STERIS Corp. (STE, Financial) filed Quarterly Report for the period ended 2010-12-31.
Steris Corp. has a market cap of $1.99 billion; its shares were traded at around $34.03 with a P/E ratio of 14.9 and P/S ratio of 1.6. The dividend yield of Steris Corp. stocks is 1.8%. Steris Corp. had an annual average earning growth of 19.1% over the past 10 years. GuruFocus rated Steris Corp. the business predictability rank of 3.5-star.Hedge Fund Gurus that owns STE: Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC. Mutual Fund and Other Gurus that owns STE: David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Edward Owens of Vanguard Health Care Fund, Diamond Hill Capital of Diamond Hill Capital Management Inc.
Fiscal 2011 third quarter revenues were $328.3 million representing an increase of 0.1% over prior year reflecting increases in the Healthcare and Isomedix business segments offset by a decrease in the Life Science business segment. Our gross margin percentage for the fiscal 2011 third quarter was 41.7%, representing a 80 basis point decrease over the prior year period, driven primarily by unfavorable product mix and lower SYSTEM 1 consumable volume. Revenues for the first nine months of fiscal 2011 were $829.7 million and gross margin percentage was 35.0%. Excluding the impact of the Rebate Program, fiscal 2011 first nine months of revenues were $932.0 million compared to $925.6 million in the first nine months of fiscal 2010, representing an increase of $6.4 million, or 0.7%, reflecting increases in the Healthcare and Isomedix business segments offset by a decrease in the Life Science business segment. Excluding the impact of the Rebate Program, our gross margin percentage for the first nine months of fiscal 2011 was 42.9%, consistent with the first nine months of the prior fiscal year. The benefits of productivity improvements and price increases were offset by unfavorable impacts of a shift in product mix and reductions in SYSTEM 1 consumable volumes.
During the first quarter of fiscal 2011, we recorded a pre-tax liability related to the SYSTEM 1 Rebate Program. Of the $110.0 million recorded, $102.3 million is attributable to the Customer Rebate portion of the Program and was recorded as a reduction to revenue, and $7.7 million is attributable to the disposal liability of the SYSTEM 1 units to be returned and was recorded in cost of revenues.
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 third quarter of fiscal 2011, our revenues were unfavorably impacted by $1.4 million, or 0.4%, and income before taxes was unfavorably impacted by $0.4 million, or 0.8%, as a result of foreign currency movements relative to the U.S. dollar. During the first nine months of fiscal 2011, our revenues were unfavorably impacted by $2.0 million, or 0.2%, and income before income taxes was unfavorably impacted by $0.2 million, or 0.6% as compared to the same prior year period.
Revenues increased $0.5 million, or 0.1%, to $328.3 million for the quarter ended December 31, 2010, as compared to $327.8 million for the same prior year quarter. Capital revenues increased $2.6 million in the third quarter of fiscal 2011, driven by higher demand from Healthcare Customers. Service revenues increased $1.9 million in the third quarter of fiscal 2011 due to an increase in Isomedix, although this increase was largely offset by decreases within the Healthcare and Life Sciences business segments. Consumable revenues decreased $4.0 million for the quarter ended December 31, 2010, primarily driven by decreases within the Healthcare segment attributable to reductions in SYSTEM 1 consumables and lower H1N1 related product sales as compared to the prior year quarter.
Revenues increased $6.4 million, or 0.7%, to $932.0 million for the first nine months of fiscal 2011, as compared to revenues of $925.6 million during the first nine months of fiscal 2010. Capital equipment revenues increased $14.3 million or 4.1%, driven by improved demand within the United States and the Asia Pacific and Latin America regions partially offset by declines in Canada and Europe. Recurring revenues decreased $7.9 million or 1.4% driven by weaker demand in United States and Europe attributable to reductions in SYSTEM 1 consumables in the United States and lower H1N1 product sales.
