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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

4.1%, to $21.9 million compared to the same period of the prior year, principally due to the sales increase and continued control of selling, general and administrative expenses. Selling, general and administrative expenses of $70.8 million for the fourth quarter of 2008 did not change compared to the prior year, despite a $1.3 million increase in costs related to acquisitions.

Interest expense for the fourth quarter of 2008 was $1.0 million less than 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. In the fourth quarter of 2008, the Company recorded a $0.7 million non-cash mark-to-market reserve related to the value of the swaps. The Company fully intends to hold the swaps until their maturity in May 2011, in which case the valuation reserve will over time reverse. As of December 31, 2008, $88.3 million, or 20.9%, of the Company's total debt of $422.3 million was subject to variable interest rates.

Net sales for the year ended December 31, 2008 increased by $65.7 million, or 10.3%, to $703.1 million from $637.4 million in the prior year. The sales growth was principally the result of a $41.3 million, or 7.3%, increase in same-center sales in our patient care business, an $11.9 million increase related to acquired entities, and an $11.5 million, or 19.1%, increase in sales of the Company's distribution segment. Gross profit for the year ended December 31, 2008 increased by $30.3 million, or 9.2%, to $359.7 million, or 51.2% of net sales, compared to $329.4 million, or 51.7% of net sales, in the prior year. The decrease in gross margin was due to the increase in sales of the distribution business which have higher material costs and increased shipping costs.

Income from operations increased by $9.7 million, or 14.3%, in 2008 to $77.7 million from $68.0 millio
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SOURCE Hanger Orthopedic Group, Inc.
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