Operating Financial Guidance Remains Unchanged and is Updated to
Reflect On- going Public Company and Other Costs and Tax Rate
Effects of Separation BATESVILLE, Ind., March 13
/PRNewswire-FirstCall/ -- Hillenbrand Industries, Inc. (NYSE:HB)
filed materials with the Securities and Exchange Commission (SEC)
associated with investor communications related to the upcoming
separation of its two operating companies: Hill-Rom, the company's
medical technology business, and Batesville Casket, the company's
death care business. The separation is expected to be completed by
the end of March pending final clearance of the Form 10 of
Batesville Holdings, Inc., to be the parent company for Batesville
Casket, originally filed November 5, 2007 and last amended on March
13, 2008, and other conditions listed below. A Form 8-K filing,
consisting of presentation materials for each company, is posted on
the SEC website at http://www.sec.gov/ and also can be viewed on
the Hillenbrand website at http://www.hillenbrand.com/. FINANCIAL
GUIDANCE SUMMARY FOR FY 2008 In order to provide investors
additional financial information with respect to Hill-Rom and
Batesville on a post-separation basis, our existing operational
guidance has been supplemented to reflect future expectations for
the balance of fiscal 2008 for each business. Updated financial
guidance for both businesses is provided in schedules accompanying
this release and in the presentation materials referenced above.
For fiscal year 2008, Hill-Rom Holdings, which will be the new name
of Hillenbrand Industries following the separation, continues to
expect revenue of $1.427 - 1.476 billion. Capital sales are
expected to be in the range of $0.991 - 1.022 billion while
Hill-Rom rental revenues are expected to be between $435 - 454
million. Hill-Rom projects GAAP earnings per fully diluted share of
$1.11 - 1.30, with adjusted earnings per fully diluted share of
$1.13 - 1.32. These amounts have been adjusted from previously
provided guidance to reflect the impacts of Hill-Rom's new capital
structure on interest expense and to eliminate other income
associated with the transfer of certain investments to Batesville
in conjunction with the separation. The effective tax rate has also
been adjusted to give effect to the separation, along with the
expiration of the research and development tax credit earlier this
year. It is important to note that the above earnings guidance,
both on a GAAP and as adjusted basis, exclude the effects of
certain one-time costs associated with the separation, including
the modification of equity compensation awards, costs associated
with the repurchase of Hillenbrand debt contemplated in the
transaction and other separation-related costs. These costs have
been excluded due to the difficulty in predicting such amounts and
the fact that many of these costs will be reflected as a component
of discontinued operations in Hill-Rom's future reporting.
Batesville Holdings, Inc, to be the parent company of Batesville
Casket, will change its name to Hillenbrand, Inc. in connection
with the separation. For fiscal year 2008, Batesville continues to
expect revenue of $668 - 686 million, with GAAP earnings per fully
diluted share of $1.27 - 1.47, and adjusted fully diluted earnings
per share of $1.64 - 1.79. Adjusted fully diluted earnings exclude
the effects of the anticipated equity compensation modification and
other separation-related costs estimated to be $16 - 18 million
(pre-tax) and anti-trust litigation costs in 2008. All current and
potential investors are encouraged to review the Disclosure
Regarding Forward-Looking Statements in this press release as well
as all financial documents filed by Hillenbrand Industries or its
subsidiaries with the SEC. Hillenbrand Industries, Inc. provides
earnings per share guidance on an adjusted basis from continuing
operations because the company's management believes that the
presentation provides useful information to investors. Among other
things, it may assist investors in evaluating the company's
operations period over period -- which is also the basis on which
it generally is most reasonable to forecast results. This measure
may exclude such items as strategic developments (including
restructurings and product line changes) and significant
litigation. Special items may be highly variable, difficult to
predict, and of a size that sometimes have substantial impact on
the company's reported operations for a period. Often, prospective
quantification of them is not feasible. Management uses these
measures internally for planning, forecasting and evaluating the
performance of the business, including allocating resources and
evaluating results relative to employee performance compensation
targets. 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. As
previously announced, the separation also remains subject to the
final approval of the Board of Directors, favorable market
conditions, effectiveness of the Form 10 registration statement
with the SEC, and other customary conditions. As previously
disclosed, the company has already received a favorable tax ruling
from the U.S. Internal Revenue Service (IRS). ABOUT HILLENBRAND
INDUSTRIES, INC. Hillenbrand Industries is organized into two
operating companies serving the health care and funeral services
industries. Hill-Rom is a leading worldwide manufacturer and
provider of medical technologies and related services for the
health care industry, including patient support systems,
non-invasive therapeutic products for a variety of acute and
chronic medical conditions, medical equipment rentals, and
information technology solutions. Hill-Rom's comprehensive product
and service offerings are used by health care providers across the
health care continuum in hospitals, extended care facilities and
home care settings to enhance the safety and quality of patient
care. Hill-Rom ... enhancing outcomes for patients and their
caregivers. Batesville Casket Company is a leader in the North
American death care industry through the sale of funeral services
products, including burial caskets, cremation caskets, containers
and urns, selection room display fixturing and other
personalization and memorialization products. Batesville Casket
Company ... helping families honor the lives of those they love.
