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Hanger Orthopedic Group, Inc. Announces an 11% Sales Increase and a 35% Increase in EPS to $0.23 for the Quarter Ended December 31, 2007, Compared to $0.17 in the Prior Year
Date:2/11/2008

BETHESDA, Md., Feb. 11 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) reported net sales of $170.8 million for the quarter ended December 31, 2007, an 11.0% increase from $153.9 million in the prior year's comparable quarter. Net income for the quarter was $6.6 million, or $0.23 per diluted share, a 35% increase compared to $4.5 million, or $0.17 per share, in 2006. In 2007, for the full year, revenue increased 6.4% to $637.4 million compared to $598.8 million in the prior year. Net income for the year was $17.6 million, or $0.64 per diluted share, a 31% increase compared to pro- forma net income of $14.5 million, or $0.49 per share, in the prior year. The pro-forma results for the year ended December 31, 2006, exclude the $17.0 million cost of extinguishment of debt incurred in connection with the refinancing and assumes that the new capital structure was in place on January 1, 2006.

Net sales for the quarter ended December 31, 2007 increased by $16.9 million, or 11.0%, to $170.8 million from $153.9 million in the prior year's comparable quarter. The sales growth was principally the result of an $11.2 million, or 8.0%, increase in same-center sales in our patient care business, a $2.7 million, or 21.1%, increase in sales of our distribution business and $3.0 million from acquisitions. Cost of goods sold in the fourth quarter of 2007 decreased by $1.8 million to $76.5 million, or 44.8% of net sales, compared to $78.3 million, or 50.9% of net sales, in the prior year. The decrease was principally due to labor efficiencies, the impact of the Medicare rate increase and adjustments related to our annual physical inventory.

Income from operations of $19.2 million in the fourth quarter of 2007 was $0.8 million
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SOURCE Hanger Orthopedic Group, Inc.
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