BATESVILLE, Ind., July 27, 2011 /PRNewswire/ -- Hill-Rom Holdings,
Inc. (NYSE: HRC), announced financial results for its fiscal third
quarter ended June 30, 2011 and
updated its outlook for 2011. Adjusted earnings per diluted share
increased 4 percent during the period, to $0.47 from $0.45.
Reported earnings per diluted share in the fiscal third
quarter decreased to $0.02, compared
to $0.48 in the same period in the
prior year, and net income declined to $2
million from $31 million over
the same periods. Reported EPS and net income reflect a
$30 million after-tax charge for a
potential legal settlement relating to a matter covering the period
from 1999 to 2007.
Hill-Rom's quarterly revenue of $385
million increased 7 percent on a reported basis and 4
percent on a constant currency basis compared to last year.
Domestic revenue increased 9 percent to $275 million while revenue outside the United States increased 2 percent to
$110 million in the same period.
Excluding the impact of foreign currency, Hill-Rom's revenue
outside the United States declined
8 percent.
Management Comments
"Our third quarter performance was mixed, with continued
strength in our North America Acute Care business partially offset
by weaker international results," stated John J. Greisch, President & CEO.
"Despite lower results in several of our business units and
increased R&D spending, we delivered growth in adjusted
earnings per share and strong operating cash flow for the quarter,
reflecting our long term commitment to operational improvements and
strong cash flow growth. Our full year outlook demonstrates
continued improvement for 2011 in these key areas despite the
challenges in the macro-environment."
Third quarter revenue highlights include:
-- North America Acute Care. North America Acute
Care revenue grew 11 percent to $239
million. Capital sales increased 16 percent due
primarily to higher sales of patient support systems, which grew 21
percent. Rental revenue was equivalent to the prior year.
-- International. International segment revenue,
which excludes Canada, declined 2
percent to $94 million. On a
constant currency basis, revenue decreased 12 percent, primarily
due to declines in Europe
partially offset by growth in Latin
America.
-- North America Post-Acute Care. North America
Post-Acute Care revenue increased 3 percent to $52 million. Both capital sales and rental
revenue increased 3 percent versus the prior year. Strong
growth in our respiratory business was partially offset by declines
in our extended care and home care businesses.
Third Quarter Financial and Operational Highlights
-- Adjusted operating margin decreased 150 basis points to 11.7
percent, compared to 13.2 percent in the third quarter of last
year. Lower capital gross margins resulting from unfavorable
product mix and higher commodity and fuel costs, along with growth
in R & D investment led to the operating margin decline.
-- Operating cash flow was $82
million, compared to $62
million in the third quarter of the prior year.
Year-to-date cash flow of $189
million compared to $111
million in the same period of the prior year.
-- The company reached an agreement in principle with the
federal government on the financial terms for a potential
settlement of a previously disclosed qui tam complaint filed
in 2005. Accordingly, Hill-Rom recognized an after tax charge
of $30 million in the quarter.
The settlement remains contingent on the final negotiation of
an acceptable Corporate Integrity Agreement with the Health and
Human Services Office of Inspector General.
-- The Basis™ Headwall System was introduced during the quarter.
The new system provides clinical functionality for both
intensive care unit and general care settings with a design that is
aesthetically pleasing, easy to install and easy to maintain.
Please see the attached schedules for additional information,
including 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 Quarterly Report on Form 10-Q for the quarter ended
June 30, 2011, which will be filed
later this week.
Financial Guidance Summary for 2011
The Company updated 2011 financial guidance as follows:
Hill-Rom now expects full-year constant currency revenue
growth of approximately 7 percent, compared to the Company's
previous guidance of 7 to 8 percent. This excludes a currency
benefit of approximately 1 percent for the full year if exchange
rates hold near recent levels. The Company is updating
adjusted earnings guidance to $2.26 to
$2.30 per diluted share, compared to the Company's previous
guidance of $2.26 to $2.32.
Guidance regarding cash flow from operations for the full
year, excluding special items, remains unchanged at $230 to $240 million.
Hill-Rom Holdings, Inc. routinely 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 or other unusual events. 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 8:00 a.m. ET, on
Thursday, July 28, 2011. The
webcast is available at http://ir.hill-rom.com/events.cfm or
http://ir.hill-rom.com/eventdetail.cfm?eventid=98935 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
August 4, 2011 at 800-642-1687
(706-645-9291 International). Code 79686593 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. and Subsidiaries
Condensed
Consolidated Statements of Income
(Dollars in
millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Period Ended June 30
|
|
Year To Date
Period Ended June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Net revenues
|
|
|
|
|
|
|
|
|
|
Capital sales
|
$
267.2
|
|
$
246.2
|
|
$
802.7
|
|
$
714.0
|
|
|
Rental revenues
|
117.6
|
|
114.4
|
|
358.4
|
|
359.0
|
|
|
|
Total revenues
|
384.8
|
|
360.6
|
|
1,161.1
|
|
1,073.0
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
145.4
|
|
132.5
|
|
436.0
|
|
397.4
|
|
|
Rental expenses
|
51.8
|
|
50.1
|
|
154.4
|
|
155.0
|
|
|
|
Total cost of
revenues
|
197.2
|
|
182.6
|
|
590.4
|
|
552.4
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
Capital
|
121.8
|
|
113.7
|
|
366.7
|
|
316.6
|
|
|
Rental
|
65.8
|
|
64.3
|
|
204.0
|
|
204.0
|
|
|
|
Total gross profit
|
187.6
|
|
178.0
|
|
570.7
|
|
520.6
|
|
As a
percentage of sales
|
48.8%
|
|
49.4%
|
|
49.2%
|
|
48.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses
|
17.3
|
|
14.1
|
|
48.3
|
|
43.4
|
|
Selling and administrative
expenses
|
124.6
|
|
116.2
|
|
375.1
|
|
358.6
|
|
Litigation charge
|
42.3
|
|
-
|
|
42.3
|
|
-
|
|
Special charges
|
(1.2)
|
|
-
|
|
1.4
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
4.6
|
|
47.7
|
|
103.6
|
|
113.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net
|
(1.0)
|
|
(1.4)
|
|
(4.5)
|
|
(4.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
2.1
|
|
15.5
|
|
29.1
|
|
33.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
1.5
|
|
30.8
|
|
70.0
|
|
75.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
-
|
|
0.2
|
|
0.2
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
common shareholders
|
$
1.5
|
|
$
30.6
|
|
$
69.8
|
|
$
74.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
$
0.02
|
|
$
0.48
|
|
$
1.09
|
|
$
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - diluted (thousands)
|
64,211
|
|
63,987
|
|
64,139
|
|
63,516
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
$
0.1125
|
|
$
0.1025
|
|
$
0.3175
|
|
$
0.3075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. and Subsidiaries
Revenues -
Constant Currency
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Period Ended June 30
|
|
|
2011
|
|
Foreign
Exchange
|
|
2011
|
|
2010
|
|
Constant
Currency
|
|
|
As
Reported
|
|
Impact
|
|
Adjusted
|
|
As
Reported
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital sales
|
$
267.2
|
|
$
8.3
|
|
$
258.9
|
|
$
246.2
|
|
5.2%
|
|
Rental revenues
|
117.6
|
|
1.8
|
|
115.8
|
|
114.4
|
|
1.2%
|
|
Total
|
$
384.8
|
|
$
10.1
|
|
$
374.7
|
|
$
360.6
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care
|
$
239.1
|
|
$
0.8
|
|
$
238.3
|
|
$
214.9
|
|
10.9%
|
|
Post-Acute Care
|
51.6
|
|
-
|
|
51.6
|
|
49.9
|
|
3.4%
|
|
International
|
94.1
|
