BATESVILLE, Ind., Oct. 27 /PRNewswire-FirstCall/
- Revenue of $397 million
grew 9 percent versus prior year
- Adjusted earnings per share were $0.67 compared to $0.41 in the prior year, an increase of 63
percent
- Reported diluted earnings per share were $0.79 compared to $0.42 in the prior year, an increase of 88
percent
- Adjusted operating margin increased 570 basis points to
16.4 percent
- Fiscal year 2011 financial guidance: Constant
currency revenues are expected to grow 4 to 6 percent and earnings
are expected to be $2.05 to $2.15 per
diluted share
Hill-Rom Holdings, Inc. (NYSE: HRC), announced strong financial
results for its fiscal fourth quarter ended September 30, 2010, and provided its outlook for
2011. Net income increased 92 percent to $51
million compared to $26
million in the prior year. Earnings per diluted share
increased 88 percent to $0.79
compared to $0.42 per diluted share
in the prior year. On an adjusted basis, earnings per diluted
share increased 63 percent to $0.67
from $0.41 in the prior year.
The improved financial performance was primarily the result
of increased revenue, gross margin expansion, and lower selling and
administrative expenses.
Hill-Rom's total revenue of $397
million increased 9 percent on a reported basis compared to
last year and increased 10 percent for the quarter on a constant
currency basis. Domestic revenue increased 7 percent to
$277 million, while international
revenue increased 15 percent to $120
million. Excluding the impact of foreign currency,
Hill-Rom's international revenue increased 19 percent.
For the full year, revenues and earnings per fully diluted share
from continuing operations were $1,470
million and $1.97
respectively, compared to $1,387
million and a loss of $6.47
for the prior year. On an adjusted basis, fully diluted
earnings per share for fiscal 2010 were $1.76 compared to $1.18 in 2009, an increase of 49 percent.
Management Comments
"Despite continuing challenges in the economic and health care
environment, we are pleased to close our fiscal year with another
solid performance in the fourth quarter," stated John J. Greisch, president and CEO of Hill-Rom.
"Looking forward to fiscal year 2011, we are projecting solid
double digit earnings growth as we continue our focus on margin
expansion, operating expense leverage and revenue growth
opportunities in order to increase long term shareholder
value."
Fourth quarter revenue highlights include:
-- North America Acute Care. North America Acute
Care revenue grew 10 percent to $231
million. Capital sales increased 15 percent due
primarily to higher sales of patient support systems which grew 22
percent. Rental revenue declined 2 percent.
-- International and Surgical. International and
Surgical revenue increased 14 percent to $118 million. On a constant currency basis,
revenues increased 19 percent, due to strong performance in the
Middle East, Asia and Latin
America.
-- North America Post-Acute Care. North America
Post-Acute Care revenue increased 2 percent to $52 million. Both capital sales and rental
revenue grew 2 percent. Respiratory care and home care drove
capital sales growth while rental revenues were driven primarily by
growth in our home care channel.
Fourth Quarter Financial and Operational Highlights
-- Adjusted operating margin of 16.4 percent compared to 10.7
percent in the prior year, an increase of 570 basis points.
-- Operating cash flow for the quarter was $79 million, excluding a pension contribution of
$50 million made during the
quarter.
-- The Hill-Rom P500 Therapy Surface, featuring sophisticated
treatment modalities and the added versatility of compatibility
with flat deck bed systems, was introduced in North America.
-- Reported earnings included a litigation credit of
$21.2 million in the quarter, and an
$8.2 million special charge related
to headcount reductions and a write-down in the value of aviation
assets as we continue to streamline operations. Both the
credit and the charge have been excluded from adjusted
earnings.
Please see the attached schedules for additional information,
including reconciliations of earnings in accordance with U.S.
generally accepted accounting principles ("GAAP") to adjusted
income and earnings per share, condensed financial information,
summary balance sheet, cash flow statement and segment sales
summaries.
For a more complete review of Hill-Rom's results, please refer
to our Annual Report on Form 10-K for the year ended September 30, 2010, which will be filed in
November.
Financial Guidance Summary for 2011
The company announced 2011 financial guidance as follows.
For the full year, Hill-Rom expects constant currency revenue
growth of between 4 and 6 percent. The company expects
adjusted earnings of $2.05 to $2.15
per diluted share. Adjusted earnings guidance excludes
special items. Cash flow from operations for the full year is
expected to be approximately $220 to $230
million.
