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Hanger 3Q net income falls 28 percent on charges

Mon, 10/18/2010 - 1:45pm
The Associated Press

Hanger Orthopedic Group Inc. said Monday its third-quarter profit fell 28 percent, as a series of relocation charges offset a boost in revenue.

The results are preliminary and the company expects to release full results on Oct. 27.

Hanger, which operates rehabilitation centers for people with braces or prosthetics, said net income for the quarter ended Sept. 30 fell to $6.9 million, or 21 cents per share, from $9.6 million, or 30 cents per share, during the same period a year prior. Revenue rose 7.5 percent to $206.7 million from $192.3 million.

Excluding charges, the company said it earned 37 cents per share. Analysts polled by Thomson Reuters expected earnings of 35 cents per share on revenue of $207.5 million. Analysts' estimates typically don't include charges.

The company owns and operates 675 patient care centers in 45 states and Washington, D.C.

Hanger shares rose 15 cents to close at $16.59.

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