- Operating margin expansion continues
- Full year outlook updated
MENTOR, Ohio--(BUSINESS WIRE)-- STERIS Corporation (NYSE: STE) today announced financial results for its fiscal 2011 second quarter ended September 30, 2010. Fiscal 2011 second quarter revenues were $312.4 million compared with $314.2 million in the second quarter of fiscal 2010, a decrease of 1%. Operating profit increased 10% to $54.9 million, or 17.6% of revenues, compared with $50.1 million, or 15.9% of revenues in the second quarter of fiscal 2010. Fiscal 2011 second quarter net income was $35.7 million, or $0.59 per diluted share, compared with net income of $32.1 million, or $0.54 per diluted share in the second quarter of fiscal 2010. Fiscal 2011 second quarter net income was impacted by the $110 million liability recorded in the first quarter for the SYSTEM 1 Rebate Program, which favorably impacted the Company’s tax rate, resulting in a benefit of $0.04 per diluted share during the quarter. Please see the attached schedules for more information, including comparisons excluding the impact of the SYSTEM 1 Rebate Program.
“During the second quarter, we continued to expand our operating margins, despite a slight decline in revenue,” said Walt Rosebrough, President and Chief Executive Officer of STERIS. “Given the strength in our surgical and Isomedix businesses and our expectations for the SYSTEM 1E transition, our revenue expectations are unchanged for the full year. In addition, we are raising the low end of our previous earnings per share guidance, resulting in a revised outlook of $2.15 to $2.30 per diluted share.”
Segment Results
Healthcare revenues in the quarter declined 1% to $220.1 million compared with $223.0 million in the second quarter of fiscal 2010. Service revenue declined 2% while consumable revenue declined 6% due to reductions in S20 volumes and lower H1N1 product sales as compared to the prior year. Capital equipment revenue grew 2%, reflecting growth in surgical products somewhat offset by a decline in our infection prevention products. Operating income increased 5% to $38.1 million compared with $36.4 million in last year’s second quarter driven by continued operating efficiencies.
Life Sciences second quarter revenues were $53.5 million compared with $54.4 million in the second quarter of fiscal 2010, a decrease of 2%. Modest growth in consumables was not enough to offset a decline in both capital equipment and service revenues. Life Sciences operating income was $9.4 million, an increase of 10% compared with the prior year second quarter.
Fiscal 2011 second quarter revenues for Isomedix Services were $38.0 million compared with $34.7 million in the same period last year, an increase of 9%. Revenue benefitted from increased volumes from core medical device Customers. Operating income was $10.0 million in the quarter compared with $7.4 million in the second quarter of last year.
First Half Results
Fiscal 2011 first half results are impacted by a $110 million liability recorded in the first quarter for the SYSTEM 1 Rebate Program. Of the $110 million pre-tax amount recorded, $102 million is attributable to the Customer Rebate portion of the Program and was recorded as a reduction of revenues, and $8 million is attributable to the disposal of the SYSTEM 1 units to be returned and was recorded as an increase in cost of revenues. As a result, first half revenues were $501.4 million compared with $597.8 million in the first half of fiscal 2010. In addition, the company reported a net loss of $9.5 million, or ($0.16) per diluted share, compared with net income of $57.6 million, or $0.97 per diluted share, in the same period last year. Please refer to the attached schedules for additional information, including the Company’s financial results excluding the impact of the SYSTEM 1 Rebate Program.
Cash Flow
Net cash provided by operations for the first half of fiscal 2011 was $56.3 million, compared with $92.4 million in the same period last year. Free cash flow (see note 1) for the first half of fiscal 2011 was $29.3 million, compared with $74.4 million in the prior year period. The decline in free cash flow was driven by increased working capital requirements, primarily associated with increased inventory for SYSTEM 1E, and higher capital spending levels.
During the quarter, the Company repurchased 534,000 shares of its common stock at an average price of $30.32 per common share for a total amount of $16.2 million. Approximately $188 million remains under the current share repurchase authorization.
Dividend Announcement
The Company also announced today that STERIS’s Board of Directors has authorized a quarterly dividend of $0.15 per common share. The dividend is payable December 22, 2010 to shareholders of record at the close of business on November 24, 2010.
Outlook
Based upon current trends, the Company’s expectations for fiscal 2011 revenue growth of approximately 5% are unchanged. Earnings per diluted share are now anticipated to be in the range of $2.15 to $2.30, compared with prior expectations of $2.00 to $2.30 for the full fiscal year. This outlook reflects certain key assumptions, some of which are listed below:
- Healthcare revenue growth is expected to be in the mid-single digits.
