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Hanger Reports Second Quarter 2013 Results
Date:7/31/2013

AUSTIN, Texas, July 31, 2013 /PRNewswire/ --

  • Reports adjusted diluted EPS of $0.52
  • Reports $0.40 diluted EPS
  • Achieves same center sales growth of 3.9%
  • Raises annual adjusted EPS guidance to range of $2.07-$2.13 to reflect the combined impact of debt refinancing and increased costs
  • Hanger, Inc. (NYSE: HGR) announced net sales of $273.7 million for the quarter ended June 30, 2013, an increase of $22.0 million, or 8.7%, from $251.7 million for the second quarter of 2012.
    Diluted earnings per share were $0.40 for the second quarter of 2013 compared to $0.50 for the same period of 2012.  Adjusted diluted earnings per share, which excludes costs related to acquisitions, implementation of the Company's new clinic management system (which the Company refers to as "Janus"), and debt issuance cost associated with the June 2013 refinancing of the Company's bank credit facilities, increased 2% to $0.52 for the second quarter of 2013 from $0.51 for the second quarter of 2012.

    "We are pleased with our overall sales performance in the quarter despite a difficult macro environment, but are not satisfied with our second quarter earnings," commented Vinit K. Asar, President and Chief Executive Officer of Hanger. "Same center sales in our Patient Care segment continued to be strong, delivering 3.9% growth in the quarter.  However, higher costs in the quarter related to increased Recovery Audit Contractor (RAC) audits, sequestration and employee benefits had a negative impact on operating margin of approximately 100 basis points compared to Q2 last year.  During the second half of 2013 we will remain sharply focused on the key value drivers of our business - same center sales and O&P acquisitions - while we weather regulatory pressures and cost increases with an increasing focus on reducing material costs and driving other effi
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    SOURCE Hanger, Inc.
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