Invacare 2006 Annual Report Download - page 62

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CONSOLIDATED STATEMENT OF OPERATIONS
INVACARE CORPORATION AND SUBSIDIARIES
2006 2005 2004
Years Ended December 31,
(In thousands, except per share data)
Net sales ............................................ $1,498,035 $1,529,732 $1,403,327
Cost of products sold ................................... 1,080,965 1,083,533 985,383
Gross Profit ...................................... 417,070 446,199 417,944
Selling, general and administrative expenses .................. 373,846 342,039 298,557
Charge related to restructuring activities ..................... 17,277 7,295 —
Debt finance charges, interest and fees associated with debt
refinancing ......................................... 3,745 — —
Asset write-downs related to goodwill and other intangibles . . . .... 300,417 — —
Interest expense ....................................... 34,084 27,246 14,201
Interest income ........................................ (2,775) (1,683) (5,186)
Earnings (loss) before Income Taxes ................... (309,524) 71,302 110,372
Income taxes ......................................... 8,250 22,450 35,175
Net Earnings (loss) ................................ $(317,774) $ 48,852 $ 75,197
Net Earnings (loss) per Share — Basic ................. $ (10.00) $ 1.55 $ 2.41
Weighted Average Shares Outstanding — Basic ................ 31,789 31,555 31,153
Net Earnings (loss) per Share — Assuming Dilution ....... $ (10.00) $ 1.51 $ 2.33
Weighted Average Shares Outstanding — Assuming Dilution . . .... 31,789 32,452 32,347
See notes to consolidated financial statements.
FS-3