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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

nths ended September 30, 2008 decreased $3.5 million, or 12.5%, from the same period in the prior year, due to lower variable rates. Pro forma net income applicable to common stock was $18.9 million, or $0.60 per diluted share (a 46.3% increase), for the nine months ended September 30, 2008 compared to net income applicable to common stock of $11.0 million, or $0.41 per diluted share, in the first nine months of last year. The pro forma results for the nine months ended September 30, 2008 assume that the one-time, in-kind preferred stock dividend, which occurred in the second quarter of 2008, occurred at the beginning of the period. Net income applicable to common stock on a GAAP basis, which includes the full impact of the $5.3 million one-time non-cash dividend from the second quarter of 2008 and $0.4 million of preferred dividends paid in the first quarter of 2008, was $13.2 million, or $0.52 per diluted share, for the nine months ended September 30, 2008.

Cash flow from operations was $22.3 million in the third quarter of 2008, a $12.2 million increase, compared to the prior year period of $10.1 million. The increase in cash flow for the third quarter of 2008 was primarily the result of the increase in income and changes in operating assets and liabilities. For the nine months ended September 30, 2008 cash flow from operations was $34.9 million, a $4.7 million increase, compared to the prior period of $30.2 million. The increase in cash flow from operations for the nine months ended September 30, 2008 was principally due to higher net income compared to the same nine month period in the prior year.

The Company has an aggregate revolving credit facility (the "Revolver") commitment of $75.0 million with a group of lenders, including Lehman Commercial Paper, Inc. ("LCPI"), a subsidiary of Lehman Brothers Holdings, Inc. ("Lehman"). LCPI's commitment under the Revolver is $17.8 million. On September 15, 2008, Lehman filed for protection under chapter 11
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SOURCE Hanger Orthopedic Group, Inc.
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