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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A
[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended March 31, 2000
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Act
of 1934 for the transition period from to
Commission file number: 0-21229
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STERICYCLE, INC.
(exact name of registrant as specified in its charter)
DELAWARE 36-3640402
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
28161 NORTH KEITH DRIVE
LAKE FOREST, ILLINOIS 60045
(Address of principal executive offices) (Zip Code)
(847) 367-5910
(Registrant's telephone number, including area code)
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ITEM 1. FINANCIAL STATEMENTS
The Condensed Consolidated Balance Sheet included with the Registrant's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2000 contains a
typographical error in the entry for "Long-term debt, net of current portion" in
the column for the quarter ended March 31, 2000. The amount entered (in
thousands) was $363,130. It should have been $353,130.
A corrected Condensed Consolidated Balance Sheet is filed with this
Form 10-Q/A.
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STERICYCLE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
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<CAPTION>
MARCH 31 DECEMBER 31
2000 1999
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(unaudited)
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ASSETS
Current assets:
Cash and cash equivalents ................................................... $ 20,770 $ 19,344
Short-term investments ...................................................... 278 285
Accounts receivable, less allowance for doubtful
accounts of $1,153 in 2000 and $980 in 1999 ............................... 53,418 48,284
Parts and supplies .......................................................... 2,702 2,035
Prepaid expenses ............................................................ 1,205 863
Other ....................................................................... 6,136 6,729
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Total current assets ...................................................... 84,509 77,540
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Property, plant and equipment:
Land ........................................................................ 7,308 7,308
Buildings and improvements .................................................. 29,287 29,123
Machinery and equipment ..................................................... 51,185 50,011
Office equipment and furniture .............................................. 4,991 5,182
Construction in progress .................................................... 632 386
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93,403 92,010
Less accumulated depreciation ............................................... (19,204) (16,898)
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Property, plant and equipment, net ........................................ 74,199 75,112
Other assets:
Goodwill, less accumulated amortization of $11,521
in 2000 and $7,974 in 1999 ................................................ 418,190 421,001
Other ....................................................................... 22,275 22,133
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Total other assets ........................................................ 440,465 443,134
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Total assets ............................................................ $ 599,173 $ 595,786
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long term debt ........................................... $ 7,080 $ 5,741
Accounts payable ............................................................ 11,308 14,347
Accrued compensation ........................................................ 7,499 7,569
Accrued transition expenses ................................................. 5,866 7,101
Accrued liabilities ......................................................... 20,156 15,782
Deferred revenue ............................................................ 707 142
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Total current liabilities ................................................. 52,616 50,682
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Long-term debt, net of current portion ......................................... 353,130 355,444
Long-term liabilities .......................................................... 2,161 2,351
Redeemable convertible preferred stock
Series A convertible preferred stock (par value $.01 per share, 75,000 shares
authorized and outstanding in 2000 and 1999, liquidation preference
of $107,125 in 2000 and $80,625 in 1999 ................................... 69,855 69,195
Common shareholders' equity
Common stock (par value $.01 per share, 30,000,000 shares authorized,
14,758,604 issued and outstanding
in 2000, 14,734,237 issued and outstanding in 1999) ....................... 147 147
Additional paid-in capital-common stock ..................................... 136,875 136,691
Accumulated deficit ......................................................... (15,611) (18,724)
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Total shareholders' equity ................................................ 121,411 118,114
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Total liabilities and shareholders' equity ..................................... $ 599,173 $ 595,786
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The accompanying notes are an integral part of these financial statements.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
STERICYCLE, INC.
By: /s/ Frank J.M. ten Brink
Frank J.M. ten Brink
Executive Vice President and Chief
Financial Officer (Principal Financial and
Accounting Officer)
Date: May 12, 2000
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