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Hanger Orthopedic Group, Inc. Reports an Increase of 30.4% in Earnings Per Share, to $0.30, for the Third Quarter 2009 and Raises Its 2009 Guidance
Date:10/26/2009

ficient liquidity to conduct its normal operations and fund its acquisition plans in 2009.

The Company is reaffirming its full year 2009 sales guidance of $750 to $760 million and increasing its 2009 diluted EPS guidance of $1.02 to $1.04 to $1.05 to $1.07.

"We are very pleased with our third quarter results, as they exceeded our expectations, represented solid operational execution and generated strong cash flow," commented Thomas F. Kirk, President and Chief Executive Officer of Hanger Orthopedic Group. Mr. Kirk added, "Patient care centers revenues grew at 6.6% and our efforts on expense management continue to be reflected in our results. Since the third quarter of last year, we have improved operating margins for the quarter by 100 basis points to 12.4%. We are also extremely pleased with the added commitment to our revolver and liquidity, because it reflects the confidence our lenders have in our consistent execution. I am proud of our teams' efforts in this economic environment and we are actively monitoring the proposed health care reforms and how they could impact our future prospects."

In June 2008, the Company's common stock performance triggered an acceleration of preferred stock dividends as a result of the Company's average closing price of its common stock price exceeding the Company's forced conversion price of the Series A Convertible Preferred Stock by 200% for a 20-trading day period. This event accelerated the payment of these dividends due from the time of the event through May 26, 2011. The accelerated dividends were paid in the form of increased stated value of preferred stock, in lieu of cash. As a result, the Company recorded an in-kind dividend on its preferred stock of $5.3 million in the quarter ended June 30, 2008, which represented 0.7 million additional common shares on an as-converted basis.

Hanger Orthopedic Group, Inc., headquartered in Bethesda, Maryland, is the world's premier
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SOURCE Hanger Orthopedic Group, Inc.
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