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

tain other covenants. The amendment (i) reduced the interest rate margin applicable to the term loan under the Credit Agreement by 0.75% to 3.00% and (ii) reduced the LIBOR floor applicable to the term loan under the Credit Agreement from 1.50% to 1.00%.  The Company estimates that the changes will increase EPS by $0.03 during fiscal 2011 and has adjusted guidance accordingly. As of March 31, 2011, the Company had $106.3 million in total liquidity, which included $19.7 million of cash and $86.6 million available under the revolving credit facility.  The $86.6 million available from the revolving credit facility is net of letters of credit of $3.4 million and borrowings of $10.0 million.

"This quarter our patient care centers were challenged with an extended period of bad weather affecting many parts of the country. Our team rose to the occasion by controlling  expenses, which allowed us to meet our EPS target and to deliver double-digit earnings growth for the quarter," commented Thomas F. Kirk, President and Chief Executive Officer of Hanger Orthopedic Group.  Mr. Kirk added, "We are comfortable with the prospects for growth in our patient care business for the remainder of 2011.  The assimilation of ACP into the Hanger family is progressing as planned. As a result, we remain optimistic about the balance of the year."

The Company has substantially completed the relocation of its corporate headquarters from Bethesda, Maryland to Austin, Texas. The cost of the move is reported as a separate component of income from operations.  The Company anticipates incurring $1.0 to $2.0 million of additional costs in 2011 as the final employee moves are completed.

For 2011, Hanger is increasing guidance. The Company continues to expect full year revenues of between $945 million and $955 million and has increased the expected range of adjusted diluted EPS to $1.66 to $1.71, from $1.63 to $1.68, due to the expected impact of the
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SOURCE Hanger Orthopedic Group, Inc.
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