Invacare 2009 Annual Report Download - page 118

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INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Interim Financial Information (unaudited)
QUARTER ENDED
(In thousands, except per share data)
March 31, June 30, September 30, December 31,
2009
Net sales ......................................... $397,995 $412,541 $434,031 $448,569
Gross profit ....................................... 108,468 118,055 131,454 135,217
Earnings before income taxes ......................... 4,447 10,561 17,776 14,495
Net earnings ...................................... 2,397 7,661 13,476 17,645
Net earnings per share—basic ......................... .08 .24 .42 .55
Net earnings per share—assuming dilution .............. .08 .24 .42 .55
March 31, June 30, September 30, December 31,
2008
Net sales ......................................... $416,278 $447,152 $461,836 $430,428
Gross profit ....................................... 113,208 124,173 130,931 120,580
Earnings before income taxes ......................... 4,799 9,097 14,650 19,261
Net earnings ...................................... 2,209 5,347 10,725 16,576
Net earnings per share—basic ......................... .07 .17 .34 .52
Net earnings per share—assuming dilution .............. .07 .17 .33 .52
The 2008 earnings an per share amounts have been restated in accordance with FSP APB 14-1, which was
issued to provide clarification of the accounting for convertible debt that can be settled in cash upon
conversion. The company adopted FSP APB 14-1 effective January 1, 2009 and, as a result, interest expense has
been increased and net earnings decreased by $3,694,000 ($0.12 per share) for the year ended December 31,
2008 as FSP APB 14-1 required retrospective application upon adoption. See “Accounting Policies—Recent
Accounting Policies” in the Notes to Consolidated Financial Statements included elsewhere in this report.
FS-50