Stericycle, Inc. Reports Results for Third Quarter 2006.LAKE FOREST, Ill. -- Stericycle, Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SRCL SRCL Stericycle, Inc. (stock symbol)
SRCL Security Requirements Check List (Treasury Board of Canada)
SRCL Speech Recognition Control Language ), today reported financial results for the third quarter of 2006.
THIRD QUARTER AND YEAR TO DATE RESULTS
Revenues for the quarter ended September 30, 2006 were $203.3 million, up 32.7% from $153.2 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $30.0 million in revenues for the quarter. Gross profit was $90.5 million, up 33.9% from $67.6 million in the same quarter last year. Gross profit as a percent of revenues was 44.5% versus 44.1% in the third quarter of 2005.
Net income for the third quarter of 2006 was $27.5 million or $0.61 per diluted share compared with net income of $23.4 million or $0.52 per diluted share for the same quarter last year.
For the nine months ended September 30, 2006, revenues increased to $580.9 million, up 31.2% from $442.9 million in the same period a year ago. Gross profit was $256.8 million, up 32.5% from $193.8 million in the same period a year ago. Gross profit as a percent of revenues was 44.2% versus 43.8% in the same period in 2005. Earnings per diluted share was $1.68 versus $1.50 per diluted share in the same period a year ago.
Diluted earnings per share diluted earnings per share
An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of in the quarter and nine months ended September 30, 2006 included $0.04 and $0.12 per share, respectively, recorded as a result of the adoption of FASB Statement FASB Statement
A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting No. 123R on January 1, 2006.
Cash flow from operations Cash flow from operations
A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $114.7 million for the first nine months of 2006. Cash flow and increased loan balances were used to strengthen our business and funded $142.9 million in acquisitions and international investments, $26.1 million in stock repurchases and $25.6 million in capital spending capital spending
Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. .
For more information about Stericycle, please visit our website at www.stericycle.com.
Safe Harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: Statements in this press release may contain forward-looking statements that involve risks and uncertainties, some of which are beyond our control (for example, general economic conditions). Our actual results could differ significantly from the results described in the forward-looking statements. Factors that could cause such differences include difficulties in completing the integration of acquired businesses, changes in governmental regulation of medical waste collection and treatment, and increases in transportation and other operating costs operating costs npl → gastos mpl operacionales , as well as the various other factors described in our filings with the U.S. Securities and Exchange Commission. As a result, past financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate future results or trends. We make no commitment to disclose any subsequent revisions to forward-looking statements.
Conference call to be held October 25, 2006 at 4:00 p.m. Central time - Dial 866-253-6505 at least 5 minutes before start time. If you are unable to participate on the call, a replay will be available through November 1st by dialing 888-266-2081, access code 970924. To hear a simulcast of the call over the internet, or to access an audio archive of the call, go to the Investor Relations Investor relations
The process by which the corporation communicates with its investors. page on Stericycle's website at www.stericycle.com.
[TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED]