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

s driven by a $10.8 million, or 2.8%, increase in same-center sales in the Patient Care segment and a $28.8 million increase from acquired entities which were offset by a $2.4 million, or 2.8%, decrease in sales in the Products & Services segment.  Diluted earnings per share were $0.67 for the first six months of 2013 compared to $0.75 for the same period of 2012.  Adjusted diluted earnings per share, which excludes costs related to acquisitions, the implementation of Janus, and debt issuance cost associated with the June 2013 refinancing of the Company's bank credit facilities, increased 5% to $0.80 for the first six months of 2013 compared to adjusted diluted earnings per share of $0.76 for the first six months of 2012.

The Company's cash flow from operations decreased slightly to $26.7 million for the six months ended June 30, 2013 compared to a $27.0 million cash inflow for the same period in 2012.  In June 2013, the Company refinanced its bank credit facilities through a new 5-year credit agreement that increased its senior secured facilities to an aggregate principal amount of up to $425 million. The new credit agreement includes a $200 million revolving credit facility and a $225 million term loan facility. As of June 30, 2013, the Company had $150.4 million in total liquidity, including $5.8 million of cash and $144.6 million available under its revolving credit facility, net of approximately $55.0 million of borrowings and $0.4 million in letters of credit.  The Company's leverage ratio, as defined in its credit facilities, remained steady at 2.8 times.

The Company expects 2013 revenues of between $1.06 and $1.08 billion, which includes 3% to 5% same center sales growth in its Patient Care segment, and flat sales in its Products & Services segment. The Company increased its guidance for adjusted diluted earnings per share to a range of $2.07 to $2.13 for 2013, excluding costs related to the implementation of Janus
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SOURCE Hanger, Inc.
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