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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

24 per diluted share, for the six months ended June 30, 2008.

Cash flow from operations was $20.0 million in the second quarter of 2008 compared to the prior year period of $18.0 million. For the six months ended June 30, 2008 cash flow from operations was $12.6 million compared to the prior period of $20.1 million. The decrease in cash flow from operations for the six months ended June 30, 2008 of $7.5 million was principally due to an $11.3 million change in cash payments related to the 2007 incentive compensation plans. The first quarter 2008 payout increased due to a combination of the elimination of two interim payments related to the practitioners' incentive compensation plan and improved performance in 2007.

The Company is also confirming existing guidance for the second half of 2008 and is increasing its full year sales guidance to a range of $680 million to $690 million and full year pro forma EPS guidance by $0.5 per diluted share to a range of $0.80 to $0.82 per diluted share, representing 25% to 28% growth compared to 2007 reported EPS.

In June 2008, the Company's common stock performance triggered an acceleration of preferred stock dividends once the Company's average closing price of its common stock price exceeded the Company's forced conversion price of the Series A Convertible Preferred Stock by 200% for a 20-trading day period. This event triggered acceleration of the payment of Series A Convertible Preferred Stock dividends due from the time of the event through May 26, 2011. The accelerated dividends were paid in the form of increased stated value of preferred stock, in lieu of cash. As a result, the Company recorded an in-kind dividend on its preferred stock of $5.3 million in the quarter ended June 30, 2008, which represents 0.7 million additional common shares on an as converted basis. In connection with the acceleration event, the Company has decided to exercise its right to force conversion of the preferred stock into co
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SOURCE Hanger Orthopedic Group, Inc.
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