UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2010

 

 

STERIS Corporation

(Exact Name of Registrant as Specified in Charter)

 

 

 

Ohio		1-14643		34-1482024
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

5960 Heisley Road, Mentor, Ohio		44060-1834
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (440) 354-2600

Not Applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

---

ITEM 2.02. Results of Operations and Financial Condition.

On May 6, 2010, STERIS issued a press release announcing financial results for the three and twelve month periods ended March 31, 2010. A copy of this press release is attached hereto as Exhibit 99.1.

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release issued by STERIS Corporation on May 6, 2010 announcing financial results for the three and twelve month periods ended March 31, 2010.

 

2

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 6, 2010

 

3

---

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release issued by STERIS Corporation on May 6, 2010 announcing financial results for the three and twelve month periods ended March 31, 2010.

 

4

Exhibit 99.1

STERIS CORPORATION

NEWS ANNOUNCEMENT

FOR IMMEDIATE RELEASE

STERIS CORPORATION ANNOUNCES FISCAL 2010 FOURTH QUARTER AND

FULL YEAR RESULTS

•    Board of Directors Approves Quarterly Dividend

Mentor, Ohio (May 6, 2010)—STERIS Corporation (NYSE: STE) today announced financial results for its fiscal 2010 year ended March 31, 2010. Revenues for fiscal 2010 decreased 3% on both a reported and constant currency basis to $1.26 billion compared with $1.3 billion in the prior year. Life Sciences revenues grew 1%, while Healthcare and Isomedix Services declined 4% and 1%, respectively.

During the fourth quarter the Company continued its efficiency efforts, taking restructuring actions primarily related to its European Healthcare manufacturing operations as well as certain European and North American back office functions. These efforts are anticipated to generate annualized savings of approximately $4.0 million, which will be realized over the next several years, with approximately $1.0 million benefiting fiscal 2011, and approximately $3.0 million benefiting future years.

For fiscal 2010, net income was $128.5 million, or $2.16 per diluted share, compared with $110.7 million, or $1.86 per diluted share in fiscal 2009. Included in net income for fiscal 2010 are restructuring charges of $4.8 million, primarily related to the fourth quarter 2010 restructuring action. Included in net income for fiscal 2009 are restructuring charges related to the third quarter 2009 cost reduction program, as well as the impact of benefits changes which resulted in additional pre-tax income during the third quarter. Combined, these two factors resulted in a net pre-tax charge of $6.1 million during fiscal year 2009.

Excluding the previously described restructuring charges and benefit changes, net of tax, net income for fiscal 2010 increased 15% to $131.3 million, or $2.21 per diluted share, compared with fiscal 2009 net income of $114.5 million, or $1.92 per diluted share. A detailed reconciliation of these items can be found in the attached financial tables.

---

STERIS Corporation

News Announcement

Page 2

 

“Our people have performed admirably in a year filled with uncertainty,” said Walt Rosebrough, President and Chief Executive Officer of STERIS. “We substantially improved profitability and cash flow during fiscal 2010 and delivered record earnings per share even in the face of revenue declines. As we look at fiscal 2011, we are entering the year with strong backlog and more normalized order patterns in our core markets compared to last year, in particular in the Healthcare segment. However, our ability to grow earnings will be somewhat hampered during fiscal 2011 as Customers transition away from SYSTEM 1.”

Fourth Quarter Results

Fiscal 2010 fourth quarter revenues declined 4% to $332.1 million compared with $344.4 million in the fourth quarter of fiscal 2009, primarily reflecting the timing of shipments in the Healthcare segment. On a constant currency basis, fourth quarter revenues declined 5%.

Fiscal 2010 fourth quarter net income was $29.8 million, or $0.50 per diluted share, compared with net income of $27.8 million, or $0.47 per diluted share, in the fourth quarter of fiscal 2009. Included in net income for the fourth quarter of fiscal 2010 are pre-tax restructuring charges totaling $5.2 million. Included in net income for the fourth quarter of fiscal 2009 are pre-tax restructuring charges totaling $1.8 million related to the third quarter 2009 cost reduction program, of which $0.8 million were recorded as restructuring expenses and $1.0 million were recorded in cost of goods sold.

