Indiana
|
1-6651
|
35-1160484
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
1069 State Route 46 East
Batesville, Indiana
|
47006-8835
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Not applicable
|
||
(Former name or former address, if changed since last report)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
2.1
|
Stock Purchase Agreement, dated as of July 23, 2012 by and among RoundTable Healthcare Partners II, L.P., RoundTable Healthcare Investors II, L.P., the Stockholders and Optionholders named therein, and Hill-Rom, Inc. (incorporated by reference to Exhibit 2.1 of the Corporation’s Current Report on Form 8-K dated July 23, 2012).
|
|
23.1
|
Consent of Independent Registered Public Accounting Firm
|
|
99.1
|
Press release, dated July 25, 2012, issued by the Corporation (incorporated by reference to Exhibit 99.1 of the Corporation’s Current Report on Form 8-K dated July 23, 2012).
|
|
99.2
|
Audited financial statements of Aspen Surgical for the year ended December 31, 2011 and 2010.
|
|
99.3
|
Unaudited interim balance sheet of Aspen Surgical as of June 30, 2012 and December 31, 2011, and unaudited statements of operations and cash flows for the six-month periods ended June 30, 2011 and 2012.
|
|
99.4
|
Pro forma balance sheet of the Corporation as of June 30, 2012, and pro forma statements of income for the fiscal year ended September 30, 2011 and the nine months ended June 30, 2012.
|
HILL-ROM HOLDINGS, INC.
|
|||
Date: October 5, 2012 |
By:
|
/s/ Susan Lichtenstein | |
Susan Lichtenstein | |||
Senior Vice President of | |||
Corporate Affairs, | |||
Chief Legal Officer and Secretary |
/s/ PricewaterhouseCoopers LLP
|
|
PricewaterhouseCoopers LLP
Chicago, Illinois
October 5, 2012
|
Aspen Surgical Products
Holding, Inc. and Subsidiaries
Consolidated Financial Statements
December 31, 2011 and 2010
|
Report of Independent Auditors
|
1
|
Consolidated Financial Statements
|
|
Balance Sheets
|
2
|
Statements of Operations
|
3
|
Statements of Stockholders’ Equity and Comprehensive Income
|
4
|
Statements of Cash Flows
|
5
|
Notes to Financial Statements
|
6-21
|
2011
|
2010
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash
|
$ | 2,653,609 | $ | 2,212,806 | ||||
Accounts receivable, net of allowance for doubtful
|
||||||||
accounts of $255,101 and $216,712, respectively
|
15,125,835 | 6,718,904 | ||||||
Inventories
|
20,695,180 | 20,275,147 | ||||||
Prepaid expenses and other current assets
|
1,287,712 | 1,131,623 | ||||||
Income taxes refundable
|
1,708,704 | 907,913 | ||||||
Deferred income tax asset
|
1,063,387 | 1,013,221 | ||||||
Total current assets
|
42,534,427 | 32,259,614 | ||||||
Property, plant and equipment, net
|
30,702,535 | 29,093,683 | ||||||
Goodwill
|
65,885,470 | 65,918,306 | ||||||
Intangible assets, net
|
66,314,338 | 73,707,631 | ||||||
Other assets
|
271,976 | 374,039 | ||||||
Total assets
|
$ | 205,708,746 | $ | 201,353,273 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$ | 5,006,404 | $ | 4,219,543 | ||||
Accrued expenses
|
6,390,765 | 4,039,822 | ||||||
Current maturities of long-term debt
|
7,525,000 | 5,375,000 | ||||||
Total current liabilities
|
18,922,169 | 13,634,365 | ||||||
Long-term liabilities
|
||||||||
Long-term obligations, less current maturities
|
91,457,938 | 100,840,763 | ||||||
Deferred income tax liabilities
|
10,627,074 | 11,323,644 | ||||||
Total long-term liabilities
|
102,085,012 | 112,164,407 | ||||||
Total liabilities
|
121,007,181 | 125,798,772 | ||||||
Stockholders’ equity
|
||||||||
Common stock, par value $0.01 per share, 22,000 shares
|
||||||||
authorized, 21,708 and 21,522 shares issued and outstanding
|
||||||||
at December 31, 2011 and 2010, respectively
|
217 | 215 | ||||||
Additional paid-in capital
|
73,482,540 | 72,514,229 | ||||||
Accumulated other comprehensive income-foreign currency
|
||||||||
translation adjustment
|
287,605 | 374,980 | ||||||
Retained earnings
|
10,931,203 | 2,665,077 | ||||||
Total stockholders’ equity
|
84,701,565 | 75,554,501 | ||||||
Total liabilities and stockholders’ equity
|
$ | 205,708,746 | $ | 201,353,273 |
2011
|
2010
|
|||||||
Net sales
|
$ | 118,109,353 | $ | 76,508,040 | ||||
Cost of sales
|
61,371,692 | 42,136,268 | ||||||
Gross profit
|
56,737,661 | 34,371,772 | ||||||
Selling, general and administrative
|
33,029,156 | 25,157,559 | ||||||
Business transaction expense
|
166,082 | 2,623,082 | ||||||
Income from continuing operations
|
23,542,423 | 6,591,131 | ||||||
Interest expense, net
|
11,775,193 | 9,345,065 | ||||||
Foreign currency transaction (loss)
|
(49,436 | ) | (529,903 | ) | ||||
Income (loss) before income taxes from
|
||||||||
continuing operations
|
11,717,794 | (3,283,837 | ) | |||||
Income tax expense (benefit)
|
3,451,668 | (1,422,893 | ) | |||||
Net income (loss) from continuing operations
|
8,266,126 | (1,860,944 | ) | |||||
Discontinued operations, net of income taxes
|
- | 383,743 | ||||||
Net income (loss)
|