Hill-Rom Holdings, Inc. provides earnings per share results
and guidance on an adjusted basis because the company's management
believes that the presentation provides useful information to
investors. These measures exclude strategic developments,
special charges and the impact of significant litigation. Such
items may be highly variable, difficult to predict and of a size
that sometimes have substantial impact on the company's reported
operations for a period. Often, prospective quantification of such
items is not feasible. Management uses these measures
internally for planning, forecasting and evaluating the performance
of the business. Investors should consider non-GAAP measures in
addition to, not as a substitute for, or as superior to, measures
of financial performance prepared in accordance with GAAP.
Additional assumptions and discussion will be provided during
the Company's conference call to be held tomorrow morning.
Information to access the webcast is provided below.
Conference Call Replay and Webcast
The company will sponsor a conference call and webcast for the
investing public at 8 a.m. EDT,
7 a.m. CDT, on Thursday, October 28, 2010. The webcast is
available at http://ir.hill-rom.com/events.cfm or
http://ir.hill-rom.com/eventdetail.cfm?eventid=86772 and will be
archived on the company's website for those who are unable to
listen live. A replay of the call is also available through
November 4, 2010, at 800-642-1687
(706-645-9291 International). Code 15179477 is needed to access the
replay.
ABOUT HILL-ROM HOLDINGS, INC.
Hill-Rom is a leading worldwide manufacturer and provider of
medical technologies and related services for the health care
industry, including patient support systems, safe mobility and
handling solutions, non-invasive therapeutic products for a variety
of acute and chronic medical conditions, medical equipment rentals
and information technology solutions. Hill-Rom's
comprehensive product and service offerings are used by health care
providers across the health care continuum and around the world in
hospitals, extended care facilities and home care settings to
enhance the safety and quality of patient care.
Hill-Rom…enhancing outcomes for patients and their
caregivers.
www.hill-rom.com
Disclosure Regarding Forward-Looking Statements
Certain statements in this press release contain forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, regarding the Company's future plans,
objectives, beliefs, expectations, representations and projections.
The Company has tried, wherever possible, to identify these
forward-looking statements using words such as "intend,"
"anticipate," "believe," "plan," "encourage," "expect," "may,"
"goal," "become," "pursue," "estimate," "strategy," "will,"
"projection," "forecast," "continue," "accelerate," "promise,"
"increase," "higher," "lower," "reduce," "improve," "expand,"
"progress," "potential" or the negative of those terms or other
variations of them or by comparable terminology. The absence
of such terms, however, does not mean that the statement is not
forward-looking. It is important to note that forward-looking
statements are not guarantees of future performance, and the
Company's actual results could differ materially from those set
forth in any forward-looking statements. Factors that could
cause actual results to differ from forward-looking statements
include but are not limited to: the Company's dependence on its
relationships with several large group purchasing organizations,
whether the Company's new products are successful in the
marketplace, impacts of healthcare reform, compliance with federal
healthcare programs, collections of accounts receivable, compliance
with FDA regulations, antitrust and other litigation, potential
exposure to product liability or other claims, failure of the
Company's announced or future strategic initiatives and
restructuring and realignment activities to achieve expected
growth, efficiencies or cost reductions, adverse consequences
resulting from the spin-off of the funeral services business,
failure of the Company to execute its acquisition and business
alliance strategy through the consummation and successful
integration of acquisitions or entry into joint ventures or other
business alliances, increased costs or unavailability of raw
materials, adverse changes in global economic conditions or
disruptions of credit markets, labor disruptions, the ability to
retain executive officers and other key personnel, and certain
tax-related matters. For a more in depth discussion of these
and other factors that could cause actual results to differ from
those contained in forward-looking statements, see the discussions
under the heading "Risk Factors" in the Company's previously filed
most recent Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q. The Company assumes no obligation to
update or revise any forward-looking statements.
Hill-Rom
Holdings, Inc.
