STERIS Corporation Announces Fiscal 2010 First Quart...( ...),Health

MENTOR, Ohio, July 30 /PRNewswire-FirstCall/ -- STERIS Corporation (NYSE: STE) today announced financial results for its fiscal 2010 first quarter ended June 30, 2009. Fiscal 2010 first quarter revenues were $283.5 million compared with $311.6 million in the first quarter of fiscal 2009, a decline of 9%. On a constant currency basis, revenues decreased 7%. Operating profit increased 22% to $42.9 million, or 15.1% of revenues, compared with $35.0 million, or 11.2% of revenues in the first quarter of fiscal 2009. Fiscal 2010 first quarter net income was $25.5 million, or $0.43 per diluted share, compared with net income of $25.5 million, or $0.43 per diluted share, in the first quarter of fiscal 2009.

"While our first quarter proved to be challenging from a top-line perspective, we are pleased with our solid operating performance," said Walt Rosebrough, President and Chief Executive Officer of STERIS. "In particular, capital equipment in our Healthcare segment was impacted by challenging market dynamics as well as the timing of shipments. However, we are cautiously optimistic that our year-over-year growth rates will improve in the coming quarters, and are increasingly comfortable with our earnings per share guidance. As a result, our outlook for the full fiscal year is unchanged."

Segment Results

Healthcare revenues in the quarter were $200.6 million compared with $224.1 million in the first quarter of fiscal 2009, a decline of 10%. Strength in consumables was more than offset by declines in capital equipment and service, reflecting lower spending by hospital Customers across most major product categories. Backlog levels at quarter end were $132.4 million, an increase of 16% compared with the same time last year. Operating income was $32.1 million, an increas
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