Invacare 2005 Annual Report Download - page 2

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฀฀*฀Including฀charge฀related฀to฀restructuring฀activities฀of฀$7,533฀($5,160฀or฀$0.15฀per฀diluted฀share฀after฀tax)฀recorded฀in฀2005.฀
**Free฀cash฀flow฀is฀a฀non-GAAP฀financial฀measure฀that฀is฀comprised฀of฀net฀cash฀provided฀by฀operating฀activities฀less฀฀
฀ purchases฀฀of฀property฀and฀equipment.฀Management฀believes฀that฀this฀financial฀measure฀provides฀meaningful฀information฀฀
฀ for฀evaluating฀฀the฀overall฀financial฀performance฀of฀the฀Company฀and฀its฀ability฀to฀repay฀debt฀or฀make฀future฀investments฀฀
฀ (including฀acquisitions).฀฀Please฀see฀Item฀7:฀Management‘s฀Discussion฀and฀Analysis฀of฀Financial฀Condition฀and฀Results฀of฀฀
฀ Operations฀in฀Invacare’s฀Form฀10-K฀for฀a฀reconciliation฀table.
Invacare฀Corporation฀is฀the฀฀
global฀leader฀in฀the฀manufacture฀฀
and฀distribution฀of฀innovative฀home฀and฀฀
long-term฀care฀medical฀products฀that฀฀
promote฀recovery฀and฀active฀lifestyles.฀฀
The฀Company฀has฀6,100฀associates฀and฀฀
markets฀its฀products฀in฀over฀80฀countries฀฀
around฀the฀world.฀Invacare฀stock฀is฀฀
traded฀on฀the฀New฀York฀Stock฀Exchange฀฀
under฀the฀symbol฀“IVC.”
One฀characteristic฀marks฀Invacare’s฀฀
remarkable฀rise฀over฀the฀last฀quarter฀฀
of฀a฀century:฀the฀ability฀to฀respond฀฀
effectively฀to฀changing฀market฀฀
conditions.฀Last฀year,฀Invacare฀launched฀
an฀aggressive฀global฀restructuring฀to฀
position฀the฀Company฀to฀continuously฀
compete฀in฀the฀current฀industry฀฀
environment.฀With฀its฀financial฀strength,฀
innovative฀products,฀global฀supply฀chain,฀
and฀its฀determination,฀no฀one฀in฀the฀home฀
medical฀equipment฀industry฀is฀better฀
positioned฀to฀succeed฀than฀Invacare.
฀฀
seize฀opportunities฀|฀2
฀฀
develop฀new฀markets฀|฀4
฀฀
achieve฀global฀leadership฀|฀6
฀฀
drive฀down฀costs฀|฀8
฀฀
deliver฀innovation฀|฀10
฀฀
letter฀to฀shareholders฀|฀12
฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀Twelve฀Months฀Ended฀December฀31,
฀
(Dollars฀in฀thousands,฀except฀per฀share฀data)฀ 2005฀ 2004฀฀฀฀฀฀฀฀฀
Net฀Sales฀ $1,529,732฀ $1,403,327
Net฀Earnings฀ 48,852฀ 75,197
Net฀Earnings฀per฀Share฀–฀Assuming฀Dilution฀ 1.51*฀ 2.33
Dividends฀per฀Common฀Share฀ 0.05฀ 0.05
Total฀Assets฀ 1,622,953฀ 1,628,124
Working฀Capital฀ 237,759฀ 307,010
Total฀Debt฀ 537,981฀ 550,036
Shareholders’฀Equity฀ 752,688฀ 753,438
Free฀Cash฀Flow**฀50,795฀ 56,924
Total฀Debt฀to฀Capitalization฀ 41.7%฀฀ 42.2%฀
financial฀