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Hanger Reports First Quarter 2013 Results
Date:5/1/2013

million, or 7.1%, was the result of a $16.7 million, or 9.5%, increase in the Patient Care segment, partially offset by a $1.3 million, or 3.0%, decrease in the Products & Services segment.  The $16.7 million increase in Patient Care segment sales was comprised of a $3.0 million, or 1.7%, increase in same center sales, with the remaining $13.7 million increase driven primarily by acquisitions closed in the prior year.  Patient Care was performing against strong 7.1% same center sales growth in the first quarter of 2012 and was negatively impacted by severe weather during the quarter.  The 3.0% decline in external Products & Services sales was a result of lower sales from the Company's distribution business, SPS, partially offset by increased sales from its rehabilitative solutions business, ACP.  The decline in sales at the distribution business resulted from a number of its largest independent O&P customers being acquired by the Patient Care segment during 2012, additional pressure put on independent O&P customers by the continuation of the CMS Recovery Audit Contractor (RAC) program, and the same weather conditions that negatively impacted the Company's Patient Care segment.

Income from operations for the quarter ended March 31, 2013 was $22.7 million, compared to $21.7 million in the prior year.  Excluding costs related to acquisitions and Janus, adjusted income from operations increased 5.9% to $23.2 million for the quarter ended March 31, 2013 from $21.9 million in the prior year. Adjusted income from operations as a percentage of revenue was 9.9% for the first quarter of 2013, which is relatively flat compared to the same period in 2012.

The Company's cash flow from operations increased $0.4 million to $1.7 million for the three months ended March 31, 2013 compared to a $1.3 million cash inflow for the same period in 2012.  As of March 31, 2013, the Company had $114.5 million in total liquidity, inclu
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SOURCE Hanger, Inc.
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