Invacare 2009 Annual Report Download - page 43

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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, 2009, 2008 and 2007,
and the consolidated balance sheets as of December 31, 2009 and 2008 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, 2006 and 2005 and consolidated balance sheet
data for the fiscal years ended December 31, 2007, 2006 and 2005 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.
2009 * 2008 ** 2007 *** 2006 **** 2005 *****
(In thousands, except per share and ratio data)
Earnings
Net Sales ..................................... $1,693,136 $1,755,694 $1,602,237 $1,498,035 $1,529,732
Net Earnings (loss) ............................. 41,179 34,857 (1,714) (317,774) 48,852
Net Earnings (loss) per Share—Basic ............... 1.29 1.09 (0.05) (10.00) 1.55
Net Earnings (loss) per Share—Assuming Dilution .... 1.29 1.09 (0.05) (10.00) 1.51
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 ................................. $ 528,464 $ 551,058 $ 591,085 $ 655,758 $ 594,466
Total Assets ................................... 1,359,501 1,314,473 1,500,042 1,490,451 1,646,772
Current Liabilities .............................. 290,327 284,998 326,611 447,976 356,707
Working Capital ............................... 238,137 266,060 264,474 207,782 237,759
Long-Term Debt ............................... 272,234 407,707 457,233 448,883 457,753
Other Long-Term Obligations ..................... 95,703 88,826 106,046 107,223 78,619
Shareholders’ Equity ............................ 701,237 532,942 610,152 486,369 753,693
Other Data
Research and Development Expenditures ............ $ 25,725 $ 24,764 $ 22,491 $ 22,146 $ 23,247
Capital Expenditures ............................ 17,999 19,957 20,068 21,789 30,924
Depreciation and Amortization .................... 40,562 43,744 43,717 39,892 40,524
Key Ratios
Return on Sales % .............................. 2.4 2.0 (.1) (21.2) 3.2
Return on Average Assets % ...................... 3.1 2.5 (.1) (20.3) 3.0
Return on Beginning Shareholders’ Equity % ........ 7.7 5.7 (.4) (42.2) 6.5
Current Ratio .................................. 1.8:1 1.9:1 1.8:1 1.5:1 1.7:1
Debt-to-Equity Ratio ............................ 0.4:1 0.8:1 0.7:1 0.9:1 0.6:1
* Reflects restructuring charge of $4,804 ($4,124 after tax or $.13 per share assuming dilution).
** Reflects restructuring charge of $4,766 ($4,516 after tax or $.14 per share assuming dilution) and the retrospective
application of FSP APB 14-1 as codified in Debt with Conversion and Other Options, ASC 470-20 to decrease Net
Earnings by $3,694 ($3,694 after tax or $.12 per share assuming dilution), decrease Long-Term Debt and increase
Shareholders’ Equity by $52,414, respectively.
*** 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) and the retrospective application of FSP APB 14-1 to
decrease Net Earnings by $2,904 ($2,904 after tax or $.09 per share assuming dilution), decrease Long-Term Debt and
increase Shareholders’ Equity by $56,109, respectively.
**** 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
collectability 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).
I-37