HILL-ROM HOLDINGS, INC. (HRC, Financial) filed Quarterly Report for the period ended 2009-12-31.
Hill-rom Holdings, Inc. has a market cap of $1.48 billion; its shares were traded at around $23.69 with and P/S ratio of 1.1. The dividend yield of Hill-rom Holdings, Inc. stocks is 1.7%.HRC is in the portfolios of John Keeley of Keeley Fund Management, Chuck Royce of ROYCE & ASSOCIATES, Bruce Kovner of Caxton Associates.
North America Acute Care revenues decreased $5.6 million, or 2.8 percent, in the first quarter of 2010. On a constant currency basis, revenues declined by 3.4 percent. Capital sales declined $10.1 million, or 7.2 percent, due mainly to the divestiture of certain health information technology product lines, which totaled $4.1 million of revenue for the first quarter of fiscal 2009, and reductions in capital spending by U.S. hospitals. In particular, we realized lower volumes in our patient support systems. These volume reductions were partially offset by modestly favorable prices and higher volumes in our architectural products. Rental revenues increased $4.5 million, or 7.1 percent. Rental revenues reflected higher therapy rental revenues from continued growth of our bariatric frames and Envision® wound surface as well as our new VersaCare® P500 wound care surface. In addition, we experienced higher rentals of moveable medical equipment due to a stronger flu season in fiscal 2010.
International and Surgical revenues increased $8.5 million, or 8.6 percent, in the first quarter of 2010. Excluding the favorable impact of exchange rates of $8.3 million, revenues would have been generally flat. Capital sales increased $6.5 million due primarily to favorable exchange rates. We experienced volume increases in surgical products, patient lifts and architectural products, offset by unfavorable volumes in patient support systems. Rental revenues increased $2.0 million due primarily to favorable exchange rates.
Divisional income for International and Surgical increased $1.6 million, or 14.8 percent, in the first quarter of 2010. Gross profit was up $5.0 million due in part to favorable exchange rates as well as price and mix improvements in our sales of patient support systems. Operating expenses increased by $3.4 million due primarily to the unfavorable impact of exchange rates on costs and increased selling efforts.
For the first fiscal quarter of 2010, net cash provided by operating activities totaled $21.6 million, compared to $34.9 million in the first fiscal quarter of 2009. Operating cash flows during the first quarter were driven primarily by net income of $19.9 million, further adjusted by $28.0 million in non-cash expenses related to depreciation and amortization and stock-based compensation expense. These increases were offset by changes in our working capital primarily driven by the timing of payments for trade payables and the payout of our incentive compensation and restructuring accruals related to our 2009 fiscal year.
We have a $500.0 million five-year senior revolving credit facility with a syndicate of banks led by Citibank, N.A. and Bank of America, N.A. The syndication group consists of 11 financial institutions, which we believe reduces our exposure to any one institution and should leave us with significant borrowing capacity in the event that any one of the institutions within the group is unable to comply with the terms of our agreement. As of December 31, 2009, we had outstanding borrowings of $45.0 million and $6.2 million of outstanding, undrawn letters of credit under the facility, leaving $448.8 million of borrowing capacity available. See Note 4 of Notes to Condensed Consolidated Financial Statements in this Form 10-Q for more details on the credit facility.
Read the The complete Report
Hill-rom Holdings, Inc. has a market cap of $1.48 billion; its shares were traded at around $23.69 with and P/S ratio of 1.1. The dividend yield of Hill-rom Holdings, Inc. stocks is 1.7%.HRC is in the portfolios of John Keeley of Keeley Fund Management, Chuck Royce of ROYCE & ASSOCIATES, Bruce Kovner of Caxton Associates.
Highlight of Business Operations:
Net income in the first quarter of fiscal 2010 was $19.9 million. After consideration of the noncontrolling interest in our Encompass joint venture held by Encompass Group of $0.1 million, net income attributable to common shareholders was $19.8 million, an increase of $5.6 million. On an adjusted basis, net income attributable to common shareholders increased $4.0 million in the first quarter of fiscal 2010. Diluted earnings per share were $0.31 compared to $0.23 in 2009, or compared to $0.25 on an adjusted basis. See reconciliation from actual to adjusted earnings below.North America Acute Care revenues decreased $5.6 million, or 2.8 percent, in the first quarter of 2010. On a constant currency basis, revenues declined by 3.4 percent. Capital sales declined $10.1 million, or 7.2 percent, due mainly to the divestiture of certain health information technology product lines, which totaled $4.1 million of revenue for the first quarter of fiscal 2009, and reductions in capital spending by U.S. hospitals. In particular, we realized lower volumes in our patient support systems. These volume reductions were partially offset by modestly favorable prices and higher volumes in our architectural products. Rental revenues increased $4.5 million, or 7.1 percent. Rental revenues reflected higher therapy rental revenues from continued growth of our bariatric frames and Envision® wound surface as well as our new VersaCare® P500 wound care surface. In addition, we experienced higher rentals of moveable medical equipment due to a stronger flu season in fiscal 2010.
International and Surgical revenues increased $8.5 million, or 8.6 percent, in the first quarter of 2010. Excluding the favorable impact of exchange rates of $8.3 million, revenues would have been generally flat. Capital sales increased $6.5 million due primarily to favorable exchange rates. We experienced volume increases in surgical products, patient lifts and architectural products, offset by unfavorable volumes in patient support systems. Rental revenues increased $2.0 million due primarily to favorable exchange rates.
Divisional income for International and Surgical increased $1.6 million, or 14.8 percent, in the first quarter of 2010. Gross profit was up $5.0 million due in part to favorable exchange rates as well as price and mix improvements in our sales of patient support systems. Operating expenses increased by $3.4 million due primarily to the unfavorable impact of exchange rates on costs and increased selling efforts.
For the first fiscal quarter of 2010, net cash provided by operating activities totaled $21.6 million, compared to $34.9 million in the first fiscal quarter of 2009. Operating cash flows during the first quarter were driven primarily by net income of $19.9 million, further adjusted by $28.0 million in non-cash expenses related to depreciation and amortization and stock-based compensation expense. These increases were offset by changes in our working capital primarily driven by the timing of payments for trade payables and the payout of our incentive compensation and restructuring accruals related to our 2009 fiscal year.
We have a $500.0 million five-year senior revolving credit facility with a syndicate of banks led by Citibank, N.A. and Bank of America, N.A. The syndication group consists of 11 financial institutions, which we believe reduces our exposure to any one institution and should leave us with significant borrowing capacity in the event that any one of the institutions within the group is unable to comply with the terms of our agreement. As of December 31, 2009, we had outstanding borrowings of $45.0 million and $6.2 million of outstanding, undrawn letters of credit under the facility, leaving $448.8 million of borrowing capacity available. See Note 4 of Notes to Condensed Consolidated Financial Statements in this Form 10-Q for more details on the credit facility.
Read the The complete Report