http://www.hillenbrand.com/ Disclosure Regarding Forward-Looking
Statements Certain statements in this press release contain
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995, regarding Hillenbrand's,
Hill-Rom's, and Batesville's future plans, objectives, beliefs,
expectations, representations and projections. Hillenbrand has
tried, wherever possible, to identify these forward-looking
statements using words such as "intend," "anticipate," "believe,"
"plan," "encourage," "expect," "may," "goal," "become," "pursue,"
"estimate," "strategy," "will," "projection," "forecast,"
"continue," "accelerate," "promise," "increase," "higher," "lower,"
"reduce," "improve," "expand," "progress," "potential" or the
negative of those terms or other variations of them or by
comparable terminology. The absence of such terms, however, does
not mean that the statement is not forward-looking. It is important
to note that forward-looking statements are not guarantees of
future performance, and actual results could differ materially from
those set forth in any forward- looking statements. Factors that
could cause Hill-Rom's actual results to differ from forward-
looking statements include but are not limited to: Hill-Rom's
dependence on its relationships with several large group purchasing
organizations, whether Hill-Rom's new products are successful in
the marketplace, changes in customers' Medicare reimbursements,
collections of accounts receivable, compliance with FDA
regulations, antitrust litigation, potential exposure to product
liability or other claims, failure of Hill-Rom's announced
strategic initiatives and restructuring and realignment activities
to achieve expected growth, efficiencies or cost reductions,
disruptions in Hill-Rom's business or other adverse consequences
resulting from the planned separation of Hillenbrand's two
operating companies, failure to realize the anticipated benefits of
the separation, failure of Hill-Rom to execute its acquisition and
business alliance strategy through the consummation and successful
integration of acquisitions or entry into joint ventures or other
business alliances, increased costs or unavailability of raw
materials, labor disruptions, the ability to retain executive
officers and other key personnel, and certain tax- related matters.
For a more in depth discussion of these and other factors that
could cause Hill-Rom's actual results to differ from those
contained in forward-looking statements, see the discussions under
the heading "Risk Factors" in Hillenbrand's Annual Report on Form
10-K for the period ended September 30, 2007. Factors that could
cause Batesville's actual results to differ from forward-looking
statements include but are not limited to: Batesville's dependence
on its relationships with several large national providers, changes
in death rates, whether Batesville's new products are successful in
the marketplace, antitrust litigation, potential exposure to
product liability or other claims, failure of Batesville's
announced strategic initiatives and restructuring and realignment
activities to achieve expected growth, efficiencies or cost
reductions, disruptions in Batesville's business or other adverse
consequences resulting from the planned separation of Hillenbrand's
two operating companies, failure to realize anticipated benefits of
the separation, failure of Batesville to execute its acquisition
strategy through the consummation and successful integration of
acquisitions, competition from nontraditional sources in the
funeral services business, volatility of Batesville's investment
portfolio, increased costs or unavailability of raw materials,
labor disruptions, the ability to retain executive officers and
other key personnel, and certain tax-related matters. For a more in
depth discussion of these and other factors that could cause
Batesville's actual results to differ from those contained in
forward-looking statements, see the discussions under the heading
"Risk Factors" in the Registration Statement on Form 10 filed by
Batesville Holdings, Inc with the SEC. None of Hillenbrand,
Hill-Rom and Batesville assumes any obligation to update or revise
any forward-looking statements. Hill-Rom Holdings (HRC) FY 2008
Financial Guidance Guidance for 2008 ($ in millions, except EPS)
Low High Net Revenues Health Care sales $991 $1,022 Health Care
rentals 435 454 Total revenues 1,427 1,476 Health Care sales gross
margin % 42.8% 44.3% Health Care rentals gross margin % 50.8% 52.5%
Other Operating Expenses (525) (553) Special Charges (2) (2)
Operating Income 118 136 OIE (8) (8) Income Before Taxes $110 $128
Tax Rate 37.7% 37.7% Income from Continuing Operations $70 $81
Earnings per share from Continuing Operations - GAAP $1.11 $1.30
Special Charges 0.02 0.02 Earnings per share from Continuing
Operations - Adjusted $1.13 $1.32 Average shares outstanding -
diluted 62.9 62.9 Capital expenditures and intangibles $115
Depreciation and amortization $109 Note 1 - Certain amounts may not
accurately add due to rounding Note 2 - Excludes one-time charges
for stock compensation modification, debt repurchase fees, and
transaction costs Batesville Casket FY 2008 Financial Guidance
Guidance for 2008 ($ in millions, except per share amounts) Low
High Net revenues $668 $686 Income before taxes $131 $149 Tax rate
38.7% 38.1% Net income - GAAP $80 $93 Diluted net income per share
- GAAP $1.27 $1.47 Excluding non-recurring charges (anti-trust and
separation expenses*) Net income - Adjusted $103 $113 Diluted net
income per share - Adjusted $1.64 $1.79 * Separation expenses
estimated to be $16m to $18m in 2008. DATASOURCE: Hillenbrand
Industries, Inc. CONTACT: Investors, Blair A. (Andy) Rieth, Jr.,
Vice President, Investor Relations, Corporate Communications &
Global Brand Development, +1-812-931-2199, , or Media, Lauren
Green-Caldwell, Director, Corporate Communications & Public
Relations, +1-812-934-8692, , both of Hillenbrand Industries, Inc.
Web site: http://www.hillenbrand.com/
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