Indiana
(State or other jurisdiction of
incorporation)
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1-6651
(Commission File Number)
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35-1160484
(IRS Employer Identification No.)
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1069 State Route 46 East
Batesville, Indiana
(Address of principal executive
offices)
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47006-8835
(Zip Code)
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(812) 934-7777
(Registrant’s telephone number, including area code)
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99.1
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Press release, dated February 3, 2015, issued by the Corporation.
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HILL-ROM HOLDINGS, INC.
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||
(Registrant)
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||
DATE: February 3, 2015
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By:
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/s/ Steven J. Strobel
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Name:
Title:
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Steven J. Strobel
Senior Vice President and Chief Financial Officer
(duly authorized officer and principal financial officer)
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Exhibit Number
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Exhibit Description
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99.1
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Press release, dated February 3, 2015, issued by the Corporation.
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Investor Relations
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Contact:
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Blair A. (Andy) Rieth, Jr., Vice President, Investor Relations
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Phone:
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312-819-7259
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Email:
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andy.rieth@hill-rom.com
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Media
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Contact:
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Larry Baumann, Executive Director, Corporate Communications
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Phone:
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312-819-7248
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Email:
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larry.baumann@hill-rom.com
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·
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Reported revenue increased 18 percent versus prior year to $465 million, up 5 percent on an organic constant currency basis
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·
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Adjusted diluted earnings per share of $0.49 compare to $0.36 in the prior year
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·
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Reported diluted earnings per share of $0.21 compare to $0.22 in the prior year
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·
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Operating cash flow of $31 million compares to $42 million in the prior year
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·
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Fiscal year 2015 adjusted earnings per share are expected to be $2.44 to $2.50; Full-year reported revenue is expected to grow 11 to 12 percent
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--
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First quarter operating cash flow was $31 million compared to $42 million in the prior year.
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--
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Share repurchases for the quarter amounted to approximately $57 million.
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--
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Hill-Rom recently acquired access to two new technologies in our clinical focus areas of respiratory care and surgical safety and efficiency:
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·
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low single-digit constant currency organic growth; and
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·
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negative currency impact of approximately 4 percent compared to 1 to 2 percent previously.
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·
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low to mid-single-digit constant currency organic growth; and
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·
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negative currency impact of approximately 4 percent.
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Hill-Rom Holdings, Inc. and Subsidiaries
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||||||||
Condensed Consolidated Statements of Income
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||||||||
(Dollars in millions except per share data)
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||||||||
(unaudited)
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||||||||
Quarter Ended December 31
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||||||||
2014
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2013
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|||||||
Net revenue
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||||||||
Capital sales
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$ | 373.4 | $ | 295.5 | ||||
Rental revenue
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91.6 | 97.9 | ||||||
Total revenue
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465.0 | 393.4 | ||||||
