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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

higher than that of the same period in the prior year principally due to higher sales. Selling, general and administrative expenses increased by $17.1 million due to a $9.4 million increase in incentive and variable compensation costs as a result of our improved performance and collections and a $3.7 million increase in salary expense due to the impact of annual merit increases, increased commissions and health care costs. The balance of the increase was due to a $2.0 million investment in our growth initiatives, $0.8 million in bad debts due to the sales increase and $1.2 million in travel and other costs.

Net income applicable to common stock for the fourth quarter of 2007 was $6.6 million, or $0.23 per diluted share, compared to $4.5 million, or $0.17 per diluted share in the prior year.

Net sales for the year ended December 31, 2007 increased by $38.6 million, or 6.4%, to $637.4 million from $598.8 million in the prior year. The sales growth was principally the result of a $27.2 million, or 5.0%, increase in same-center sales in our patient care business, a $5.1 million, or 9.3%, increase in sales of the Company's distribution segment, $5.9 million from acquisitions and $1.1 million in other sales, offset by a $0.7 million decrease as a result of closed patient care centers. Cost of goods sold for the year increased by $7.9 million to $308.0 million, or 48.3% of net sales, compared to $300.1 million, or 50.1% of net sales, in the prior year. The increase was principally due to costs related to the increased sales volume which was offset by labor efficiencies, the impact of the Medicare rate increase and adjustments related to our annual physical inventory.

Income from operations increased by $5.5 million for the year ended December 31, 2007, to $68.0 million from $62.4 million in the same period of the prior year due principally to the sales increase, offset by an increase in selling, general and administrative expenses. Selling, general and
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SOURCE Hanger Orthopedic Group, Inc.
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