<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
FORM 10Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
---
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
OR
_____TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from_______________to___________________
Commission file number 0-12488
Isomedix Inc.
(Exact name of registrant as specified in its charter)
Delaware 22-1986189
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation of organization)
11 Apollo Drive, Whippany, New Jersey 07981
(Address of principal executive offices) (Zip Code)
(201) 887-4700
(Registrant's telephone number, including area code)
NOT APPLICABLE
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
___ ___
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
___ ___
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of June 30, 1995: 6,976,273 shares of common stock
$.01 par value.
<PAGE> 2
ISOMEDIX INC. AND SUBSIDIARIES
TABLE OF CONTENTS
JUNE 30, 1995
<TABLE>
<CAPTION>
Page
Number
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS 3-4
June 30, 1995 and
December 31, 1994
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended
June 30, 1995 and 1994 5
For the Six Months Ended
June 30, 1995 and 1994 6
CONSOLIDATED STATEMENT OF CHANGES
IN STOCKHOLDERS' EQUITY 7-8
For the Six Months Ended
June 30, 1995
CONSOLIDATED STATEMENTS OF CASH FLOWS 9
For the Six Months Ended
June 30, 1995 and 1994
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 11-16
PART II. OTHER INFORMATION 17-20
</TABLE>
<PAGE> 3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ISOMEDIX INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1995 AND DECEMBER 31, 1994
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
------------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $ 4,553,211 $ 5,961,473
Investments 19,934,606 11,891,561
Accounts Receivable, Less
Allowance for Doubtful Accounts
of $350,000 at June 30, 1995
and at December 31, 1994 8,086,681 8,493,608
Prepaid Expenses and Other Current Assets 1,011,913 1,614,108
------------ ------------
Total Current Assets 33,586,411 27,960,750
------------ ------------
PROPERTY, PLANT AND EQUIPMENT
At Cost 58,409,846 55,207,156
Less, Accumulated Depreciation 16,593,228 15,359,400
------------ ------------
41,816,618 39,847,756
------------ ------------
RADIOISOTOPE
At Cost 63,834,424 62,790,850
Less, Accumulated Depreciation 34,391,206 32,203,450
------------ ------------
29,443,218 30,587,400
------------ ------------
INVESTMENTS 1,208,017 5,526,960
EXCESS OF COSTS OVER NET ASSETS ACQUIRED 711,878 753,482
OTHER ASSETS 1,167,663 1,523,357
------------ ------------
Total Assets $107,933,805 $106,199,705
============ ============
</TABLE>
See accompanying notes to the consolidated financial statements.
-3-
<PAGE> 4
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
------------ ------------
LIABILITIES (Unaudited)
<S> <C> <C>
CURRENT LIABILITIES
Current Portion of Long-Term Debt $ 600,000 $ 925,000
Accounts Payable 1,066,587 1,663,756
Accrued Expenses 481,055 825,455
Contract Deposits 83,686 47,572
Income Taxes Payable 295,756 264,923
----------- ------------
Total Current Liabilities 2,527,084 3,726,706
LONG-TERM DEBT 9,000,000 9,100,000
DEFERRED INCOME TAXES 7,803,427 7,633,452
----------- ------------
Total Liabilities 19,330,511 20,460,158
----------- ------------
STOCKHOLDERS' EQUITY
PREFERRED STOCK
$1.00 par value
Authorized - 15,000,000 shares
Issued and Outstanding - none
COMMON STOCK
$.01 par value
Authorized - 15,000,000 shares
Issued:
June 30, 1995 - 7,167,868 shares
December 31, 1994 - 7,152,592 shares
Outstanding:
June 30, 1995 - 6,976,273 shares
December 31, 1994 - 7,042,592 shares 71,679 71,526
ADDITIONAL PAID-IN CAPITAL 37,670,170 37,505,506
RETAINED EARNINGS 53,720,107 49,868,144
----------- ------------
91,461,956 87,445,176
LESS, COMMON STOCK HELD IN THE TREASURY,
AT COST
June 30, 1995 - 191,595 shares
December 31, 1994 - 110,000 shares (2,858,662) (1,705,629)
------------ ------------
Total Stockholders' Equity 88,603,294 85,739,547
------------ ------------
Total Liabilities and
Stockholders' Equity $107,933,805 $106,199,705
============ ============
</TABLE>
See accompanying notes to the consolidated financial statements.
