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STERIS REPORTS RECORD THIRD QUARTER AND NINE-MONTH SALES AND EARNINGS FOR FISCAL 1993

 MENTOR, Ohio, Jan. 26 /PRNewswire/ -- STERIS Corporation (NASDAQ: STRL) today announced continued strong growth in sales, net income, and net income per share in the fiscal 1993 third quarter and nine-month periods, which ended Dec. 31, 1992.
 Net sales for the fiscal 1993 third quarter increased 100 percent to a record $6,806,000 from $3,410,000. Nine-month sales of $17,939,000 exceeded sales for the entire 1992 fiscal year and were up 120 percent from the $8,170,000 recorded in the corresponding period a year ago.
 "The company experienced continued strong demand for the STERIS SYSTEM 1(TM) Sterile Processing System and received several multiple- system orders from customers during the quarter," stated Bill R. Sanford, STERIS's chairman, president, and chief executive officer. "STERIS SYSTEM 1(TM), STERIS 20(TM) Sterilant, accessories, other consumables, and service revenues were all at record levels."
 Third quarter net income was $740,000, compared to a net loss of $99,000 recorded in last year's third quarter. Net income in the nine- month period was $1,350,000, an increase of $1,863,000 from the net loss of $513,000 in the same period last year.
 Quarterly net income per share was $0.09, compared with a net loss of $0.10 in last year's third quarter. Nine-month net income was $0.16 per share in fiscal 1993 versus a net loss of $0.39 per share in the same period a year ago. Income tax expense was minimal because of the company's net operating loss carryforward.
 Sanford continued, "The numerous advantages of the STERIS PROCESS(TM) liquid chemical sterile processing technology over both conventional and proposed competitive processing methods are being well received by the market. We estimate that our customers have safely sterilized approximately four million surgical and diagnostic devices and instruments in STERIS Systems during the past nine months. Over two thousand (2,000) STERIS SYSTEM 1(TM) Sterile Processing Systems have now been sold to customers in all fifty states and a growing number of foreign countries. Our performance in the third quarter reflects the positive momentum that has been developed by our U.S. direct sales force."
 STERIS Corporation develops, manufactures, and markets sterile processing and infection prevention systems and related consumables and accessories for the healthcare industry. The company's STERIS SYSTEM 1(TM) enables health professionals to safely sterilize immersible surgical and diagnostic devices and instruments between patient procedures in less than 30 minutes at the site of patient care. The SYSTEM allows just-in-time availability of sterile instruments, including surgical and diagnostic endoscopes, microsurgery instruments, and miniature video cameras, thereby increasing equipment utilization, staff productivity, and safety.
 STATEMENTS OF OPERATIONS (Unaudited)
 (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 December 31 December 31
 1992 1991 1992 1991
 Net sales $6,806 $3,410 $17,939 $8,170
 Cost of products sold 2,823 1,541 7,571 3,734
 Gross profit 3,983 1,869 10,368 4,436
 Cost & expenses
 Selling, general
 & administrative 2,611 1,685 7,229 4,079
 Research & development 700 301 1,976 908
 Total 3,311 1,986 9,205 4,987
 Income (loss) from
 operations 672 (117) 1,163 (551)
 Interest income, net 80 18 207 38
 Income (loss) before
 income taxes 752 (99) 1,370 (513)
 Income taxes (A) 12 -0- 20 -0-
 Net income (loss) $ 740 $ (99) $1,350 $ (513)
 Net income (loss) per
 common share (B) $ 0.09 $(0.10) $ 0.16 $(0.39)
 Weighted average number
 of shares outstanding 8,678 2,195 8,648 2,195
 (A) -- Income tax expense was minimal because of the company's net operating loss carryforward.
 (B) -- The prior year figure reflects assumed dividends of $117,000 for the three month period and $351,000 for the nine month period on certain preferred shares as an increase to loss attributable to common shares.
 -0- 1/26/93
 /CONTACT: Bill R. Sanford, president, STERIS Corporation, 216-354-2600/
 (STRL)


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

BM -- CL024 -- 9288 01/26/93 16:50 EST
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Publication:PR Newswire
Date:Jan 26, 1993
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