Invacare 2008 Annual Report Download - page 107

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INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Supplemental Guarantor Information—Continued
CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS
The
Company
(Parent)
Combined
Guarantor
Subsidiaries
Combined
Non-Guarantor
Subsidiaries Eliminations Total
(in thousands)
Year ended December 31, 2008
Net sales ............................... $368,574 $683,773 $776,405 $ (73,058) $1,755,694
Cost of products sold ..................... 274,948 547,193 517,861 (73,200) 1,266,802
Gross Profit ........................ 93,626 136,580 258,544 142 488,892
Selling, general and administrative expenses . . . 112,554 117,195 157,639 10,866 398,254
Charge related to restructuring activities ...... 217 — 2,732 — 2,949
Income (loss) from equity investee ........... 83,013 48,405 5,518 (136,936) —
Interest expense (income)—net ............. 27,479 (1,065) 9,774 — 36,188
Earnings (loss) before Income Taxes .... 36,389 68,855 93,917 (147,660) 51,501
Income taxes (benefit) ..................... (2,162) 194 14,918 — 12,950
Net Earnings (loss) .................. $ 38,551 $ 68,661 $ 78,999 $(147,660) $ 38,551
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)
FS-41