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Hanger Orthopedic Group Reports First Quarter Results
Date:4/27/2011

AUSTIN, Texas, April 27, 2011 /PRNewswire/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) announced net sales of $200.4 million for the quarter ended March 31, 2011, an increase of $22.1 million, or 12.4%, from $178.3 million for the first quarter of 2010.  Adjusted diluted earnings per share, which excludes the costs to relocate the Company's corporate headquarters, were $0.19 for the first quarter of 2011, an 18.8% increase compared to $0.16 in the same period in 2010.  The Company incurred relocation costs of $0.4 million and $2.1 million in the three months ended March 31, 2011 and 2010, respectively. Including the relocation costs, diluted earnings per share were $0.18 and $0.12 for the quarter ended March 31, 2011 and 2010.

The $22.1 million increase in sales for the first quarter of 2011 was primarily the result of a $15.9 million increase from the therapeutic solutions segment resulting principally from the acquisition of Accelerated Care Plus, a $1.6 million or 7.5% increase from the Company's distribution segment, a $0.3 million or 0.2% increase in same-center sales in the patient care centers and a $4.3 million increase due to acquisitions in the patient care segment.  Income from operations for the quarter ended March 31, 2011 was $18.4 million compared to $14.2 million in the prior year.  Excluding relocation costs, income from operations increased 15.3% to $18.8 million for the three months ended March 31, 2011 from $16.3 million in the first quarter of 2010.

Net cash used in operations improved $0.6 million in the first quarter of 2011 compared to 2010.  During the first quarter of 2011, we paid out approximately $4.8 million more in incentive compensation as compared to the same period in the prior year.  During March 2011, the Company amended its existing Credit Agreement to lower the applicable interest rates and modify cer
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SOURCE Hanger Orthopedic Group, Inc.
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