|
9.3
|
|
84.8
|
|
95.8
|
|
-11.5%
|
|
Total
|
$
384.8
|
|
$
10.1
|
|
$
374.7
|
|
$
360.6
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year To Date
Period Ended June 30
|
|
|
2011
|
|
Foreign
Exchange
|
|
2011
|
|
2010
|
|
Constant
Currency
|
|
|
As
Reported
|
|
Impact
|
|
Adjusted
|
|
As
Reported
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital sales
|
$
802.7
|
|
$
8.7
|
|
$
794.0
|
|
$
714.0
|
|
11.2%
|
|
Rental revenues
|
358.4
|
|
1.2
|
|
357.2
|
|
359.0
|
|
-0.5%
|
|
Total
|
$
1,161.1
|
|
$
9.9
|
|
$
1,151.2
|
|
$
1,073.0
|
|
7.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care
|
$
708.5
|
|
$
3.0
|
|
$
705.5
|
|
$
638.2
|
|
10.5%
|
|
Post-Acute Care
|
156.1
|
|
-
|
|
156.1
|
|
153.6
|
|
1.6%
|
|
International
|
296.5
|
|
6.9
|
|
289.6
|
|
281.2
|
|
3.0%
|
|
Total
|
$
1,161.1
|
|
$
9.9
|
|
$
1,151.2
|
|
$
1,073.0
|
|
7.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hill-Rom
Holdings, Inc. and Subsidiaries
Reconciliation: Earnings Per
Share
(Dollars in
millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Period Ended June 30, 2011
|
|
Quarterly
Period Ended June 30, 2010
|
|
|
Income
Before
Income Taxes
|
|
Income
Tax
Expense
|
|
Diluted
EPS
|
|
Income
Before
Income Taxes
and NCI
|
|
Income
Tax
Expense
|
|
Diluted
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
|
$
3.6
|
|
$
2.1
|
|
$
0.02
|
|
$
46.3
|
|
$
15.5
|
|
$
0.48
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation
charge
|
42.3
|
|
12.3
|
|
0.47
|
|
-
|
|
-
|
|
-
|
|
Vendor product
recall
|
(0.6)
|
|
(0.2)
|
|
(0.01)
|
|
-
|
|
-
|
|
-
|
|
Special charges
|
(1.2)
|
|
(0.3)
|
|
(0.01)
|
|
-
|
|
-
|
|
-
|
|
Gain on sale of
non-strategic assets
|
-
|
|
-
|
|
-
|
|
-
|
|
1.7
|
|
(0.03)
|
|
Adjusted Earnings
|
$
44.1
|
|
$
13.9
|
|
$
0.47
|
|
$
46.3
|
|
$
17.2
|
|
$
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year To Date
Period Ended June 30, 2011
|
|
Year To Date
Period Ended June 30, 2010
|
|
|
Income
Before
Income Taxes
and NCI
|
|
Income
Tax
Expense
|
|
Diluted
EPS*
|
|
Income
Before
Income Taxes
and NCI
|
|
Income
Tax
Expense
|
|
Diluted
EPS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
|
$
99.1
|
|
$
29.1
|
|
$
1.09
|
|
$
108.7
|
|
$
33.5
|
|
$
1.17
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation
charge
|
42.3
|
|
12.3
|
|
0.47
|
|
-
|
|
-
|
|
-
|
|
Vendor product
recall
|
(1.4)
|
|
(0.5)
|
|
(0.01)
|
|
-
|
|
-
|
|
-
|
|
Special charges
|
1.4
|
|
0.7
|
|
0.01
|
|
5.0
|
|
1.7
|
|
0.05
|
|
Gain on sale of
non-strategic assets
|
-
|
|
-
|
|
-
|
|
-
|
|
1.7
|
|
(0.03)
|
|
Tax settlement
|
-
|
|
-
|
|
-
|
|
-
|
|
6.5
|
|
(0.10)
|
|
Adjusted Earnings
|
$
141.4
|
|
$
41.6
|
|
$
1.55
|
|
$
113.7
|
|
$
43.4
|
|
$
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* May not add due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hill-Rom
Holdings, Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2011
|
|
September
30, 2010
|
|
Assets
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
282.5
|
|
$
184.5
|
|
|
Trade accounts receivable, net
of allowances
|
|
341.4
|
|
353.1
|
|
|
Inventories
|
|
109.1
|
|
108.5
|
|
|
Other current assets
|
|
92.3
|
|
93.1
|
|
|
|
Total current assets
|
|
825.3
|
|
739.2
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
|
230.3
|
|
243.7
|
|
Goodwill
|
|
|
81.1
|
|
