Wonder if this gem of a NYSE stock will get some respect after their
earnings news. Hanger Orthopedic HGR Three months to accumulate before next earnings report. Still reading all the posts here as a lurker.
Hanger Orthopedic Group, Inc. Announces Record Sales And Income for Second Quarter
BETHESDA, Md., Aug. 9 /PRNewswire/ -- Hanger Orthopedic Group, Inc.
(NYSE: HGR) announced that net sales in the second quarter of 1999 amounted to $56.4 million, an increase of $9.5 million or 20.3% over net sales of $46.9 million in the second quarter of 1998. Net income in the second quarter of 1999 amounted to $4.9 million, an increase of 34.7% over the prior year's second quarter. Earnings per share on a diluted basis increased from $.21 per share on approximately 17,443,000 shares outstanding in the second quarter of
1998 to $.24 per share on approximately 20,024,000 shares outstanding in the second quarter of 1999.
Net sales for the six months ended June 30, 1999 amounted to $105.6
million, an increase of $17.9 million or 20.4% over the six months ended June 30, 1998. Net income for the six months ended June 30, 1999 amounted to $8.0 million, an increase of 50.5% over the prior year's six months. Earnings per share on a diluted basis increased from $.31 per share on approximately 17,275,000 shares outstanding in the first six months of 1998 to $.40 per share on approximately 20,131,000 shares outstanding in the first six months of 1999
Contributing to the increase in net sales in the second quarter of 1999 over the prior year's comparable quarter was a 5.5% increase in sales by those patient-care centers operating during both quarters. Contributing to the increase in net sales in the first six months of 1999 over the prior year's comparable period was a 6.0% increase in sales by those patient-care centers operating during both periods. Also contributing to the increases in net sales were sales by patient-care centers acquired by Hanger subsequent to June
30, 1998.
At June 30, 1999, Hanger Orthopedic Group had 258 orthotic and prosthetic ("O&P") patient-care centers in 32 states (including the District of Columbia). As previously reported, on July 1, 1999, Hanger Orthopedic Group acquired NovaCare Orthotics & Prosthetics, Inc. As a result of that acquisition, Hanger Orthopedic Group has become the leading provider for O&P patient-care services in the United States, with 649 patient-care centers in 43 states (including and the District of Columbia) at July 30, 1999. Hanger Orthopedic Group's acquisition of NovaCare O&P was accounted for as a purchase
and its results of operations for the third quarter of this year and
thereafter will include the results of operations of the former NovaCare O&P patient-care centers.
Ivan R. Sabel, CPO, Chairman of the Board and Chief Executive Officer
stated, "Our second quarter results represent our continued strong operating growth despite the executive and staff time devoted during that period to the consummation of the acquisition of NovaCare Orthotic & Prosthetic, Inc. which closed on July 1, 1999."
Hanger Orthopedic Group, Inc., is a professional practice-management
company focused on the orthotic and prosthetic (O&P) segment of the orthopedic rehabilitation industry. It is also engaged in the manufacture and distribution of O&P products. |
