Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the fourth quarter and full year of 2012.
Revenues for the quarter ended December 31, 2012 were $503.6 million, up 12.8% from $446.6 million in the fourth quarter last year. Acquisitions contributed approximately $31.1 million to the current period’s growth in revenues. Revenues increased 13.3% compared to the prior period when adjusted for unfavorable foreign exchange impacts of $2.3 million. Gross profit was $227.0 million, up 12.6% from $201.5 million in the fourth quarter last year. Gross profit as a percent of revenue was 45.1% compared with 45.1% in the fourth quarter of 2011.
Net income attributable to Stericycle for the fourth quarter of 2012 was $70.1 million or $0.80 per diluted share compared with $64.3 million or $0.74 per diluted share for the fourth quarter of 2011. Net income attributable to Stericycle for the fourth quarters of 2012 and 2011 includes acquisition expenses, adjustments of contingent consideration to fair value, restructuring and plant closure costs, loss on the sale of business, litigation settlement expense, and other items. Excluding the effect of these items, non-GAAP earnings per diluted share were $0.88 for the current quarter (see table below). Non-GAAP earnings per diluted share increased 15.1% from non-GAAP earnings per diluted share of $0.76 in the fourth quarter of 2011.
FULL-YEAR RESULTSRevenues for the full year 2012 were $1.91 billion, up 14.1% from $1.68 billion in 2011. Acquisitions contributed approximately $140.3 million to the current year’s growth in revenues. Revenues increased 15.4% compared to the prior year when adjusted for unfavorable foreign exchange impacts of $21.8 million. Gross profit was $857.3 million, up 12.7% from $760.7 million in 2011. Gross profit as a percent of revenue was 44.8% compared with 45.4% in 2011. Earnings per diluted share increased 14.6% to $3.08 in 2012 from $2.69 in 2011. Non-GAAP earnings per diluted share, when adjusted for various items, increased 15.4% to $3.30 from $2.86 (see table below).
|Table to reconcile non-GAAP EPS to GAAP EPS:|
|Three months ended December 31,||Year ended December 31,|
|Acquisition expenses/Fair Value||0.02||(0.01||)||0.10||0.12|
|Loss/(Gain) on Sale||0.04||0.00|
|Acceleration of Term Loan Fees||0.00||0.01|
|Non-GAAP EPS (adjusted)||$0.88||$0.76||$0.12||15.1||%||$3.30||$2.86||$0.44||15.4||%|
|* 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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