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Hanger Orthopedic Group, Inc. Announces Record Revenue of $162.3 Million and 20% Growth in Earnings Per Share for the Quarter Ended September 30, 2007
Date:10/29/2007

xpenses increased by $5.3 million due principally to a $2.6 million increase in wages and variable compensation accruals, a $0.8 million increase in the investments in the Company's growth initiatives, $0.5 million from acquired entities, and a $2.1 million increase in general overhead, offset by a $0.7 million decrease in bad debt expense.

Net income for the third quarter of 2007 was $5.4 million compared to the prior year's pro-forma net income of $4.3 million. Earnings per share for the quarter ended September 30, 2007 was $0.18 per diluted share compared to the prior year's pro-forma earnings per share of $0.15 per diluted share, an increase of 20%. Including the costs of the refinancing, net income applicable to common stock was $1.5 million, or $0.07 per diluted share, for the quarter ended September 30, 2006.

Net sales for the nine months ended September 30, 2007 increased by $21.8 million, or 4.9%, to $466.6 million from $444.8 million in the prior year. The sales growth was principally the result of a $16.0 million, or 4.0%, increase in same-center sales in our patient care business, a $2.5 million, or 5.8%, increase in sales of the Company's distribution segment, and a $1.8 million increase related to acquired entities. Gross profit for the nine months ended September 30, 2007 increased by $12.0 million to $235.1 million, or 50.4% of net sales, compared to $223.1 million, or 50.1% of net sales, in the first nine months of the prior year. The increase in gross margin was due principally to the increase in sales, which caused our relatively fixed labor costs to decrease as a percentage of sales.

Income from operations increased by $4.8 million in the first nine months of 2007 to $48.8 million from $44.0 million in the same period of the prior year due to the increased gross profit, offset by a $6.8 million increase in selling, general and administrative expenses. Selling, general and administrative expenses increased due principally to a $3
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SOURCE Hanger Orthopedic Group, Inc.
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