|
|
Condensed
Consolidated Statement of Earnings
|
|
(Dollars in
millions except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2010
|
|
Q4
2009
|
|
Q4
YTD
2010
|
|
Q4
YTD
2009
|
|
Net revenues
|
|
|
|
|
|
|
|
|
|
|
Capital sales
|
|
$ 282.6
|
|
$ 246.8
|
|
$ 996.6
|
|
$ 921.5
|
|
|
Rental revenues
|
|
114.0
|
|
116.5
|
|
473.0
|
|
465.4
|
|
|
|
Total revenues
|
|
396.6
|
|
363.3
|
|
1,469.6
|
|
1,386.9
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
151.2
|
|
141.4
|
|
548.6
|
|
555.7
|
|
|
Rental expenses
|
|
49.4
|
|
50.6
|
|
204.4
|
|
203.3
|
|
|
|
Total cost of
revenues
|
|
200.6
|
|
192.0
|
|
753.0
|
|
759.0
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
Capital sales
|
|
131.4
|
|
105.4
|
|
448.0
|
|
365.8
|
|
|
Rental revenues
|
|
64.6
|
|
65.9
|
|
268.6
|
|
262.1
|
|
|
|
Total gross profit
|
|
196.0
|
|
171.3
|
|
716.6
|
|
627.9
|
|
As a
percentage of sales
|
|
49.4%
|
|
47.2%
|
|
48.8%
|
|
45.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses
|
|
14.9
|
|
14.9
|
|
58.3
|
|
55.7
|
|
Selling and administrative
expenses
|
|
116.0
|
|
118.1
|
|
474.6
|
|
461.6
|
|
Litigation credit
|
|
(21.2)
|
|
-
|
|
(21.2)
|
|
-
|
|
Impairment of goodwill and other
intangibles
|
|
-
|
|
(1.0)
|
|
-
|
|
472.8
|
|
Special charges
|
|
8.2
|
|
0.1
|
|
13.2
|
|
20.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss)
|
|
78.1
|
|
39.2
|
|
191.7
|
|
(382.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of non-strategic
assets
|
|
-
|
|
-
|
|
-
|
|
10.2
|
|
Other income/(expense),
net
|
|
(3.9)
|
|
(2.1)
|
|
(8.8)
|
|
(6.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
23.4
|
|
10.7
|
|
56.9
|
|
26.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
50.8
|
|
26.4
|
|
126.0
|
|
(405.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
|
0.1
|
|
-
|
|
0.7
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
|
$
50.7
|
|
$
26.4
|
|
$ 125.3
|
|
$ (405.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share
|
|
$
0.79
|
|
$
0.42
|
|
$ 1.97
|
|
$ (6.47)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - diluted (thousands)
|
|
64,328
|
|
63,086
|
|
63,739
|
|
62,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
|
$ 0.1025
|
|
$ 0.1025
|
|
$ 0.4100
|
|
$ 0.4100
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Disclosures and Reconciliations
While Hill-Rom reports financial results in accordance with U.S.
GAAP, this press release includes non-GAAP measures. These non-GAAP
measures are not in accordance with, nor are they a substitute for,
GAAP measures. Hill-Rom uses the non-GAAP measures to evaluate and
manage its operations and provides the information to assist
investors in performing financial analysis that is consistent with
financial models developed by research analysts. Investors should
consider non-GAAP measures in addition to, not as a substitute for,
or as superior to, measures of financial performance prepared in
accordance with GAAP.
Hill-Rom
Holdings, Inc.
|
|
Revenues -
Constant Currency
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2010
|
|
|
|
Constant
|
|
|
|
Q4
2010
|
|
Y/Y
Foreign
|
|
Constant
|
|
Q4
2009
|
|
Currency
|
|
|
|
Actual
|
|
Exchange
|
|
Currency
|
|
Actual
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital sales
|
|
$
282.6
|
|
$
(3.3)
|
|
$
285.9
|
|
$
246.8
|
|
15.8%
|
|
Rental revenues
|
|
114.0
|
|
(1.0)
|
|
115.0
|
|
116.5
|
|
-1.3%
|
|
Total
|
|
$
396.6
|
|
$
(4.3)
|
|
$
400.9
|
|
$
363.3
|
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care
|
|
$
230.7
|
|
$
0.4
|
|
$
230.3
|
|
$
210.4
|
|
9.5%
|
|
Post-Acute Care
|
|
52.1
|
|
-
|
|
52.1
|
|
51.2
|
|
1.8%
|
|
International and
Surgical
|
|
117.6
|
|
(4.9)
|
|
122.5
|
|
103.4
|
|
18.5%
|
|
Eliminations
|
|
(3.8)
|
|
0.2
|
|
(4.0)
|
|
(1.7)
|
|
|
|
Total
|
|
$
396.6
|
|
$
(4.3)
|
|
$
400.9
|
|
$
363.3
|
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 YTD
2010
|
|
|
|
Constant
|
|
|
|
Q4 YTD
2010
|
|
Y/Y
Foreign
|
|
Constant
|
|
Q4 YTD
2009
|
|
Currency
|
|
|
|
Actual
|
|
Exchange
|
|
Currency
|
|
Actual
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital sales
|
|
$
996.6
|
|
$
9.5
|
|
$
987.1
|
|
$
921.5
|
|
7.1%
|
|
Rental revenues
|
|
473.0
|
|
1.9
|
|
471.1
|
|
465.4
|
|
1.2%
|
|
Total
|
|
$
1,469.6
|
|
$
11.4
|
|
$
1,458.2
|
|
$
1,386.9
|
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care
|
|
$
840.3
|
|
$
4.9
|
|
$
835.4
|
|
$
791.6
|
|
5.5%
|
|
Post-Acute Care
|
|
205.7
|
|
-
|
|
205.7
|
|
200.8
|
|
2.4%
|
|
International and
Surgical
|
|
432.2
|
|
5.7
|
|
426.5
|
|
398.8
|
|
6.9%
|
|
Eliminations
|
|
(8.6)
|
|
0.8
|
|
(9.4)
|
|
(4.3)
|
|
|
|
Total
|
|
$
1,469.6
|
|
$
11.4
|
|
$
1,458.2
|
|
$
1,386.9
|
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hill-Rom
Holdings, Inc.
