Invacare 2013 Annual Report Download - page 77

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FS-3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2013 2012 2011
(In thousands, except per share data)
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,352,359 $ 1,432,693 $ 1,482,429
Cost of products sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 974,893 996,218 1,008,644
Gross Profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377,466 436,475 473,785
Selling, general and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401,823 411,232 393,435
Charges related to restructuring activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,336 10,904 10,257
Loss on debt extinguishment including debt finance charges and associated fees . — 312 24,200
Asset write-downs to goodwill and intangible assets . . . . . . . . . . . . . . . . . . . . . . . 1,523 773 49,480
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,508 8,240 10,106
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (384)(686)(1,213)
Earnings (loss) from Continuing Operations Before Income Taxes . . . . . (38,340) 5,700 (12,480)
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,660 16,775 9,280
Net Loss from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (51,000)(11,075)(21,760)
Net Earnings from Discontinued Operations (net of tax of $450, $7,610
and $420, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,108 12,902 17,647
Gain on Sale of Discontinued Operations (net of tax of $1,220) . . . . . . . . 80,943 — —
Total Net Earnings from Discontinued Operations. . . . . . . . . . . . . . . . . . . 84,051 12,902 17,647
Net Earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,051 $ 1,827 $ (4,113)
Net Earnings (loss) per Share—Basic:
Net Loss from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.60)(0.35)(0.68)
Net Earnings from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . 2.63 0.41 0.55
Net Earnings (loss) per Share—Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.04 $ 0.06 $ (0.13)
Weighted Average Shares Outstanding—Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,915 31,641 31,958
Net Earnings (loss) per Share—Assuming Dilution:
Net Loss from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.60)(0.35)(0.68)
Net Earnings from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . 2.62 0.40 0.55
Net Earnings (loss) per Share—Assuming Dilution . . . . . . . . . . . . . . . . . . $ 1.03 $ 0.06 $ (0.13)
Weighted Average Shares Outstanding—Assuming Dilution. . . . . . . . . . . . . . . . . 32,043 31,871 32,355
Net Earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,051 $ 1,827 $ (4,113)
Other comprehensive income (loss):
Foreign currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,969 (9,624) 14,440
Defined Benefit Plans:
Amortization of prior service costs and unrecognized gains (losses). . . . . . . . . 1,771 (1,068)(851)
Amounts arising during the year, primarily the addition of new participants . . (320)(168)(2,048)
Deferred tax adjustment resulting from defined benefit plan activity . . . . . . . . (355) 349 702
Valuation reserve (reversal) associated with defined benefit plan activity. . . . . 275 55 (252)
Current period gain (loss) on cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . 83 (1,730) 305
Deferred tax benefit (loss) related to gain (loss) on cash flow hedges . . . . . . . . . (10) 53 (51)
Other Comprehensive Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,413 (12,133) 12,245
Comprehensive Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45,464 $ (10,306) $ 8,132
See notes to consolidated financial statements.