-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JJr0YIOBTgBrrYT0HxNgiGO3cxAA/Y6gXXlSb+wVPrBCvcpiWk5I6RPBBIDeemNT PS1fDvWyXW9qinpcQGcGcQ== 0000904456-97-000094.txt : 19970520 0000904456-97-000094.hdr.sgml : 19970520 ACCESSION NUMBER: 0000904456-97-000094 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: HANGER ORTHOPEDIC GROUP INC CENTRAL INDEX KEY: 0000722723 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 840904275 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10670 FILM NUMBER: 97608201 BUSINESS ADDRESS: STREET 1: 7700 OLD GEORGETOWN RD 2ND FL CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 3019860701 MAIL ADDRESS: STREET 2: 7700 OLD GEORGETOWN RD 2ND FL CITY: BETHESDA STATE: MD ZIP: 20814 FORMER COMPANY: FORMER CONFORMED NAME: SEQUEL CORP DATE OF NAME CHANGE: 19890814 FORMER COMPANY: FORMER CONFORMED NAME: CELLTECH COMMUNICATIONS INC DATE OF NAME CHANGE: 19860304 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to ___________________ Commission File Number 1-10670 HANGER ORTHOPEDIC GROUP, INC. -------------------------------------------------------------------- (Exact name of registrant as specified in its charter.) Delaware 84-0904275 ---------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 7700 Old Georgetown Road, Bethesda, MD 20814 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's phone number, including area code: (301) 986-0701 ----------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report. Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of May 8, 1997; 9,377,743 shares of common stock, $.01 par value per share. HANGER ORTHOPEDIC GROUP, INC. INDEX
Page No. -------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets - March 31, 1997 (unaudited) and December 31, 1996 2 Consolidated Statements of Operations for the three months ended March 31, 1997 and 1996 (unaudited) 4 Consolidated Statements of Cash Flows for the three months ended March 31, 1997 and 1996 (unaudited) 5 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 14 SIGNATURES 15
HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED BALANCE SHEETS
March 31, December 31, 1997 1996 ------------------------------------- (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,720,021 $ 6,572,402 Accounts receivable less allowances for doubtful accounts of $3,052,000 and $2,478,000 in 1997 and 1996 respectively 24,528,348 24,321,872 Inventories 15,650,023 15,916,638 Prepaid expenses and other assets 2,756,664 1,595,169 Deferred income taxes 3,159,280 3,159,280 ------------- ------------- Total current assets 52,814,336 51,565,361 ------------- ------------- PROPERTY, PLANT AND EQUIPMENT Land 4,269,045 4,269,045 Buildings 8,168,006 8,017,547 Machinery and equipment 6,466,540 6,275,307 Furniture and fixtures 2,124,041 2,095,900 Leasehold improvements 2,287,630 2,139,207 ------------- ------------- 23,315,262 22,797,006 Less accumulated depreciation and amortization 6,027,606 5,497,809 ------------- ------------- 17,287,656 17,299,197 ------------- ------------- INTANGIBLE ASSETS Excess of cost over net assets acquired 66,405,465 63,935,447 Non-compete agreements 2,031,329 1,981,329 Other intangible assets 6,192,616 6,152,607 ------------- ------------- 74,629,410 72,069,383 Less accumulated amortization 7,548,143 6,917,960 ------------- ------------- 67,081,267 65,151,423 OTHER ASSETS Other 975,083 925,446 ------------- ------------- TOTAL ASSETS $138,158,342 $134,941,427 ============= =============
2 HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED BALANCE SHEETS
March 31, December 31, 1997 1996 ------------------------------------- (unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current portion of long-term debt $ 6,052,939 $ 4,902,572 Accounts payable 2,834,080 4,141,993 Accrued expenses 9,222,640 7,815,028 Customer deposits 706,173 578,219 Accrued wages and payroll taxes 4,887,416 8,321,395 Deferred revenue 286,512 306,998 ------------- ------------- Total current liabilities 23,989,760 26,066,205 ------------- ------------- Long-term debt 68,815,270 64,297,801 Deferred income taxes 2,377,627 2,377,627 Other liabilities and accrued dividends 2,260,854 2,188,278 Mandatorily redeemable preferred stock, class C, 300 shares authorized, liquidation preference of $500 per 283,996 277,701 share Mandatorily redeemable preferred stock, class F, 100,000 shares authorized, liquidation preference of $500 per share SHAREHOLDERS' EQUITY Common stock, $.01 par value; 25,000,000 shares authorized, 9,493,766 and 9,449,129 shares issued and 9,360,270 and 9,315,634 shares outstanding in 1997 and 1996, respectively 94,938 94,492 Additional paid-in capital 41,087,021 41,008,363 Accumulated deficit (95,562) (713,478) ------------- ------------- 41,086,397 40,389,377 Treasury stock - (133,495 shares) (655,562) (655,562) ------------- ------------- 40,430,835 39,733,815 ------------- ------------- TOTAL LIABILITIES & SHAREHOLDERS EQUITY $138,158,342 $134,941,427 ============= =============
