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

ding $15.0 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, remained consistent from December 31, 2012 to March 31, 2013 at 2.8.

"We are pleased with our 12% adjusted EPS growth in the quarter and with our 7% top-line growth, which took us above $1 billion in trailing 12 months sales for the first time in our history," commented Vinit K. Asar, President and Chief Executive Officer of Hanger.  "While same center sales growth in our Patient Care segment was affected by the high 2012 comparison and severe weather, our underlying sales momentum remains strong. We still expect same center sales growth of 3% to 5% for the Patient Care segment for the full year. Within our Products & Services segment, our rehabilitative solutions business delivered another quarter of year-over-year growth, offset by a decline in the distribution business.  We expect Products & Services sales to improve in the remainder of the year due to an increased focus on growth and execution driven by our realignment of the segment.  Integration of the large volume of O&P acquisitions closed in late 2012 has gone smoothly, which when combined with overall organic growth and effective cost control, allowed us to deliver double digit EPS growth in the quarter.  In our previous earnings call, we indicated that the impact of sequestration on our 2013 EPS would be approximately $0.03 per share, net of reductions in discretionary spending aimed at mitigating the impact.  We now believe that we can absorb this negative impact through further cost reduction and growth initiatives in our newly reorganized structure.  As a result, we are reaffirming our previously issued financial guidance for 2013.  Despite headwinds like sequestration, we remain focused on delivering quality care for our patients and continued g
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SOURCE Hanger, Inc.
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