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Hanger Orthopedic Group, Inc. Beats First Call Q2 EPS Estimates by $0.05 on 13% Sales Growth and 57.2% Growth in Net Income
Date:7/29/2008

Raises 2008 Annual Sales and Pro Forma EPS Guidance

BETHESDA, Md., July 29 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) announces net sales of $181.2 million for the quarter ended June 30, 2008 an increase of 13.0% from $160.4 million in the prior year's comparable quarter. Net income increased by $2.9 million, or 57.2%, to $8.0 million in the second quarter 2008 from $5.1 million in same quarter last year.

Pro forma net income applicable to common stock was $8.0 million, or $0.25 per diluted share (a 47% increase), for the quarter ended June 30, 2008 compared to net income applicable to common stock of $5.0 million, or $0.17 per diluted share, in the second quarter of last year. The pro forma results for the second quarter 2008 assume that a one-time, in-kind preferred stock dividend occurred and the preferred stock was converted to common stock at the beginning of the period. The preferred stock dividend and conversion are explained in greater detail later in this press release. Net income applicable to common stock on a GAAP basis, which includes the full impact of the $5.3 million one-time non-cash dividend, was $2.8 million, or $0.11 per diluted share, for the quarter ended June 30, 2008.

Net sales for the quarter ended June 30, 2008 increased by $20.8 million, or 13%, to $181.2 million from $160.4 million in the prior year's comparable quarter. The sales growth was the result of a $12.7 million, or 8.9%, increase in same-center sales in our patient care business, a $3.2 million, or 20.6%, increase in sales of the Company's distribution segment, and a $4.9 million increase related to acquired entities. Gross profit for the second quarter of 2008 increased by $11.5 million, to $93.0 m
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SOURCE Hanger Orthopedic Group, Inc.
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