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Hanger Orthopedic Group, Inc. Exceeds Estimates on a 10% Sales Increase and a 28% EPS Increase to $0.23 for the Third Quarter 2008
Date:10/27/2008

head costs.

Interest expense for the third quarter 2008 was $1.3 million less than the same quarter last year 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 September 30, 2008, $88.3 million, or 20.9%, of the Company's total debt of $422.8 million was subject to variable interest rates.

Net sales for the nine months ended September 30, 2008 increased by $51.0 million, or 10.9%, to $517.6 million from $466.6 million for the same period in the prior year. The sales growth was principally the result of a $28.6 million, or 6.9%, increase in same-center sales in our patient care business, a $12.0 million increase related to acquired entities, and a $9.4 million, or 21.1%, increase in sales of the Company's distribution segment. Gross profit for the nine months ended September 30, 2008 increased by $27.6 million to $262.7 million, or 50.7% of net sales, compared to $235.1 million, or 50.4% of net sales, in the first nine months of the prior year. The increase in gross margin was due to the increase in sales, which allowed us to leverage our relatively fixed labor costs.

Income from operations increased by $7.0 million, or 14.4%, in the first nine months of 2008 to $55.8 million from $48.8 million in the same period of the prior year due principally to the increased sales and gross profit. Selling, general and administrative expenses increased by $19.3 million as a result of $6.2 million of increase in personnel costs which includes $2.2 million of merit increases, $2.5 million of increased health care costs, a $2.3 million increase related to acquisitions, a $4.5 million increase in variable compensation accruals, $2.1 million of additional investment in growth initiatives and a $1.7 million increase in general overhead, primarily comprised of occupancy expenses.

Interest expense for the nine mo
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SOURCE Hanger Orthopedic Group, Inc.
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