Excluding the restructuring charges net of tax, fiscal 2010 fourth quarter net income was $33.2 million, or $0.55 per diluted share, compared with net income of $28.9 million, or $0.49 per diluted share in the fourth quarter of fiscal 2009.

Segment Results

Healthcare revenues in the quarter were $235.6 million compared with $249.2 million in the fourth quarter of fiscal 2009, a decline of 5%. Growth in consumables and service of 3% and 4%, respectively, was more than offset by a 13% decline in capital equipment as the Company has worked to reduce the seasonal variability of capital shipments. Backlog levels at quarter end were $127.8 million, an increase of 7% compared with the same time last year. Operating income was $37.8 million, compared with $38.3 million in the fourth quarter of fiscal 2009. Excluding restructuring charges, segment operating income increased 6% to $42.4 million compared with $39.9 million in the prior year quarter.

---

STERIS Corporation

News Announcement

Page 3

 

Life Sciences fourth quarter revenues were essentially flat at $58.8 million compared with $58.7 million in the fourth quarter of fiscal 2009. Consumables had another strong quarter, with growth of 11%, while service increased 6%, and capital equipment declined 10%. Backlog levels at quarter end were $41.8 million, a decline of 8% compared with the prior year period. Life Sciences operating income was $7.5 million in the quarter compared with $4.0 million in the fourth quarter of fiscal 2009. Excluding restructuring charges, segment operating income increased to $8.1 million compared with $4.2 million in the prior year quarter, primarily due to product mix and continued efficiencies in the business.

Fiscal 2010 fourth quarter revenues for Isomedix Services increased 5% to $35.7 million compared with $34.2 million in the same period last year. Revenue growth was driven primarily by increased demand from medical device Customers. Operating income was $8.4 million in the quarter compared with $7.9 million in the fourth quarter of last year. Included in operating income for the fourth quarter of fiscal 2009 was a gain of $1.7 million related to the sale of the segment’s Rhode Island facility.

Cash Flow

Net cash provided by operations for fiscal 2010 increased 34% to $224.9 million, compared with net cash provided by operations of $167.4 million in fiscal 2009. Free cash flow (see note 1) for fiscal 2010 was a record $184.0 million. Free cash flow for fiscal 2010 benefited from the increase in earnings and continued improvements in working capital management.

Quarterly Dividend Announced

The Company also announced today that STERIS’s Board of Directors has authorized a quarterly dividend in the amount of $0.11 per common share. The dividend is payable June 15, 2010 to shareholders of record at the close of business on May 27, 2010.

Outlook

Based upon current trends, the Company expects fiscal 2011 revenue growth of approximately 5%, and earnings per diluted share in the range of $2.00 to $2.30 for the full fiscal year. This outlook reflects certain key assumptions, some of which are listed below:

 

•

Healthcare revenue growth is expected to be in the mid-single digits.

---

STERIS Corporation

News Announcement

Page 4

 

•

Life Sciences revenue is expected to be flat.

 

•

Isomedix revenue growth is expected to be in the low-single digits.

 

•

Excludes the one-time reduction of revenue and operating income related to the previously announced SYSTEM 1 Rebate Program.

 

•

The Company has assumed the average forward exchange rates for the U.S. dollar and key international currencies as of March 31, 2010.

 

•

The Company has assumed a modest increase in raw material costs.

 

•

Excludes restructuring expenses from the Company’s ongoing efficiency efforts.

 

•

EBIT as a percent of revenue is anticipated to be in the range of 15-16%.

 

•

The anticipated effective tax rate is approximately 35%.

For the full fiscal year 2011, free cash flow (see note 1) is anticipated to be approximately $125 million and capital expenditures are anticipated to be approximately $70 million.

Conference Call

In conjunction with this press release, STERIS Corporation management will host a conference call today at 10:00 a.m. Eastern time. The conference call can be heard live over the Internet at www.steris-ir.com or via phone by dialing 1-800-369-8428 in the United States and Canada, and 1-773-799-3378 internationally, then referencing the password “STERIS”.

