TIDMSTE TIDMSYR
RNS Number : 9422D
Steris Corporation
30 October 2015
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR
INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
STERIS CORPORATION
NEWS ANNOUNCEMENT
FOR IMMEDIATE RELEASE
STERIS CORPORATION ANNOUNCES FISCAL 2016 SECOND QUARTER
FINANCIAL RESULTS
-- 6% top-line growth, including currency headwind of 2%
-- U.S. GAAP earnings of $0.14 per diluted share
-- Adjusted earnings per diluted share increased 22% to $0.83
-- Synergy Health acquisition expected to close on November 2, 2015
Mentor, Ohio (October 30, 2015) - STERIS Corporation (NYSE: STE)
today announced financial results for its fiscal 2016 second
quarter ended September 30, 2015. Fiscal 2016 second quarter
revenue increased 6% to $489.9 million compared with $462.7 million
in the second quarter of fiscal 2015, with growth in all three
segments. As reported, net income was $8.7 million, or $0.14 per
diluted share, compared with net income of $31.0 million, or $0.52
per diluted share in the second quarter of fiscal 2015.
Adjusted Results
Adjusted net income for the second quarter of fiscal 2016 was
$50.1 million, or $0.83 per diluted share, compared with adjusted
net income for the second quarter of the previous year of $40.6
million, or $0.68 per diluted share.
"STERIS is in a good position heading into our second half, with
solid top and bottom-line growth," said Walt Rosebrough, President
and Chief Executive Officer of STERIS. "We are very pleased to be
days away from closing the Synergy Health acquisition. We are
excited about the future, as the combined Company will bring
together the many strengths of both businesses, which will allow us
to accomplish more than either one of us could separately."
Segment Results
Healthcare revenue grew 3% in the quarter to $362.3 million
compared with $351.2 million in the second quarter of fiscal 2015.
Contributing to the quarter, service revenue increased 4%,
consumable revenue grew 2% and capital equipment revenue increased
3%. Solid performance in the United States continues to be offset
by weakness internationally.
As reported, Healthcare operating income was $20.3 million
compared with $29.9 million in last year's second quarter. Adjusted
segment operating income was $45.5 million compared with adjusted
operating income of $45.2 million in the second quarter of fiscal
2015. The increase in profitability was primarily due to increased
volume and favorable foreign currency exchange rates.
Life Sciences second quarter revenue increased 20% to $71.0
million compared with $59.1 million in the second quarter of fiscal
2015. Consumable revenue grew 32%, reflecting the recent
acquisition of GEPCO, capital equipment revenue increased 25% and
service revenue grew 3%. Life Sciences operating income as reported
was $18.1 million compared with $13.0 million in the prior year's
second quarter. Adjusted segment operating income was $20.9 million
compared with adjusted segment operating income of $13.2 million in
the prior year quarter. The increase in profitability was primarily
due to the increased volume, including GEPCO, and favorable foreign
currency exchange rates.
Fiscal 2016 second quarter revenue for Isomedix Services
increased 8% to $55.8 million compared with $51.9 million in the
same period last year. Revenue benefited from increased volume from
the segment's core medical device Customers. As reported, operating
income was $14.8 million in the quarter compared with $14.4 million
in the second quarter of last year. Adjusted segment operating
income increased to $17.5 million in the second quarter of fiscal
2016 compared with adjusted segment operating income of $14.5
million last year, due primarily to the increase in volume.
Cash Flow
Net cash provided by operations for the first half of fiscal
2016 was $79.5 million, compared with $104.9 million in fiscal
2015. Free cash flow (see note 1) for the first half of fiscal 2016
was $39.6 million compared with $69.2 million in the prior year.
The decline in free cash flow is primarily due to an increased
payout level in regards to the Company's prior year annual
compensation program, a pension contribution made in connection
with the settlement of a legacy pension obligation, and additional
expenses related to the proposed Combination with Synergy
Health.
Outlook
On a stand-alone basis, STERIS is confirming its previous
outlook of revenue growth of 6-7% for fiscal 2016. Expectations for
adjusted earnings per diluted share are unchanged in the range of
$3.15 to $3.30 for the full fiscal year. The Synergy Health
acquisition is anticipated to close on Monday, November 2, 2015.
