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 MENTOR, Ohio, July 27 /PRNewswire/ -- STERIS Corporation (NASDAQ: STRL) today announced record quarterly net sales, net income and net income per share.
 Net sales in the three months that ended June 30, 1993, increased 83 percent to $9,057,000 from $4,953,000 in the first quarter a year a Income before the cumulative effect of an accounting change in the fiscal 1994 first quarter was $964,000, or $0.10 per share, a 353 percent increase over net income of $213,000, or $0.03 per share, recorded in the first quarter of fiscal 1993. Tax expense was minimal in fiscal 1993 because of the company's net operating loss carryforward. Fiscal 1994 income, before the accounting change, is on a fully taxed basis.
 In the first quarter of fiscal 1994, the company was required to adopt FASB Statement No. 109, "Accounting for Income Taxes." The result of the cumulative effect of the change in method of accounting increased net income by $1,220,000, or $0.13 per share, to $2,184,000, or $0.23 per share.
 Income from operations increased by 662 percent in the first quarter of fiscal 1994 to $1,463,000 from $192,000 in the first quarter of fiscal 1993. Income before income taxes and the accountin increased by 627 percent to $1,606,000 in the first quarter of fiscal 1994 from $221,000 in the comparable period in fiscal 1993.
 Bill R. Sanford, STERIS Chairman, President and Chief Executive Officer, stated: "Fiscal 1994 is off to an excellent start with continued positive momentum in sales and shipments of sterile processing systems and consumables. We are seeing increasing numbers of multiple system orders as hospitals and other healthcare providers convert to our rapid, safe, and cost-effective sterile processing systems from more hazardous and costly methods for processing devices used in minimally invasive surgical and diagnostic procedures. We are continuing to build our direct U.S. sales and service organization to capitalize on market opportunities and provide better service to our customers."
 Mr. Sanford added, "Profitability increased as a result of improved gross margin and effective expense control. The level of business activity remains high, and we are optimistic about continued growth in fiscal 1994."
 STERIS Corporation develops, manufactures and markets sterile processing and infection prevention systems and related consumables and accessories for the healthcare industry. The company's sterile processing systems enable healthcare professionals to safely sterilize immersible surgical and diagnostic devices between patient procedures in less than 30 minutes at the site of patient care. The systems allow just-in-time availability of sterile devices, including surgical and diagnostic endoscopes, microsurgery instruments and miniature video cameras, thereby increasing equipment utilization and staff productivity.
 (In Thousands, Except Share and Per Share Amounts)
 1993 1992
 Net sales $9,057 $4,953
 Cost of products sold 3,691 2,076
 Gross profit 5,366 2,877
 Costs and expenses
 Selling, general and administrative 3,022 2,083
 Research and development 881 602
 Total 3,903 2,685
 Income from operations 1,463 192
 Interest income, net 143 29
 Income before income taxes and cumulative
 effect of accounting change 1,606 221
 Income taxes (Note A) 642 8
 Income before cumulative effect of
 accounting change $ 964 $ 213
 Cumulative effect as of March 31, 1993,
 of change in method of accounting
 for income taxes (Note B) 1,220 0
 Net income $2,184 $ 213
 Earnings per share:
 Income before cumulative effect
 of accounting change $.10 $.03
 Cumulative effect of accounting change .13 ---
 Net income per common share $.23 $.03
 Weighted average number of
 shares outstanding 9,304,113 6,840,807
 Note A: Income tax expense for the fiscal 1993 first quarter was minimal because of the company's net operating loss carryforwards.
 Note B: Effective April 1, 1993, the company was required to adopt FASB Statement No. 109, "Accounting For Income Taxes." This adjustment relates primarily to the recording of available tax net operating loss carryforwards which expire beginning in 2004. Financial statements for prior years have not been restated.
 -0- 7/27/93
 /CONTACT: Bill R. Sanford, chairman, president and CEO of STERIS Corporation, 216-354-2600/

CO: STERIS Corporation ST: Ohio IN: MTC SU: ERN

AR -- CL017 -- 6381 07/27/93 15:57 EDT
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Publication:PR Newswire
Date:Jul 27, 1993

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