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Article Excerpt
Hanger Orthopedic Group, Inc. (NYSE:HGR) announced net sales of $193.5 million for the quarter ended June 30, 2009, an increase of $12.3 million, or 6.8%, from $181.2 million in the prior year. Net income increased $2.0 million, or 25.4%, to $10.0 million in the second quarter of 2009 from $8.0 million last year. Earnings per share for the second quarter of 2009 were $0.31 per diluted share compared to pro forma earnings per share for the same period in 2008 of $0.25 per diluted share, a 24.0% increase.
The pro forma diluted EPS for the second quarter 2008 assume that a one-time, in-kind preferred stock dividend occurred and the preferred stock was converted to common stock at the beginning of the period. The preferred stock dividend and conversion are explained in greater detail later in this press release. Earnings per share for the quarter ended June 30, 2008 on a GAAP basis was $0.11 per diluted share.
The $12.3 million, or 6.8%, sales growth for the quarter ended June 30, 2009 was primarily the result of a $6.9 million, or 4.4%, increase in same-center sales in our patient care centers, a $0.9 million, or 4.2%, increase in sales of the Company's distribution segment and a $4.3 million increase related to sales from acquired entities.
Cost of materials increased $3.6 million, or 6.5%, to $58.8 million in the...
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