Hanger restates prior financials, files pre-2014 10-K with SEC

Hanger has filed its annual report on Form 10-K for the year ending Dec. 31, 2014 with the Securities and Exchange Commission, according to a press release.

The 10-K form includes financial statements for all of 2014, restated financial statements for 2012, 2013 and the first two quarters of 2014, as well as restated information for 2010 and 2011. Hanger described the announcement as a “significant milestone” in its efforts to become current in its filings with the Securities and Exchange Commission (SEC). The company had earlier identified a need to restate previously filed financial statements and address various accounting issues that led the company to cease all filing with the SEC.

“For more than 155 years, Hanger has been a company guided by strong values and business standards,” Vinit Asar, president and chief executive officer of Hanger Inc., said in the release. “These values and standards are reflected in our ongoing efforts to remediate the various accounting issues that have delayed our financial filings and led to the extensive review and correction of our historical financial information. We take our obligation to meet our financial reporting requirements seriously and remain committed to working as quickly as possible to regain compliance.”

According to the release, Hanger will work to complete its 2015 and 2016 financial statements. In addition, the company added it has provided preliminary estimates of certain cash flow information for the period ending March 31, 2017 in its current report on Form 8-K, which was filed on March 8. However, due to the ongoing preparation and audit of its 2015 and 2016 statements, the company noted it is unable to provide a balance sheet or income statement for those periods, or for the first quarter of 2017.

Hanger has also strengthened its accounting resources, processes and controls, compliance training and culture to “ensure employees have effective tools and education to meet required standards,” the s release noted.

“At Hanger, we are proud of our work and believe deeply in our purpose of empowering human potential together,” Asar said in the release. “As we have undertaken our accounting remediation efforts, service to our patients has continued without disruption, and this will remain the case. We will continue to deliver superior, patient-focused care and unsurpassed customer service. This has been — and remains — the soul of our company.”



Leave a Reply

Your email address will not be published.