The Company had total liquidity of $96.6 million, comprised of $58.4 million of cash and $38.2 million available under its revolving credit facility at December 31, 2008. The Company believes that it has sufficient liquidity to conduct its normal operations and fund its acquisition plan in 2009.
For 2009, the Company expects revenues to be between $750 million and $760 million which would result in growth of 6.7% to 8.1% compared to 2008. The Company also expects diluted EPS for 2009 to be in the range of $0.96 to $0.98, which would represent an 11.6% to 14.0% increase over 2008 pro forma diluted EPS and a 23.1% to 25.6% increase over 2008 GAAP diluted EPS.
"The Hanger team had an outstanding year in 2008 and I am extremely pleased with our performance in the fourth quarter, since it marks the twelfth consecutive quarter of meeting or exceeding First Call consensus estimates," commented Thomas F. Kirk, President and Chief Executive Officer of Hanger Orthopedic Group. Mr. Kirk added, "All elements of our company improved on last year's results to enable us to achieve 34.4% EPS growth in 2008. Hanger has a stable capital structure, ample liquidity to grow and handle our needs, as well as strong cash flow. I am proud of our team's accomplishments in 2008, and while we are concerned about the economy, we are excited about our prospects in 2009 as evidenced by our guidance which reflects strong growth in sales and EPS."
Hanger Orthopedic Group, Inc., headquartered in Bethesda, Maryland, is the world's premier provider of orthotic and prosthetic patient care services. Hanger is the market leader in the United States, owning and operating 668 patient care centers in 45 states and the District of Columbia, with over 3,500 employees including 1,070 practitioners (as of December 31, 2008). Hanger is organized into four units. The two key operating units are patient
|SOURCE Hanger Orthopedic Group, Inc.|
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