STERIS CORP

CIK:0000815065|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Product	$ 274,145	$ 256,845	$ 506,452	$ 487,285
Service	215,752	205,884	423,347	388,087
Total revenues	489,897	462,729	929,799	875,372
Cost of revenues:
Product	148,088	142,991	277,944	272,966
Service	132,488	125,746	258,444	238,321
Total cost of revenues	280,576	268,737	536,388	511,287
Gross Profit	209,321	193,992	393,411	364,085
Operating expenses:
Selling, general, and administrative	172,459	126,292	299,294	239,980
Research and development	14,255	13,006	28,020	25,415
Restructuring expenses	(56)	1,271	(782)	1,099
Total operating expenses	186,658	140,569	326,532	266,494
Income (loss) from operations	22,663	53,423	66,879	97,591
Non-operating expenses, net:
Interest expense	7,485	4,948	13,605	9,630
Interest income and miscellaneous expense	(663)	(36)	(1,125)	(256)
Total non-operating expenses, net	6,822	4,912	12,480	9,374
Income (loss) before income tax expense (benefit)	15,841	48,511	54,399	88,217
Income tax expense (benefit)	7,154	17,507	21,421	32,676
Net (loss) income	$ 8,687	$ 31,004	$ 32,978	$ 55,541
Net income (loss) per common share
Basic	$ 0.15	$ 0.52	$ 0.55	$ 0.94
Diluted	0.14	0.52	0.55	0.93
Cash dividends declared per common share outstanding	$ 0.25	$ 0.23	$ 0.48	$ 0.44

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net (loss) income	$ 32,978	$ 55,541
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, and amortization	46,098	47,835
Deferred income taxes	(8,903)	(1,005)
Share-based compensation	7,865	7,606
Pension Expense	26,515	0
Pension Contributions	(4,687)	0
Loss on the disposal of property, plant, equipment, and intangibles, net	103	(373)
Excess Tax Benefit from Share-based Compensation, Operating Activities	(4,676)	(4,505)
Other items	2,540	(4,985)
Changes in operating assets and liabilities:
Accounts receivable, net	31,621	39,447
Inventories, net	(19,986)	(24,251)
Other current assets	(675)	552
Accounts payable	(17,325)	(15,241)
Accruals and other, net	(11,996)	4,287
Net cash provided by operating activities	79,472	104,908
Investing activities:
Purchases of property, plant, equipment, and intangibles, net	(39,928)	(36,527)
Proceeds from the sale of property, plant, equipment, and intangibles	38	796
Investments in businesses, net of cash acquired	(220,840)	(179,380)
Net cash used in investing activities	(260,730)	(215,111)
Financing activities:
Proceeds from Issuance of Private Placement	350,000	0
Proceeds from (Repayments of) Lines of Credit	(139,750)	126,470
Payments of Financing Costs	(2,426)	0
Repurchases of common shares	(12,974)	(5,440)
Cash dividends paid to common shareholders	(28,740)	(26,118)
Stock option and other equity transactions, net	8,111	8,686
Excess Tax Benefit from Share-based Compensation, Financing Activities	4,676	4,505
Net cash used in financing activities	178,897	108,103
Effect of exchange rate changes on cash and cash equivalents	(3,141)	(3,289)
(Decrease) increase in cash and cash equivalents	(5,502)	(5,389)
Cash and cash equivalents at beginning of period	167,689	152,802
Cash and cash equivalents at end of period	$ 162,187	$ 147,413

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ / shares in Thousands, $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Allowance for Doubtful Accounts Receivable, Current	$ 11,035	$ 9,415
Current assets:
Cash and cash equivalents	162,187	167,689
Accounts receivable (net of allowances of $11,035 and $9,415, respectively)	301,390	325,289
Inventories, net	183,951	160,818
Deferred income taxes, net	29,140	31,629
Prepaid expenses and other current assets	36,340	35,007
Total current assets	713,008	720,432
Property, plant, and equipment, net	505,355	493,053
Intangible Assets, Net (Including Goodwill)	1,075,028	860,645
Other assets	15,687	23,161
Total assets	2,309,078	2,097,291
Current liabilities:
Accounts payable	84,083	99,340
Accrued Income Taxes, Current	349	7,154
Accrued payroll and other related liabilities	52,177	74,805
Accrued expenses and other	120,878	102,032
Total current liabilities	257,487	283,331
Long-term indebtedness	829,818	621,075
Deferred income taxes, net	77,146	71,905
Other Liabilities, Noncurrent	52,836	47,334
Total liabilities	$ 1,217,287	$ 1,023,645
Commitments and contingencies (see note 9)
Serial preferred shares, without par value; 3,000 shares authorized; no shares issued or outstanding	$ 0	$ 0
Common shares, without par value; 300,000 shares authorized; 70,040 shares issued; 59,914 and 59,675 shares outstanding, respectively	272,200	264,853
Common shares held in treasury, 10,126 and 10,364 shares, respectively	(319,802)	(320,343)
Retained earnings	1,198,030	1,193,791
Accumulated other comprehensive income	(59,463)	(66,669)
Total shareholders' equity	1,090,965	1,071,632
Noncontrolling interest	826	2,014
Total equity	1,091,791	1,073,646
Total liabilities and equity	$ 2,309,078	$ 2,097,291
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	3,000,000	3,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	70,040,000	70,040,000
Common Stock, Shares, Outstanding	59,914,000	59,675,000
Common shares held in treasury, shares	10,125,519	10,364,404