STERIS Corp. (STE) filed Quarterly Report for the period ended 2009-09-30.
STERIS Corporation is a leading provider of infection prevention contamination prevention and surgical support systems products services and technologies to healthcare scientific research and industrial Customers throughout the world. The Company has over 4000 Associates (employees) worldwide including more than 1200 direct sales service and field support personnel. Customer Support facilities are located in major global market centers with manufacturing operations in theUnited States Canada Germany and Finland. Steris Corp. has a market cap of $1.75 billion; its shares were traded at around $29.79 with a P/E ratio of 15.4 and P/S ratio of 1.3. The dividend yield of Steris Corp. stocks is 1.5%. Steris Corp. had an annual average earning growth of 10.1% over the past 10 years.
Highlight of Business Operations:
Fiscal 2010 second quarter and first half revenues were $314.2 million and $597.8 million, respectively, representing decreases of 2.8% and 5.8%, driven by declines in all three reportable business segments. Our gross margin percentages were 42.2% and 43.1% for the second quarter and first half of fiscal 2010, which was an increase of 120 basis points compared to the same prior year quarter and an increase of 170 basis points from the first half of fiscal 2009. Gross margins during both fiscal 2010 periods benefited from price increases, lower raw material costs and favorable foreign currency fluctuations.
Free cash flow was $74.4 million in the first half of fiscal 2010 compared to $57.3 million in the prior year first half, reflecting an increase in cash earnings during fiscal 2010 and improved cash flow from operating assets and liabilities. Our debt-to-total capital ratio was 20.8% at September 30, 2010 as compared to 22.6% at March 31, 2009, reflecting no additional borrowings and increased operating income. We also declared and paid cash dividends totaling $0.22 per common share in the first half of fiscal 2010. In the first half of fiscal 2009, we declared and paid cash dividends totaling $0.14 per common share.
International Operations. Since we conduct operations outside of the United States using various foreign currencies, our operating results are impacted by foreign currency movements relative to the U.S. dollar. During the second quarter of fiscal 2010, our revenues were unfavorably impacted by $3.5 million, or 1.1%, and income before taxes was favorably impacted by $2.1 million, or 4.9%, as a result of foreign currency movements relative to the U.S. dollar. During the first half of fiscal 2010, our revenues were unfavorably impacted by $10.0 million, or 1.7%, and income before taxes was favorably impacted by $5.3 million, or 6.7%, as compared to the same prior year period.
Revenues decreased $8.9 million, or 2.8%, to $314.2 million for the quarter ended September 30, 2009, as compared to $323.1 million for the comparable prior year quarter. Capital equipment revenues decreased 8.6% as a result of decreased sales within the United States, Europe a
STE is in the portfolios of Edward Owens of Vanguard Health Care Fund, Edward Owens of Vanguard Health Care Fund, Kenneth Fisher of Fisher Asset Management, LLC, Kenneth Fisher of Fisher Asset Management, LLC.
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