-4-
<PAGE> 5
ISOMEDIX INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
<TABLE>
<CAPTION>
June 30, June 30,
1995 % 1994 %
----------- ----- ----------- -----
<S> <C> <C> <C> <C>
SALES $11,479,351 100.0 $12,029,340 100.0
COST OF SALES 5,461,840 47.6 5,315,943 44.2
----------- ----- ----------- -----
GROSS PROFIT 6,017,511 52.4 6,713,397 55.8
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES 2,870,241 25.0 2,843,409 23.6
----------- ----- ----------- -----
OPERATING INCOME 3,147,270 27.4 3,869,988 32.2
OTHER INCOME (EXPENSE)
Investment Income 303,320 2.6 189,234 1.5
Interest Expense (137,655) (1.2) (120,708) (1.0)
----------- ----- ----------- -----
INCOME BEFORE PROVISION
FOR INCOME TAXES 3,312,935 28.8 3,938,514 32.7
PROVISION FOR INCOME
TAXES 1,325,174 11.5 1,575,408 13.1
----------- ----- ----------- -----
NET INCOME $ 1,987,761 17.3 $ 2,363,106 19.6
=========== ===== =========== =====
EARNINGS PER SHARE $ .28 $ .32
=========== ===========
</TABLE>
See accompanying notes to the consolidated financial statements.
-5-
<PAGE> 6
ISOMEDIX INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
<TABLE>
<CAPTION>
June 30, June 30,
1995 % 1994 %
----------- ----- ----------- -----
<S> <C> <C> <C> <C>
SALES $22,934,377 100.0 $23,269,124 100.0
COST OF SALES 10,997,518 48.0 10,632,606 45.7
----------- ----- ----------- -----
GROSS PROFIT 11,936,859 52.0 12,636,518 54.3
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES 5,715,209 24.9 5,563,011 23.9
----------- ----- ----------- -----
OPERATING INCOME 6,221,650 27.1 7,073,507 30.4
OTHER INCOME (EXPENSE)
Investment Income 471,196 2.1 315,479 1.3
Interest Expense (272,907) (1.2) (235,967) (1.0)
----------- ----- ----------- -----
INCOME BEFORE PROVISION
FOR INCOME TAXES 6,419,939 28.0 7,153,019 30.7
PROVISION FOR INCOME
TAXES 2,567,976 11.2 2,861,208 12.3
----------- ----- ----------- -----
NET INCOME $ 3,851,963 16.8 $ 4,291,811 18.4
=========== ===== =========== =====
EARNINGS PER SHARE $ .53 $ .58
=========== ===========
</TABLE>
See accompanying notes to the consolidated financial statements.
-6-
<PAGE> 7
ISOMEDIX INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
TOTAL
STOCKHOLDERS'
EQUITY
<S> <C>
BALANCE - December 31, 1994 $85,739,547
Exercise of Stock Options 229,144
Acquisition of Treasury Stock (1,275,944)
Sales of Common Stock Under Employee
Stock Purchase Plan 58,584
Net Income 3,851,963
-----------
BALANCE - June 30, 1995 $88,603,294
===========
</TABLE>
See accompanying notes to the consolidated financial statements.
-7-
<PAGE> 8
<TABLE>
<CAPTION>
COMMON STOCK TREASURY STOCK
---------------------- ADDITIONAL -------------------
NUMBER PAID-IN RETAINED NUMBER
OF SHARES AMOUNT CAPITAL EARNINGS OF SHARES AMOUNT
<S> <C> <C> <C> <C> <C>
7,152,592 $71,526 $37,505,506 $49,868,144 (110,000) ($1,705,629)
10,900 109 106,124 8,205 122,911
(89,800) (1,275,944)
4,376 44 58,540
3,851,963
--------- ------- ----------- ----------- -------- -----------
7,167,868 $71,679 $37,670,170 $53,720,107 (191,595) ($2,858,662)
========= ======= =========== =========== ======== ===========
</TABLE>
See accompanying notes to the consolidated financial statements.
