Invacare 2011 Annual Report Download - page 125

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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,
2011
Net sales ......................................... $428,498 $466,412 $456,519 $449,701
Gross profit ....................................... 123,006 134,918 131,077 129,477
Earnings before income taxes ......................... 10,004 8,261 17,150 (29,828)
Net earnings (loss) ................................. 7,454 10,661 12,800 (35,028)
Net earnings (loss) per share—basic .................... 0.23 0.33 0.40 (1.10)
Net earnings (loss) per share—assuming dilution ......... 0.23 0.32 0.40 (1.10)
March 31, June 30, September 30, December 31,
2010
Net sales ......................................... $402,240 $430,828 $437,476 $451,537
Gross profit ....................................... 117,713 126,490 131,567 133,871
Earnings before income taxes ......................... 5,306 2,414 20,923 9,398
Net earnings ...................................... 3,106 (611) 15,598 7,248
Net earnings per share—basic ......................... 0.10 (0.02) 0.48 0.22
Net earnings per share—assuming dilution .............. 0.09 (0.02) 0.48 0.22
Earnings and earnings per share for the quarter ended March 31, 2011 reflects loss on debt extinguishment
including debt finance charges and associated fees of $4,881,000 ($4,881,000 after tax or $0.15 per share
assuming dilution) as a result of the company’s decision to extinguish higher interest rate debt.
Earnings and earnings per share for the quarter ended June 30, 2011 reflects loss on debt extinguishment
including debt finance charges and associated fees of $11,855,000 ($11,855,000 after tax or $0.36 per share
assuming dilution) as a result of the company’s decision to extinguish higher interest rate debt; a tax settlement
benefit in Germany of $5,100,000 ($5,100,000 after tax or $0.16 per share assuming dilution); and restructuring
charges of $431,000 ($411,000 after tax or $0.01 per share assuming dilution).
Earnings and earnings per share for the quarter ended September 30, 2011 reflects loss on debt
extinguishment including debt finance charges and associated fees of $7,462,000 (7,462,000 after tax or $0.23
per share assuming dilution) as a result of the company’s decision to extinguish higher interest rate debt and
restructuring charge of $1,311,000 ($971,000 after tax or $0.03 per share assuming dilution).
Loss and loss per share for the quarter ended December 31, 2011 reflects asset write-downs for goodwill
and intangibles of $49,480,000 ($48,719,000 after tax or $1.53 per share assuming dilution) and restructuring
charges of $9,128,000 ($9,217,000 after tax or $0.29 per share assuming dilution).
Earnings and earnings per share for the quarter ended March 31, 2010 reflects loss on debt extinguishment
including debt finance charges and associated fees of $4,386,000 ($3,786,000 after tax or $0.11 per share
assuming dilution) as a result of the company’s decision to extinguish higher interest rate debt.
Loss and loss per share for the quarter ended June 30, 2010 reflects loss on debt extinguishment including
debt finance charges and associated fees of $14,048,000 ($14,648,000 after tax or $0.45 per share assuming
dilution) as a result of the company’s decision to extinguish higher interest rate debt.
FS-53