- Life Sciences revenue is expected to decline in the low-single digits.
- Isomedix revenue growth is expected to be in the mid-to-high single digits.
- Excludes the reduction of revenue, operating income and tax rate related to the previously announced SYSTEM 1 Rebate Program.
- The Company has assumed the average forward exchange rates for the U.S. dollar and key international currencies as of September 30, 2010.
- The Company has assumed raw material costs will be approximately flat year over year.
- Excludes restructuring expenses from the Company’s ongoing efficiency efforts.
- EBIT as a percent of revenue is anticipated to be approximately 16.5%.
- The anticipated effective tax rate is approximately 36%.
For the full fiscal year 2011, free cash flow (see note 1) is currently anticipated to be in the range of $125 to $135 million and capital expenditures are currently anticipated to be in the range of $70 to $80 million.
Conference Call
In conjunction with this release, STERIS Corporation management will host a conference call today at 10:00 a.m. Eastern time. The conference call can be heard live over the Internet at www.steris-ir.com or via phone by dialing 1-800-369-8428 in the United States and Canada, and 1-773-799-3378 internationally, then referencing the password “STERIS”.
For those unable to listen to the conference call live, a replay will be available from 12:00 p.m. Eastern time on November 3, 2010, until 5:00 p.m. Eastern time on November 17, 2010, either over the Internet at www.steris-ir.com or via phone by calling 1-800-879-6722 in the United States and Canada, and 1-402-220-4751 internationally.
About STERIS
The mission of STERIS Corporation is to provide a healthier today and safer tomorrow through knowledgeable people and innovative infection prevention, decontamination and health science technologies, products and services. The Company has approximately 5,000 dedicated employees around the world working together to supply a broad array of solutions by offering a combination of equipment, consumables and services to healthcare, pharmaceutical, industrial and government Customers. The Company is listed on the New York Stock Exchange under the symbol STE. For more information, visit www.steris.com.
(1) Free cash flow is a non-GAAP number used by the Company as a measure to gauge its ability to fund future growth opportunities, repurchase common shares, and pay cash dividends. Free cash flow is defined as cash flows from operating activities less purchases of property, plant, equipment and intangibles, net, plus proceeds from the sale of property, plant, equipment and intangibles. STERIS’s calculation of free cash flow may vary from other companies.
This news release and the referenced conference call may contain statements concerning certain trends, expectations, forecasts, estimates, or other forward-looking information affecting or relating to the Company or its industry or products that are intended to qualify for the protections afforded "forward-looking statements" under the Private Securities Litigation Reform Act of 1995 and other laws and regulations. Forward-looking statements speak only as to the date of this report, and may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "targets," "forecasts," "outlook," "potential," "confidence," "improve," "optimistic," "comfortable," "trend", and "seeks," or the negative of such terms or other variations on such terms or comparable terminology. Many important factors could cause actual results to differ materially from those in the forward-looking statements including, without limitation, disruption of production or supplies, changes in market conditions, political events, pending or future claims or litigation, competitive factors, technology advances, actions of regulatory agencies, and changes in laws, government regulations, labeling or product approvals, or the application or interpretation thereof. Other risk factors are described in the Company's Form 10-K and other securities filings. Many of these important factors are outside STERIS's control. No assurances can be provided as to any outcome from litigation, regulatory action, administrative proceedings, government investigations, warning letters, consent decree, rebate program, transition, cost reductions, business strategies, earnings and revenue trends, expense reduction or other future financial results. Reference to the consent decree, transition, rebate program, or products are summaries only and do not alter or modify the specific terms of the decree, program or product clearance or literature. Unless legally required, the Company does not undertake to update or revise any forward-looking statements even if events make clear that any projected results, express or implied, will not be realized. Other potential risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, (a) the potential for increased pressure on pricing that leads to erosion of profit margins, (b) the possibility that market demand will not develop for new technologies, products or applications, or the Company's rebate program, transition plan, or other business initiatives will take longer, cost more or produce lower benefits than anticipated, (c) the possibility that application of or compliance with laws, court rulings, certifications, regulations, regulatory actions, including without limitation those relating to the previously disclosed FDA warning letters, government investigations, the December 3, 2009 or February 22, 2010 FDA notices, the April 20, 2010 consent decree and related transition plan and rebate program, the SYSTEM 1E device, Reliance EPS System, or other requirements or standards, may delay, limit or prevent new product introductions or the production and marketing of existing products, or otherwise affect Company performance, results, or value, (d) the potential of international unrest or effects of fluctuations in currencies, tax assessments or rates, raw material costs, benefit or retirement plan costs, or other regulatory compliance costs, (e) the possibility of reduced demand, or reductions in the rate of growth in demand, for the Company's products and services, (f) the possibility that anticipated growth, cost savings, rebate assumptions, new product acceptance or approvals, including without limitation, SYSTEM 1E and accessories thereto, or other results may not be achieved, or that transition, labor, competition, timing, execution, regulatory, governmental, or other issues or risks associated with the matters described in this release or the operation of the Company's business, may adversely impact Company performance, results, or value, (g) the effect of the contraction in credit availability, as well as the ability of our customers and suppliers to adequately access the credit markets when needed, and (h) those risks described in our Annual Report on Form 10-K for the year ended March 31, 2010 and the form 10-Q for the quarter ended June 30, 2010.
