Date: April 26, 2006
Source: Business Wire
Stericycle, Inc. (NASDAQ: SRCL), today reported financial results for the first quarter of 2006.
FIRST QUARTER RESULTS
Revenues for the quarter ended March 31, 2006 were $179.2 million, up 27.5% from $140.6 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $25.0 million in revenues for the quarter. Gross profit was $78.8 million, up 29.2% from $60.9 million in the same quarter last year. Gross profit as a percent of revenues was 43.9% versus 43.3% in the first quarter of 2005.
Net income for the first quarter of 2006 was $23.5 million or $0.52 per diluted share compared with net income of $21.8 million or $0.48 per diluted share for the same quarter last year.
Net income in the first quarter of 2006 included $1.6 million of stock compensation expense ($2.6 million pre-tax) or $0.04 per diluted share recorded as a result of the adoption of FASB Statement No. 123R on January 1, 2006.
Debt increased in the quarter due to acquisitions resulting in our total debt to capitalization percentage ratio at March 31, 2006 increasing to 47.3% from 40.9% at December 31, 2005.
Cash flow from operations was $31.2 million for the first three months of 2006. Cash flow and increased loan balances were used to strengthen our business and funded $120.8 million in acquisitions and international investments, $11.2 million in stock repurchases and $7.5 million in capital spending.
For more information about Stericycle, please visit our website at www.stericycle.com.