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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

n in the prior year due principally to the sales increase. Selling, general and administrative expenses increased by $19.3 million primarily the result of $4.1 million of personnel costs, $2.9 million of merit pay increases to employees, $3.3 million of benefits costs, $3.7 million related to acquisitions, $3.1 million in variable compensation accruals, and $2.1 million of additional investment in growth initiatives.

Interest expense for the year ended December 31, 2008 decreased $4.4 million, or 12.0%, from the prior year due to lower variable rates. For the year ended December 31, 2008, pro forma net income applicable to common stock was $27.2 million, or $0.86 per diluted share, a 34.4% increase, compared to net income applicable to common stock of $17.6 million, or $0.64 per diluted share, last year. The pro forma results for the year ended December 31, 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 and excludes the impact of the $0.7 million non-cash mark-to-market adjustment related to interest rate swaps. 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, the $0.4 million of preferred stock dividends and the $0.7 million impact of the non-cash mark-to-market adjustment related to interest rate swaps, was $21.1 million, or $0.78 per diluted share, for the year ended December 31, 2008.

Cash flow from operations was $18.4 million in the fourth quarter of 2008, a $3.0 million decrease, compared to $21.4 million in the prior year. The decrease in cash flow for the fourth quarter of 2008 was primarily the result of an increase in working capital of $8.5 million, offset by higher net income and non-cash charges of $5.5 million. For the year ended December 31, 2008 cash flow from operations increased by $1.5 million to $53.2 million compared to
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SOURCE Hanger Orthopedic Group, Inc.
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