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Hanger, Inc. Reports Earnings of $0.50 Per Diluted Share for the Second Quarter 2012
Date:8/1/2012

2012, the Company acquired seven patient care companies comprised of thirteen clinics with annualized revenue of $12.8 million.  As of June 30, 2012, the Company had $141.1 million in total liquidity, which included $41.6 million of cash and $99.5 million available under its revolving credit facility, net of $0.5 million in letters of credit.  The Company's leverage ratio, as defined in its credit facilities, improved to 2.9 at June 30, 2012 from 3.0 at December 31, 2011.

"We continue to deliver strong revenue growth in our patient-care services and our distribution segments.  This, combined with solid operational execution demonstrated by our talented employees around the country, has resulted in 11.1% growth in diluted earnings per share," commented Vinit K. Asar, Chief Executive Officer of Hanger.  "Our operations continue to generate good cash flow as we execute our planned investments in programs, acquisitions, and infrastructure improvements that will continue to provide a sustainable platform for future growth."

The Company expects full year 2012 revenues between $970 million and $990 million resulting from a comparable store sales growth in our patient-care services segment of 3% to 5% and growth in our distribution segment of 3% to 5%. We expect flat to slightly higher revenues in our therapeutic services segment for the year, with sales in the first half of the year down then trending up the second half as the rate of new contract sales accelerates. The Company has raised the lower end of its earnings guidance range and now anticipates diluted earnings per share between $1.75 and $1.79, excluding approximately $0.01 per diluted share in one-time training costs related to the implementation of Janus, the Company's new practice management and billing system. As in past years, the Company's goal is to increase operating margins by twenty to forty basis points. The Company anticipates generating cash flow from operations
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SOURCE Hanger, Inc.
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