Annual report pursuant to Section 13 and 15(d)

Unaudited Quarterly Financial Information

v2.3.0.15
Unaudited Quarterly Financial Information
12 Months Ended
Sep. 30, 2011
Unaudited Quarterly Financial Information  
Unaudited Quarterly Financial Information

 

 

16.             Unaudited Quarterly Financial Information

 

 

 

First

Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

Fiscal Year 2011

 

 

 

 

 

 

 

 

 

Net revenue

 

$

211.0

 

$

230.0

 

$

211.2

 

$

231.2

 

Gross profit

 

91.2

 

101.9

 

86.1

 

90.7

 

Net income

 

27.1

 

33.0

 

22.5

 

23.5

 

Earnings per share - basic and diluted

 

0.44

 

0.53

 

0.36

 

0.38

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year 2010

 

 

 

 

 

 

 

 

 

Net revenue

 

$

161.5

 

$

169.9

 

$

205.8

 

$

212.0

 

Gross profit

 

72.0

 

77.0

 

75.6

 

88.7

 

Net income

 

29.5

 

29.4

 

13.3

 

20.1

 

Earnings per share - basic and diluted

 

0.48

 

0.47

 

0.22

 

0.32

 

 

SCHEDULE II

HILLENBRAND, INC.

VALUATION AND QUALIFYING ACCOUNTS

FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 2011, 2010, AND 2009

 

 

 

 

 

Additions

 

 

 

 

 

 

 

Balance at

 

Charged to

 

Charged to

 

Deductions

 

Balance

 

 

 

Beginning

 

Costs and

 

Other

 

Net of

 

at End

 

(in millions)

 

of Period

 

Expense

 

Accounts

 

Recoveries (a)

 

of Period

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for doubtful accounts, early pay discounts, and sales returns:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended September 30, 2011

 

$

20.1

 

$

1.2

 

$

0.1

(b)

$

(0.3

)

$

21.7

 

Year ended September 30, 2010

 

$

17.3

 

$

1.6

 

$

1.3

(c)

$

(0.1

)

$

20.1

 

Year ended September 30, 2009

 

$

16.1

 

$

1.3

 

$

—

 

$

(0.1

)

$

17.3

 

 

(a)   Reflects the write-off of specific receivables against recorded reserves.

(b)   Reflects opening reserve balances resulting from the acquisition of Rotex.

(c)   Reflects opening reserve balances resulting from the acquisition of K-Tron.

 

HILLENBRAND, INC.

RECONCILIATIONS

 

Reconciliation of Non-GAAP Measures
(in millions, except per share data)

 

 

 

Fiscal Year ended September 30,

 

 

 

2011

 

 

 

2010

 

 

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income

 

$

106.1

 

 

 

$

92.3

 

 

 

$

102.3

 

 

 

Antitrust litigation

 

1.3

 

 

 

5.0

 

 

 

2.2

 

 

 

Inventory step-up

 

2.8

 

 

 

11.6

 

 

 

—

 

 

 

Backlog step-up

 

0.8

 

 

 

1.7

 

 

 

—

 

 

 

Business acquisition

 

6.3

 

 

 

10.5

 

 

 

—

 

 

 

Sales tax adjustment

 

(0.8

)

 

 

(4.7

)

 

 

—

 

 

 

Restructuring

 

1.3

 

 

 

3.0

 

 

 

0.1

 

 

 

Income tax on adjustments

 

(4.0

)

 

 

(7.8

)

 

 

(0.8

)

 

 

Net income - adjusted

 

$

113.8

 

 

 

$

111.6

 

 

 

$

103.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EPS - adjusted

 

$

1.84

 

 

 

$

1.80

 

 

 

$

1.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income

 

$

106.1

 

 

 

$

92.3

 

 

 

$

102.3

 

 

 

Interest income

 

(7.4

)

 

 

(13.0

)

 

 

(14.1

)

 

 

Interest expense

 

11.0

 

 

 

4.2

 

 

 

2.1

 

 

 

Income tax expense

 

51.7

 

 

 

54.1

 

 

 

58.5

 

 

 

Depreciation and amortization

 

36.1

 

 

 

28.2

 

 

 

18.5

 

 

 

EBITDA

 

197.5

 

 

 

165.8

 

 

 

167.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antitrust litigation

 

1.3

 

 

 

5.0

 

 

 

2.2

 

 

 

Inventory step-up

 

2.8

 

 

 

11.6

 

 

 

—

 

 

 

Business acquisition

 

6.3

 

 

 

10.5

 

 

 

—

 

 

 

Sales tax adjustment

 

(0.8

)

 

 

(4.7

)

 

 

—

 

 

 

Restructuring

 

1.3

 

 

 

3.0

 

 

 

0.1

 

 

 

EBITDA - adjusted

 

$

208.4

 

 

 

$

191.2

 

 

 

$

169.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

369.9

 

41.8

%

$

313.3

 

41.8

%

$

274.4

 

42.3

%

Inventory step-up

 

2.8

 

 

 

11.6

 

 

 

—

 

 

 

Gross profit - adjusted

 

$

372.7

 

42.2

%

$

324.9

 

43.4

%

$

274.4

 

42.3

%

 

While we report financial results in accordance with accounting principles generally accepted in the U.S. (“GAAP”), we also provide a non-GAAP measure, Earnings Before Interest, Income Tax, Depreciation, and Amortization (“EBITDA”).  We have previously discussed our strategy to seek to prudently acquire selected manufacturing businesses that have a record of success and could benefit from our core competencies to spur faster and more profitable growth.  Given that strategy, it is a natural consequence to incur related expenses such as amortization from acquired intangible assets and additional interest expense from debt-funded acquisitions.  Accordingly, we use EBITDA, among other measures, to monitor our business performance.  While EBITDA is not in accordance with, nor is it a substitute for, a GAAP measure, we believe it enables investors to better understand the ongoing operating performance of the Company.  Investors should consider non-GAAP measures in addition to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.