3 HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED March 31, 1997 and 1996 (unaudited)
1997 1996 ---- ---- Net Sales $ 30,949,614 $ 12,229,029 Cost of products and services sold 16,229,929 5,884,724 ------------- ------------- Gross profit 14,719,685 6,344,305 Selling, general & administrative 10,924,635 4,997,078 Depreciation and amortization 749,305 476,155 Amortization of excess cost over net assets acquired 409,512 169,615 ------------- ------------- Income from operations 2,636,233 701,457 Other expense: Interest expense, net (1,527,269) (393,236) Other (43,749) (45,512) ------------- ------------- Income from operations before income taxes 1,065,215 262,709 Provision for income taxes 447,300 112,700 ------------- ------------- Net income $ 617,915 $ 150,009 ============= ============= Income per common share: Net income per share $ .06 $ .02 ============= ============= Weighted average number of common shares outstanding 9,977,853 8,324,263
4 HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED March 31, 1997 and 1996 (unaudited)
1997 1996 ---- ---- Cash flows from operating activities: Net income $ 617,915 $ 150,008 Adjustments to reconcile net income to net cash provided by operating activities: Provision for bad debt 999,208 236,503 Depreciation and amortization 749,305 476,155 Amortization of excess cost over net assets acquired 409,512 169,615 Amortization of Debt Discount 318,515 Changes in assets and liabilities,net of effect from acquired companies: Accounts receivable (1,145,684) 789,170 Inventory 274,166 (122,556) Prepaid and other assets (1,161,495) (413,599) Other assets (49,638) 8,341 Accounts payable (1,314,988) 194,358 Accrued expenses 1,407,612 131,530 Accrued wages and payroll taxes (3,433,979) (177,539) Customer deposits 127,954 (183,771) Deferred revenue (20,486) 3,833 Other liabilities 72,577 (85,955) ------------- ------------- Total adjustments (2,767,421) 1,026,085 ------------- ------------- Net cash provided by (used in) operating activities (2,149,506) 1,176,093 ------------- ------------- Cash flows from investing activities: Purchase of fixed assets, net (495,970) (158,891) Acquisition, net of cash (2,301,618) Purchase of patents (40,009) (10,513) Purchase of non-compete agreements (50,000) Other intangibles (1,045) ------------- ------------- Net cash used in investing activities (2,887,597) (170,449) ------------- -------------
Continued 5 HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED March 31, 1997 and 1996 (unaudited)
1997 1996 ---- ---- Cash flows from financing activities: Net borrowings (repayments) under revolving credit facility $ 500,000 $ (900,000) Proceeds from long-term debt 5,500,000 Repayment of long-term debt (900,678) (415,639) Proceeds from the sale of common stock 85,400 ------------- ------------- Net cash provided by (used in) financing activities 5,184,722 (1,315,639) ------------- ------------- Net change in cash and cash equivalents for the period 147,619 (309,995) Cash and cash equivalents at beginning of period 6,572,402 1,456,305 ------------- ------------- Cash and cash equivalents at end of period $ 6,720,021 $ 1,146,310 ============= ============= Supplemental disclosure of cash flow information: Cash paid during the period for: Interest $ 641,926 $ 542,255 ============= ============= Taxes $ 207,780 ============= Non-cash financing and investing activities: Issuance of notes in connection with acquisitions $ 250,000 ============= Dividends declared - preferred stock $ 6,295 $ 5,755 ============= =============
The accompanying notes are an integral part of the consolidated financial statements. 