-8-
<PAGE> 9
ISOMEDIX INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
<TABLE>
<CAPTION>
June 30, June 30,
1995 1994
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net Income $ 3,851,963 $ 4,291,811
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 3,434,790 3,536,126
Amortization 342,700 348,184
Changes in assets and liabilities:
Decrease (increase)in accounts receivable 406,927 (694,082)
Decrease in prepaid expenses and other
current assets 602,195 423,243
Decrease in accounts payable and
accrued expenses (941,569) (541,405)
Increase (decrease) in contract deposits 36,114 (235,699)
Increase (decrease) in income taxes payable 30,833 (343,665)
Increase in deferred income taxes 169,975 429,238
------------------------------------------------ ----------- -----------
Net cash provided by operating activities 7,933,928 7,213,751
------------------------------------------------ ----------- -----------
Cash flows from investing activities:
Purchases of investments (9,410,034) (4,265,486)
Proceeds from maturity of investments 5,685,932 1,360,000
Decrease in equipment deposits 219,921
Additions to property, plant and
equipment (3,215,894) (975,011)
Additions to radioisotope (863,134) (2,173,566)
Deferred pre-operating costs incurred (63,331)
Other 30,586 70,918
------------------------------------------------ ----------- ----------
Net cash used in investing activities (7,835,875) (5,763,224)
------------------------------------------------ ----------- -----------
Cash flows from financing activities:
Payment of long-term debt (425,000) (475,000)
Purchases of treasury stock (1,275,944)
Proceeds of stock options exercised and
employee stock purchases 287,728 263,107
Other (93,099)
------------------------------------------------ ----------- -----------
Net cash used in financing activities (1,506,315) (211,893)
------------------------------------------------ ----------- -----------
Net (decrease)increase in cash and cash
equivalents (1,408,262) 1,238,634
Cash and cash equivalents at beginning of
year 5,961,473 2,949,572
------------------------------------------------ ----------- -----------
Cash and cash equivalents at end of period $ 4,553,211 $ 4,188,206
------------------------------------------------ ----------- -----------
Supplemental cash flow information:
------------------------------------------------
Cash paid for interest $ 272,907 $ 174,451
------------------------------------------------ ----------- -----------
Cash paid for income taxes $ 1,856,339 $ 2,293,260
------------------------------------------------ ----------- -----------
Supplemental non-cash investing activities
------------------------------------------------
Additions to radioisotope in satisfaction
of lease receivable $ 180,440
------------------------------------------------ -----------
</TABLE>
See accompanying notes to the consolidated financial statements.
-9-
<PAGE> 10
ISOMEDIX INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. The interim consolidated financial statements reflect all adjustments,
consisting only of normal recurring accruals, which are, in the opinion of the
Company's management, necessary for a fair statement of results for the periods
presented. Operating revenues and net income for any interim period are not
necessarily indicative of results for a full year.
2. Earnings per share have been computed based upon the weighted average
number of shares of common stock outstanding during each period. For the three
months ended June 30, 1995 and 1994, the numbers of shares used in computing
earnings per share were 7,189,192 and 7,378,068, respectively. For the six
months ended June 30, 1995 and 1994, the numbers of shares used in computing
earnings per share were 7,227,558 and 7,372,109, respectively.
3. As of June 30, 1995, the Company had total investments classified as
held-to-maturity of $21,142,623 with a market value of $20,905,297. The market
value is calculated using information provided by outside quotation services.
The Company's investments consist of debt instruments from various governmental
agencies with maturity dates ranging from July, 1995 to July, 1998.
For the six months ended June 30, 1995, the gross unrealized holding losses were
$237,326. Management has concluded that the decline in fair value is temporary
and, therefore, no adjustment to the cost basis of the investments has been
recorded.
