Fiscal 2011 first quarter revenues for Isomedix Services were $37.7 million compared with $35.4 million in the same period last year, an increase of 6%. Revenues benefitted from an improvement in demand from core medical device Customers. Operating income was $10.6 million in the quarter compared with $8.3 million in the first quarter of last year due to the increased revenues.

As Reported Results

Reported results for the first quarter of fiscal 2011 were revenues of $189.0 million, operating loss of $63.0 million and a net loss of $45.2 million. Please refer to the attached schedules for additional information.

Cash Flow

Net cash provided by operations for the first quarter of fiscal 2011 was $29.6 million, compared with $32.6 million in the same period last year. Free cash flow (see note 1) for the first quarter of fiscal 2011 was $17.3 million, compared with $24.4 million in the prior year quarter. The decline in free cash flow was driven by increased working capital requirements and higher capital spending levels.

Quarterly Dividend Increased

The Company also announced today that STERIS's Board of Directors has authorized a four cent increase in its quarterly dividend to $0.15 per common share. The dividend is payable September 21, 2010 to shareholders of record at the close of business on August 24, 2010.

Outlook

The Company's outlook is unchanged for the full fiscal year, with revenue growth of approximately 5%, and earnings per diluted share in the range of $2.00 to $2.30. Refer to the earnings announcement dated May 6, 2010 for the detailed full year outlook and other assumptions.

Source STERIS Corporation