6 NOTE A -- BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of a normal recurring nature, considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the financial statements of Hanger Orthopedic Group, Inc. (the "Company"), as of December 31, 1996, and notes thereto included in the Annual Report on Form 10-K for the year December 31, 1996, filed by the Company with the Securities and Exchange Commission. NOTE B - NEW ACCOUNTING STANDARD - EARNINGS PER SHARE In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per Share," which will replace the current rules for earnings per share computations, presentation and disclosure. Under the new standard, basic earnings per share excludes dilution and is computed by dividing income available to common shareowners by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. SFAS No. 128 requires a dual presentation of basic and diluted earnings per share on the face of the income statement. The Company will be required to adopt SFAS No. 128 in the fourth quarter of this year and, as required by the standard, we will restate all prior period earnings per share data. Our new earnings per share amounts are not expected to be materially different from those computed under the present accounting standard. NOTE C -- INVENTORY Inventories at March 31, 1997 and December 31, 1996 were comprised of the following:
March 31, 1997 December 31, 1996 (unaudited) Raw materials $ 7,592,991 $ 7,504,442 Work-in-process 916,755 831,632 Finished goods 7,140,277 7,570,564 ----------- ------------ $15,650,023 $15,916,638
7 NOTE D - ACQUISITIONS On November 1, 1996, Hanger acquired J.E. Hanger, Inc. of Georgia ("SEH"), in a merger transaction effected pursuant to an Agreement and Plan of Merger, dated as of July 29, 1996 (the "Merger Agreement"), by and among Hanger, SEH and JEH Acquisition Corporation, a Georgia corporation ("Acquisition") wholly-owned by Hanger. The Merger Agreement provided for the merger of Acquisition with and into SEH (the "Merger"), as a result of which SEH became a wholly-owned subsidiary of Hanger, effective November 1, 1996. Pursuant to the Merger Agreement, Hanger paid a total of $44 million and issued a total of approximately one million shares of Hanger common stock in exchange for all of SEH's outstanding common stock on November 1, 1996, and paid an additional $1,783,000 to former SEH shareholders on March 27, 1997 pursuant to provisions in the Merger Agreement calling for a post-closing adjustment. During the first three months of 1996, the Company acquired one orthotic and prosthetic company. The aggregate purchase price was $500,000, comprised of $250,000 in cash and $250,000 in promissory notes. The cash portion of this acquisition was borrowed under the Company's acquisition loan facility. NOTE E - SUBSEQUENT EVENT On April 2, 1997 and May 9, 1997, the Company purchased the net assets of two orthotic and prosthetic facilities. The total consideration to acquire these companies, excluding potential earn-out provisions, is expected to total approximately $9,200,000. 8 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS The following table sets forth for the periods indicated certain items of the Company's statements of operations and their percentage of the Company's net sales:
For The Three Months Ended March 31, ------------------ 1997 1996 ---- ---- Net sales 100.0% 100.0% Cost of products and services sold 52.4 48.1 Gross profit 47.6 51.9 Selling, general & administrative expenses 35.3 40.9 Depreciation and amortization 2.4 3.9 Amortization of excess cost over net assets acquired 1.3 1.4 Income from operations 8.5 5.7 Interest expense 4.9 3.2 Provision for income taxes 1.4 .9 Net income 2.0 1.2
FOR THE THREE MONTHS ENDED MARCH 31, 1997 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 1996 NET SALES Net sales for the three months ended March 31, 1997, amounted to approximately $30,950,000, an increase of approximately $18,721,000 or 153%, over net sales of approximately $12,229,000 for the three months ended March 31, 1996. Contributing to the increase were sales attributable to Hanger's acquisition of J.E. Hanger, Inc. of Georgia ("SEH") on November 1, 1996, as well as an 11% increase in sales by those Hanger patient-care centers operating during both quarters ("same store sales"). The Company believes that its net sales during the balance of 1997 will continue to substantially exceed 1996 net sales. GROSS PROFIT Gross profit during the three months ended March 31, 1997 amounted to approximately $14,720,000, an increase of approximately $8,375,000, or 132% over gross profit of approximately $6,344,000 for the three months ended March 31, 1996. Gross profit as a percent of net sales decreased from 51.9% in the first quarter of 1996 to 9 47.6% in the first quarter of 1997. The 4% decrease in gross profit as a percent of net sales is primarily attributable to the acquisition effective November 1, 1996, of SEH which operated a large distribution division that had lower gross profit margins than patient care services. SELLING, GENERAL AND ADMINISTRATIVE Selling, general and administrative expenses in the three months ended March 31, 1997 increased by approximately $5,923,000, or 118.5%, compared to the three months ended March 31, 1996. The increase in