STERIS Corporation | |||||||||||||
Consolidated Condensed Statements of Operations | |||||||||||||
(In thousands, except per share data) | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
Revenues | $ | 312,425 | $ | 314,229 | $ | 603,718 | $ | 597,772 | |||||
SYSTEM 1 Rebate Program | - | - | (102,313) | - | |||||||||
Revenues, net | 312,425 | 314,229 | 501,405 | 597,772 | |||||||||
Cost of revenues | 177,370 | 181,574 | 340,593 | 340,281 | |||||||||
Cost of revenues - SYSTEM 1 Rebate Program | - | - | 7,691 | - | |||||||||
Gross profit | 135,055 | 132,655 | 153,121 | 257,491 | |||||||||
Operating expenses: | |||||||||||||
Selling, general, and administrative | 71,999 | 74,516 | 144,116 | 149,121 | |||||||||
Research and development | 8,043 | 8,189 | 16,652 | 15,769 | |||||||||
Restructuring expense | 105 | (115) | 446 | (327) | |||||||||
Total operating expenses | 80,147 | 82,590 | 161,214 | 164,563 | |||||||||
Income (Loss) income from operations | 54,908 | 50,065 | (8,093) | 92,928 | |||||||||
Non-operating expense, net | 2,808 | 2,852 | 5,653 | 5,718 | |||||||||
Income tax expense | 16,389 | 15,129 | (4,247) | 29,584 | |||||||||
Net (loss) income | $ | 35,711 | $ | 32,084 | $ | (9,499) | $ | 57,626 | |||||
Earnings per common share (EPS) data: | |||||||||||||
Basic | $ | 0.60 | $ | 0.55 | $ | (0.16) | $ | 0.98 | |||||
Diluted | $ | 0.59 | $ | 0.54 | $ | (0.16) | $ | 0.97 | |||||
Cash dividends declared per common share outstanding | $ | 0.15 | $ | 0.11 | $ | 0.26 | $ | 0.22 | |||||
Weighted average number of common shares outstanding used in EPS computation: |
|||||||||||||
Basic number of common shares outstanding | 59,356 | 58,654 | 59,377 | 58,585 | |||||||||
Diluted number of common shares outstanding | 60,049 | 59,242 | 59,377 | 59,042 | |||||||||
STERIS Corporation | |||||||||||||
Consolidated Condensed Balance Sheets | |||||||||||||
(In thousands) | |||||||||||||
September 30, | March 31, | ||||||||||||
2010 | 2010 | ||||||||||||
Assets | (Unaudited) | ||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 217,403 | $ | 214,971 | |||||||||
Accounts receivable, net | 201,758 | 214,940 | |||||||||||
Inventories, net | 144,933 | 121,135 | |||||||||||
Other current assets | 63,515 | 25,411 | |||||||||||
Total Current Assets | 627,609 | 576,457 | |||||||||||
Property, plant, and equipment, net | 348,137 | 346,858 | |||||||||||
Goodwill and intangible assets, net | 308,749 | 305,311 | |||||||||||
Other assets | 9,911 | 9,776 | |||||||||||
Total Assets | $ | 1,294,406 | $ | 1,238,402 | |||||||||
Liabilities and Equity | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 65,492 | $ | 66,035 | |||||||||
Accrued SYSTEM 1 Rebate Program | 109,956 | - | |||||||||||
Other current liabilities | 106,724 | 131,094 | |||||||||||
Total Current Liabilities | 282,172 | 197,129 | |||||||||||
Long-term debt | 210,000 | 210,000 | |||||||||||
Other liabilities | 71,782 | 76,779 | |||||||||||
Equity | 730,452 | 754,494 | |||||||||||
Total Liabilities and Equity | $ | 1,294,406 | $ | 1,238,402 | |||||||||
STERIS Corporation |
Income Reconciliation |
(In thousands, except per share data) |
The following table presents financial measures which are considered to be "non-GAAP financial measures" under Securities Exchange Commission rules. The Company has referred to results of operations excluding the SYSTEM 1 Rebate Program and related disposal costs to provide meaningful comparative analysis between the periods. |