$ | 8,266,126 | $ | (1,477,201 | ) |
Accumulated Other
|
||||||||||||||||||||||||||||
Comprehensive
|
||||||||||||||||||||||||||||
Income (Loss)
|
||||||||||||||||||||||||||||
Foreign
|
||||||||||||||||||||||||||||
Additional
|
Currency
|
|||||||||||||||||||||||||||
Comprehensive
|
Common Stock
|
Paid-In
|
Translation
|
Retained
|
||||||||||||||||||||||||
Income (Loss)
|
Shares
|
Amount
|
Capital
|
Adjustment
|
Earnings
|
Total
|
||||||||||||||||||||||
Balances at December 31, 2009
|
12,595 | $ | 126 | $ | 33,801,608 | $ | 572,904 | $ | 4,142,278 | 38,516,916 | ||||||||||||||||||
Issuance of common stock
|
$ | - | 5,986 | 59 | 25,132,407 | - | - | 25,132,466 | ||||||||||||||||||||
Stock option exercise
|
- | 214 | 2 | 661,103 | - | - | 661,105 | |||||||||||||||||||||
Conversion of convertible debt for common stock
|
- | 2,727 | 28 | 11,304,955 | - | - | 11,304,983 | |||||||||||||||||||||
Compensation expense related to
|
||||||||||||||||||||||||||||
stock options
|
- | - | - | 566,129 | - | - | 566,129 | |||||||||||||||||||||
Capital contribution resulting from common
|
||||||||||||||||||||||||||||
control transaction
|
- | - | - | 1,048,027 | - | - | 1,048,027 | |||||||||||||||||||||
Net loss
|
(1,477,201 | ) | - | - | - | - | (1,477,201 | ) | (1,477,201 | ) | ||||||||||||||||||
Foreign currency translation adjustments
|
(197,924 | ) | - | - | - | (197,924 | ) | - | (197,924 | ) | ||||||||||||||||||
Total comprehensive income (loss)
|
$ | (1,675,125 | ) | |||||||||||||||||||||||||
Balances at December 31, 2010
|
21,522 | 215 | 72,514,229 | 374,980 | 2,665,077 | 75,554,501 | ||||||||||||||||||||||
Stock option exercise
|
186 | 2 | 598,539 | - | - | 598,541 | ||||||||||||||||||||||
Compensation expense related to
|
||||||||||||||||||||||||||||
stock options
|
369,772 | 369,772 | ||||||||||||||||||||||||||
Net income
|
$ | 8,266,126 | - | - | - | - | 8,266,126 | 8,266,126 | ||||||||||||||||||||
Foreign currency translation adjustments
|
(87,375 | ) | - | - | - | (87,375 | ) | - | (87,375 | ) | ||||||||||||||||||
Total comprehensive income (loss)
|
$ | 8,178,751 | ||||||||||||||||||||||||||
Balances at December 31, 2011
|
21,708 | $ | 217 | $ | 73,482,540 | $ | 287,605 | $ | 10,931,203 | $ | 84,701,565 |
2011
|
2010
|
|||||||
Operating activities
|
||||||||
Net income (loss)
|
$ | 8,266,126 | $ | (1,477,201 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by
|
||||||||
operating activities
|
||||||||
Foreign currency loss on intercompany loans
|
27,832 | 513,229 | ||||||
Depreciation and amortization
|
12,598,322 | 9,701,000 | ||||||
Paid in kind interest
|
1,125,545 | 880,987 | ||||||
Interest converted into common shares
|
- | 74,629 | ||||||
Stock based compensation expense related to stock options
|
369,772 | 566,129 | ||||||
Deferred income taxes
|
(746,736 | ) | (2,667,285 | ) | ||||
Changes in operating assets and liabilities, net of acquisitions
|
||||||||
Accounts receivable
|
(8,404,050 | ) | 1,342,428 | |||||
Inventories
|
(441,550 | ) | 856,271 | |||||
Prepaid expenses and other assets
|
(945,146 | ) | (1,393,494 | ) | ||||
Accounts payable
|
359,630 | 524,465 | ||||||
Accrued expenses
|
2,226,000 | 2,459,838 | ||||||
Net cash provided by operating activities
|
14,435,745 | 11,380,996 | ||||||
Investing activities
|
||||||||
Purchases of property, plant and equipment
|
(4,906,382 | ) | (2,232,214 | ) | ||||
Proceeds from common control transactions, net of
|
||||||||
cash transferred
|
- | 34,771,786 | ||||||
Acquisitions (Note 3)
|
- | (121,772,397 | ) | |||||
Net cash used in investing activities
|
(4,906,382 | ) | (89,232,825 | ) | ||||
Financing activities
|
||||||||
Proceeds from term loan
|
- | 46,335,900 | ||||||
Proceeds from senior secured subordinated note
|
- | 9,746,720 | ||||||
Debt issuance and lender costs
|
- | (4,746,144 | ) | |||||
Proceeds from issuance of stock
|
- | 25,132,466 | ||||||
Proceeds from issuance of subordinated convertible notes
|
- | 11,230,353 | ||||||
Proceeds from exercise of stock options
|
598,541 | 661,104 | ||||||
Payments on term loan
|
(9,375,000 | ) | (12,489,600 | ) | ||||
Payments on senior secured subordinated note
|
(146,400 | ) | - | |||||
Net cash (used in) provided by financing activities
|
(8,922,859 | ) | 75,870,799 | |||||
Effect of exchange rate on cash
|
(165,701 | ) | (101,200 | ) | ||||
Net increase (decrease) in cash
|
440,803 | (2,082,230 | ) | |||||
Cash
|
||||||||
Beginning of period
|
2,212,806 | 4,295,036 | ||||||
End of period
|
$ | 2,653,609 | $ | 2,212,806 | ||||
Supplemental disclosures of cash information
|
||||||||
Cash paid during the period for
|
||||||||
Interest
|
$ | 9,739,710 | $ | 8,219,146 | ||||
Income taxes
|
4,403,752 | 2,635,142 | ||||||
Noncash financing activities
|
||||||||
Conversion of subordinated convertible notes into
|
||||||||
common stock
|
- | 11,304,983 | ||||||
Interest paid in kind
|
1,125,545 | 880,987 |
1.
|
Description of Business
|
2.
|
Summary of Significant Accounting Policies
|
3.