selling, general and administrative expenses was primarily a result of the acquisition of SEH in November 1996. Selling, general and administrative expenses as a percent of net sales decreased to 35.3% from 40.9% for the same period a year ago. The decrease in selling, general and administrative expenses as a percent of net sales decreased primarily as a result of cost cutting measures completed during the fourth quarter of 1996 and the first quarter of 1997. INCOME FROM OPERATIONS Principally as a result of the above, income from operations in the quarter ended March 31, 1997 amounted to approximately $2,636,000, an increase of $1.935,000, or 275.8%, over the prior year's comparable quarter. Income from operations as a percent of net sales increased to 8.5% in the first quarter of 1997 from 5.7% for the prior year's comparable period. INTEREST EXPENSE Interest expense in the first quarter of 1997 amounted to approximately $1,527,000, an increase of approximately $1,134,000, or 288.4%, over the approximately $393,000 of interest expense incurred in the first quarter of 1996. Interest expense as a percent of net sales increased to 4.9% from 3.2% for the same period a year ago. The increase in interest expense was primarily attributable to the increase in bank debt resulting from the acquisition of SEH in November 1996. INCOME TAXES The Company's effective tax rate was 42% in the first quarter of 1997 versus 43% in 1996. The provision for income taxes in the first quarter of 1997 amounted to approximately $447,000 compared to approximately $113,000 in the first quarter of 1996. NET INCOME As a result of the above, the Company recorded net income of approximately $618,000, or $.06 per share on approximately 9,978,000 shares outstanding for the quarter ended March 31, 1997, compared to net income of approximately $150,000, or 10 $.02 per share on approximately 8,324,000 shares outstanding in the quarter ended March 31, 1996. The Company believes that its profitability during the balance of 1997 will continue to be enhanced as a result of the integration of the operations of Hanger and SEH and the cost cutting measures completed by the Company in late 1996 and early 1997. LIQUIDITY AND CAPITAL RESOURCES The Company's consolidated working capital at March 31, 1997 was approximately $28,825,000. Cash and cash equivalents available at that date was approximately $6,720,000. The Company's cash resources were satisfactory to meet its obligations for the three months ended March 31, 1997. The Company's total long-term debt at March 31, 1997, including a current portion of approximately $6,053,000, was approximately $74,868,000. Such indebtedness included: (i) $57,000,000 borrowed under term loan agreements with Banque Paribas ("the Bank"); (ii) $5,500,000 borrowed under acquisition loan agreements with the Bank; (iii) $500,000 borrowed under revolving loan agreements with the Bank; (iv) $6,067,000, net of discount, borrowed under 8% Senior Subordinated Notes; and (v) a total of $5,801,000 of other indebtedness. Under the terms of a new Financing and Security Agreement between the Bank and the Company, the Bank provided up to $90.0 million principal amount of senior financing (the "Senior Financing Facilities") that includes: (i) $57 million of term loans (the "Term Loans") for use in connection with Hanger's acquisition of SEH, (ii) a $8.0 million revolving loan facility (the "Revolver"), and (iii) up to $25 million principal amount of loans under an acquisition loan facility (the "Acquisition Loans") for use in connection with future acquisitions. The above Senior Financing Facilities are collateralized by a first priority security interest in all of the common stock of Hanger's subsidiaries and all assets of Hanger and its subsidiaries. At Hanger's option, the annual interest rate will be adjusted to be either LIBOR plus 2.75% or a Base Rate (as defined below) plus 1.75% in the case of the A Term Loan, Acquisition Loans and Revolver borrowings, and adjusted LIBOR plus 3.25% or a Base Rate plus 2.25% in the case of the B Term Loan. The "Base Rate" is defined as the higher of (i) the federal funds rate plus .5%, or (ii) the prime commercial lending rate of Chase Manhattan Bank, N.A., as announced from time to time. In addition, on November 1, 1996, the Company borrowed $8.0 million from the Bank and Chase Venture Capital Associates L.P. in the form of Senior Subordinated Notes ("Subordinated Notes") with detachable Warrants. On November 1, 1996, Hanger acquired SEH, in a merger transaction effected pursuant to an Agreement and Plan of Merger, dated as of July 29, 1996 (the "Merger