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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

mmon stock and has notified the holder of its intention.

Commenting on the results, Thomas F. Kirk, President and Chief Executive Officer of Hanger Orthopedic Group, remarked, "I am extremely pleased with our second quarter results, the tenth consecutive quarter in meeting or exceeding First Call consensus estimates. Same-center growth in our patient care division continues to drive a large portion of our business with sales growth of 8.9%. Our distribution business also accelerated its sales growth with an increase of 20.6% in the second quarter, and now it represents 11.6% of our total sales for the quarter. We continue to gain leverage on our infrastructure costs due to our business model and our ongoing efforts to monitor expenses. As a result, operating margins improved this quarter by 70 basis points to 11.8%. Finally, the strong performance of our common stock triggered acceleration of the preferred stock dividend. This occurred earlier than expected, but highlights the value we have been able to create for all our shareholders over the last two years. By forcing conversion of the preferred stock we will simplify our capital structure, eliminate a preference that will benefit our common shareholders and eliminate all future dividend obligations related to the preferred stock. We are all energized on carrying the momentum of our operating focus and our growth projects into the second half of the year."

Hanger Orthopedic Group, Inc., headquartered in Bethesda, Maryland, is the world's premier provider of orthotic and prosthetic patient care services. Hanger is the market leader in the United States, owning and operating 661 patient care centers in 45 states and the District of Columbia, with over 3,500 employees including 1,060 practitioners (as of June 30, 2008). Hanger is organized into four units. The two key operating units are patient care which consists of nationwide orthotic and prosthetic practice centers and distribution which consists of
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SOURCE Hanger Orthopedic Group, Inc.
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