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Hill-Rom Reports Second Quarter Financial Results
Date:5/4/2009

l positioned to resume our predicted long term growth rates in sales and profitability once the underlying fundamentals of demand for our products are restored. In the meantime, we will continue to focus on actions to improve our cost structure and increase our customer value proposition."

As a result of the decline in our market capitalization as measured on March 31, 2009 related to the overall macro-economic climate and the impact on hospital capital spending, GAAP accounting and SEC requirements obligated us to conduct goodwill impairment testing. The test resulted in the company recording an estimated non-cash charge of $470 million in the quarter. The amount of the charge is subject to finalization in the third quarter. As this impairment charge is non-cash in nature, it does not affect liquidity, debt covenants or cash flow from operations. Further, this charge does not impact the company's outlook for future growth or its business plan.

Soderberg concluded, "In spite of unprecedented pressures on the enterprise, Hill-Rom's financial position remains strong. We are diversifying our business, and delivering growth at or above market in most of our units. Our balance sheet is healthy, cash flow increased both sequentially and year-over-year and the cadence of new product introduction continues to improve."

Other second quarter revenue highlights regarding Hill-Rom business segments include:

-- North America Acute Care. Revenue declined $42.3 million, or 18.3 percent, to $188.6 million. Capital sales decreased 25.6 percent (23.5 percent constant currency), primarily driven by decreases in our patient support systems and furniture products, offset by gains in our healthcare information technology unit. Rental revenue was essentially flat during the quarter. While capital spending at U.S. hospitals has been significantly impacted by economic pressures, rental revenue hel
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SOURCE Hill-Rom Holdings, Inc.
Copyright©2009 PR Newswire.
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