|
Acquisitions
|
Merocel®
|
Blades
|
Total
|
||||||||||
Assets acquired
|
||||||||||||
Inventory
|
$ | - | $ | 12,807,976 | $ | 12,807,976 | ||||||
Property and equipment
|
312,000 | 21,872,159 | 22,184,159 | |||||||||
Goodwill
|
20,090,327 | 20,862,935 | 40,953,262 | |||||||||
Customer relationships
|
10,800,000 | 14,800,000 | 25,600,000 | |||||||||
Tradenames
|
727,000 | 14,200,000 | 14,927,000 | |||||||||
Proprietary technology and patents
|
- | 5,300,000 | 5,300,000 | |||||||||
Total purchase price
|
$ | 31,929,327 | $ | 89,843,070 | $ | 121,772,397 |
4.
|
Common Control Transactions
|
Ultracell
|
Merocel®
|
Total
|
||||||||||
Assets
|
||||||||||||
Cash
|
$ | - | $ | 1,928,214 | $ | 1,928,214 | ||||||
Property and equipment, net
|
175,107 | 304,200 | 479,307 | |||||||||
Goodwill
|
2,110,119 | 20,090,327 | 22,200,446 | |||||||||
Intangible assets, net
|
1,364,218 | 11,062,500 | 12,426,718 | |||||||||
Total assets
|
3,649,444 | 33,385,241 | 37,034,685 | |||||||||
Liabilities
|
||||||||||||
Payables, accrued expenses
|
||||||||||||
and other current liabilities
|
- | 868,878 | 868,878 | |||||||||
Deferred tax liabilities
|
513,834 | - | 513,834 | |||||||||
Total liabilities
|
513,834 | 868,878 | 1,382,712 | |||||||||
Net assets
|
3,135,610 | 32,516,363 | 35,651,973 | |||||||||
Consideration received
|
5,000,000 | 31,700,000 | 36,700,000 | |||||||||
Capital contribution (distribution) resulting
|
||||||||||||
from common control transaction
|
$ | 1,864,390 | $ | (816,363 | ) | $ | 1,048,027 |
2010
|
||||
Net Sales
|
$ | 6,770,386 | ||
Gross Profit
|
2,882,137 | |||
Income before income taxes
|
1,126,870 |
5.
|
Inventories
|
2011
|
2010
|
|||||||
Finished goods
|
$ | 11,051,208 | $ | 12,855,777 | ||||
Raw materials
|
8,012,159 | 6,865,758 | ||||||
Work in progress
|
2,584,375 | 1,959,958 | ||||||
Less: Excess and obsolescence reserve
|
(952,562 | ) | (1,406,346 | ) | ||||
Inventories, net
|
$ | 20,695,180 | $ | 20,275,147 |
6.
|
Property, Plant and Equipment
|
Estimated
|
|||||||||||
Useful Life
|
|||||||||||
2011
|
2010
|
(Years)
|
|||||||||
Land
|
$ | 3,300,000 | $ | 3,300,000 | |||||||
Building and leasehold improvements
|
12,537,815 | 9,995,547 | 5-20 | ||||||||
Machinery and equipment
|
17,395,149 | 16,589,999 | 5-10 | ||||||||
Computer hardware and software
|
2,110,242 | 1,678,371 | 3-5 | ||||||||
Furniture and fixtures
|
502,501 | 482,673 | 7 | ||||||||
Office equipment
|
71,162 | 38,023 | 7 | ||||||||
Construction in progress
|
4,567,728 | 3,503,348 | |||||||||
40,484,597 | 35,587,961 | ||||||||||
Less: Accumulated depreciation
|
(9,782,062 | ) | (6,494,278 | ) | |||||||
Property, plant, and equipment, net
|
$ | 30,702,535 | $ | 29,093,683 |
7.
|
Goodwill and Intangible Assets
|
Estimated
|
|||||||||||
Useful Life
|
|||||||||||
2011
|
2010
|
(Years)
|
|||||||||
Customer relationships
|
$ | 58,484,975 | $ | 58,495,591 | 8-20 | ||||||
Trade names
|
22,600,749 | 22,602,917 | 10-30 | ||||||||
Proprietary technology
|
3,142,584 | 3,143,402 | 10 | ||||||||
Patents
|
3,430,000 | 3,430,000 | 8-9 | ||||||||
Noncompetition agreement
|
1,197,653 | 1,197,653 | 2-5 | ||||||||
88,855,961 | 88,869,563 | ||||||||||
Less: Accumulated amortization
|
(22,541,623 | ) | (15,161,932 | ) | |||||||
$ | 66,314,338 | $ | 73,707,631 |
December 31, 2009
|
$ | 47,234,592 | ||
Acquisitions, Note 3
|
40,953,262 | |||
Common control transactions, Note 4
|
(22,200,446 | ) | ||
Foreign currency translation
|
(69,102 | ) | ||
December 31, 2010
|
65,918,306 | |||
Foreign currency translation
|
(32,836 | ) | ||
December 31, 2011
|
$ | 65,885,470 |
8.
|
Accrued Expenses
|
2011
|
2010
|
|||||||
Accrued compensation
|
$ | 3,642,947 | $ | 2,361,309 | ||||
Accrued rebates
|
641,598 | 172,230 | ||||||
Accrued construction in process
|
629,388 | - | ||||||
Accrued utilities
|
149,714 | 299,271 | ||||||
Other accrued expenses
|
1,327,118 | 1,207,012 | ||||||
Total accrued expenses
|
$ | 6,390,765 | $ | 4,039,822 |
9.
|
Subordinated Convertible Debt Instruments
|
10.
|
Debt Arrangements
|
2011
|
2010
|
|||||||
Working capital revolver; $10,000,000 available at
|
||||||||
December 31, 2011 and 2010
|
$ | - | $ | - | ||||
Term loan; payable in quarterly installments ranging from
|
||||||||
$1,075,000 to $2,150,000 through June 30, 2015, bearing
|
||||||||
interest at variable rates
|
64,250,500 | 73,625,500 | ||||||
Subordinated notes with related party; bearing interest
|
||||||||
payable quarterly at a fixed rate of 15%, 12% paid in cash
|
||||||||
and 3% paid in kind, maturing July 30, 2016
|
38,098,459 | 37,119,314 | ||||||
102,348,959 | 110,744,814 | |||||||
Less: Debt discount
|
(3,366,021 | ) | (4,529,051 | ) | ||||
98,982,938 | 106,215,763 | |||||||
Less: Current maturities
|
(7,525,000 | ) | (5,375,000 | ) | ||||
$ | 91,457,938 | $ | 100,840,763 |
2012
|
$ | 7,525,000 | ||
2013
|
8,600,000 | |||
2014
|
8,600,000 | |||
2015
|
39,525,500 | |||
2016
|
38,098,462 | |||
$ | 102,348,962 |
11.
