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STERIS Corporation Announces Fiscal 2008 Third Quarter Results
Date:1/30/2008

search and development expenses related to product enhancements and by foreign exchange translation.

Fiscal 2008 third quarter revenues for Isomedix Services were $34.6 million, an increase of 4% compared with the same period last year. Revenue growth was primarily driven by increased demand from medical device customers and routine price increases. Operating income increased 12% compared with the prior year quarter to $6.4 million, reflecting increased volumes and pricing.

Cash Flow

Net cash provided by operations in the first nine months of fiscal 2008 was $94.5 million, compared with net cash provided by operations of $41.4 million in the first nine months of fiscal 2007. Net cash provided by operations in the fiscal 2007 period included a $27.6 million payment to the IRS for tax expenses previously incurred. Free cash flow (see note 1) for the first nine months of fiscal 2008 was $60.1 million, compared with free cash flow of $10.9 million in the first nine months of fiscal 2007. During the third quarter of fiscal 2008, the Company completed the sale of its Erie, Pennsylvania manufacturing facility, which added $4.7 million to free cash flow.

During the quarter, the Company repurchased 1,453,200 shares of its common stock at an average price of $27.97 per common share for a total amount of $40.6 million. For the first nine months of fiscal 2008, the Company has repurchased 3,406,531 shares of its common stock at an average price of $28.26 for a total amount of $96.3 million. Approximately $225 million remains under the current share repurchase authorization.

Outlook

Based upon year-to-date results and current anticipated trends, the Company expects revenue growth in the range of 4-5% and earnings per diluted share of $1.30 to $1.35 for the full fiscal year. This revised outlook largely reflects the impact of the slower than anticipated ramp in production levels at the Company's manufacturing facility in Monterrey, Mexico
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SOURCE STERIS Corporation
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