Cost of revenue
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||||||||
Cost of goods sold
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220.5 | 171.2 | ||||||
Rental expenses
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44.6 | 45.4 | ||||||
Total cost of revenue
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265.1 | 216.6 | ||||||
Gross profit
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||||||||
Capital
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152.9 | 124.3 | ||||||
Rental
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47.0 | 52.5 | ||||||
Total gross profit
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199.9 | 176.8 | ||||||
As a percentage of sales
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43.0% | 44.9% | ||||||
Research and development expenses
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21.8 | 16.4 | ||||||
Selling and administrative expenses
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155.1 | 138.0 | ||||||
Special charges
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3.7 | 1.0 | ||||||
Operating profit
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19.3 | 21.4 | ||||||
Other income/(expense), net
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(2.3 | ) | (2.0 | ) | ||||
Income tax expense
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4.9 | 6.2 | ||||||
Net income
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$ | 12.1 | $ | 13.2 | ||||
Diluted earnings per share:
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||||||||
Earnings per share
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$ | 0.21 | $ | 0.22 | ||||
Average common shares outstanding - diluted (thousands)
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58,154 | 59,142 | ||||||
Dividends per common share
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$ | 0.1525 | $ | 0.1375 |
Hill-Rom Holdings, Inc. and Subsidiaries
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||||||||||||||||||||
Revenue - Constant Currency
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||||||||||||||||||||
(Dollars in millions)
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||||||||||||||||||||
Quarter Ended December 31
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||||||||||||||||||||
2014
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Foreign Exchange
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2014
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2013
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Constant Currency
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||||||||||||||||
As Reported
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Impact
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Adjusted
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As Reported
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Change
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||||||||||||||||
Capital sales
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$ | 373.4 | $ | (11.8 | ) | $ | 385.2 | $ | 295.5 | 30.4% | ||||||||||
Rental revenue
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91.6 | (1.0 | ) | 92.6 | 97.9 | -5.4% | ||||||||||||||
Total
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$ | 465.0 | $ | (12.8 | ) | $ | 477.8 | $ | 393.4 | 21.5% | ||||||||||
North America
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$ | 225.2 | $ | (0.6 | ) | $ | 225.8 | $ | 205.5 | 9.9% | ||||||||||
Surgical and Respiratory Care
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126.3 | (4.2 | ) | 130.5 | 63.3 | 106.2% | ||||||||||||||
International
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113.5 | (8.0 | ) | 121.5 | 124.6 | -2.5% | ||||||||||||||
Total
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$ | 465.0 | $ | (12.8 | ) | $ | 477.8 | $ | 393.4 | 21.5% |
Hill-Rom Holdings, Inc. and Subsidiaries
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||||||||||||||||||||||||
Reconciliation: Earnings Per Share
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||||||||||||||||||||||||
(Dollars in millions except per share data)
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||||||||||||||||||||||||
Quarter Ended December 31, 2014
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Quarter Ended December 31, 2013
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|||||||||||||||||||||||
Income Before
Income Taxes
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Income Tax
Expense
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Diluted EPS
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Income Before
Income Taxes
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Income Tax
Expense
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Diluted EPS*
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|||||||||||||||||||
GAAP Earnings
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$ | 17.0 | $ | 4.9 | $ | 0.21 | $ | 19.4 | $ | 6.2 | $ | 0.22 | ||||||||||||
Adjustments:
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||||||||||||||||||||||||
Acquisition and integration costs
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8.9 | 2.8 | 0.10 | 1.9 | 0.6 | 0.02 | ||||||||||||||||||
Acquisition-related intangible asset amortization
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8.1 | 2.2 | 0.10 | 6.9 | 2.2 | 0.08 | ||||||||||||||||||
FDA remediation expenses
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0.5 | 0.2 | 0.01 | 0.9 | 0.4 | 0.01 | ||||||||||||||||||
Field corrective actions
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1.1 | 0.5 | 0.01 | 1.2 | 0.4 | 0.01 | ||||||||||||||||||
Special charges
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3.7 | 0.2 | 0.06 | 1.0 | 0.4 | 0.01 | ||||||||||||||||||
Adjusted Earnings
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$ | 39.3 | $ | 10.8 | $ | 0.49 | $ | 31.3 | $ | 10.2 | $ | 0.36 | ||||||||||||
* Does not add due to rounding.