|
Commitments and Contingencies
|
Years Ending December 31,
|
||||
2012
|
$ | 1,336,910 | ||
2013
|
1,259,861 | |||
2014
|
1,177,768 | |||
2015
|
1,138,827 | |||
2016
|
1,162,487 | |||
2017 and thereafter
|
373,193 | |||
$ | 6,479,046 |
12.
|
Income Taxes
|
2011
|
2010
|
|||||||
United States
|
$ | 6,952,784 | $ | (3,992,542 | ) | |||
United Kingdom
|
2,254,678 | 1,714,941 | ||||||
Puerto Rico
|
2,510,332 | 120,633 | ||||||
$ | 11,717,794 | $ | (2,156,968 | ) |
2011
|
2010
|
|||||||
Current
|
||||||||
Federal
|
$ | 2,799,207 | $ | 1,411,880 | ||||
State
|
161,061 | 38,647 | ||||||
Foreign
|
1,238,136 | 536,991 | ||||||
4,198,404 | 1,987,518 | |||||||
Deferred
|
||||||||
Federal
|
(722,723 | ) | (2,367,633 | ) | ||||
State
|
(81,540 | ) | (243,727 | ) | ||||
Foreign
|
(57,527 | ) | (55,925 | ) | ||||
(746,736 | ) | (2,667,285 | ) | |||||
$ | 3,451,668 | $ | (679,767 | ) |
2011
|
2010
|
|||||||
Computed statutory tax provision
|
$ | 3,984,050 | $ | (733,369 | ) | |||
Increase (decrease) resulting from
|
||||||||
Net gain on common control transactions
|
- | 435,081 | ||||||
Puerto Rico deemed dividend, net of foreign tax credit
|
269,944 | 146,792 | ||||||
Section 199 deduction
|
(329,190 | ) | (154,853 | ) | ||||
Foreign rate differential
|
(864,678 | ) | (139,086 | ) | ||||
Puerto Rico excise tax
|
485,373 | - | ||||||
State taxes and other differences
|
(93,831 | ) | (234,332 | ) | ||||
Provision (benefit) for income taxes
|
$ | 3,451,668 | $ | (679,767 | ) |
2011
|
2010
|
|||||||
Deferred income tax assets
|
||||||||
Current
|
||||||||
Receivables
|
$ | 314,006 | $ | 107,897 | ||||
Inventory
|
283,693 | 557,637 | ||||||
Accrued liabilities
|
655,155 | 539,499 | ||||||
1,252,854 | 1,205,033 | |||||||
Noncurrent
|
||||||||
Acquisition expenses
|
573,941 | 668,256 | ||||||
Stock options
|
54,191 | 71,513 | ||||||
Other
|
285,147 | 69,872 | ||||||
913,279 | 809,641 | |||||||
Total deferred income tax assets
|
$ | 2,166,133 | $ | 2,014,674 | ||||
Deferred income tax liabilities
|
||||||||
Current
|
||||||||
Prepaid expenses
|
$ | 189,467 | $ | 191,812 | ||||
189,467 | 191,812 | |||||||
Noncurrent
|
||||||||
Intangible assets
|
9,721,651 | 10,539,936 | ||||||
Unrealized gain/loss
|
291,198 | 412,504 | ||||||
Fixed assets
|
1,527,504 | 1,180,845 | ||||||
11,540,353 | 12,133,285 | |||||||
Total deferred income tax liabilities
|
$ | 11,729,820 | $ | 12,325,097 |
13.
|
Stock Option Plan
|
Weighted -
|
||||||||
Average
|
||||||||
Exercise
|
||||||||
Shares
|
Price
|
|||||||
Outstanding on December 31, 2009
|
641 | $ | 3,051 | |||||
Granted
|
283 | 4,186 | ||||||
Exercised
|
(214 | ) | 3,089 | |||||
Forfeited
|
(49 | ) | 3,169 | |||||
Outstanding on December 31, 2010
|
661 | 3,515 | ||||||
Granted
|
29 | 5,335 | ||||||
Exercised
|
(186 | ) | 3,215 | |||||
Forfeited
|
(11 | ) | 3,558 | |||||
Outstanding on December 31, 2011
|
493 | $ | 3,735 | |||||
Exercisable as of December 31, 2011
|
166 | $ | 3,129 |
Options Outstanding
|
Options Vested and Exercisable
|
|||||||||||||||||||||||||
Exercise
Price
|
Shares
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
Weighted
Average
Exercise
Price
|
Exercise
Price
|
Shares
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
$ |
2,438
|
84 | 4.7 | $ | 2,438 | $ | 2,438 | 84 | 4.7 | $ | 2,438 | |||||||||||||||
3,683
|
95 | 6.3 | 3,683 | 3,683 | 42 | 6.3 | 3,683 | |||||||||||||||||||
3,499
|
88 | 7.6 | 3,499 | 3,499 | 11 | 7.7 | 3,499 | |||||||||||||||||||
4,198
|
154 | 8.0 | 4,198 | 4,198 | 26 | 5.0 | 4,198 | |||||||||||||||||||
4,146
|
53 | 8.0 | 4,146 | 4,146 | 3 | 6.2 | 4,146 | |||||||||||||||||||
5,934
|
19 | 8.0 | 5,934 | - | - | - | - |
14.
|
Defined Contribution Savings Plans
|
15.