|
|
Reconciliation: Earnings Per
Share
|
|
(Dollars in
millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2010
|
|
Q4
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions except per
share data)
|
|
Income
Before Income Taxes
|
|
Income Tax
Expense*
|
|
Diluted
EPS*
|
|
Income
Before Income Taxes
|
|
Income Tax
Expense*
|
|
Diluted
EPS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
|
|
$ 74.2
|
|
$
23.4
|
|
$ 0.79
|
|
$
37.1
|
|
$
10.7
|
|
$
0.42
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation
credit
|
|
(21.2)
|
|
(8.3)
|
|
(0.20)
|
|
-
|
|
-
|
|
-
|
|
Special charges
|
|
8.2
|
|
3.3
|
|
0.08
|
|
0.1
|
|
0.1
|
|
-
|
|
Impairment of goodwill and
other intangibles
|
|
-
|
|
-
|
|
-
|
|
(1.0)
|
|
-
|
|
(0.02)
|
|
Acquisition integration
charges
|
|
-
|
|
-
|
|
-
|
|
0.6
|
|
0.2
|
|
0.01
|
|
Adjusted Earnings
|
|
$ 61.2
|
|
$
18.3
|
|
$ 0.67
|
|
$
36.8
|
|
$
11.0
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 YTD
2010
|
|
Q4 YTD
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Before Income Taxes
|
|
Income Tax
Expense*
|
|
Diluted
EPS*
|
|
Loss Before
Income Taxes
|
|
Income Tax
Expense*
|
|
Diluted
EPS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings (Loss)
|
|
$ 182.9
|
|
$
56.9
|
|
$ 1.97
|
|
$
(378.8)
|
|
$
26.2
|
|
$
(6.47)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation
credit
|
|
(21.2)
|
|
(8.3)
|
|
(0.20)
|
|
-
|
|
-
|
|
-
|
|
Tax settlement
|
|
-
|
|
6.5
|
|
(0.10)
|
|
-
|
|
-
|
|
-
|
|
Gain on sale of
non-strategic assets
|
|
-
|
|
1.7
|
|
(0.03)
|
|
(10.2)
|
|
(2.0)
|
|
(0.13)
|
|
Special charges
|
|
13.2
|
|
5.0
|
|
0.13
|
|
20.5
|
|
7.7
|
|
0.20
|
|
Impairment of goodwill and
other intangibles
|
|
-
|
|
-
|
|
-
|
|
472.8
|
|
2.2
|
|
7.52
|
|
Effect of Liko inventory
valuation
|
|
-
|
|
-
|
|
-
|
|
2.9
|
|
0.8
|
|
0.03
|
|
Acquisition integration
charges
|
|
-
|
|
-
|
|
-
|
|
2.3
|
|
0.8
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
|
|
$ 174.9
|
|
$
61.8
|
|
$ 1.76
|
|
$
109.5
|
|
$
35.7
|
|
$
1.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* May not add due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hill-Rom
Holdings, Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2010
|
|
9/30/2009
|
|
Assets
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 184.5
|
|
$
170.6
|
|
|
Trade accounts receivable, net
of allowances
|
|
353.1
|
|
346.6
|
|
|
Inventories
|
|
108.5
|
|
92.0
|
|
|
Other current assets
|
|
93.1
|
|
85.9
|
|
|
|
Total current assets
|
|
739.2
|
|
695.1
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
|
243.7
|
|
272.4
|
|
Goodwill
|
|
|
81.1
|
|
73.1
|
|
Other assets
|
|
181.6
|
|
192.0
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ 1,245.6
|
|
$
1,232.6
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
80.6
|
|
$
81.3
|
|
|
Short-term borrowings
|
|
53.1
|
|
102.2
|
|
|
Other current
liabilities
|
|
155.0
|
|
160.8
|
|
|
|
Total current
liabilities
|
|
288.7
|
|
344.3
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
98.5
|
|
99.7
|
|
Other long-term
liabilities
|
|
142.6
|
|
179.3
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
529.8
|
|
623.3
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
8.3
|
|
-
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
707.5
|
|
609.3
|
|
|
|
|
|
|
|
|
|
Total Liabilities,
Noncontrolling Interest
and Shareholders'
Equity
|
|
$ 1,245.6
|
|
$
1,232.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hill-Rom
Holdings, Inc.