Three months ended September 30, 2010 | Six months ended September 30, 2010 | |||||||||||||||||
Results of |
Impact of |
As reported |
Results of |
Impact of |
As reported | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
Revenues | $ | 312,425 | $ | - | $ | 312,425 | $ | 603,718 | $ | (102,313) | $ | 501,405 | ||||||
Cost of revenues | 177,370 | - | 177,370 | 340,593 | 7,691 | 348,284 | ||||||||||||
Gross profit | 135,055 | - | 135,055 | 263,125 | (110,004) | 153,121 | ||||||||||||
Operating expenses | 80,147 | - | 80,147 | 161,214 | - | 161,214 | ||||||||||||
Income (loss) from operations | 54,908 | - | 54,908 | 101,911 | (110,004) | (8,093) | ||||||||||||
Non-operating expenses, net | 2,808 | - | 2,808 | 5,653 | - | 5,653 | ||||||||||||
Income (loss) before income taxes | 52,100 | - | 52,100 | 96,258 | (110,004) | (13,746) | ||||||||||||
Income tax (benefit) expense | 19,093 | (2,704) | 16,389 | 35,413 | (39,660) | (4,247) | ||||||||||||
Net income (loss) | $ | 33,007 | $ | 2,704 | $ | 35,711 | $ | 60,845 | $ | (70,344) | $ | (9,499) | ||||||
Net income (loss) per common share: | ||||||||||||||||||
Basic | $ | 0.56 | $ | 0.04 | $ | 0.60 | $ | 1.02 | $ | (1.18) | $ | (0.16) | ||||||
Diluted | $ | 0.55 | $ | 0.04 | $ | 0.59 | $ | 1.01 | $ | (1.17) | $ | (0.16) | ||||||
Weighted average number of common shares outstanding used in EPS computation: |
||||||||||||||||||
Basic | 59,356 | 59,356 | 59,377 | 59,377 | ||||||||||||||
Diluted | 60,049 | 60,049 | 60,153 | 59,377 | ||||||||||||||
Effective income tax rate | 36.6 % | 31.5 % | 36.8 % | 30.9 % | ||||||||||||||
STERIS Corporation | ||||||||||||||
Segment Data & Income Analysis | ||||||||||||||
(In thousands) | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||
Segment Revenues: | ||||||||||||||
Healthcare | $ | 220,114 | $ | 223,006 | $ | 426,193 | $ | 423,610 | ||||||
SYSTEM 1 Rebate Program | - | - | (102,313) | - | ||||||||||
Healthcare, net | 220,114 | 223,006 | 323,880 | 423,610 | ||||||||||
Life Sciences | 53,513 | 54,401 | 100,127 | 100,517 | ||||||||||
STERIS Isomedix Services | 37,964 | 34,735 | 75,640 | 70,142 | ||||||||||
Total Reportable Segments | 311,591 | 312,142 | 499,647 | 594,269 | ||||||||||
Corporate and Other | 834 | 2,087 | 1,758 | 3,503 | ||||||||||
Total Segment Revenues | $ | 312,425 | $ | 314,229 | $ | 501,405 | $ | 597,772 | ||||||
The following table presents financial measures which are considered to be "non-GAAP financial measures" under Securities Exchange Commission rules. The Company has referred to results of operations excluding the SYSTEM 1 Rebate Program and related disposal costs to provide meaningful comparative analysis between the periods. |
Three Months Ended September 30, | ||||||||||||
2010 | 2009 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Segment Operating (Loss) Income Excluding SYSTEM 1 Rebate program: | As Reported |
SYSTEM 1 |
Total |
Total As |
||||||||
Healthcare | $ | 38,063 | $ | - | $ | 38,063 | $ | 36,366 | ||||
Life Sciences | 9,435 | - |
|
9,435 | 8,540 | |||||||
STERIS Isomedix Services | 10,024 | - |
|
10,024 | 7,401 | |||||||
Total Reportable Segments | 57,522 | - |
|
57,522 | 52,307 | |||||||
Corporate and Other | (2,614) | - |
|
(2,614) | (2,242) | |||||||
Total Operating (Loss) Income | $ | 54,908 | $ | - | $ | 54,908 | $ | 50,065 | ||||