|
Related Party Transactions
|
Aspen Surgical Products
Holding, Inc. and Subsidiaries Interim Financial Statements
|
Pages
|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited) at June 30, 2012
and December 31, 2011
|
3
|
|
|
Condensed Consolidated Statements of Operations (Unaudited) for the Six Month Periods
Ended June 30, 2012 and 2011
|
4
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Month Periods
Ended June 30, 2012 and 2011
|
5
|
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
6-8
|
June 30, 2012
|
December 31, 2011
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash
|
$ | 2.8 | $ | 2.6 | ||||
Accounts receivable, net of allowance for doubtful
|
||||||||
accounts of $0.7 and $0.3
|
16.8 | 15.1 | ||||||
Inventories
|
21.3 | 20.7 | ||||||
Prepaid expenses and other current assets
|
1.4 | 1.3 | ||||||
Income taxes refundable
|
1.0 | 1.7 | ||||||
Deferred income tax asset
|
1.2 | 1.1 | ||||||
Total current assets
|
44.5 | 42.5 | ||||||
Property, plant and equipment, net
|
30.6 | 30.7 | ||||||
Goodwill
|
65.9 | 65.9 | ||||||
Intangible assets, net
|
62.7 | 66.3 | ||||||
Other assets
|
0.3 | 0.3 | ||||||
Total assets
|
$ | 204.0 | $ | 205.7 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$ | 6.1 | $ | 5.0 | ||||
Accrued expenses
|
4.0 | 6.4 | ||||||
Current maturities of long-term debt
|
8.6 | 7.5 | ||||||
Total current liabilities
|
18.7 | 18.9 | ||||||
Long-term liabilities
|
||||||||
Long-term obligations, less current maturities
|
87.7 | 91.5 | ||||||
Deferred income tax liabilities
|
10.2 | 10.6 | ||||||
Total long-term liabilities
|
97.9 | 102.1 | ||||||
Total liabilities
|
116.6 | 121.0 | ||||||
Stockholders’ equity
|
||||||||
Additional paid-in capital
|
73.8 | 73.5 | ||||||
Accumulated other comprehensive income-foreign currency
|
||||||||
translation adjustment
|
0.4 | 0.3 | ||||||
Retained earnings
|
13.2 | 10.9 | ||||||
Total stockholders’ equity
|
87.4 | 84.7 | ||||||
Total liabilities and stockholders’ equity
|
$ | 204.0 | $ | 205.7 |
Six Months Ended June 30
|
||||||||
2012
|
2011
|
|||||||
Net sales
|
$ | 57.4 | $ | 60.1 | ||||
Cost of sales
|
30.3 | 31.1 | ||||||
Gross profit | 27.1 | 29.0 | ||||||
Selling, general and administrative expenses
|
18.3 | 16.1 | ||||||
Operating profit | 8.8 | 12.9 | ||||||
Interest expense, net
|
5.5 | 5.9 | ||||||
Foreign currency transaction gain
|
0.1 | 0.4 | ||||||
Income before income taxes
|
3.4 | 7.4 | ||||||
Income tax expense
|
1.1 | 2.3 | ||||||
Net income
|
$ | 2.3 | $ | 5.1 |
Six Months Ended June 30
|
||||||||
2012
|
2011
|
|||||||
Operating activities
|
||||||||
Net income
|
$ | 2.3 | $ | 5.1 | ||||
Adjustments to reconcile net income to net cash provided by
|
||||||||
operating activities:
|
||||||||
Foreign currency gain on intercompany loans
|
(0.1 | ) | (0.4 | ) | ||||
Depreciation and amortization
|
6.4 | 6.5 | ||||||
Paid in kind interest
|
0.5 | 0.6 | ||||||
Stock based compensation expense related to stock options
|
0.1 | 0.2 | ||||||
Gain on sale of assets
|
(0.2 | ) | - | |||||
Deferred income taxes
|
(0.5 | ) | (0.1 | ) | ||||
Changes in operating assets and liabilities, net of acquisitions:
|
||||||||
Accounts receivable
|
(1.6 | ) | (3.9 | ) | ||||
Inventories
|
(0.6 | ) | 0.7 | |||||
Prepaid expenses and other assets
|
0.6 | (3.0 | ) | |||||
Accounts payable
|
1.1 | 0.4 | ||||||
Accrued expenses
|
(2.6 | ) | 2.3 | |||||
Net cash provided by operating activities | 5.4 | 8.4 | ||||||
Investing activities
|
||||||||
Purchases of property, plant and equipment
|
(1.8 | ) | (2.5 | ) | ||||
Net cash used in investing activities | (1.8 | ) | (2.5 | ) | ||||
Financing activities
|
||||||||
Proceeds from exercise of stock options
|
0.2 | 0.2 | ||||||
Payments on term loan
|
(3.5 | ) | (2.2 | ) | ||||
Payments on senior secured subordinated note
|
(0.1 | ) | - | |||||
Net cash used in by financing activities | (3.4 | ) | (2.0 | ) | ||||
Effect of exchange rate changes on cash
|
- | - | ||||||
Net increase in cash | 0.2 | 3.9 | ||||||
Cash
|
||||||||
Beginning of period
|
2.6 | 2.2 | ||||||
End of period
|
$ | 2.8 | $ | 6.1 |
1.
|
Description of Business
|
2.
|
Summary of Significant Accounting Policies
|
3.
|
Supplementary Balance Sheet Information
|
June 30, 2012
|
December 31, 2011
|
|||||||
Inventories:
|
||||||||
Finished products
|
$ | 11.0 | $ | 11.1 | ||||
Raw materials and work in process
|
10.3 | 9.6 | ||||||
Total inventory
|
$ | 21.3 | $ | 20.7 | ||||
Accumulated depreciation of property, plant and equipment
|
$ | 11.5 | $ | 9.8 | ||||
Accumulated amortization of software and other intangible assets
|
$ | 26.3 | $ | 22.5 |
4.
|
Contingencies
|
5.