For those unable to listen to the conference call live, a replay will be available from 12:00 p.m. Eastern time on May 6, 2010, until 5:00 p.m. Eastern time on May 20, 2010, either over the Internet at www.steris-ir.com or via phone by calling 1-888-568-0662 in the United States and Canada, and 1-402-998-1542 internationally.

Annual Meeting of Shareholders

The Company will hold its annual meeting of shareholders on July 29, 2010. Further information regarding the time and location will be provided in the Company’s annual report and proxy materials.

About STERIS

---

STERIS Corporation

News Announcement

Page 5

 

The mission of STERIS Corporation is to provide a healthier today and safer tomorrow through knowledgeable people and innovative infection prevention, decontamination and health science technologies, products and services. The Company’s more than 5,000 dedicated employees around the world work together to supply a broad array of solutions by offering a combination of equipment, consumables and services to healthcare, pharmaceutical, industrial and government customers. The Company is listed on the New York Stock Exchange under the symbol STE. For more information, visit www.steris.com.

Contact: Julie Winter, Director, Investor Relations at 440-392-7245.

(1) Free cash flow is a non-GAAP number used by the Company as a measure to gauge its ability to fund future growth opportunities, repurchase common shares, and pay cash dividends. Free cash flow is defined as cash flows from operating activities less purchases of property, plant, equipment and intangibles, net, plus proceeds from the sale of property, plant, equipment and intangibles. STERIS’s calculation of free cash flow may vary from other companies.

# # #

This news release and the referenced conference call may contain statements concerning certain trends, expectations, forecasts, estimates, or other forward-looking information affecting or relating to the Company or its industry or products that are intended to qualify for the protections afforded “forward-looking statements” under the Private Securities Litigation Reform Act of 1995 and other laws and regulations. Forward-looking statements speak only as to the date of this report, and may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “outlook,” “potential,” “confidence,” “improve,” “optimistic,” “comfortable,” “trend”, and “seeks,” or the negative of such terms or other variations on such terms or comparable terminology. Many important factors could cause actual results to differ materially from those in the forward-looking statements including, without limitation, disruption of production or supplies, changes in market conditions, political events, pending or future claims or litigation, competitive factors, technology advances, actions of regulatory agencies, and changes in laws, government regulations, labeling or product approvals, or the application or interpretation thereof. Other risk factors are described in the Company’s Form 10-K and other securities filings. Many of these important factors are outside STERIS’s control. No assurances can be provided as to any outcome from litigation, regulatory action, administrative proceedings, government investigations, warning letters, consent decree, rebate program, transition, cost reductions, business strategies, earnings and revenue trends, expense reduction or other future financial results. Reference to the consent decree, transition, rebate program, or products are summaries only and do not alter or modify the specific terms of the decree, program or product clearance or literature. Unless legally required, the Company does not undertake to update or revise any forward-looking statements even if events make clear that any projected results, express or implied, will not be realized. Other potential risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, (a) the potential for increased pressure on pricing that leads to erosion of profit margins, (b) the possibility that market demand will not develop for new technologies, products or applications, or the Company’s rebate program, transition plan, or other business initiatives will take longer, cost more or produce lower benefits than anticipated, (c) the possibility that application of or compliance with laws, court rulings, certifications, regulations, regulatory actions, including without limitation previously disclosed FDA warning letters, government investigations, the December 3, 2009 FDA notice, the April 20, 2010 consent decree and related transition plan, or other requirements or standards, may delay, limit or prevent new product introductions, affect the production and marketing of existing products, or otherwise affect Company performance,

---

STERIS Corporation

News Announcement

Page 6

 

results, or value, (d) the potential of international unrest or effects of fluctuations in currencies, tax assessments or rates, raw material costs, benefit or retirement plan costs, or other regulatory compliance costs, (e) the possibility of reduced demand, or reductions in the rate of growth in demand, for the Company’s products and services, (f) the possibility that anticipated cost savings or other results may not be achieved, or that transition, labor, competition, timing, execution, regulatory, governmental, or other issues or risks associated with the matters described in this release, may adversely impact Company performance, results, or value, (g) the effect of the contraction in credit availability, as well as the ability of our customers and suppliers to adequately access the credit markets when needed, and (h) those risks described in our Annual Report on Form 10-K for the year ended March 31, 2009 and the Form 10-Q for the quarter ended December 31, 2009.