STERIS plans to provide an outlook inclusive of Synergy Health as
soon as practical.
Fiscal 2016 free cash flow (see note 1) is now anticipated to be
approximately $130.0 million, reflecting approximately $30 million
in cash expenses related to the Synergy Health acquisition. Capital
expenditures are anticipated to be approximately $105.0 million,
reflecting the impact of acquisitions, continued expansion within
Isomedix, new product development and general maintenance and
repair for existing facilities.
Conference Call
In conjunction with this release, STERIS Corporation management
will host a conference call today at 10:00 a.m. Eastern time. The
conference call can be heard live over the Internet at
www.steris-ir.com or via phone by dialing 1-800-369-8428 in the
United States and Canada, and 1-773-799-3378 internationally, then
referencing the password "STERIS".
For those unable to listen to the conference call live, a replay
will be available beginning at 12:00 p.m. Eastern time today either
over the Internet at www.steris-ir.com or via phone by calling
1-888-566-0592 in the United States and Canada, and 1-203-369-3069
internationally.
About STERIS
The mission of STERIS Corporation is to help our Customers
create a healthier and safer world by providing innovative
healthcare and life science product and service solutions around
the globe. The Company is listed on the New York Stock Exchange
under the symbol STE. For more information, visit
www.steris.com.
(1) Free cash flow is a non-GAAP number used by the Company as a
measure to gauge its ability to fund future debt principal
repayments, growth outside of core operations, repurchase common
shares, and pay cash dividends. Free cash flow is defined as cash
flows from operating activities less purchases of property, plant,
equipment and intangibles, net, plus proceeds from the sale of
property, plant, equipment and intangibles. STERIS's calculation of
free cash flow may vary from other companies.
U.K. Takeover Code Directors' Confirmation
Under Rule 28.1 of the U.K.'s City Code on Takeovers and Mergers
(the "Takeover Code") which applies in light of our proposed
acquisition of Synergy Health, our directors must provide a
so-called "directors' confirmation" in respect of our net income
for the quarter ended September 30, 2015 (the "Net Income
Statements") and the outlook guidance (the "Outlook") contained in
this announcement since they constitute unaudited profit estimates
and a profit forecast respectively for the purposes of the Takeover
Code. Accordingly, our directors confirm that:
1. the Net Income Statements and the Outlook have been properly
compiled on the basis of the assumptions contained or referred in
our annual report on Form 10-K for the year ended March 31, 2015
and, in the case of the Outlook, on the basis of the assumption
contained in this announcement under the section captioned
"Outlook"; and
2. the basis of accounting used for preparing Net Income
Statements and the Outlook is consistent with our accounting
policies.
Enquiries:
STERIS
Investor Contact: Julie Winter, Director, Investor Relations Tel: +1 440 392 7245
Media Contact:
Stephen Norton, Senior Director, Corporate Communications Tel: +1 440 392 7482
Lazard & Co., Limited (Financial Adviser to STERIS and New
STERIS)
Stephen Sands Tel: +44 20 7187 2000
Nicholas Shott
Al Garner Tel: +1 212 632 6000
Andrew Dickinson Tel: +1 415 623 5000
Lazard & Co., Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
exclusively as financial adviser to STERIS and New STERIS and no
one else in connection with the proposed transaction pursuant to
which New STERIS plc ("New STERIS") will become the ultimate parent
company of Synergy Health plc pursuant to an English scheme of
arrangement transaction and of STERIS Corporation pursuant to the
merger of STERIS Corporation with and into a subsidiary of New
STERIS (the "Combination") and will not be responsible to anyone
other than STERIS and New STERIS for providing the protections
afforded to clients of Lazard & Co., Limited nor for providing
advice in relation to the Combination or any other matters referred
to in this Announcement. Neither Lazard & Co., Limited nor any
of its affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person who is
not a client of Lazard & Co., Limited in connection with this
Announcement, any statement contained herein, the Combination or
otherwise.
Disclosure requirements of the Code
(MORE TO FOLLOW) Dow Jones Newswires
October 30, 2015 07:00 ET (11:00 GMT)
Synergy Health (LSE:SYR)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
Synergy Health (LSE:SYR)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
