Invacare 2006 Annual Report Download - page 36

Item 6. Selected Financial Data.
The selected consolidated financial data set forth below with respect to the company’s consolidated statements of
earnings, cash flows and shareholders’ equity for the fiscal years ended December 31, 2006, 2005 and 2004, and the
consolidated balance sheets as of December 31, 2006 and 2005 are derived from the Consolidated Financial
Statements included elsewhere in this Form 10-K. The consolidated statements of earnings, cash flows and
shareholders’ equity data for the fiscal years ended December 31, 2004, 2003 and 2002 are derived from the
company’s previously filed Consolidated Financial Statements. The data set forth below should be read in conjunction
with Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the
company’s Consolidated Financial Statements and Notes thereto included elsewhere in this Form 10-K.
2006* 2005** 2004 2003 2002
(In thousands, except per share and ratio data)
Earnings
Net Sales ...................... $1,498,035 $1,529,732 $1,403,327 $1,247,176 $1,089,161
Net Earnings (loss) . . ............. (317,774) 48,852 75,197 71,409 64,770
Net Earnings (loss) per Share —
Basic ....................... (10.00) 1.55 2.41 2.31 2.10
Net Earnings (loss) per Share —
Assuming Dilution ............. (10.00) 1.51 2.33 2.25 2.05
Dividends per Common Share ....... 0.05 0.05 0.05 0.05 0.05
Dividends per Class B Common
Share ....................... 0.04545 0.04545 0.04545 0.04545 0.04545
Balance Sheet
Current Assets .................. $ 655,758 $ 594,466 $ 565,151 $ 474,722 $ 398,812
Total Assets .................... 1,490,451 1,646,772 1,628,124 1,108,213 906,703
Current Liabilities . . . ............. 447,976 356,707 258,141 223,488 168,226
Working Capital ................. 207,782 237,759 307,010 251,234 230,586
Long-Term Debt ................. 448,883 457,753 547,974 232,038 234,134
Other Long-Term Obligations ....... 108,228 79,624 68,571 34,383 24,031
Shareholders’ Equity .............. 485,364 752,688 753,438 618,304 480,312
Other Data
Research and Development
Expenditures .................. $ 22,146 $ 23,247 $ 21,638 $ 19,130 $ 17,934
Capital Expenditures . ............. 21,789 30,924 41,757 28,882 21,451
Depreciation and Amortization ...... 39,892 40,524 32,316 27,235 26,638
Key Ratios
Return on Sales ................. (21.2)% 3.2% 5.4% 5.7% 5.9%
Return on Average Assets .......... (20.3)% 3.0% 5.5% 7.1% 7.1%
Return on Beginning Shareholders’
Equity ....................... (42.2)% 6.5% 12.2% 14.9% 17.0%
Current Ratio ................... 1.5:1 1.7:1 2.2:1 2.1:1 2.4:1
Debt-to-Equity Ratio . ............. 0.9:1 0.6:1 0.7:1 0.4:1 0.5:1
* Reflects restructuring charge of $21,250 ($18,700 after tax or $.59 per share assuming dilution), $3,745 expense
related to finance charges, interest and fees associated with the company’s previously reported debt covenant
violations ($3,300 after tax or $.10 per share assuming dilution), $26,775 expense related to accounts receivable
collectibility issues arising primarily from Medicare reimbursement reductions for power wheelchairs
announced on November 15, 2006 ($26,775 after tax or $.84 per share assuming dilution), $300,417 expense
for an impairment charge related to the write-down of goodwill and other intangible assets ($300,417 after tax or
$9.45 per share assuming dilution).
** Reflects restructuring charge of $7,533 ($5,160 after tax or $0.16 per share assuming dilution).
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