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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

of the Federal Bankruptcy Code in the United State Bankruptcy Court in the Southern District of New York. On September 26, 2008, the Company decided to validate its borrowing capacity and availability under the Revolver by borrowing $20.0 million, even though there was no immediate or projected need for the funds. LCPI failed to fund its pro rata commitment of $4.7 million. Each of the remaining lenders within the Revolver did fund their pro rata commitment, resulting in $15.3 million of net proceeds received by the Company. As of September 30, 2008, the Company had $38.2 million available under its Revolver after reducing the total commitment by LCPI's $17.8 million commitment, $3.7 million of outstanding letters of credit and $15.3 million drawn.

The Company had $53.5 million of cash on its balance sheet at September 30, 2008. The Company believes that it has sufficient liquidity to conduct its normal operations and fund its O&P acquisition plan and does not believe that the potential reduction in the availability under the Revolver will have a material impact on its short-term or long-term liquidity.

The Company is also reaffirming its 4th quarter and full year 2008 guidance and expects full year results to be at the high end of the pro forma EPS guidance range of $0.80 to $0.82.

Commenting on the results, Thomas F. Kirk, President and Chief Executive Officer of Hanger Orthopedic Group, remarked, "We are very satisfied with our third quarter results which are the eleventh consecutive quarter in meeting or exceeding First Call consensus estimates. For the second consecutive quarter, the 7.3% same-center sales growth in our patient care division exceeded our expectations. Our distribution business, which represents 11.7% of our total sales for the quarter, also delivered solid performance with sales growth of 15.9% in the third quarter. We are generating strong cash flow from operations and have sufficient cash to continue to execute our growt
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SOURCE Hanger Orthopedic Group, Inc.
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