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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

administrative expenses increased by $24.0 million due to a $8.4 million increase in incentive and variable compensation costs as a result of our improved performance and collections and a $8.1 million increase in salary due to the impact of annual merit increases, increased commissions and health care costs. The balance of the increase was due to a $4.3 million investment in our growth initiatives, $1.4 million in rent and $2.2 million in travel and other costs, offset by a $0.4 million decrease in bad debt expense due to improved collections.

Net income for the year ended December 31, 2007, was $17.6 million, or $0.64 per diluted share, compared to the prior year's pro-forma net income applicable to common stock of $14.5 million, or $0.49 per diluted share. 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. Including the costs of the refinancing, the net loss applicable to common stock was $4.1 million, or $0.18 per diluted share, for the year ended December 31, 2006.

In the fourth quarter of 2007, cash flow from operations, improved by $5.5 million to $21.4 million, compared to $15.9 million in the prior year. Cash flow from operations for the year ended December 31, 2007, improved by $22.3 million to $51.7 million, compared to the prior year's pro-forma of $29.4 million, excluding the cost of the refinancing. The increase was due to improved earnings and a reduction in working capital. Including the effect of the refinancing, cash flow from operations for the year ended December 31, 2006, was $24.0 million.

"Fiscal 2007 was a year of solid progress and the fourth quarter marks our eighth consecutive quarter of meeting or beating consensus estimates," commented Ivan R. Sabel, Chairman and Chief Executive Officer of Hanger Orthopedic Group. Mr. Sabel added, "O
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SOURCE Hanger Orthopedic Group, Inc.
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