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

unfavorable product mix. Rental gross profit grew by 7.5 percent and associated gross margin improved 490 basis points, due primarily to new product introductions and lower field service costs.

-- Operating expenses declined by $18.8 million, or 12.8 percent. As a percent of sales, operating expenses declined 120 basis points to 38.0 percent. Job elimination actions, volume-related compensation savings, prior year funeral services spin-off-related costs and other general and administrative cost savings actions were the primary drivers of these lower expense levels. Liko operating expenses for the quarter totaled $8.3 million, bringing the total reduction in operating expenses on an as adjusted basis to 14.2 percent, excluding Liko.

-- Hill-Rom cash flow from operations was $55.1 million, an increase of 6.8 percent. Free cash flow was $39.1 million, an increase of 70.7 percent. The company's cash position improved to $84.6 million, up $35.1 million from last quarter.

-- The income tax rate for the quarter is unusual in light of the significance of the non-cash intangible charge and the lack of deductibility of this charge for income tax purposes. On an as adjusted basis, the effective tax rate was 35.2 percent for the quarter compared to 40.9 percent in the prior year. Discrete tax expense was recognized in each period in the amounts of $0.8 million and $1.8 million, respectively.

-- During the quarter we announced a plan to aggressively manage our cost structure through: Consolidation of certain manufacturing and selected back office operations; redeployment of U.S. sales and service resources to increase our customer presence and support; reduction in non-sales, non-research and development expenses; a voluntary early retirement program, and involuntary job eliminations. We also wrote-off certain operating assets associated with these initiatives. In conjunction with these actions w
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SOURCE Hill-Rom Holdings, Inc.
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