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Hillenbrand Reports 2.4% Decline in Earnings Per Share on 3.8% Lower Revenues in Third Quarter 2009
Date:8/12/2009

BATESVILLE, Ind., Aug. 12 /PRNewswire-FirstCall/ -- Hillenbrand, Inc. (NYSE: HI) -- Hillenbrand, Inc. reported net revenues of $158.7 million for the third quarter of 2009, which ended June 30, 2009, a $6.3 million (3.8 percent) decline from the same period in fiscal 2008. The company posted net income of $25.4 million, a $1.3 million (4.9 percent) decline. The difference in as-adjusted net income for the quarter was negligible, reflecting minimal spending for separation costs and antitrust litigation. Earnings per diluted share decreased by $0.01 (2.4 percent) over the prior year period, from $0.42 to $0.41.

"Burial demand is typically diminished in the third and fourth quarters as a result of the seasonal effect of death trends. This year has been a bit unusual as there was a minimal instance of influenza and pneumonia, resulting in fewer North American burials," said Kenneth A. Camp, president and chief executive officer of Hillenbrand, Inc. "Additionally, the severity of the recession and uncertainty around improvements in the economy appear to have caused some consumers to be more cost-conscious as they make funeral purchase decisions."

Decreases in the cost of diesel fuel and some raw materials were important factors in the company's gross margin improvement from 40.2 percent to 41.6 percent (140 basis points), compared to the third quarter of fiscal 2008. Operating expenses also improved from $28.4 million to $27.3 million (3.9 percent). Investment income of $1.9 million was down $2.5 million (56.8 percent), primarily because of a $1.2 million decrease in the fair value of the investment portfolios of the limited partnerships held by the company.

Cash flow from operations remained strong at $33.3 million in the third quarter. Excluding a voluntary contr
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SOURCE Hillenbrand, Inc.
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