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Hill-Rom Reports First Quarter Revenue Growth of 3.0 Percent to $352 Million and Earnings Per Fully Diluted Share From Continuing Operations of $0.23, an Increase of 15.0 Percent From the Prior Year
Date:2/4/2009

offset by increases in inventory and the timing of liability payments. The increase in inventory was a direct result of the impact of reduced demand for capital products.

-- Income tax expense in the first quarter reflects an effective rate of 32.4 percent compared to 39.8 percent in the prior year period. The lower rate in the current year is related to the effect of more favorable foreign tax rates and higher discrete income tax benefits, most notably related to the retroactive reenactment of the research and development tax credit. The tax rate excluding these discrete items would have been 38.6 percent in the current period compared to 43.2 percent in the prior year.

Other:

-- On January 14, 2009, the company announced several cost savings actions taken as part of its strategic plan as well as additional measures taken in light of reduced sales volume of U.S. capital products. Actions taken included: 1) Consolidation of certain manufacturing and selected back office operations; 2) Redeployment of U.S. sales and service resources to increase our customer presence and support; 3) Further reduction in non-sales, non-R&D discretionary spending; 4) A voluntary early retirement program and 5) Involuntary job eliminations to reflect lower capital equipment demand and productivity improvements. It is anticipated that the eliminations and operational consolidations will result in approximately $12 to $14 million in annualized savings, about half of which is related to volume declines. Further, the company expects to incur a special charge related primarily to severance, early retirement benefits, and other personnel costs associated with the consolidation of certain operations of approximately $7 to $10 million over the second and possibly third quarters. There also will be additional special charges related to the impairment of assets, lease terminations, and pension and health care plan
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SOURCE Hill-Rom Holdings, Inc.
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