Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the first quarter of 2010.
Revenues for the quarter ended March 31, 2010 were $335.2 million, up 21.0% from $277.1 million in the same quarter last year. Acquisitions less than 12 months old contributed approximately $28.9 million to the growth in revenues for the quarter. Revenues increased 19.1% compared to the first quarter of 2009 when adjusted for favorable foreign exchange impacts in the first quarter of 2010 of $5.2 million. Gross profit was $155.3 million, up 21.5% from $127.8 million in the first quarter last year. Gross profit as a percent of revenue was 46.3% compared with 46.1% in the first quarter of 2009. Gross profit for the first quarter of 2010 was unfavorably impacted by $0.4 million of restructuring costs for our regulated returns management services business.
Net income attributable to Stericycle for the first quarter of 2010 was $48.1 million or $0.56 per diluted share compared with $40.7 million or $0.47 per diluted share for the first quarter of 2009. Net income attributable to Stericycle for the first quarter of 2009 included the effect of $0.4 million of after-tax transaction expenses related to acquisitions, and net income for the first quarter of 2010 included the effect of $0.7 million of after-tax transaction expenses related to acquisitions and $0.4 million of after-tax restructuring costs for our regulated returns management services business. Adjusted for these charges, non-GAAP earnings per diluted share increased from $0.47 in the first quarter of 2009 to $0.57 in the first quarter of 2010 or up 20.2% (see table below).
* In accordance with U.S. generally accepted accounting principles (GAAP), reported earnings per share include the after-tax impact of the items identified in this table. For internal purposes, including the determination of management compensation, the Company excludes these items from results when evaluating operating performance. This table and the Company's internal use of non-GAAP earnings per share are not intended to imply, and should not be interpreted as implying, that non-GAAP earnings per share is a better measure of performance than GAAP earnings per share.
Cash flow from operations was $81.1 million for the first quarter of 2010. Cash flow and increased loan balances were used to strengthen our business by acquisitions, capital expenditures and share repurchases.