Indiana | 1-33794 | 26-1342272 | ||
(State of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
One Batesville Boulevard | ||
Batesville, Indiana | 47006 | |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit No | Description | |
99.1 | Press Release dated August 5, 2015, issued by the Company |
HILLENBRAND, INC. | ||
Date: August 5, 2015 | ||
BY: | /s/ Kristina A. Cerniglia | |
Kristina A. Cerniglia | ||
Senior Vice President and | ||
Chief Financial Officer | ||
Date: August 5, 2015 | ||
BY: | /s/ Theodore S. Haddad, Jr. | |
Theodore S. Haddad, Jr. | ||
Vice President and Treasurer |
Exhibit No | Description | |
Exhibit 99.1 | Press Release dated August 5, 2015, issued by the Company |
• | Revenue decreased 4%, with growth of 3% offset by 7% negative currency impact |
• | Process Equipment Group revenue of $254 million decreased 7%, with growth of 4% offset by 11% negative currency impact; EBITDA margin improved 160 basis points year-over-year |
• | Batesville revenue grew 2% to $145 million |
• | Diluted EPS decreased 2% to $0.50 (10% decrease to $0.52 on adjusted basis) |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net revenue | $ | 398.7 | $ | 416.8 | $ | 1,204.8 | $ | 1,198.5 | |||||||
Cost of goods sold | 259.8 | 267.5 | 778.9 | 775.4 | |||||||||||
Gross profit | 138.9 | 149.3 | 425.9 | 423.1 | |||||||||||
Operating expenses | 85.6 | 97.7 | 268.5 | 291.6 | |||||||||||
Operating profit | 53.3 | 51.6 | 157.4 | 131.5 | |||||||||||
Interest expense | 5.7 | 5.6 | 17.8 | 17.5 | |||||||||||
Other income (expense), net | (1.3 | ) | 0.1 | (6.3 | ) | 9.7 | |||||||||
Income before income taxes | 46.3 | 46.1 | 133.3 | 123.7 | |||||||||||
Income tax expense | 13.8 | 12.7 | 39.9 | 35.4 | |||||||||||
Consolidated net income | 32.5 | 33.4 | 93.4 | 88.3 | |||||||||||
Less: Net income attributable to noncontrolling interests | 0.4 | 0.6 | 1.1 | 2.2 | |||||||||||
Net income(1) | $ | 32.1 | $ | 32.8 | $ | 92.3 | $ | 86.1 | |||||||
Net income(1) — per share of common stock: | |||||||||||||||
Basic earnings per share | $ | 0.51 | $ | 0.52 | $ | 1.46 | $ | 1.36 | |||||||
Diluted earnings per share | $ | 0.50 | $ | 0.51 | $ | 1.44 | $ | 1.35 | |||||||
Weighted average shares outstanding (basic) | 63.3 | 63.1 | 63.2 | 63.2 | |||||||||||
Weighted average shares outstanding (diluted) | 63.9 | 63.7 | 63.8 | 63.8 | |||||||||||
Cash dividends per share | $ | 0.2000 | $ | 0.1975 | $ | 0.6000 | $ | 0.5925 |
Nine Months Ended June 30, | |||||||
2015 | 2014 | ||||||
Net cash provided by operating activities | $ | 75.5 | $ | 136.9 | |||
Net cash used in investing activities | (20.2 | ) | (10.5 | ) | |||
Net cash used in financing activities | (66.2 | ) | (108.9 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (1.5 | ) | 1.5 | ||||
Net cash flows | (12.4 | ) | 19.0 | ||||
Cash and cash equivalents: | |||||||
At beginning of period | 58.0 | 42.7 | |||||
At end of period | $ | 45.6 | $ | 61.7 |
Three Months Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
GAAP | Adjustments | Adjusted | GAAP | Adjustments | Adjusted | ||||||||||||||||||
Cost of goods sold | $ | 259.8 | $ | (0.8 | ) | (a) | $ | 259.0 | $ | 267.5 | $ | 0.1 | (d) | $ | 267.6 | ||||||||