|
Subsequent Events
|
June 30, 2012
|
||||||||||||||||||||||||||
Historic
|
Pro Forma Adjustments
|
|||||||||||||||||||||||||
Hill-Rom
|
Aspen
|
Reclassifications
|
Acquisition and
Financing (d) |
Allocation of
Acquisition Consideration |
Pro Forma
Combined |
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||
Current Assets
|
||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 220.0 | $ | 2.8 | $ | - | $ | 305.0 | $ | - | $ | 77.8 | ||||||||||||||
(450.0 | ) | |||||||||||||||||||||||||
Trade accounts receivable, net of allowances
|
351.0 | 16.8 | - | - | (0.7 | ) |
(f)
|
367.1 | ||||||||||||||||||
Inventories
|
106.7 | 21.3 | (1.1 | ) |
(a)
|
- | 6.1 |
(f)
|
133.0 | |||||||||||||||||
Deferred income taxes
|
45.0 | 1.2 | - | - | (1.0 | ) |
(g)
|
45.2 | ||||||||||||||||||
Other current assets
|
36.2 | 2.4 | 1.1 |
(a)
|
- | 0.7 |
(f)
|
40.4 | ||||||||||||||||||
Total current assets
|
758.9 | 44.5 | - | (145.0 | ) | 5.1 | 663.5 | |||||||||||||||||||
Property, plant and equipment, net
|
227.2 | 30.6 | (2.5 | ) |
(b)
|
- | (3.2 | ) |
(e)
|
252.1 | ||||||||||||||||
Investments and investment securities
|
7.3 | - | - | - | - | 7.3 | ||||||||||||||||||||
Goodwill
|
121.2 | 65.9 | - | - | (65.9 | ) |
(e)
|
336.3 | ||||||||||||||||||
215.1 |
(e)
|
|||||||||||||||||||||||||
Software and other intangible assets, net
|
127.9 | 62.7 | 2.5 |
(b)
|
- | (62.7 | ) |
(e)
|
298.2 | |||||||||||||||||
167.8 |
(e)
|
|||||||||||||||||||||||||
Deferred income taxes
|
34.5 | - | - | - | 0.2 |
(g)
|
34.7 | |||||||||||||||||||
Investment in Aspen
|
- | - | - | 402.2 | (402.2 | ) |
(f)
|
- | ||||||||||||||||||
Other assets
|
23.4 | 0.3 | - | 2.6 | (0.3 | ) |
(f)
|
26.0 | ||||||||||||||||||
Total Assets
|
$ | 1,300.4 | $ | 204.0 | $ | - | $ | 259.8 | $ | (146.1 | ) | $ | 1,618.1 | |||||||||||||
LIABILITIES
|
||||||||||||||||||||||||||
Current Liabilities
|
||||||||||||||||||||||||||
Trade accounts payable
|
$ | 61.5 | $ | 6.1 | $ | 0.4 |
(c)
|
$ | - | $ | (0.1 | ) |
(f)
|
$ | 67.9 | |||||||||||
Short-term borrowings
|
45.0 | 8.6 | - | (45.0 | ) | (8.6 | ) |
(h)
|
115.0 | |||||||||||||||||
115.0 | ||||||||||||||||||||||||||
Accrued compensation
|
68.9 | - | 1.5 |
(c)
|
- | 0.3 |
(f)
|
70.7 | ||||||||||||||||||
Accrued product warranties
|
38.8 | - | - | - | - | 38.8 | ||||||||||||||||||||
Other current liabilities
|
58.0 | 4.0 | (1.9 | ) |
(c)
|
(0.2 | ) | 1.0 |
(f)
|
60.9 | ||||||||||||||||
Total current liabilities
|
272.2 | 18.7 | - | 69.8 | (7.4 | ) | 353.3 | |||||||||||||||||||
Long-term debt
|
50.0 | 87.7 | - | 190.0 | (87.7 | ) |
(h)
|
240.0 | ||||||||||||||||||
Accrued pension and postretirement benefits
|
86.2 | - | - | - | - | 86.2 | ||||||||||||||||||||
Deferred income taxes
|
38.7 | 10.2 | - | - | 36.4 |
(g)
|
85.3 | |||||||||||||||||||
Other long-term liabilities
|
42.3 | - | - | - | - | 42.3 | ||||||||||||||||||||
Total Liabilities
|
489.4 | 116.6 | - | 259.8 | (58.7 | ) | 807.1 | |||||||||||||||||||
Commitments and Contingencies
|
||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||
Common Stock
|
4.4 | - | - | - | - | 4.4 | ||||||||||||||||||||
Additional paid-in-capital
|
115.2 | 73.8 | - | - | (73.8 | ) |
(h)
|
115.2 | ||||||||||||||||||
Retained earnings
|
1,368.8 | 13.2 | - | - | (13.2 | ) |
(h)
|
1,368.8 | ||||||||||||||||||
Accumulated other comprehensive loss
|
(85.6 | ) | 0.4 | - | - | (0.4 | ) |
(h)
|
(85.6 | ) | ||||||||||||||||
Treasury stock, at cost
|
(591.8 | ) | - | - | - | - | (591.8 | ) | ||||||||||||||||||
Total Shareholders' Equity
|
811.0 | 87.4 | - | - | (87.4 | ) | 811.0 | |||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$ | 1,300.4 | $ | 204.0 | $ | - | $ | 259.8 | $ | (146.1 | ) | $ | 1,618.1 |
Year Ended September 30, 2011
|
||||||||||||||||||||||
Historic
|
Pro Forma Adjustments
|
|||||||||||||||||||||
Hill-Rom
|
Aspen*
|
Acquisition and
Financing |
Allocation of
Acquisition Consideration |
Pro Forma
Combined |
||||||||||||||||||
Net Revenues
|
||||||||||||||||||||||
Capital sales
|
$ | 1,119.0 | $ | 118.1 | $ | - | $ | - | $ | 1,237.1 | ||||||||||||
Rental revenues
|
472.7 | - | - | - | 472.7 | |||||||||||||||||
Total revenues
|
1,591.7 | 118.1 | - | - | 1,709.8 | |||||||||||||||||
Cost of Revenues
|
||||||||||||||||||||||
Cost of goods sold
|
606.8 | 61.4 | - | 0.1 |
(k)
|
668.3 | ||||||||||||||||
Rental expenses
|
203.6 | - | - | - | 203.6 | |||||||||||||||||
Total cost of revenues
|
810.4 | 61.4 | - | 0.1 | 871.9 | |||||||||||||||||
