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Stericycle Revenues and Profits Up by 33% in Third Quarter

Date: October 25, 2006

Source: Stericycle, Inc.

Stericycle, Inc. (NASDAQ:SRCL), reported financial results for the third quarter of 2006.

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 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 No. 123R on January 1, 2006.

Cash flow from operations 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.

For more information about Stericycle, please visit www.stericycle.com.

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