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STERIS Corporation Announces Fiscal 2009 Second Quarter and First Half Results
Date:10/30/2008

MENTOR, Ohio, Oct. 30 /PRNewswire-FirstCall/ -- STERIS Corporation (NYSE: STE) today announced financial results for its fiscal 2009 second quarter ended September 30, 2008. Fiscal 2009 second quarter revenues increased 10% to $323.1 million compared with $295.0 million in the second quarter of fiscal 2008, driven by strong growth in all three business segments. Fiscal 2009 second quarter net income was $28.8 million, or $0.48 per diluted share, compared with net income of $16.0 million, or $0.25 per diluted share, in the second quarter of fiscal 2008. Net income growth was a result of increased volumes, higher gross margins, improved operating expense leverage and the sale of an Isomedix facility in the Chicago area during the quarter.

For the first half of fiscal 2009, revenues increased 10% to $634.7 million compared with $575.9 million in the first half of fiscal 2008. Net income for the first half of fiscal 2009 was $54.3 million, or $0.90 per diluted share, compared with net income of $29.2 million, or $0.45 per diluted share in the first half of fiscal 2008.

"STERIS has had a strong start to this fiscal year, with double-digit revenue growth and solid earnings performance in the first half of the year," said Walt Rosebrough, President and Chief Executive Officer of STERIS. "We are pleased to see our strategies taking hold, with new products contributing nicely to our growth and cost reduction efforts driving operating leverage. As we look out at the remainder of the year, we anticipate that our growth rates will moderate compared with first half levels, driven in part by our efforts to reduce the historic seasonality in our business in order to level out our production. In addition, the current political and economic u
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