Invacare 2009 Annual Report Download - page 112

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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, 2009
Net sales ............................... $388,141 $707,618 $681,374 $ (83,997) $1,693,136
Cost of products sold ..................... 275,089 555,503 453,464 (84,114) 1,199,942
Gross Profit ........................ 113,052 152,115 227,910 117 493,194
Selling, general and administrative expenses . . . 16,813 118,940 156,791 106,102 398,646
Charges related to restructuring activities ..... 301 60 4,145 — 4,506
Debt finance charges, interest and fees
associated with debt refinancing or early
extinguishment of debt .................. 2,878 — — — 2,878
Asset write-downs to intangibles and
investments ........................... 8,409 — — — 8,409
Income (loss) from equity investee .......... (22,580) 25,508 (13,445) 10,517 —
Interest expense (income)—net ............. 27,021 (2,897) 7,352 — 31,476
Earnings (loss) before Income Taxes . . . 35,050 61,520 46,177 (95,468) 47,279
Income taxes (benefit) .................... (6,129) 99 12,130 — 6,100
Net Earnings (loss) .................. $ 41,179 $ 61,421 $ 34,047 $ (95,468) $ 41,179
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 ............. 31,173 (1,065) 9,774 — 39,882
Earnings (loss) before Income Taxes . . . 32,695 68,855 93,917 (147,660) 47,807
Income taxes (benefit) .................... (2,162) 194 14,918 — 12,950
Net Earnings (loss) .................. $ 34,857 $ 68,661 $ 78,999 $(147,660) $ 34,857
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
Debt finance charges, interest and fees
associated with debt financing ............ 13,329 — 79 — 13,408
Income (loss) from equity investee .......... 83,802 43,067 5,055 (131,924) —
Interest expense—net ..................... 31,015 707 13,151 — 44,873
Earnings (loss) before Income Taxes . . . 7,231 54,612 81,640 (131,897) 11,586
Income taxes ............................ 8,945 471 3,884 — 13,300
Net Earnings (loss) .................. $ (1,714) $ 54,141 $ 77,756 $(131,897) $ (1,714)
FS-44