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Hill-Rom Reports Fiscal First Quarter Results; Updates 2013 Financial Outlook For R&D Tax Credit Reinstatement
Date:1/23/2013

BATESVILLE, Ind., Jan. 23, 2013 /PRNewswire/ -- Hill-Rom Holdings, Inc. (NYSE: HRC) announced financial results for its fiscal first quarter ended December 31, 2012 and updated its outlook for 2013 to include the impact of the recently reinstated R&D tax credit.  Adjusted earnings per diluted share decreased 11 percent to $0.47 from $0.53 due to lower gross margin, driven by adverse product and geographic mix, along with increased investment in research and development and higher operating expenses associated with recently acquired businesses, including intangible amortization.  Reported earnings per diluted share also decreased to $0.39 from $0.53 in the prior year.
Adjustments to reported earnings relate to costs associated with recent acquisitions, including the step-up of acquired inventories, additional costs related to field corrective actions, a litigation charge and gains associated with a vendor product recall.  See detail in the attached schedule.

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Hill-Rom's quarterly reported revenue of $428 million increased 12 percent compared to last year or 13 percent on a constant currency basis.  Excluding the impact of currency and acquisitions, revenue declined approximately 2 percent.  Domestic revenue was essentially flat at $273 million, while revenue outside the United States increased 42 percent to $155 million in the same period (44 percent on a constant currency basis). 

Management Comments"Despite a year over year revenue decline in our core capital business in North America, we delivered revenue and adjusted earnings ahead of our expectations," stated John J. Greisch, President and CEO.  "We are pleased with improved operating cash flow in this challenging environment and w
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SOURCE Hill-Rom Holdings, Inc.
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