Invacare 2007 Annual Report Download - page 40

Item 6. Selected Financial Data.
The selected consolidated financial data set forth below with respect to the company’s consolidated statements
of operations, cash flows and shareholders’ equity for the fiscal years ended December 31, 2007, 2006 and 2005,
and the consolidated balance sheets as of December 31, 2007 and 2006 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 and 2003 and consolidated balance sheet
data for the fiscal years ended December 31, 2005, 2004 and 2003 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.
2007 * 2006 ** 2005 *** 2004 2003
(In thousands, except per share and ratio data)
Earnings
Net Sales ................................ $1,602,237 $1,498,035 $1,529,732 $1,403,327 $1,247,176
Net Earnings (loss) ........................ 1,190 (317,774) 48,852 75,197 71,409
Net Earnings (loss) per Share—Basic .......... 0.04 (10.00) 1.55 2.41 2.31
Net Earnings (loss) per Share—Assuming
Dilution ............................... 0.04 (10.00) 1.51 2.33 2.25
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 ............................ $ 591,085 $ 655,758 $ 594,466 $ 565,151 $ 474,722
Total Assets .............................. 1,500,042 1,490,451 1,646,772 1,628,124 1,108,213
Current Liabilities ......................... 326,611 447,976 356,707 258,141 223,488
Working Capital ........................... 264,474 207,782 237,759 307,010 251,234
Long-Term Debt .......................... 513,342 448,883 457,753 547,974 232,038
Other Long-Term Obligations ................ 106,046 107,223 78,619 67,566 34,383
Shareholders’ Equity ....................... 554,043 486,369 753,693 754,443 618,304
Other Data
Research and Development Expenditures ....... $ 22,491 $ 22,146 $ 23,247 $ 21,638 $ 19,130
Capital Expenditures ....................... 20,068 21,789 30,924 41,757 28,882
Depreciation and Amortization ............... 43,717 39,892 40,524 32,316 27,235
Key Ratios
Return on Sales % ......................... 0.1 (21.2) 3.2 5.4 5.7
Return on Average Assets % ................. 0.1 (20.3) 3.0 5.5 7.1
Return on Beginning Shareholders’ Equity % .... 0.2 (42.2) 6.5 12.2 14.9
Current Ratio ............................. 1.8:1 1.5:1 1.7:1 2.2:1 2.1:1
Debt-to-Equity Ratio ....................... 0.9:1 0.9:1 0.6:1 0.7:1 0.4:1
* Reflects restructuring charge of $11,408 ($10,478 after tax or $.33 per share assuming dilution), $13,408 expense
related to finance charges, interest and fees associated with the company’s previously reported debt covenant
violations ($13,408 after tax or $.42 per share assuming dilution).
** 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).
The comparability of the Selected Financial Data provided in the above table is limited as acquisitions
made, in particular the Domus acquisition in 2004, materially impacted the company’s reported results. See
Acquisitions in the Notes to the Consolidated Financial Statements as provided in the company’s Form 10-K for
the year ended December 31, 2004.
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