Gross Profit
|
781.3 | 56.7 | - | (0.1 | ) | 837.9 | ||||||||||||||||
Research and development expenses
|
63.8 | - | - | - | 63.8 | |||||||||||||||||
Selling and administrative expenses
|
502.0 | 33.2 | - | 0.3 |
(k)
|
539.4 | ||||||||||||||||
(7.5 | ) |
(l)
|
||||||||||||||||||||
11.4 |
(l)
|
|||||||||||||||||||||
Litigation charge
|
47.3 | - | - | - | 47.3 | |||||||||||||||||
Special charges
|
1.4 | - | - | - | 1.4 | |||||||||||||||||
Operating Profit
|
166.8 | 23.5 | - | (4.3 | ) | 186.0 | ||||||||||||||||
Interest expense
|
(8.5 | ) | (11.8 | ) | 13.1 |
(i)
|
- | (13.1 | ) | |||||||||||||
(5.9 | ) |
(i)
|
||||||||||||||||||||
Investment income and other, net
|
1.4 | - | - | - | 1.4 | |||||||||||||||||
Income Before Income Taxes
|
159.7 | 11.7 | 7.2 | (4.3 | ) | 174.3 | ||||||||||||||||
Income tax expense
|
26.2 | 3.4 | 2.4 |
(m)
|
(2.3 | ) |
(m)
|
29.7 | ||||||||||||||
Net Income
|
133.5 | 8.3 | 4.8 | (2.0 | ) | 144.6 | ||||||||||||||||
Less: Net income attributable to noncontrolling interest
|
0.2 | - | - | - | 0.2 | |||||||||||||||||
Net Income Attributable to Common Shareholders
|
$ | 133.3 | $ | 8.3 | $ | 4.8 | $ | (2.0 | ) | $ | 144.4 | |||||||||||
Net Income Attributable to Common Shareholders
|
||||||||||||||||||||||
per Common Share - Basic
|
$ | 2.11 | $ | 2.29 | ||||||||||||||||||
Net Income Attributable to Common Shareholders
|
||||||||||||||||||||||
per Common Share - Diluted
|
$ | 2.09 | $ | 2.26 | ||||||||||||||||||
Average Common Shares Outstanding - Basic (thousands)
|
63,164 | 63,164 | ||||||||||||||||||||
Average Common Shares Outstanding - Diluted (thousands)
|
63,899 | 63,899 |
Nine Months Ended June 30, 2012
|
||||||||||||||||||||||
Historic
|
Pro Forma Adjustments
|
|||||||||||||||||||||
Hill-Rom
|
Aspen*
|
Acquisition and
Financing |
Allocation of
Acquisition Consideration |
Pro Forma
Combined |
||||||||||||||||||
Net Revenues
|
||||||||||||||||||||||
Capital sales
|
$ | 868.1 | $ | 85.9 | $ | - | $ | - | $ | 954.0 | ||||||||||||
Rental revenues
|
334.6 | - | - | - | 334.6 | |||||||||||||||||
Total revenues
|
1,202.7 | 85.9 | - | - | 1,288.6 | |||||||||||||||||
Cost of Revenues
|
||||||||||||||||||||||
Cost of goods sold
|
505.1 | 45.3 | - | - |
(k)
|
550.4 | ||||||||||||||||
Rental expenses
|
144.0 | - | - | - | 144.0 | |||||||||||||||||
Total cost of revenues
|
649.1 | 45.3 | - | - | 694.4 | |||||||||||||||||
Gross Profit
|
553.6 | 40.6 | - | - | 594.2 | |||||||||||||||||
Research and development expenses
|
48.2 | - | - | - | 48.2 | |||||||||||||||||
Selling and administrative expenses
|
366.3 | 27.0 | - | (0.9 | ) |
(j)
|
395.4 | |||||||||||||||
0.2 |
(k)
|
|||||||||||||||||||||
(5.7 | ) |
(l)
|
||||||||||||||||||||
8.5 |
(l)
|
|||||||||||||||||||||
Impairment of other intangibles
|
8.0 | - | - | - | 8.0 | |||||||||||||||||
Special charges
|
9.7 | - | - | - | 9.7 | |||||||||||||||||
Operating Profit
|
121.4 | 13.6 | - | (2.1 | ) | 132.9 | ||||||||||||||||
Interest expense
|
(4.4 | ) | (8.4 | ) | 9.3 |
(i)
|
- | (7.9 | ) | |||||||||||||
(4.4 | ) |
(i)
|
||||||||||||||||||||
Investment income and other, net
|
1.6 | - | - | - | 1.6 | |||||||||||||||||
Income Before Income Taxes
|
118.6 | 5.2 | 4.9 | (2.1 | ) | 126.6 | ||||||||||||||||
Income tax expense
|
37.0 | 1.4 | 1.7 |
(m)
|
(1.3 | ) |
(m)
|
38.8 | ||||||||||||||
Net Income
|
$ | 81.6 | $ | 3.8 | $ | 3.2 | $ | (0.8 | ) | $ | 87.8 | |||||||||||
Net Income Attributable to Common Shareholders
|
||||||||||||||||||||||
per Common Share - Basic
|
$ | 1.31 | $ | 1.41 | ||||||||||||||||||
Net Income Attributable to Common Shareholders
|
||||||||||||||||||||||
per Common Share - Diluted
|
$ | 1.31 | $ | 1.41 | ||||||||||||||||||
Average Common Shares Outstanding - Basic (thousands)
|
62,130 | 62,130 | ||||||||||||||||||||
Average Common Shares Outstanding - Diluted (thousands)
|
62,423 | 62,423 |
Aspen historical
balances as of June 30, 2012
|
Reclassifications and
fair value adjustments |
Allocation of purchase
price |
||||||||||
Cash and cash equivalents
|
$ | 2.8 | $ | - | $ | 2.8 | ||||||
Trade accounts receivable
|
16.8 | (0.7 | ) | 16.1 | ||||||||
Inventories
|
21.3 | 5.0 | 26.3 | |||||||||
Deferred income taxes
|
1.2 | (1.0 | ) | 0.2 | ||||||||
Other current assets
|
2.4 | 1.8 | 4.2 | |||||||||
Property, plant and equipment, net
|
30.6 | (5.7 | ) | 24.9 | ||||||||
Software and other intangible assets, net
|
62.7 | 107.6 | 170.3 | |||||||||
Deferred income taxes (noncurrent assets)