Agreement"), by and among Hanger, SEH and JEH Acquisition Corporation, a Georgia 11 corporation ("Acquisition") wholly-owned by Hanger. The Merger Agreement provided for the merger of Acquisition with and into SEH (the "Merger"), as a result of which SEH became a wholly-owned subsidiary of Hanger, effective November 1, 1996. Pursuant to the Merger Agreement, Hanger paid a total of $44 million and issued a total of approximately one million shares of Hanger common stock in exchange for all of SEH's outstanding common stock on November 1, 1996, and paid an additional $1,783,000 to former SEH shareholders on March 27, 1997 pursuant to provisions in the Merger Agreement calling for a post-closing adjustment. During the first three months of 1997, the Company acquired one orthotic and prosthetic company. The aggregate purchase price was $500,000, comprised of $250,000 in cash and $250,000 in promissory notes. The cash portion of this acquisition was borrowed under the Company's Acquisition Loan facility. On April 2, 1997 and May 9, 1997, the Company purchased the net assets of two orthotic and prosthetic facilities. The total consideration to acquire these companies, excluding potential earn-out provisions, is expected to total approximately $9,200,000. The Company plans to finance future acquisitions through internally generated funds or borrowings under the Acquisition Loans, the issuance of notes or shares of common stock of the Company, or through a combination thereof. The Company is actively engaged in ongoing discussions with prospective acquisition candidates. The Company plans to continue to expand its operations aggressively through acquisitions. OTHER Inflation has not had a significant effect on the Company's operations, as increased costs to the Company generally have been offset by increased prices of products and services sold. The Company will be required to adopt SFAS No. 128 in the fourth quarter of this year and, as required by the standard, we will restate all prior period earnings per share data. Our new earnings per share amounts are not expected to be materially different from those computed under the present accounting standard. This report contains forward-looking statements setting forth the Company's beliefs or expectations relating to future revenues and profitability. Actual results may differ materially from projected or expected results due to changes in the demand for the Company's O&P services and products, uncertainties relating to the results of operations or recently acquired and newly acquired O&P patient care practices, the Company's ability to attract and retain qualified O&P practitioners, governmental policies affecting O&P operations and other risks and uncertainties affecting the health-care industry generally. Readers are cautioned not to put undue reliance on forward-looking statements. The 12 Company disclaims any intent or obligation to up-date publicly these forward-looking statements, whether as a result of new information, future events or otherwise. 13 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) EXHIBITS - Exhibit 11 - Computation of Net Income Per Share Exhibit 27 - Financial Data Schedule (b) REPORTS ON FORM 8-K The Company filed a Form 8-K on April 15, 1997 reporting (i) the Company's acquisition of ACOR Orthopaedic, Inc. on April 1, 1997 under Item 2 thereof; and (ii) the Company's acquisition of Prosthetic Treatment Center, Inc. on March 5, 1997 under Item 5 thereof. 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HANGER ORTHOPEDIC GROUP, INC. Date: May 12, 1997 /s/IVAN R. SABEL ----------------------- Ivan R. Sabel, CPO Chief Executive Officer Date: May 12, 1997 /s/RICHARD A. STEIN ----------------------- Richard A. Stein Vice President - Finance Principal Financial and Accounting Officer 15 EX-11 2 HANGER ORTHOPEDIC GROUP, INC. EXHIBIT 11 COMPUTATION OF NET INCOME PER SHARE FOR THE THREE MONTHS ENDED March 31, 1997 and 1996
------------------ 1997 1996 ---- ---- Net income $ 617,915 $ 150,009 Less: Dividends declared 6,295 5,755 --------- --------- Total $ 611,620 $ 144,254 Divided by: Weighted average number of shares outstanding 9,977,853 8,324,263 --------- --------- Net income per share $.06 $.02 ========= =========
EX-27 3
5 0000722723 HANGER ORTHOPEDIC GROUP INC 3-MOS DEC-31-1997 JAN-31-1997 MAR-31-1997 6,720,021 0 27,580,348 3,052,000 52,814,336 138,158,342 23,315,262 6,027,606 138,158,342 23,989,760 68,815,272 283,996 0 94,938 40,335,897 138,158,342 0 30,949,614 16,229,929 12,083,452 43,749 0 1,527,269 1,065,215 447,300 617,915 0 0 0 617,915 .06 .06
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