Stericycle reports results for second quarter 2008

Stericycle, Inc. reported financial results for the second quarter of 2008. Revenues for the quarter ended June 30, 2008 were $277.8 million, up 19.3% from $232.8 million in the same quarter last year.

Acquisitions less than 12 months old contributed approximately $18.0 million to the growth in revenues for the quarter. Gross profit was $123.2 million, up 17.8% from $104.5 million in the same quarter last year. Gross profit as a percent of revenue was 44.3% versus 44.9% in the second quarter of 2007.

Net income for the second quarter of 2008 was $38.7 million or $0.44 per diluted share compared with net income of $32.0 million or $0.36 per diluted share for the second quarter of 2007.

For the six months ended June 30, 2008, revenues were $532.6 million, up 20.0% from $443.9 million in the same period last year. Gross profit was $236.7 million, up 19.1% from $198.8 million in the same period last year. Earnings per diluted share increased 16.2% to $0.79 from $0.68 per diluted share in the same period last year. Earnings per diluted share for the six months ended 2008 were negatively impacted by $0.04 per diluted share related to the arbitration settlement recorded in the first quarter of 2008.