Invacare 2011 Annual Report Download - page 119

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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, 2011
Net sales .............................. $379,570 $776,105 $746,359 $(100,904) $1,801,130
Cost of products sold .................... 276,164 604,102 503,050 (100,664) 1,282,652
Gross Profit ....................... 103,406 172,003 243,309 (240) 518,478
Selling, general and administrative
expenses ............................ 131,145 53,884 182,510 54,560 422,099
Charge related to restructuring activities ..... 3,854 762 5,977 — 10,593
Loss on debt extinguishment including debt
finance charges and associated fees ....... 24,200 — — — 24,200
Asset write-downs to intangibles and
investments .......................... 5,531 3,592 40,357 — 49,480
Income (loss) from equity investee .......... 58,155 3,364 1,523 (63,042) —
Interest expense—net .................... 38 3,056 3,425 — 6,519
Earnings (loss) before Income Taxes . . . (3,207) 114,073 12,563 (117,842) 5,587
Income taxes ........................... 906 76 8,718 — 9,700
Net Earnings (loss) ................. $ (4,113) $113,997 $ 3,845 $(117,842) $ (4,113)
Year ended December 31, 2010
Net sales .............................. $403,227 $723,402 $693,463 $ (98,011) $1,722,081
Cost of products sold .................... 283,859 563,837 462,776 (98,032) 1,212,440
Gross Profit ....................... 119,368 159,565 230,687 21 509,641
Selling, general and administrative
expenses ............................ 132,177 70,902 169,114 39,320 411,513
Loss on debt extinguishment including debt
finance charges and associated fees ....... 40,164 — — — 40,164
Income (loss) from equity investee .......... 97,602 37,438 (591) (134,449) —
Interest expense—net .................... 16,208 729 2,986 — 19,923
Earnings (loss) before Income Taxes . . . 28,421 125,372 57,996 (173,748) 38,041
Income taxes ........................... 3,080 — 9,620 — 12,700
Net Earnings (loss) ................. $ 25,341 $125,372 $ 48,376 $(173,748) $ 25,341
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
Charge related to restructuring activities ..... 301 60 4,145 — 4,506
Loss on debt extinguishment including debt
finance charges and associated fees ....... 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
FS-47