|
|
Consolidated
Statements of Cash Flows
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 YTD
2010
|
|
Q4 YTD
2009
|
|
Operating
Activities
|
|
|
|
|
|
|
Net income (loss)
|
|
$
126.0
|
|
$
(405.0)
|
|
|
Adjustments to reconcile net
income (loss) to net cash flows from
|
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
99.7
|
|
100.2
|
|
|
|
Impairment of goodwill and other
intangibles
|
|
-
|
|
472.8
|
|
|
|
Litigation credit
|
|
(21.2)
|
|
-
|
|
|
|
Provision for deferred income
taxes
|
|
21.2
|
|
3.5
|
|
|
|
Loss on disposal of property,
equipment leased to others
|
|
|
|
|
|
|
|
and
intangible assets
|
|
7.3
|
|
5.8
|
|
|
|
Gain on sale of non-strategic
assets
|
|
-
|
|
(10.2)
|
|
|
|
Stock compensation
|
|
12.0
|
|
12.1
|
|
|
|
Tax settlement
|
|
(8.2)
|
|
-
|
|
|
|
Defined benefit plan
funding
|
|
(52.3)
|
|
(13.5)
|
|
|
|
Change in working capital
excluding cash, current investments,
|
|
|
|
|
|
|
|
current debt, acquisitions
and dispositions
|
|
|
|
|
|
|
|
Trade accounts
receivable
|
|
(7.0)
|
|
61.2
|
|
|
|
Inventories
|
|
(16.2)
|
|
23.7
|
|
|
|
Other current
assets
|
|
(37.5)
|
|
1.1
|
|
|
|
Trade accounts
payable
|
|
(2.4)
|
|
(23.9)
|
|
|
|
Accrued expenses and other
liabilities
|
|
12.5
|
|
(20.2)
|
|
|
|
Other, net
|
|
5.9
|
|
18.1
|
|
Net cash provided by operating
activities
|
|
139.8
|
|
225.7
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
Capital expenditures and
purchase of intangibles
|
|
(64.7)
|
|
(63.9)
|
|
|
Proceeds on sales of property
and equipment leased to others
|
|
2.5
|
|
2.9
|
|
|
Investment in/acquisitions of
businesses, net of cash acquired
|
|
(7.3)
|
|
(187.2)
|
|
|
Proceeds from sale of
non-strategic assets
|
|
-
|
|
11.9
|
|
|
Proceeds on investment
sales/maturities
|
|
31.3
|
|
2.1
|
|
Net cash used in investing
activities
|
|
(38.2)
|
|
(234.2)
|
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
Net change in short-term
debt
|
|
(4.1)
|
|
5.2
|
|
|
Payment on revolver
|
|
(45.0)
|
|
-
|
|
|
Payment of long-term debt, net
of proceeds from settlement of
|
|
|
|
|
|
|
interest rate
swaps
|
|
-
|
|
(25.7)
|
|
|
Payment of cash
dividends
|
|
(25.8)
|
|
(25.6)
|
|
|
Distribution to noncontrolling
interest partner
|
|
(1.1)
|
|
-
|
|
|
Proceeds from exercise of stock
options
|
|
22.9
|
|
0.1
|
|
|
Proceeds from employee stock
purchase plan
|
|
2.6
|
|
1.3
|
|
|
Treasury stock
acquired
|
|
(36.9)
|
|
(0.6)
|
|
Net cash used in financing
activities
|
|
(87.4)
|
|
(45.3)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash
|
|
(0.3)
|
|
2.7
|
|
|
|
|
|
|
|
|
|
Total Cash Flows
|
|
13.9
|
|
(51.1)
|
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents:
|
|
|
|
|
|
|
At beginning of
period
|
|
170.6
|
|
221.7
|
|
|
At end of period
|
|
$
184.5
|
|
$
170.6
|
|
|
|
|
|
|
|
|
SOURCE Hill-Rom Holdings, Inc.
Copyright . 27 PR Newswire