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Hanger Orthopedic Group, Inc. Reports $0.14 EPS on 26.6% Increase in Net Income for the First Quarter 2009
Date:4/27/2009

Reaffirms 2009 Guidance

BETHESDA, Md., April 27 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) announced net sales of $169.1 million for the quarter ended March 31, 2009, an increase of $11.4 million, or 7.3%, from $157.7 million in the prior year. Net income increased $0.9 million, or 26.6%, to $4.5 million in the first quarter of 2009 from $3.6 million last year. Net income applicable to common stock in the first quarter 2009 increased $1.4 million, or 43.4%, compared to last year's $3.1 million resulting in EPS of $0.14 for the quarter compared to $0.12 in 2008.

The 7.3% sales growth was primarily the result of a $5.6 million, or 4.1%, increase in same-center sales in our patient care centers, a $2.0 million, or 10.4%, increase in sales of the Company's distribution segment and a $4.1 million increase related to acquired entities.

Cost of materials increased $4.3 million, or 9.3%, to $51.0 million in the first quarter of 2009 compared to the same quarter last year principally due to the sales increase. Cost of materials as a percentage of sales was 30.2% for the first quarter of 2009 compared to 29.6% for the first quarter of 2008. The increase in cost of materials as a percentage of sales resulted from a change in the sales mix of businesses and products.

Personnel costs increased $3.7 million, or 6.2%, in the first quarter of 2009 compared to the first quarter of 2008. Contributing to this increase were personnel costs of $1.9 million from acquisitions, benefits costs of $1.2 million and merit increases of $0.9 million, offset by lower temporary labor costs of $0.2 million.

Other operating costs increased $2.2 million, or 7.0%, in the first quarter of 2009 over the same quarter in the prior year due to additional variable compensation accruals o
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SOURCE Hanger Orthopedic Group, Inc.
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