Invacare 2007 Annual Report Download - page 103

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INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS
The
Company
(Parent)
Combined
Guarantor
Subsidiaries
Combined
Non-Guarantor
Subsidiaries Eliminations Total
(in thousands)
Year ended December 31, 2007
Net sales ............................. $332,668 $629,217 $701,990 $ (61,638) $1,602,237
Cost of products sold ................... 255,852 503,130 458,616 (61,665) 1,155,933
Gross Profit ...................... 76,816 126,087 243,374 27 446,304
Selling, general and administrative
expenses ........................... 105,678 113,828 147,340 — 366,846
Charge related to restructuring activities .... 3,365 7 6,219 — 9,591
Charges, interest and fees associated with
debt refinancing ...................... 13,329 — 79 — 13,408
Income (loss) from equity investee ......... 83,802 43,067 5,055 (131,924) —
Interest expense—net ................... 28,111 707 13,151 — 41,969
Earnings (loss) before Income
Taxes .......................... 10,135 54,612 81,640 (131,897) 14,490
Income taxes .......................... 8,945 471 3,884 — 13,300
Net Earnings (loss) ................ $ 1,190 $ 54,141 $ 77,756 $(131,897) $ 1,190
Year ended December 31, 2006
Net sales ............................. $342,614 $615,163 $613,237 $ (72,979) $1,498,035
Cost of products sold ................... 265,844 486,469 401,584 (72,932) 1,080,965
Gross Profit ...................... 76,770 128,694 211,653 (47) 417,070
Selling, general and administrative
expenses ........................... 103,167 113,922 156,757 — 373,846
Charge related to restructuring activities .... 5,597 637 11,043 — 17,277
Charges, interest and fees associated with
debt refinancing ...................... 3,745 — — — 3,745
Asset write-downs related to goodwill and
other intangibles ..................... 300,257 160 — — 300,417
Income (loss) from equity investee ......... 32,382 23,012 3,077 (58,471) —
Interest expense—net ................... 17,025 10,177 4,107 — 31,309
Earnings (loss) before Income
Taxes .......................... (320,639) 26,810 42,823 (58,518) (309,524)
Income taxes (benefit) ................... (2,865) 1,422 9,693 — 8,250
Net Earnings (loss) ................ $(317,774) $ 25,388 $ 33,130 $ (58,518) $ (317,774)
Year ended December 31, 2005
Net sales ............................. $363,277 $610,106 $625,505 $ (69,156) $1,529,732
Cost of products sold ................... 263,005 473,178 416,164 (68,814) 1,083,533
Gross Profit ...................... 100,272 136,928 209,341 (342) 446,199
Selling, general and administrative
expenses ........................... 96,342 88,948 156,749 — 342,039
Charge related to restructuring activities .... 3,546 408 3,341 — 7,295
Income (loss) from equity investee ......... 52,273 7,167 3,161 (62,601) —
Interest expense—net ................... 2,506 15,673 7,384 — 25,563
Earnings (loss) before Income
Taxes .......................... 50,151 39,066 45,028 (62,943) 71,302
Income taxes .......................... 1,299 306 20,845 — 22,450
Net Earnings (loss) ................ $ 48,852 $ 38,760 $ 24,183 $ (62,943) $ 48,852
FS-39