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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

.9 million increase in labor costs related primarily to annual merit increases, a $1.9 million increase in the investments in our growth initiatives, $0.5 million from acquired entities and a $1.7 million increase in overhead, offset by a $1.2 million decrease in bad debt expense.

Net income for the nine months ended September 30, 2007 was $12.3 million compared to the prior year's pro-forma net income of $9.1 million. Earnings per share for the nine months ended September 30, 2007 was $0.41 per diluted share compared to the prior year's pro-forma earnings per share of $0.31 per diluted share, an increase of 32%. Including the costs of the refinancing, the net loss applicable to common stock was $8.5 million, or a loss of $0.39 per diluted share, for the first nine months of 2006.

Cash flow from operations was $10.1 million in the third quarter of 2007 compared to the prior year's pro-forma results of $15.9 million. Cash flow from operations for the nine months ended September 30, 2007 was $30.2 million compared to the prior year's pro-forma of $12.9 million. The year-to-date increase was due principally to increased earnings and a reduction in working capital.

Commenting on the results, Ivan R. Sabel, Chairman and Chief Executive Officer of Hanger Orthopedic Group, remarked, "Our third quarter performance represents the seventh consecutive quarter in which we have met or exceeded First Call consensus estimates. The strong results are a reflection of our continued investment in infrastructure and growth initiatives which will enable us to deliver sustainable growth and to maintain and enhance the growth trends we have demonstrated thus far in 2007. Our patient care business continued its robust performance with same-center sales increases of 4% for the first nine months and exceeding 5% for the third quarter. Our distribution business also accelerated its sales growth with an increase of over 10% in the third quarter. Additionally, Innovative Neuro
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SOURCE Hanger Orthopedic Group, Inc.
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