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

ciency initiatives."

The second quarter net sales increase of $22.0 million, or 8.7%, was the result of a $23.1 million, or 11.1%, increase in the Patient Care segment, partially offset by a $1.1 million, or 2.6%, decrease in the Products & Services segment. The $23.1 million increase in Patient Care segment sales was comprised of an $8.1 million, or 3.9%, increase in same center sales, with the remaining $15.0 million increase driven primarily by acquisitions closed in the prior year. The 2.6% decline in the Products & Services segment sales was a result of lower sales from the Company's distribution business, SPS, partially offset by a mid-single-digit increase in sales from its rehabilitative solutions business, ACP. The decline in sales at the distribution business was principally the result of the impact on SPS's customer base of the acquisitions of independent O&P companies made by the Patient Care segment in 2012, and a decline in demand for higher priced prosthetic devices (such as micro processor-controlled knees) from independent O&P practices due to pressure they are facing from RAC audits.

Income from operations for the quarter ended June 30, 2013 was $36.6 million, compared to $35.7 million in the prior year.  Adjusted income from operations for the second quarter, which excludes costs related to acquisitions and the implementation of Janus, was $37.0 million, compared to $36.1 million in the prior year.  Adjusted income from operations as a percentage of revenue was 13.5% for the second quarter of 2013, which is a 0.8% decrease compared to the same period in 2012.  The principal reasons for the decrease in operating margins were the impact of sequestration, increased employee benefit costs and the impact of RAC audits on our Patient Care segment.

Net sales for the six months ended June 30, 2013 increased $37.4 million, or 8.0%, to $507.3 million from $469.9 million in 2012.  The sales increase wa
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SOURCE Hanger, Inc.
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