Operating expenses | 85.6 | (0.9 | ) | (b) | 84.7 | 97.7 | (4.7 | ) | (e) | 93.0 | |||||||||||||
Income tax expense | 13.8 | 0.8 | (c) | 14.6 | 12.7 | 1.3 | (c) | 14.0 | |||||||||||||||
Net income(1) | 32.1 | 0.9 | 33.0 | 32.8 | 3.3 | 36.1 | |||||||||||||||||
Diluted EPS | 0.50 | 0.02 | 0.52 | 0.51 | 0.06 | 0.57 | |||||||||||||||||
Ratios: | |||||||||||||||||||||||
Gross margin | 34.8 | % | 0.2 | % | 35.0 | % | 35.8 | % | — | % | 35.8 | % | |||||||||||
Operating expenses as a % of revenue | 21.5 | % | (0.3 | )% | 21.2 | % | 23.4 | % | (1.1 | )% | 22.3 | % | |||||||||||
Nine Months Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
GAAP | Adjustments | Adjusted | GAAP | Adjustments | Adjusted | ||||||||||||||||||
Cost of goods sold | $ | 778.9 | $ | (2.1 | ) | (f) | $ | 776.8 | $ | 775.4 | $ | 0.2 | (h) | $ | 775.6 | ||||||||
Operating expenses | 268.5 | (2.9 | ) | (g) | 265.6 | 291.6 | (9.1 | ) | (i) | 282.5 | |||||||||||||
Income tax expense | 39.9 | 1.8 | (c) | 41.7 | 35.4 | 2.6 | (c) | 38.0 | |||||||||||||||
Net income(1) | 92.3 | 3.2 | 95.5 | 86.1 | 6.3 | 92.4 | |||||||||||||||||
Diluted EPS | 1.44 | 0.06 | 1.50 | 1.35 | 0.10 | 1.45 | |||||||||||||||||
Ratios: | |||||||||||||||||||||||
Gross margin | 35.4 | % | 0.1 | % | 35.5 | % | 35.3 | % | — | % | 35.3 | % | |||||||||||
Operating expenses as a % of revenue | 22.3 | % | (0.3 | )% | 22.0 | % | 24.3 | % | (0.7 | )% | 23.6 | % |
1 Net income attributable to Hillenbrand |
P = Process Equipment Group; B = Batesville; C = Corporate | |
(a) | Restructuring ($0.4 P, $0.4 B) |
(b) | Restructuring ($0.2 C, $0.1 P, $0.1 B), and business acquisition ($0.5 C) |
(c) | Tax effect of adjustments |
(d) | Restructuring ($0.1 credit B) |
(e) | Business acquisition and integration costs ($0.5 P, $1.2 C), litigation costs ($1.4 B), restructuring ($1.5 P, $0.1 C) |
(f) | Restructuring ($1.6 B, $0.5 P) |
(g) | Restructuring ($0.8 P, $0.8 C, $0.1 B), litigation ($0.5 B), and business acquisition and integration ($0.6 C, $0.1 P) |
(h) | Restructuring ($0.1 P, $0.3 credit B) |
(i) | Business acquisition and integration costs ($1.5 P, $3.2 C), litigation costs ($1.4 B), restructuring ($1.7 P, $1.3 C) |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Adjusted EBITDA: | |||||||||||||||
Process Equipment Group | $ | 43.7 | $ | 44.1 | $ | 116.3 | $ | 96.8 | |||||||
Batesville | 32.2 | 34.3 | 108.9 | 113.7 | |||||||||||
Corporate | (9.7 | ) | (7.6 | ) | (30.1 | ) | (17.3 | ) | |||||||
Less: | |||||||||||||||
Interest income | — | (0.3 | ) | (0.7 | ) | (0.6 | ) | ||||||||
Interest expense | 5.7 | 5.6 | 17.8 | 17.5 | |||||||||||
Income tax expense | 13.8 | 12.7 | 39.9 | 35.4 | |||||||||||
Depreciation and amortization | 12.7 | 14.7 | 41.1 | 43.7 | |||||||||||
Business acquisition and integration | 0.5 | 1.7 | 0.7 | 4.7 | |||||||||||
Restructuring | 1.0 | 1.6 | 2.4 | 2.8 | |||||||||||
Litigation | — | 1.4 | 0.5 | 1.4 | |||||||||||
Consolidated net income | $ | 32.5 | $ | 33.4 | $ | 93.4 | $ | 88.3 |
Intend | believe | plan | expect | may | goal | would |
Become | pursue | estimate | will | forecast | continue | could |
Targeted | encourage | promise | improve | progress | potential | should |
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