Invacare 2011 Annual Report Download - page 115

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INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Business Segments—Continued
Therefore, intercompany profit or loss on intersegment sales and transfers is not considered in evaluating
segment performance except for Asia/Pacific due to its significant intercompany sales volume.
In 2011, and as a result of an acquisition that expanded the company’s North American rental operations,
management re-evaluated its rental operations and determined that sales are more closely aligned with
institutional customers and as a result, these operations are now included and evaluated as part of IPG. The
principal changes were that IPG revenues for 2010 and 2009 were increased by $9,158,000 and $1,383,000,
respectively, with an offsetting decrease in revenues for the NA/HME segment. In addition, IPG earnings before
income taxes for 2010 and 2009 were decreased by $128,000 and $472,000, respectively, with an offsetting
increase in NA/HME earnings before income taxes. In addition, IPG total assets for 2010 and 2009 were
increased by $21,945,000 and $4,193,000, respectively, with an offsetting decrease in NA/HME.
The information by segment is as follows (in thousands):
2011 2010 2009
Revenues from external customers
North America/HME ..................................... $ 746,782 $ 738,441 $ 747,018
Invacare Supply Group ................................... 299,491 297,517 280,295
Institutional Products Group ............................... 124,121 97,419 90,806
Europe ................................................ 544,537 506,069 503,084
Asia/Pacific ............................................ 86,199 82,635 71,933
Consolidated ........................................... $1,801,130 $1,722,081 $1,693,136
Intersegment revenues
North America/HME ..................................... $ 88,188 $ 83,316 $ 72,273
Invacare Supply Group ................................... 76 75 232
Institutional Products Group ............................... 6,567 5,571 2,639
Europe ................................................ 9,308 10,165 9,719
Asia/Pacific ............................................ 32,876 33,616 31,143
Consolidated ........................................... $ 137,015 $ 132,743 $ 116,006
Depreciation and amortization
North America/HME ..................................... $ 12,814 $ 15,674 $ 17,872
Invacare Supply Group ................................... 471 383 403
Institutional Products Group ............................... 4,942 1,995 1,339
Europe ................................................ 15,799 13,620 15,285
Asia/Pacific ............................................ 4,645 4,941 5,555
All Other(1) ............................................ 212 191 108
Consolidated ........................................... $ 38,883 $ 36,804 $ 40,562
Net interest expense (income)
North America/HME ..................................... $ (446) $ 12,824 $ 26,686
Invacare Supply Group ................................... 3,045 3,058 3,153
Institutional Products Group ............................... 2,729 530 2,526
Europe ................................................ (1,754) 721 (1,876)
Asia/Pacific ............................................ 2,945 2,790 987
Consolidated ........................................... $ 6,519 $ 19,923 $ 31,476
FS-43