---

STERIS Corporation

Consolidated Condensed Statements of Income

(In thousands, except per share data)

 

		Three Months Ended March 31,						Twelve Months Ended March 31,
		2010			2009			2010			2009
		(Unaudited)			(Unaudited)			(Unaudited)
Revenues		$	332,129		$	344,366		$	1,257,733		$	1,298,525
Cost of revenues			189,921			204,555			718,551			771,783
Gross profit			142,208			139,811			539,182			526,742
Operating expenses:
Selling, general, and administrative			75,717			83,073			296,614			314,983
Research and development			9,973			8,291			34,008			32,760
Restructuring expense			5,161			828			4,848			3,554
Total operating expenses			90,851			92,192			335,470			351,297
Income from operations			51,357			47,619			203,712			175,445
Non-operating expense, net			3,423			2,749			11,896			8,960
Income tax expense			18,099			17,054			63,349			55,800
Net income		$	29,835		$	27,816		$	128,467		$	110,685
Earnings per common share (EPS) data:
Basic		$	0.50		$	0.48		$	2.18		$	1.88
Diluted		$	0.50		$	0.47		$	2.16		$	1.86
Cash dividends declared per common share outstanding		$	0.11		$	0.08		$	2.44		$	0.30
Weighted average number of common shares outstanding used in EPS computation:
Basic number of common shares outstanding			59,173			58,445			58,826			58,778
Diluted number of common shares outstanding			59,851			58,688			59,423			59,448

STERIS Corporation

Consolidated Condensed Balance Sheets

(In thousands)

 

		March 31, 2010			March 31, 2009
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	214,971		$	154,180
Accounts receivable, net			214,940			238,438
Inventories, net			121,135			130,218
Other current assets			25,411			30,294
Total Current Assets			576,457			553,130
Property, plant, and equipment, net			346,858			350,996
Goodwill and intangible assets, net			305,311			305,189
Other assets			9,776			7,624
Total Assets		$	1,238,402		$	1,216,939
Liabilities and Equity
Current liabilities:
Accounts payable		$	66,035		$	68,573
Other current liabilities			131,094			133,453
Total Current Liabilities			197,129			202,026
Long-term debt			210,000			210,000
Other liabilities			76,779			86,748
Equity			754,494			718,165
Total Liabilities and Equity		$	1,238,402		$	1,216,939

---

STERIS Corporation

Segment Data

(In thousands)

 

		Three Months Ended March 31,								Twelve Months Ended March 31,
		2010				2009				2010				2009
		(Unaudited)				(Unaudited)				(Unaudited)
Segment Revenues:
Healthcare		$	235,587			$	249,185			$	892,474			$	931,263
Life Sciences			58,782				58,724				218,209				216,701
STERIS Isomedix Services			35,742				34,169				140,871				142,645
Total Reportable Segments			330,111				342,078				1,251,554				1,290,609
Corporate and Other			2,018				2,288				6,179				7,916
Total Segment Revenues		$	332,129			$	344,366			$	1,257,733			$	1,298,525
Segment Operating Income (Loss):
Healthcare		$	37,798			$	38,267			$	151,520			$	132,601
Life Sciences			7,510				3,987				30,952				18,413
STERIS Isomedix Services			8,434				7,912				31,103				34,763
Total Reportable Segments			53,742				50,166				213,575				185,777
Corporate and Other			(2,385	)			(2,547	)			(9,863	)			(10,332	)
Total Segment Operating Income		$	51,357			$	47,619			$	203,712			$	175,445

STERIS Corporation

Consolidated Condensed Statements of Cash Flows

(In thousands)

 