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Hill-Rom Holdings, Inc. and Subsidiaries
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
(Dollars in millions)
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||||||||
(unaudited)
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||||||||
December 31, 2014
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September 30, 2014
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|||||||
Assets
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||||||||
Current Assets
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||||||||
Cash and cash equivalents
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$ | 113.7 | $ | 99.3 | ||||
Trade accounts receivable, net of allowances
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374.9 | 411.0 | ||||||
Inventories, net
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171.3 | 176.2 | ||||||
Other current assets
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96.3 | 92.8 | ||||||
Total current assets
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756.2 | 779.3 | ||||||
Property, plant and equipment, net
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287.4 | 261.5 | ||||||
Goodwill
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395.7 | 399.8 | ||||||
Other assets
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296.9 | 311.5 | ||||||
Total Assets
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$ | 1,736.2 | $ | 1,752.1 | ||||
Liabilities
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||||||||
Current Liabilities
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||||||||
Trade accounts payable
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$ | 100.7 | $ | 112.7 | ||||
Short-term borrowings
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127.5 | 126.9 | ||||||
Other current liabilities
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171.4 | 202.7 | ||||||
Total current liabilities
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399.6 | 442.3 | ||||||
Long-term debt
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454.8 | 364.9 | ||||||
Other long-term liabilities
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139.5 | 138.4 | ||||||
Total Liabilities
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993.9 | 945.6 | ||||||
Shareholders' Equity
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742.3 | 806.5 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 1,736.2 | $ | 1,752.1 |
Hill-Rom Holdings, Inc. and Subsidiaries
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Condensed Consolidated Statements of Cash Flows
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(Dollars in millions)
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||||||||
(unaudited)
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||||||||
Quarter Ended December 31
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||||||||
2014
|
2013
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|||||||
Operating Activities
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||||||||
Net income
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$ | 12.1 | $ | 13.2 | ||||
Adjustments to reconcile net income to net cash provided by
|
||||||||
operating activities:
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||||||||
Depreciation
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17.3 | 16.9 | ||||||
Amortization
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2.9 | 4.0 | ||||||
Acquisition-related intangible asset amortization
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8.1 | 6.9 | ||||||
Provision for deferred income taxes
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0.3 | (6.6 | ) | |||||
Gain on disposal of property, equipment leased to others,
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||||||||
intangible assets and impairments
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(0.3 | ) | (0.2 | ) | ||||
Stock compensation
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4.7 | 3.6 | ||||||
Excess tax benefits from employee stock plans
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(1.0 | ) | 0.8 | |||||
Change in working capital excluding cash, current investments,
|
||||||||
current debt and acquisitions and dispositions:
|
||||||||
Trade accounts receivable
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36.1 | 35.5 | ||||||
Inventories
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4.3 | (2.3 | ) | |||||
Other current assets
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(3.2 | ) | 3.0 | |||||
Trade accounts payable
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(16.0 | ) | (9.6 | ) | ||||
Accrued expenses and other liabilities
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(30.6 | ) | (26.6 | ) | ||||
Other, net
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(3.7 | ) | 3.7 | |||||
Net cash provided by operating activities
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31.0 | 42.3 | ||||||
Investing Activities
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||||||||
Capital expenditures and purchases of intangibles
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(44.9 | ) | (16.8 | ) | ||||
Proceeds on sale of property and equipment leased to others
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0.5 | 0.5 | ||||||
Payment for acquisition of businesses, net of cash acquired
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- | (1.3 | ) | |||||
Refund on acquisition of businesses
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- | 4.6 | ||||||
Net cash used in investing activities
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(44.4 | ) | (13.0 | ) | ||||
Financing Activities
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||||||||
Net change in short-term debt
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(0.7 | ) | (0.1 | ) | ||||
Borrowings on revolving credit facility
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95.0 | 7.0 | ||||||
Proceeds from long-term debt
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- | 0.6 | ||||||
Payment of long-term debt
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(3.8 | ) | (2.5 | ) | ||||
Purchase of noncontrolling interest
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(1.0 | ) | (0.7 | ) | ||||
Payment of cash dividends
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(8.6 | ) | (7.9 | ) | ||||
Proceeds on exercise of stock options
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4.7 | 6.5 | ||||||
Proceeds from stock issuance
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0.7 | 0.7 | ||||||
Excess tax benefits from employee stock plans
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1.0 | (0.8 | ) | |||||
Treasury stock acquired
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(56.9 | ) | (42.1 | ) | ||||
Net cash provided by (used in) financing activities
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30.4 | (39.3 | ) | |||||
Effect of exchange rate changes on cash
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(2.6 | ) | 0.2 | |||||
Net Cash Flows
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14.4 | (9.8 | ) | |||||
Cash and Cash Equivalents:
|
||||||||
At beginning of period
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99.3 | 127.4 | ||||||
At end of period
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$ | 113.7 | $ | 117.6 |
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