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Hanger Orthopedic Group, Inc. Reports $0.26 Pro Forma EPS on 8.6% Sales Growth for the Fourth Quarter 2008
Date:2/10/2009

Provides 2009 Revenue and EPS Guidance

BETHESDA, Md., Feb. 10 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) announced net sales of $185.5 million for the quarter ended December 31, 2008, an increase of $14.7 million, or 8.6%, from $170.8 million in the prior year's comparable quarter. Pre-tax income increased $3.0 million, or 29.8%, to $13.0 million in the fourth quarter 2008 from $10.0 million in the same quarter last year.

Pro forma net income applicable to common stock for the quarter was $8.3 million, or $0.26 per diluted share, for the quarter ended December 31, 2008 compared to net income applicable to common stock of $6.6 million, or $0.23 per diluted share, in the fourth quarter of last year. The pro forma results for the fourth quarter 2008 exclude the impact of the non-cash mark-to-market adjustment of $0.7 million related to interest rate swaps. Net income applicable to common stock on a GAAP basis, which includes the full impact of the mark-to-market adjustment related to the interest rate swaps, was $7.8 million, or $0.24 per diluted share, for the quarter ended December 31, 2008.

The 8.6% sales growth was primarily the result of a $9.2 million, or 6.1%, increase in same-center sales in our patient care centers, a $3.5 million increase related to acquired entities and a $2.0 million, or 11.0%, increase in sales of the Company's distribution segment. Gross profit for the quarter increased by $2.7 million, or 2.9%, to $97.0 million compared to $94.3 million due to the sales increase. Gross margins decreased from 55.2% of net sales in the fourth quarter of 2007 to 52.3% in the fourth quarter of 2008, due to the impact of a favorable inventory adjustment in the prior year.

Income from operations in the fourth quarter of 2008 increased by $2.7 million, or 1
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SOURCE Hanger Orthopedic Group, Inc.
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