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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

illion, or 51.3% of net sales compared to $81.4 million, or 50.8% of net sales in the second quarter of 2007. The increase in gross margin was due principally to the increase in sales, which allowed us to leverage our relatively fixed labor costs.

Income from operations of $21.4 million in the second quarter of 2008 was $3.6 million, or 20.0% higher than that of the same period of the prior year, principally due to the aforementioned increase in gross profit, offset by $7.6 million of higher selling, general and administrative expenses. Selling, general and administrative expenses increased due to a $2.6 million increase in variable compensation accruals, $1.8 million of increased personnel costs related primarily to employee benefits, a $1.4 million increase related to acquisitions, a $1.0 million increase in professional fees and other expenses (some of which are one time expenses), $0.8 million in merit increases, and $0.6 million of additional investment in growth initiatives, offset by a $0.6 million decrease in bad debt expense.

Net interest expense for the second quarter 2008 was $1.1 million less than the same quarter last year primarily due to lower variable rates. In May 2008, the Company entered into two $75.0 million swap contracts that fixed $150.0 million of floating rate debt and locked in LIBOR at 3.4% for three years. As of June 30, 2008, $73.0 million, or 18.0%, of the Company's total debt of $406.4 million was subject to variable interest rates.

Net sales for the six months ended June 30, 2008 increased by $34.6 million, or 11.4%, to $338.8 million from $304.2 million for the same period in the prior year. The sales growth was principally the result of a $18.2 million, or 6.7%, increase in same-center sales in our patient care business, a $6.7 million, or 23.5%, increase in sales of the Company's distribution segment, and a $9.1 million increase related to acquired entities. Gross profit for the six months ended June 30, 2008
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SOURCE Hanger Orthopedic Group, Inc.
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Related medicine news :

1. Hanger Orthopedic Group, Inc. Receives Positive Outlook from Standard & Poors Rating Services
2. Hanger Orthopedic Group, Inc. Announces Second Quarter 2008 Earnings Release Conference Call
3. 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
4. Hanger Orthopedic Group, Inc. Announces Senior Leadership Succession Plan and Reaffirms Guidance
5. Hanger Orthopedic Group, Inc. Announces 2007 Year-End Earnings Release Conference Call
6. Hanger Orthopedic Group, Inc. Announces Three Acquisitions Totaling Over $3.5 Million of Annual Net Revenue
7. Infor-Med, Inc. Announces New Praxis EMR Version 4 with The Praxis Knowledge Exchanger(R)
8. 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
9. Central DuPage Hospitals Orthopedics Ranks in U.S. News Media Groups 2008 Edition of Americas Best Hospitals for the Second Consecutive Year
10. Three Industry Veterans Join Ascension Orthopedics
11. Swedish Orthopedic Institute Opens in Seattle
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