|
- | 0.2 | 0.2 | |||||||||
Other assets
|
0.3 | (0.3 | ) | - | ||||||||
Trade accounts payable and other current liabilities
|
(10.1 | ) | (1.2 | ) | (11.3 | ) | ||||||
Short-term borrowings
|
(8.6 | ) | 8.6 | - | ||||||||
Long-term debt
|
(87.7 | ) | 87.7 | - | ||||||||
Deferred income taxes
|
(10.2 | ) | (36.4 | ) | (46.6 | ) | ||||||
Total identifiable net assets
|
21.5 | 165.6 | 187.1 | |||||||||
Goodwill
|
65.9 | 149.2 | 215.1 | |||||||||
Net assets
|
$ | 87.4 | $ | 314.8 | $ | 402.2 |
Financing sources:
|
||||
Hill-Rom Cash
|
$ | 145.0 | ||
New debt - Revolving loans
|
105.0 | |||
New debt - Term Loan (current portion $10.0 million)
|
200.0 | |||
$ | 450.0 | |||
Financing uses:
|
||||
Cash consideration for Aspen Acquisition (see Note 2):
|
||||
Cash paid to owners and debt holders
|
$ | 400.1 | ||
Aspen legal and professional fees
|
1.8 | |||
Aspen employee severance agreements
|
0.3 | |||
402.2 | ||||
Payment of amounts outstanding on previous revolving credit facility
|
45.0 | |||
Payment of accrued interest on amounts outstanding on previous revolving credity facility
|
0.2 | |||
Financing costs paid at New Credit Facility closing (deferred as long-term assets)
|
2.6 | |||
$ | 450.0 |
Property, Plant and Equipment
|
||||||||||||
Aspen historical net
book value as of June 30, 2012 (1)
|
Estimated fair value
|
Estimated fair value
adjustment |
||||||||||
Land and land improvements
|
$ | 3.3 | $ | 0.9 | $ | (2.4 | ) | |||||
Building and building equipment
|
10.6 | 4.4 | (6.2 | ) | ||||||||
Machinery and equipment
|
14.2 | 19.6 | 5.4 | |||||||||
$ | 28.1 | $ | 24.9 | $ | (3.2 | ) |
Intangible Assets
|
||||
Estimated fair value
|
||||
Indefinite Lived:
|
||||
Trade name
|
$ | 29.0 | ||
Finite Lived:
|
||||
Customer relationships
|
126.0 | |||
Trade name
|
4.6 | |||
Technology
|
9.1 | |||
Other Intangibles
|
1.6 | |||
$ | 170.3 |
|
(1)
|
After reclassification of software. See Note 3.
|
June 30, 2012
|
||||
Inventory
|
$ | (1.8 | ) | |
Property, plant and equipment
|
(0.2 | ) | ||
Intangible assets
|
(38.2 | ) | ||
Other current liabilities
|
1.0 | |||
Other
|
2.0 | |||
$ | (37.2 | ) |
Year Ended
September 30, 2011
|
Nine Months Ended
June 30, 2012
|
|||||||
Historical interest expense eliminated:
|
||||||||
Interest expense
|
||||||||
Hill-Rom
|
$ | 0.3 | $ | 0.2 | ||||
Aspen
|
10.5 | 7.4 | ||||||
Deferred cost amortization and facility fee
|
||||||||
Hill-Rom
|
1.0 | 0.7 | ||||||
Aspen
|
1.3 | 1.0 | ||||||
Total decrease to interest expense
|
$ | 13.1 | $ | 9.3 |
Year Ended
September 30, 2011
|
Nine Months Ended
June 30, 2012
|
|||||||
New interest expense:
|
||||||||
Debt borrowings under New Credit Facility
|
$ | 305.0 | $ | 305.0 | ||||
Deferred financing costs related to New Credit Facility
|
2.6 | 2.6 | ||||||
Interest expense
|
$ | 4.5 | $ | 3.3 | ||||
Deferred cost amortization
|
0.5 | 0.4 | ||||||
Facility Fee
|
0.9 | 0.7 | ||||||
Total increase to interest expense
|
$ | 5.9 | $ | 4.4 |
Depreciation expense
|
||||||||||||||||
Estimated fair
value |
Average
remaining useful life |
Year ended
September 30, 2011 |
Nine months
ended June 30, 2012 |
|||||||||||||
Land and land improvements
|
$ | 0.9 | $ | - | $ | - | ||||||||||
Building and building equipment
|
4.4 | 12.9 | 0.4 | 0.3 | ||||||||||||
Machinery and equipment
|
19.6 | 6.5 | 3.8 | 2.8 | ||||||||||||
$ | 24.9 | 4.2 | 3.1 | |||||||||||||
For the year ended September 30, 2011:
|
||||||||||||||||
Historical Aspen depreciation expense
|
3.8 | |||||||||||||||
Depreciation adjustment
|
$ | 0.4 | ||||||||||||||
For the nine months ended June 30, 2012:
|
||||||||||||||||
Historical Aspen depreciation expense
|
2.9 | |||||||||||||||
Depreciation adjustment
|
$ | 0.2 |
Amortization expense
|
||||||||||||||||
Estimated fair
value |
Estimated
weighted average useful life |
Year ended
September 30, 2011 |
Nine months
ended June 30, 2012 |
|||||||||||||
Indefinite lived:
|
||||||||||||||||
Trade name
|
$ | 29.0 | $ | - | $ | - | ||||||||||
Finite lived:
|
||||||||||||||||
Customer relationships
|
126.0 | 13.0 | 9.9 | 7.4 | ||||||||||||
Trade name
|
4.6 | 15.0 | 0.3 | 0.2 | ||||||||||||
Technology
|
9.1 | 10.0 | 0.9 | 0.7 | ||||||||||||
Other Intangibles
|
1.6 | 5.3 | 0.3 | 0.2 | ||||||||||||
$ | 170.3 | $ | 11.4 | $ | 8.5 | |||||||||||
Historical Aspen amortization expense:
|
||||||||||||||||
For the year ended September 30, 2011
|
$ | 7.5 | ||||||||||||||
For the nine months ended June 30, 2012
|
$ | 5.7 |