Batesville Herald Tribune, Batesville, Indiana


January 17, 2012

HI fourth quarter results

-- — Hillenbrand Inc. reported a worldwide revenue of $231.2 million for the fourth quarter of fiscal year 2011, a 9 percent ($19.2 million) increase over the prior year, reported communications manager Shari Morey,

The company’s fastest-growing business platform, the Process Equipment Group, increased revenue 32 percent ($18.4 million) to $76.4 million or 25 percent ($14.3 million) on a constant currency basis.

Excluding the impact of the Aug. 31, 2011, acquisition of Rotex, revenue grew 17 percent. The acquisition also contributed to a 26 percent increase in the Process Equipment Group’s order backlog compared to the third quarter.

The Batesville business platform reported fourth-quarter revenue of $154.8 million, slightly above prior-year revenue of $154 million.

Increased commodity costs in the Batesville business, primarily fuel and steel, along with inventory step-up charges related to the Rotex acquisition, led to a consolidated gross profit margin of 39.2 percent, compared to 41.8 percent in the prior year. Without the step-up charges, adjusted gross profit margin was 40.4 percent in the fourth quarter of 2011.

Net income increased 17 percent over the prior year to $23.5 million, with EPS growing 19 percent to $0.38. In the same period, EBITDA increased 8 percent to $44.6 million. The year-over-year increases were higher on an adjusted basis, with net income up 19 percent to $29.2 million, EPS up 20 percent to $0.48 and EBITDA up 11 percent to $52.5 million. Cash flow from operations was $33 million higher than the prior year, largely due to the timing of tax payments.

The annual revenue summary for 2011 increased 18 percent ($134.2 million) over the prior year to $883.4 million, 16 percent on a constant currency basis. Gross profit margin was 41.9 percent compared to 41.8 percent in the prior year. Without the impact of inventory step-up charges, the adjusted gross profit margin was 42.2 percent in 2011 and 43.4 percent in the prior year.

Net income of $106.1 million ($1.71 per share) grew 15 percent compared to the prior year, and adjusted net income of $113.8 million ($1.84 per share) was 2 percent higher. At $197.5 million, EBITDA increased 19 percent ($31.7 million) over the prior year and 9 percent ($17.2 million) on an adjusted basis. Collection of the Forethought Note in 2011 was a primary driver in the $71.3 million year-over-year increase in cash flow from operations.

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