		Twelve Months Ended March 31,
		2010				2009
		(Unaudited)
Operating Activities:
Net income		$	128,467			$	110,685
Non-cash items			69,414				58,422
Working capital adjustments			27,073				(1,723	)
Net cash provided by operating activities			224,954				167,384
Investing Activities:
Purchases of property, plant, equipment, and intangibles, net			(44,087	)			(40,889	)
Proceeds from sale of property, plant, equipment and intangibles			3,105				19,341
Equity investment in joint venture			(1,500	)			(4,150	)
Net cash used in investing activities			(42,482	)			(25,698	)
Financing Activities:
Proceeds from the issuance of long-term obligations			—				150,000
Payments on long-term obligations			—				(40,800	)
Proceeds (payments) under credit facilities, net			—				(79,180	)
Deferred financing fees and debt issuance costs			—				(476	)
Repurchases of common shares			(310	)			(80,466	)
Cash dividends paid to common shareholders			(144,017	)			(17,657	)
Stock option and other equity transactions, net			14,047				33,621
Tax benefit from stock options exercised			2,467				6,982
Net cash used in financing activities			(127,813	)			(27,976	)
Effect of exchange rate changes on cash and cash equivalents			6,132				(11,398	)
Increase in cash and cash equivalents			60,791				102,312
Cash and cash equivalents at beginning of period			154,180				51,868
Cash and cash equivalents at end of period		$	214,971			$	154,180

---

STERIS Corporation

Non-GAAP Disclosures (Unaudited)

(In thousands, except per share data)

The following table presents financial measures which are considered to be “non-GAAP financial measures” under Securities Exchange Commission rules. The Company has referred to results of operations excluding restructuring charges and a change in a benefit policy in order to provide meaningful comparative analysis between the periods. Free cash flow is defined by the Company as cash flows from operating activities less purchases of property, plant, equipment and intangibles, net (capital expenditures) plus proceeds from the sale of property, plant, equipment and intangibles. The Company uses free cash flow as a measure to gauge its ability to fund future growth opportunities, repurchase common shares, and pay cash dividends. STERIS’s calculation of free cash flow may vary from other companies.

 

		Twelve Months Ended March 31,								Outlook Fiscal 2011
		2010				2009
		(Unaudited)				(Unaudited)
Calculation of Free Cash Flow:
Cash flows from operating activities		$	224,954			$	167,384			$	195,000
Purchases of property, plant, equipment, and intangibles, net			(44,087	)			(40,889	)			(70,000	)
Proceeds from the sale of property, plant, equipment, and intangibles			3,105				19,341				—
Free Cash Flow		$	183,972			$	145,836			$	125,000

The following tables reconcile reported net income to net income excluding restructuring charges and a change in benefit policy:

 

		Three Months Ended March 31,
		2010						2009
		Amount			Diluted EPS			Amount				Diluted EPS
Net Income as Reported		$	29,835		$	0.50		$	27,816			$	0.47
Restructuring, Net of Tax		$	3,322		$	0.05		$	1,111			$	0.02
		$	33,157		$	0.55		$	28,927			$	0.49
		Twelve Months Ended March 31,
		2010						2009
		Amount			Diluted EPS			Amount				Diluted EPS
Net Income as Reported		$	128,467		$	2.16		$	110,685			$	1.86
Restructuring, Net of Tax		$	2,812		$	0.05		$	8,750			$	0.14
Change in Benefit Policy, Net of Tax		$	—		$	—		$	(4,948	)		$	(0.08	)
		$	131,279		$	2.21		$	114,487			$	1.92

 

