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

or the first half of fiscal 2009 were $68.8 million and $57.3 million, respectively. These compare favorably with $53.2 million and $31.6 million in the same period last year, primarily reflecting the increase in earnings and the impact of the Isomedix facility sale, which added $9.5 million to free cash flow.

During the second quarter and through October 29, 2008, the Company repurchased 1,065,277 shares of its common stock at an average price of $33.78 per common share for a total amount of $36.0 million. Approximately $217 million remains under the current share repurchase authorization.

Outlook

Based upon first half performance and current anticipated trends in the second half of the year, the Company is updating its outlook for fiscal 2009. The Company currently anticipates revenue growth for the full year to be toward the high-end of the previously announced range of 4-6%. Earnings may exceed the high-end of the previously announced range by as much as $0.15, potentially resulting in earnings per diluted share of up to $1.80 for the full year. This outlook reflects certain assumptions and is subject to numerous uncertainties, some of which are listed below:

-- Revenue growth is expected to be in the high single digits in Healthcare, and in the low single digits for both Life Sciences and Isomedix.

-- The Company is assuming that the recent strength in the United States dollar will not hold relative to international currencies.

-- The Company is assuming a modest increase in material costs in the second half of the year compared with the first half of the fiscal year.

-- Operating margin is currently anticipated to be approximately 12.5% for the full year.

-- The anticipated effective tax rate is approximately 35% for the full year.

For the full year, free cash flow (see note 1) is now anticipated to be approximately $100 million, reflecting the sale of the Isomedix facility during the second quarte
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SOURCE STERIS Corporation
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