-10-
<PAGE> 11
ITEM 2 Management's Discussion and Analysis of Financial Condition and Results
of Operations
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
Consolidated sales decreased approximately 4.6% to $11,479,351 in 1995 from
$12,029,340 in 1994. This decrease was due to a 2.6% decrease in sales of
sterilization services to $10,713,606 in 1995 from $11,005,220 in 1994, due to
increased competitive factors including pricing pressures which, as previously
reported, are expected to continue during 1995. This decrease was partially
offset by sales to new customers and increased sales volumes to certain
existing customers. Sales of validation services by the Company's Skyland
subsidiary decreased 25.2% to $765,745 in 1995 from $1,024,121 in 1994, due to
customer delays in the construction of new facilities and the installation of
new equipment requiring validation services.
Gross profit decreased to 52.4% of sales in 1995 from 55.8% in 1994. This
decrease is attributable to the decrease in consolidated sales, from the
factors described above. Cost of sales increased 2.7% to $5,461,840 in 1995
from $5,315,943 in 1994, mainly due to increased payroll and payroll related
items, which must be maintained for continued customer service. These costs
are relatively fixed in nature, due to the structure and operational needs of
the sterilization services segment. As a response to the decline in the sales
of Skyland, management has undertaken cost containment measures, primarily the
reduction of Skyland's payroll and payroll related items.
Selling, general and administrative expenses, as a percentage of sales, were
25% in 1995 compared to 23.6% in 1994. This increase was attributable to the
decrease in consolidated sales.
-11-
<PAGE> 12
Consolidated operating income decreased 18.7% to $3,147,270 in 1995 from
$3,869,988 in 1994, and as a percentage of sales, to 27.4% in 1995 compared to
32.2% in 1994. Operating income from sterilization services (before corporate
overhead) decreased to 36.8% of that segment's sales in 1995 from 41.5% in
1994. These decreases resulted from the factors described above. Operating
income from validation services (before corporate overhead) decreased to 1.0%
of that segment's sales in 1995 from 5.3% in 1994, primarily as a result of the
decrease in sales.
Investment income increased to $303,320 in 1995 from $189,234 in 1994,
primarily as a result of additional invested funds, in 1995, provided by
operating activities.
Interest expense increased to $137,655 in 1995 from $120,708 in 1994, as a
result of higher interest rates, partially offset by payments of current
maturities on long-term debt.
Net income decreased to $1,987,761 in 1995 from $2,363,106 in 1994. This
decrease in net income was attributable to the reasons described above. As a
percentage of sales, net income was 17.3% in 1995 compared to 19.6% in 1994.
-12-
<PAGE> 13
RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
Consolidated sales decreased approximately 1.4% to $22,934,377 in 1995 from
$23,269,124 in 1994. This decrease was, in part, due to a slight decrease in
sales of sterilization services to $21,128,699 in 1995 from $21,182,398 in
1994, due to increased competitive factors including pricing pressures which,
as previously reported, are expected to continue during 1995. This decrease was
partially offset by sales to new customers and increased sales volumes to
certain existing customers. The decrease in consolidated sales was further due
to the 13.5% decrease in sales of validation services by the Company's Skyland
subsidiary to $1,805,678 in 1995 from $2,086,727 in 1994, due to customer
delays in the construction of new facilities and the installation of new
equipment requiring validation services.
Gross profit decreased to 52% of sales in 1995 from 54.3% in 1994. This
decrease is attributable to the decrease in consolidated sales, from the
factors described above. Cost of sales increased 3.4% to $10,997,518 in 1995
from $10,632,606 in 1994, mainly due to increased payroll and payroll related
items, which must be maintained for continued customer service. These costs
are relatively fixed in nature, due to the structure and operational needs of
the sterilization services segment. As a response to the decline in the sales
of Skyland, management has undertaken cost containment measures, primarily the
reduction of Skyland's payroll and payroll related items.
Selling, general and administrative expenses, as a percentage of sales, were
24.9% in 1995 compared to 23.9% in 1994. This increase was attributable to the
decrease in consolidated sales.
