BETHESDA, Md., July 9 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. (Hanger) is pleased to announce that its wholly-owned subsidiary, Southern Prosthetics Supply, Inc. (SPS) has acquired certain assets of SureFit, LLC (SureFit), a leading manufacturer and distributor of therapeutic footwear for diabetic patients in the podiatric market.
SureFit produced revenue of $9.2 million for the 12 month period ended May 31, 2007. Hanger expects the acquisition to be accretive to earnings on an annual basis, beginning January 1, 2008. The acquisition will not impact fiscal 2007 earnings per diluted share due to the initial transition and integration period.
Ron May, President of SPS, stated, "We are pleased to have the dedicated staff of SureFit join the SPS team. We believe we can grow this business and the acquisition will enable us to leverage our distribution capabilities and offerings into the podiatric market while lowering our cost of goods for certain therapeutic footwear already being sold in our patient care centers."
"Moreover, we believe that this acquisition helps to further position Hanger as a leading provider of products and services for the diabetic community," added Ivan Sabel, Chairman and CEO of Hanger.
Hanger Orthopedic Group, Inc. headquartered in Bethesda, Maryland, is the world's premier provider of orthotic and prosthetic patient care services. Hanger is the market leader in the United States, owning and operating 619 patient care centers in 45 states and the District of Columbia, with 3,461 employees including 1,027 practitioners (as of 3/31/07). Hanger is organized into four units. The two key operating units are patient care which consists of nationwide orthotic and prosthetic practice centers and distribution which consists of distribution centers managing the supply chain of orthotic and prosthetic componentry to Hanger and third party patient care centers. The third is Linkia which is the first and only provider network management company for the orthotics and prosthetics industry. The fourth unit, Innovative Neurotronics, introduces emerging neuromuscular technologies developed through independent research in a collaborative effort with industry suppliers worldwide. For more information on Innovative Neurotronics, Inc. or the WalkAide, visit http://www.ininc.us/ . For more information on Hanger, visit http://www.hanger.com/ .
This document contains forward-looking statements relating to the Company's results of operations. The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward- looking statements. Statements relating to future results of operations in this document reflect the current views of management. However, various risks, uncertainties and contingencies could cause actual results or performance to differ materially from those expressed in, or implied by, these statements, including the Company's ability to enter into and derive benefits from managed care contracts, the demand for the Company's orthotic and prosthetic services and products and the other factors identified in the Company's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: Ivan R. Sabel (301) 986-0701
George McHenry (301) 986-0701
Hai Tran (301) 986-0701
