Hanger Orthopedic Group, Inc. Reports $0.31 EPS for the Second Quarter 2009 and Raises Full Year EP...(results adjusted for the effects of the ...),Health

Date:7/28/2009

results, adjusted for the effects of the acceleration of the Preferred Stock dividend at the beginning of the period, is more reflective of the Company's current diluted operating results and provides investors with additional useful information to measure the Company's on-going performance. Three Months Six Months Ended Ended June 30, June 30, Income Statement as a % of Net Sales: 2009 2008 2009 2008 Net sales 100.0% 100.0% 100.0% 100.0% Cost of goods sold - materials 30.4% 30.5% 30.3% 30.1% Personnel costs 34.0% 34.0% 35.8% 36.0% Other operating expenses 21.2% 21.4% 20.8% 20.9% Depreciation and amortization 1.9% 2.4% 2.3% 2.5% Income from operations 12.5% 11.8% 10.8% 10.5% Interest expense 3.9% 4.4% 4.2% 4.8% Unrealized gain from interest rate swap 0.1% 0.0% 0.1% 0.0% Income before taxes 8.7% 7.4% 6.7% 5.7% Provision for income taxes 3.5% 3.0% 2.7% 2.3% Net income 5.2% 4.4% 4.0% 3.4%

                              Hanger Orthopedic Group, Inc.
                                      (Unaudited)

                                      Three Months Ended    Six Months Ended
                                           June 30,              June 30,
    Cash Flow Data:                   2009          2008     2009      2008

    Cash flow from operations       $24,475        $20,026  $20,760  $12,569
    Capital expenditures             $3,271         $4,750   $6,097   $7
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SOURCE  Hanger Orthopedic Group, Inc.
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