-13-
<PAGE> 14
Consolidated operating income decreased 12% to $6,221,650 in 1995 from
$7,073,507 in 1994, and as a percentage of sales, to 27.1% in 1995 compared to
30.4% in 1994. Operating income from sterilization services (before corporate
overhead) decreased to 35.5% of that segment's sales in 1995 from 39.6% in
1994. These decreases resulted from the factors described above. Operating
income from validation services (before corporate overhead) decreased to 8.0%
of that segment's sales in 1995 from 13.4% in 1994, primarily as a result of
the decrease in sales.
Investment income increased to $471,196 in 1995 from $315,479 in 1994,
primarily as a result of additional invested funds, in 1995, provided by
operating activities.
Interest expense increased to $272,907 in 1995 from $235,967 in 1994 as a
result of higher interest rates, partially offset by payments of current
maturities on long-term debt.
Net income decreased to $3,851,963 in 1995 from $4,291,811 in 1994. This
decrease in net income was attributable to the reasons described above. As a
percentage of sales, net income was 16.8% in 1995 compared to 18.4% in 1994.
-14-
<PAGE> 15
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 1995, the Company's working capital was $31,059,327
compared to $24,234,044 at December 31, 1994. The increase in working capital
was principally attributable to the cash provided by operating activities,
derived from net income for the period as adjusted for non-cash expense items
such as depreciation and amortization. This increase was partially offset by
cash used in investing and financing activities primarily relating to capital
expenditures for the purchase of radioisotope and equipment for the Company's
existing sterilization facilities, and for purchases of treasury stock.
The Company has utilized industrial development revenue bonds and sales of
common stock to finance a substantial portion of the costs of constructing and
equipping (including the initial purchase of radioisotope) some of its
sterilization facilities. The obligations of the Company under the terms of
the industrial development revenue bonds are collateralized by the property,
plant, equipment and radioisotope purchased with the proceeds of such bonds and
the agreements relating to such bonds contain various restrictive covenants.
More recently, funds generated from operations have served as sources of funds
used to finance the construction and equipping of facilities.
The Company believes that funds from operating activities will be sufficient to
purchase radioisotope and to equip, on a year-to-year basis, the Company's
existing sterilization facilities.
-15-
<PAGE> 16
The Company may also utilize existing credit facilities, which the Company
expects to be able to renew annually, to fund the working capital needs of the
Company, as required. Expansion plans are expected to be funded from the
Company's investments, which will mature in amounts necessary to cover the
foreseeable expansion program of the Company. The Company's capital
expenditures for 1995 are anticipated to be approximately $10 to $12 million,
including the constructing and equipping of the Company's new continuous- type
irradiation facility in Libertyville, Illinois, which will complement our
existing batch-type irradiator in Libertyville.
INFLATION
Inflation is not expected to have a significant impact on the Company's income,
particularly as the United States economy is presently experiencing a period of
low inflation. Based upon its experience since inception, the Company does not
expect that future increases in the cost of radioisotope or other materials
will be significant to its operations.
-16-
<PAGE> 17
PART II. OTHER INFORMATION
Item 1 Legal Proceedings
None to report.
Item 2 Changes in Securities
None to report.
Item 3 Defaults Upon Senior Securities
None to report.
Item 4 Submissions of Matters to a Vote of Security Holders
a) Registrant held its Annual Meeting of Stockholders on
May 16, 1995.
Holders of at least 6,158,565 shares of the Common Stock
of the Company were present in person or represented by
proxy, being approximately 88.03% of the 6,995,968
shares of Common Stock of the Company outstanding at the
close of business on March 24, 1995, the Record Date of
the Meeting.
The following matters were acted on by the stockholders at the
Meeting:
1) The following persons were elected to the Board of
Directors, as follows:
<TABLE>
<CAPTION>
Votes Votes Votes
For Against Abstaining
<S> <C> <C> <C>
David M. Lank 6,103,779 54,786
John Masefield 6,103,779 54,786
</TABLE>
The following persons continue as directors after the
Meeting: Thomas J. DeAngelo, George R. Dietz, Thomas M.