81.1
|
|
Other assets
|
|
165.1
|
|
181.6
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
1,301.8
|
|
$
1,245.6
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
60.6
|
|
$
80.6
|
|
|
Short-term borrowings
|
|
102.8
|
|
53.1
|
|
|
Other current
liabilities
|
|
187.6
|
|
155.0
|
|
|
|
Total current
liabilities
|
|
351.0
|
|
288.7
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
49.9
|
|
98.5
|
|
Other long-term
liabilities
|
|
147.6
|
|
142.6
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
548.5
|
|
529.8
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
-
|
|
8.3
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
753.3
|
|
707.5
|
|
|
|
|
|
|
|
|
|
Total Liabilities,
Noncontrolling Interest
and Shareholders'
Equity
|
|
$
1,301.8
|
|
$
1,245.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hill-Rom
Holdings, Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Year To Date
Period Ended June 30
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Operating
Activities
|
|
|
|
|
|
Net income
|
$
70.0
|
|
$
75.2
|
|
|
Adjustments to reconcile net
income to net cash provided by
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
78.1
|
|
73.7
|
|
|
|
Provision for deferred income
taxes
|
1.8
|
|
(12.7)
|
|
|
|
Loss on disposal of property,
equipment leased to others,
|
|
|
|
|
|
|
intangible
assets and impairments
|
1.7
|
|
2.0
|
|
|
|
Stock compensation
|
9.2
|
|
9.0
|
|
|
|
Tax settlement
|
-
|
|
(8.2)
|
|
|
|
Litigation charge
|
42.3
|
|
-
|
|
|
|
Excess tax benefits from
employee stock plans
|
(6.8)
|
|
-
|
|
|
|
Change in working capital
excluding cash, current investments,
|
|
|
|
|
|
|
current debt and
acquisitions and dispositions:
|
|
|
|
|
|
|
Trade accounts
receivable
|
12.6
|
|
19.2
|
|
|
|
Inventories
|
(0.6)
|
|
(14.4)
|
|
|
|
Other current
assets
|
5.8
|
|
(12.4)
|
|
|
|
Trade accounts
payable
|
(20.0)
|
|
(11.4)
|
|
|
|
Accrued expenses and other
liabilities
|
(10.6)
|
|
0.6
|
|
|
|
Other, net
|
5.7
|
|
(9.4)
|
|
Net cash provided by operating
activities
|
189.2
|
|
111.2
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
Capital expenditures and
purchase of intangibles
|
(52.0)
|
|
(43.9)
|
|
|
Proceeds on sales of property
and equipment leased to others
|
5.2
|
|
1.6
|
|
|
Acquisitions of businesses, net
of cash acquired
|
-
|
|
(7.1)
|
|
|
Proceeds on investment
sales/maturities
|
0.4
|
|
19.2
|
|
Net cash used in investing
activities
|
(46.4)
|
|
(30.2)
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
Change in short-term
debt
|
1.8
|
|
(1.4)
|
|
|
Payment on revolver
|
-
|
|
(45.0)
|
|
|
Purchase of noncontrolling
interest
|
(11.5)
|
|
-
|
|
|
Payment of cash
dividends
|
(20.0)
|
|
(19.4)
|
|
|
Proceeds on exercise of
options
|
42.0
|
|
15.1
|
|
|
Proceeds from stock
issuance
|
2.1
|
|
1.9
|
|
|
Excess tax benefits from
employee stock plans
|
6.8
|
|
-
|
|
|
Treasury stock
acquired
|
(70.0)
|
|
(2.3)
|
|
Net cash used in financing
activities
|
(48.8)
|
|
(51.1)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash
|
4.0
|
|
(4.4)
|
|
|
|
|
|
|
|
|
Total Cash Flows
|
98.0
|
|
25.5
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents:
|
|
|
|
|
|
At beginning of
period
|
184.5
|
|
170.6
|
|
|
At end of period
|
$
282.5
|
|
$
196.1
|
|
|
|
|
|
|
|
|
|
SOURCE Hill-Rom Holdings, Inc.