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Steris Corp. has a market cap of $1.99 billion; its shares were traded at around $34.03 with a P/E ratio of 14.9 and P/S ratio of 1.6. The dividend yield of Steris Corp. stocks is 1.8%. Steris Corp. had an annual average earning growth of 19.1% over the past 10 years. GuruFocus rated Steris Corp. the business predictability rank of 3.5-star.Hedge Fund Gurus that owns STE: Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC. Mutual Fund and Other Gurus that owns STE: David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Edward Owens of Vanguard Health Care Fund, Diamond Hill Capital of Diamond Hill Capital Management Inc.
Highlight of Business Operations:
During the first nine months of fiscal 2011, we recorded a pre-tax liability related to the SYSTEM 1 Rebate Program. The Rebate Program reduced Healthcare revenues by $102.3 million, increased Healthcare cost of revenues by $7.7 million, decreased gross margin and operating margin by $110.0 million, decreased net income by $69.5 million and reduced earnings per diluted share by $1.16. The accrual of these estimated rebates and costs increased current liabilities by $110.0 million and did not have a material impact on free cash flow during the period.Fiscal 2011 third quarter revenues were $328.3 million representing an increase of 0.1% over prior year reflecting increases in the Healthcare and Isomedix business segments offset by a decrease in the Life Science business segment. Our gross margin percentage for the fiscal 2011 third quarter was 41.7%, representing a 80 basis point decrease over the prior year period, driven primarily by unfavorable product mix and lower SYSTEM 1 consumable volume. Revenues for the first nine months of fiscal 2011 were $829.7 million and gross margin percentage was 35.0%. Excluding the impact of the Rebate Program, fiscal 2011 first nine months of revenues were $932.0 million compared to $925.6 million in the first nine months of fiscal 2010, representing an increase of $6.4 million, or 0.7%, reflecting increases in the Healthcare and Isomedix business segments offset by a decrease in the Life Science business segment. Excluding the impact of the Rebate Program, our gross margin percentage for the first nine months of fiscal 2011 was 42.9%, consistent with the first nine months of the prior fiscal year. The benefits of productivity improvements and price increases were offset by unfavorable impacts of a shift in product mix and reductions in SYSTEM 1 consumable volumes.
During the first quarter of fiscal 2011, we recorded a pre-tax liability related to the SYSTEM 1 Rebate Program. Of the $110.0 million recorded, $102.3 million is attributable to the Customer Rebate portion of the Program and was recorded as a reduction to revenue, and $7.7 million is attributable to the disposal liability of the SYSTEM 1 units to be returned and was recorded in cost of revenues.
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 third quarter of fiscal 2011, our revenues were unfavorably impacted by $1.4 million, or 0.4%, and income before taxes was unfavorably impacted by $0.4 million, or 0.8%, as a result of foreign currency movements relative to the U.S. dollar. During the first nine months of fiscal 2011, our revenues were unfavorably impacted by $2.0 million, or 0.2%, and income before income taxes was unfavorably impacted by $0.2 million, or 0.6% as compared to the same prior year period.
Revenues increased $0.5 million, or 0.1%, to $328.3 million for the quarter ended December 31, 2010, as compared to $327.8 million for the same prior year quarter. Capital revenues increased $2.6 million in the third quarter of fiscal 2011, driven by higher demand from Healthcare Customers. Service revenues increased $1.9 million in the third quarter of fiscal 2011 due to an increase in Isomedix, although this increase was largely offset by decreases within the Healthcare and Life Sciences business segments. Consumable revenues decreased $4.0 million for the quarter ended December 31, 2010, primarily driven by decreases within the Healthcare segment attributable to reductions in SYSTEM 1 consumables and lower H1N1 related product sales as compared to the prior year quarter.
Revenues increased $6.4 million, or 0.7%, to $932.0 million for the first nine months of fiscal 2011, as compared to revenues of $925.6 million during the first nine months of fiscal 2010. Capital equipment revenues increased $14.3 million or 4.1%, driven by improved demand within the United States and the Asia Pacific and Latin America regions partially offset by declines in Canada and Europe. Recurring revenues decreased $7.9 million or 1.4% driven by weaker demand in United States and Europe attributable to reductions in SYSTEM 1 consumables in the United States and lower H1N1 product sales.
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