Haythe, H. Stuart Campbell and Elmer A. Sticco.
2) A proposal for the ratification of the selection of
Coopers & Lybrand L.L.P. to serve as the auditors for
the fiscal year ending December 31, 1995 was approved,
as follows: 6,126,429 shares voted in favor, 16,350
shares voted against and 15,786 shares abstained.
Item 5 Other Information
None to report.
-17-
<PAGE> 18
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits:
XI(a) Statement Re: Computation of Earnings Per
Share For the Three Months Ended June 30,
1995 and 1994. (Unaudited)
XI(b) Statement Re: Computation of Earnings Per
Share For the Six Months Ended June 30, 1995
and 1994. (Unaudited)
27 Financial Data Schedule
(b) Reports on Form 8-K:
During the three months ended June 30, 1995, Registrant
filed no reports on Form 8-K.
-18-
<PAGE> 19
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 thereunto duly authorized.
ISOMEDIX INC.
(Registrant)
Date: August 14, 1995 /s/ John Masefield
----------------------------
John Masefield
Chairman
Date: August 14, 1995 /s/ Thomas J. DeAngelo
----------------------------
Thomas J. DeAngelo
Vice President
Finance and Administration
-19-
<PAGE> 1
EXHIBIT XI (A)
ISOMEDIX INC. AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE FOR THE
THREE MONTHS ENDED JUNE 30, 1995 AND 1994.
(Unaudited)
Net income and common shares used in the calculation of earnings per share for
the three months ended June 30, 1995 and 1994, were computed as follows:
<TABLE>
<CAPTION>
June 30, June 30,
1995 1994
---------- ----------
<S> <C> <C>
Net Income $1,987,761 $2,363,106
========== ==========
Weighted average number
of common shares
outstanding during the
period: 6,980,305 7,139,128
Add: Shares issuable upon
assumed exercise or con-
version of stock options
and warrants 208,887 238,940
---------- ----------
Common Shares 7,189,192 7,378,068
========== ==========
Earnings per common share $ .28 $ .32
========== ==========
</TABLE>
-19-
<PAGE> 1
EXHIBIT XI (B)
ISOMEDIX INC. AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE FOR THE
SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
Net income and common shares used in the calculation of earnings per share for
the six months ended June 30, 1995 and 1994, were computed as follows:
<TABLE>
<CAPTION>
June 30, June 30,
1995 1994
---------- ----------
<S> <C> <C>
Net Income $3,851,963 $4,291,811
========== ==========
Weighted average number
of common shares
outstanding during the
period: 7,005,528 7,130,702
Add: Shares issuable upon
assumed exercise or con-
version of stock options
and warrants 222,030 241,407
--------- ----------
Common Shares 7,227,558 7,372,109
========= ==========
Earnings per common share $ .53 $ .58
========= ==========
</TABLE>
-20-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted from (a) Form
10-Q and is qualified in its entirety by reference to such (b) Form 10-Q June
30, 1995
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 4,553,211
<SECURITIES> 21,142,623
<RECEIVABLES> 8,086,681
<ALLOWANCES> 350,000
<INVENTORY> 0
<CURRENT-ASSETS> 33,586,411
<PP&E> 122,244,270
<DEPRECIATION> 50,984,434
<TOTAL-ASSETS> 107,933,805
<CURRENT-LIABILITIES> 2,527,084
<BONDS> 0
<COMMON> 71,679
0
0
<OTHER-SE> 88,531,615
<TOTAL-LIABILITY-AND-EQUITY> 107,933,805
<SALES> 11,479,351
<TOTAL-REVENUES> 11,479,351
<CGS> 5,461,840
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,870,241
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<INTEREST-EXPENSE> 165,665
<INCOME-PRETAX> 3,312,935
<INCOME-TAX> 1,325,174
<INCOME-CONTINUING> 1,987,761
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,987,761
<EPS-PRIMARY> .28
<EPS-DILUTED> .28
</TABLE>
