Steris Corporation Announces Fiscal 2011 Second Quarter Results

MENTOR, Ohio--(BUSINESS WIRE)--STERIS Corporation (NYSE: STE) today announced financial results for its fiscal 2011 second quarter ended September 30, 2010. Fiscal 2011 second quarter revenues were $312.4 million compared with $314.2 million in the second quarter of fiscal 2010, a decrease of 1%. Operating profit increased 10% to $54.9 million, or 17.6% of revenues, compared with $50.1 million, or 15.9% of revenues in the second quarter of fiscal 2010. Fiscal 2011 second quarter net income was $35.7 million, or $0.59 per diluted share, compared with net income of $32.1 million, or $0.54 per diluted share in the second quarter of fiscal 2010. Fiscal 2011 second quarter net income was impacted by the $110 million liability recorded in the first quarter for the SYSTEM 1 Rebate Program, which favorably impacted the Company’s tax rate, resulting in a benefit of $0.04 per diluted share during the quarter. Please see the attached schedules for more information, including comparisons excluding the impact of the SYSTEM 1 Rebate Program.