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STERIS Corporation Announces Fiscal 2009 First Quarter Results
Date:7/30/2008

MENTOR, Ohio, July 30 /PRNewswire-FirstCall/ -- STERIS Corporation (NYSE: STE) today announced financial results for its fiscal 2009 first quarter ended June 30, 2008. Fiscal 2009 first quarter revenues increased 11% to $311.6 million compared with $280.9 million in the first quarter of fiscal 2008, primarily driven by double digit revenue growth in the Healthcare segment.

Fiscal 2009 first quarter net income was $25.5 million, or $0.43 per diluted share, compared with net income of $13.2 million, or $0.20 per diluted share, in the first quarter of fiscal 2008. Net income growth was a result of increased volumes, higher gross margins and improved operating expense leverage. In addition, the effective tax rate for the first quarter of fiscal 2009 was 24.2%, compared with 36.5% in the first quarter of fiscal 2008, primarily relating to a favorable settlement with the IRS for certain open tax years.

"We are very pleased to have such a strong start to the year, with growth in all of our reportable business segments. Our performance in the quarter included a significant increase in demand from hospital Customers, particularly for our new product offerings, while earnings also benefited from the cost reduction efforts we have initiated," said Walt Rosebrough, President and Chief Executive Officer of STERIS. "As we stated last quarter, we remain somewhat conservative on our full year outlook due to uncertainty regarding post election hospital spending and major pharmaceutical company capital purchases, as well as potential increased costs in raw materials and foreign exchange rates."

Quarterly Segment Results

Healthcare revenues in the quarter increased 14% to $224.1 million compared with the first quarter of fiscal 20
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SOURCE STERIS Corporation
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