Six Months Ended September 30, | ||||||||||||
2010 | 2009 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Segment Operating (Loss) Income Excluding SYSTEM 1 Rebate program: | As Reported |
SYSTEM 1 |
Total |
Total As |
||||||||
Healthcare | $ | (39,849) | $ | (110,004) | $ | 70,155 | $ | 68,469 | ||||
Life Sciences | 15,730 | - |
|
15,730 | 13,319 | |||||||
STERIS Isomedix Services | 20,608 | - |
|
20,608 | 15,740 | |||||||
Total Reportable Segments | (3,511) | (110,004) |
|
106,493 | 97,528 | |||||||
Corporate and Other | (4,582) | - |
|
(4,582) | (4,600) | |||||||
Total Operating (Loss) Income | $ | (8,093) | $ | (110,004) | $ | 101,911 | $ | 92,928 | ||||
STERIS Corporation | |||||||
Consolidated Condensed Statements of Cash Flows | |||||||
(In thousands) | |||||||
Six Months Ended | |||||||
September 30, | |||||||
2010 | 2009 | ||||||
(Unaudited) | (Unaudited) | ||||||
Operating Activities: | |||||||
Net (loss) income | $ | (9,499) | $ | 57,626 | |||
Non-cash items | (7,629) | 32,945 | |||||
Change in Accrued SYSTEM 1 Rebate Program | 109,956 | - | |||||
Changes in operating assets and liabilities | (36,471) | 1,837 | |||||
Net cash provided by operating activities | 56,357 | 92,408 | |||||
Investing Activities: | |||||||
Purchases of property, plant, equipment, and intangibles, net | (27,242) | (18,543) | |||||
Proceeds from sale of property, plant, equipment and intangibles | 192 | 509 | |||||
Net cash used in investing activities | (27,050) | (18,034) | |||||
Financing Activities: | |||||||
Repurchases of common shares | (16,627) | (289) | |||||
Cash dividends paid to common shareholders | (15,459) | (12,894) | |||||
Stock option and other equity transactions, net | 3,290 | 2,102 | |||||
Tax benefit from stock options exercised | 786 | 463 | |||||
Net cash used in financing activities | (28,010) | (10,618) | |||||
Effect of exchange rate changes on cash and cash equivalents | 1,135 | 5,822 | |||||
Increase in cash and cash equivalents | 2,432 | 69,578 | |||||
Cash and cash equivalents at beginning of period | 214,971 | 154,180 | |||||
Cash and cash equivalents at end of period | $ | 217,403 | $ | 223,758 | |||
The following table presents a financial measure which is considered to be "non-GAAP financial measures" under Securities Exchange Commission rules. Free cash flow is defined by the Company as cash flows from operating activities less purchases of property, plant, equipment and intangibles, net (capital expenditures) plus proceeds from the sale of property, plant, equipment and intangibles. The Company uses free cash flow as a measure to gauge its ability to fund future growth opportunities, repurchase common shares, and pay cash dividends. STERIS's calculation of free cash flow may vary from other companies. |
Six Months Ended | ||||||
September 30, | ||||||
2010 | 2009 | |||||
Calculation of Free Cash Flow: | (Unaudited) | (Unaudited) | ||||
Cash flows from operating activities | $ | 56,357 | $ | 92,408 | ||
Purchases of property, plant, equipment, and intangibles, net | (27,242) | (18,543) | ||||
Proceeds from the sale of property, plant, equipment, and intangibles | 192 | 509 | ||||
Free Cash Flow | $ | 29,307 | $ | 74,374 | ||
STERIS Corporation | ||||||||||||||||
Unaudited Supplemental Financial Data - Excluding SYSTEM 1 Rebate Program | ||||||||||||||||
