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Steris reports fiscal 1Q loss on rebate charge

Tue, 08/03/2010 - 12:45pm
The Associated Press

Medical products maker Steris Corp. said Tuesday it lost $45.2 million in its fiscal first quarter due to an accounting charge for a rebate program, but its adjusted results beat Wall Street expectations.

The Mentor, Ohio, said it lost 76 cents per share in the three months that ended June 30. That compares to earnings of $25.5 million, or 43 cents per share, in the same quarter for 2009.

Revenue rose 3 percent to $291.3 million.

The company took a pre-tax charge of $110 million tied to a rebate program for its System 1 sterilizer. Adjusted earnings without that charge were 46 cents per share.

Analysts expected earnings of 45 cents per share on $299.4 million in revenue.

The results came in a little light on revenue, but some expense controls helped the company top analyst profit expectations, said Avondale Partners analyst Daniel Owczarski.

"Overall, it was a fine quarter," he said.

The company said healthcare revenues rose 3 percent to $206.1 million, as growth in capital equipment was partially offset by declines in consumables and service.

Steris also said Tuesday its board approved a 4-cent increase in its quarterly dividend to 15 cents per share. That will be payable Sept. 21 to shareholders of record at the close of business Aug. 24.

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