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Hanger Reports $0.62 Diluted EPS for the Fourth Quarter 2012
Date:2/13/2013

million for 2011.  The sales increase was primarily the result of a $30.1 million, or 4.0%, increase in same center sales within the Patient Care segment and a $30.2 million increase from acquired entities, as well as a $6.8 million, or 6.8%, increase in sales in the Distribution segment.  Sales in the Therapeutic Solutions segment remained relatively flat compared to the prior year.  Adjusted income from operations increased 50 basis points as a percentage of sales from the prior year, for the same reasons discussed in the previous paragraph.  Diluted earnings per share were $1.84 for the year ended December 31, 2012, a 14.3% increase compared to $1.61 for 2011. Excluding certain tax benefits and costs related to acquisitions, Janus and the relocation, adjusted diluted earnings per share increased $0.22, or 13.8%, to $1.81 for the year ended December 31, 2012 from $1.59 for 2011.

The Company's cash flow from operations increased $19.5 million to $81.3 million for the year ended December 31, 2012 compared to $61.8 million for 2011.  As of December 31, 2012, the Company had $118.7 million in total liquidity, including $19.2 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 2.8 at December 31, 2012 from 3.0 at December 31, 2011.

"We reported excellent results across the board in the fourth quarter," commented Vinit K. Asar, President and Chief Executive Officer of Hanger.  "Patient Care finished the year strong with 4.7% same center sales growth and better than anticipated sales from acquisitions, Distribution reported 5.1% growth and Therapeutic Solutions reported sales growth for the first time in over a year during the fourth quarter. In 2012 our Patient Care same center sales increased 4.0%, we expanded adjusted operating margins by 50 bps, and we increased adjuste
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SOURCE Hanger Orthopedic Group, Inc.
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