Second Quarter Fiscal 2011 | ||||||||||||||||
As of September 30, 2010 | ||||||||||||||||
FY 2011 | FY 2011 | FY 2010 | FY 2010 | |||||||||||||
Q2 | YTD | Q2 | YTD | |||||||||||||
Total Company Revenues | ||||||||||||||||
Capital | $ | 120,308 | $ | 223,560 | $ | 119,146 | $ | 211,849 | ||||||||
Consumables | 76,784 | 153,117 | 79,989 | 160,786 | ||||||||||||
Service | 115,333 | 227,041 | 115,094 | 225,137 | ||||||||||||
Total Recurring | 192,117 | 380,158 | 195,083 | 385,923 | ||||||||||||
Total Revenues | $ | 312,425 | 603,718 | $ | 314,229 | $ | 597,772 | |||||||||
United States Revenues | $ | 237,953 | 464,041 | $ | 238,292 | $ | 462,098 | |||||||||
United States Revenues as a % of Total | 76% | 77% | 76% | 77% | ||||||||||||
International Revenues | $ | 74,472 | $ | 139,677 | $ | 75,937 | $ | 135,674 | ||||||||
International Revenues as % of Total | 24% | 23% | 24% | 23% | ||||||||||||
Segment Data | Q2 | YTD | Q2 | YTD | ||||||||||||
Healthcare | ||||||||||||||||
Revenues | ||||||||||||||||
Capital | $ | 101,580 | $ | 190,918 | $ | 99,737 | $ | 176,574 | ||||||||
Consumables | 60,443 | 120,925 | 64,038 | 130,769 | ||||||||||||
Service | 58,091 | 114,350 | 59,231 | 116,267 | ||||||||||||
Total Recurring | 118,534 | 235,275 | 123,269 | 247,036 | ||||||||||||
Total Healthcare Revenues | $ | 220,114 | $ | 426,193 | $ | 223,006 | $ | 423,610 | ||||||||
Operating Income (Loss) | 38,063 | 70,155 | 36,366 | 68,469 | ||||||||||||
Life Sciences | ||||||||||||||||
Revenues | ||||||||||||||||
Capital | $ | 18,728 | $ | 32,642 | $ | 19,374 | $ | 35,240 | ||||||||
Consumables | 16,341 | 32,192 | 15,951 | 30,017 | ||||||||||||
Service | 18,444 | 35,293 | 19,076 | 35,260 | ||||||||||||
Total Recurring | 34,785 | 67,485 | 35,027 | 65,277 | ||||||||||||
Total Life Sciences Revenues | $ | 53,513 | $ | 100,127 | $ | 54,401 | $ | 100,517 | ||||||||
Operating Income (Loss) | 9,435 | 15,730 | 8,540 | 13,319 | ||||||||||||
Isomedix Services | ||||||||||||||||
Revenues | $ | 37,964 | $ | 75,640 | $ | 34,735 | $ | 70,142 | ||||||||
Operating Income (Loss) | 10,024 | 20,608 | 7,401 | 15,740 | ||||||||||||
Corporate and Other | ||||||||||||||||
Revenues | $ | 834 | $ | 1,758 | $ | 2,087 | $ | 3,503 | ||||||||
Operating Income (Loss) | (2,614) | (4,582) | (2,242) | (4,600) | ||||||||||||
Other Data | Q2 | YTD | Q2 | YTD | ||||||||||||
Healthcare Backlog | $ | 154,273 | n/a | $ | 129,937 | n/a | ||||||||||
Life Sciences Backlog | 37,952 | n/a | 46,492 | n/a | ||||||||||||
Total Backlog | $ | 192,225 | n/a | $ | 176,429 | n/a | ||||||||||
Free Cash Flow | $ | 12,021 | $ | 29,307 | $ | 49,934 | $ | 74,374 | ||||||||
Net Debt | $ | (7,403) | $ | (7,403) | $ | (13,758) | $ | (13,758) | ||||||||
This supplemental data is consistent with publicly disclosed information provided in quarterly conference calls, earnings releases and SEC filings, and is subject to all definitions, precautions and limitations contained in those disclosures. Please see the Company's most recent 10-K for definitions (and reconciliation where appropriate) of backlog, free cash flow and net debt. |
CONTACT:
STERIS Corporation
Julie Winter, Director, Investor Relations, 440-392-7245
KEYWORDS: United States North America Ohio
INDUSTRY KEYWORDS: Health Hospitals Medical Devices Pharmaceutical Medical Supplies General Health
MEDIA:
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