues for the nine months ending September 30, 2012 were $1.41 billion, up 14.6% from $1.23 billion in the same period last year. Revenues increased 16.2% compared with the prior period when adjusted for an unfavorable foreign exchange impact of $19.5 million. Gross profit was $630.3 million, up 12.7% from $559.2 million in the same period last year. Gross profit as a percent of revenue was 44.7% compared with 45.5% in 2011. Non-GAAP earnings per diluted share, when adjusted for various items, increased 15.5% to $2.42 in 2012 from $2.10 in 2011 (see table below).

 
Table to reconcile non-GAAP EPS to GAAP EPS:
 
  Three months ended September 30,     Nine months ended September 30,
    Change     Change
2012   2011 $   % 2012   2011 $   %
GAAP EPS $ 0.75 $ 0.68 $ 0.07   10.6 % $ 2.28 $ 1.95 $ 0.33   17.1 %
 
Acquisition expenses/
Adjustment to Fair Value 0.03 0.04 0.08 0.13
 
Restructuring/ Plant Closure 0.02 0.00 0.02 0.01
 
Loss on Sale of Business 0.04 0.00 0.04 0.00
 
Other 0.00 0.00 0.00 0.01
 
Non-GAAP EPS (adjusted) $ 0.84 $ 0.72 $ 0.11 15.3 % $ 2.42 $ 2.10 $ 0.32 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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