		Three Months Ended March 31,
		2010											2009
Segment Operating Income (Loss) Excluding Restructuring Charges:		As Reported				Restructuring Charges			Total				As Reported				Restructuring Charges				Total
Healthcare		$	37,798			$	4,606		$	42,404			$	38,267			$	1,606			$	39,873
Life Sciences			7,510				585			8,095				3,987				172				4,159
STERIS Isomedix Services			8,434				—			8,434				7,912				—				7,912
Total Reportable Segments			53,742				5,191			58,933				50,166				1,778				51,944
Corporate and Other			(2,385	)			—			(2,385	)			(2,547	)			—				(2,547	)
Total Operating Income		$	51,357			$	5,191		$	56,548			$	47,619			$	1,778			$	49,397
		Twelve Months Ended March 31,
		2010											2009
Operating Income (Loss) Excluding Restructuring Charges:		As Reported				Restructuring Charges			Total				As Reported				Restructuring Charges				Total
Healthcare		$	151,520			$	3,839		$	155,359			$	132,601			$	11,399			$	144,000
Life Sciences			30,952				555			31,507				18,413				2,562				20,975
STERIS Isomedix Services			31,103							31,103				34,763				40				34,803
Total Reportable Segments			213,575				4,394			217,969				185,777				14,001				199,778
Corporate and Other			(9,863	)			—			(9,863	)			(10,332	)			(1	)			(10,333	)
Total Operating Income		$	203,712			$	4,394		$	208,106			$	175,445			$	14,000			$	189,445

---

STERIS Corporation

Supplemental Financial Data

Fourth Quarter Fiscal 2010

As of March 31, 2010

 

				FY 2010
				Q1				Q2				Q3				Q4				Total
Total Company Revenues
Capital				$	92,703			$	119,146			$	132,541			$	137,137			$	481,527
Consumables					80,797				79,989				81,531				75,158				317,475
Service					110,043				115,094				113,760				119,834				458,731
Total Recurring					190,840				195,083				195,291				194,992				776,206
Total Revenues				$	283,543			$	314,229			$	327,832			$	332,129			$	1,257,733
United States Revenues				$	223,806			$	238,292			$	244,067			$	243,472			$	949,637
United States Revenues as a % of Total					79	%			76	%			74	%			73	%			76	%
International Revenues				$	59,737			$	75,937			$	83,765			$	88,657			$	308,096
International Revenues as % of Total					21	%			24	%			26	%			27	%			24	%
Segment Data				Q1				Q2				Q3				Q4				Total
Healthcare
Revenues
Capital				$	76,837			$	99,737			$	106,835			$	112,732			$	396,141
Consumables					66,731				64,038				66,494				59,321				256,584
Service					57,036				59,231				59,948				63,534				239,749
Total Recurring					123,767				123,269				126,442				122,855				496,333
Total Healthcare Revenues				$	200,604			$	223,006			$	233,277			$	235,587			$	892,474
Operating Income (Loss)					32,102				36,366				45,254				37,798				151,520
Life Sciences
Revenues
Capital				$	15,866			$	19,374			$	25,697			$	23,671			$	84,608
Consumables					14,066				15,951				15,037				15,829				60,883
Service					16,184				19,076				18,176				19,282				72,718
Total Recurring					30,250				35,027				33,213				35,111				133,601
Total Life Sciences Revenues				$	46,116			$	54,401			$	58,910			$	58,782			$	218,209
Operating Income (Loss)					4,779				8,540				10,123				7,510				30,952
Isomedix Services
Revenues				$	35,407			$	34,735			$	34,987			$	35,742			$	140,871
Operating Income (Loss)					8,339				7,401				6,929				8,434				31,103
Corporate and Other
Revenues				$	1,416			$	2,087			$	658			$	2,018			$	6,179
Operating Income (Loss)					(2,358	)			(2,242	)			(2,878	)			(2,385	)			(9,863	)
Other Data				Q1				Q2				Q3				Q4				Total
Healthcare Backlog				$	132,391			$	129,937			$	134,400			$	127,825			$	127,825
Life Sciences Backlog					46,257				46,492				45,362				41,795				41,795
Total Backlog				$	178,648			$	176,429			$	179,762			$	169,620			$	169,620
Free Cash Flow				$	24,440			$	49,934			$	55,029			$	54,569			$	183,972
Net Debt				$	33,928			$	(13,758	)		$	44,581			$	(4,971	)		$	(4,971	)

This supplemental data is consistent with publicly disclosed information provided in quarterly conference calls, earnings releases and SEC filings, and is subject to all definitions, precautions and limitations contained in those disclosures. Please see the Company’s most recent 10-K for definitions (and reconciliation where appropriate) of backlog, free cash flow and net debt.