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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

increased by $18.8 million to $171.5 million, or 50.6% of net sales, compared to $152.7 million, or 50.2% of net sales, in the first six months of the prior year. 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 increased by $5.4 million, or 17.7%, in the first six months of 2008 to $35.6 million from $30.2 million in the same period of the prior year due to the increased gross profit, offset by a $12.6 million increase in selling, general and administrative expenses. Selling, general and administrative expenses increased due to $3.3 million of increased personnel costs related principally to employee benefits, a $2.9 million increase related to acquisitions, a $2.8 million increase in variable compensation accruals, $2.0 million of additional investment in growth initiatives, $1.6 million in merit increases, a $0.8 million increase in advertising, and a $0.3 million increase in general overhead, offset by a $1.1 million decrease in bad debt expense.

Net interest expense for the six months ended June 30, 2008 decreased $2.2 million, or 11.7%, from the same period in the prior year, primarily due to lower variable rates. Net income for the six months ended June 30, 2008 increased $4.7 million, or 68.3%, to $11.6 million from $6.9 million for the prior year's period.

Pro forma net income applicable to common stock for the six months ended June 30, 2008 was $11.6 million, or $0.37 per diluted share, a 60.9% increase, compared to net income applicable to common stock of $6.0 million, or $0.23 per diluted share, in the prior year. The pro forma results for the six months ended June 30, 2008 assume that the previously described one-time, in- kind preferred stock dividend occurred and the preferred stock was converted to common stock at the beginning of the period. Net income applicable to common stock on a GAAP basis was $5.9 million, or $0.
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SOURCE Hanger Orthopedic Group, Inc.
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