Invacare 2011 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2011 Invacare annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 136

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

CONSOLIDATED STATEMENT OF CASH FLOWS
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2011 2010 2009
(In thousands)
Operating Activities
Net earnings (loss) ............................................. $ (4,113) $ 25,341 $ 41,179
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization ................................ 38,883 36,804 40,562
Provision for losses on trade and installment receivables ........... 11,460 16,979 19,281
(Benefit) provision for deferred income taxes .................... (7,552) (2,467) 1,785
Provision for other deferred liabilities .......................... 2,676 2,781 2,573
Provision for stock-based compensation ........................ 6,640 6,135 4,495
Loss on disposals of property and equipment .................... 209 233 1,237
Loss on debt extinguishment including debt finance charges and
associated fees .......................................... 24,200 40,164 2,878
Asset write-downs to goodwill, intangible assets and investments .... 49,480 — 8,409
Amortization of convertible debt discount ....................... 1,565 3,198 4,142
Changes in operating assets and liabilities:
Trade receivables .......................................... (1,514) (5,839) 6,452
Installment sales contracts, net ................................ (3,162) (2,423) (3,356)
Inventories ............................................... (16,389) (6,352) 20,515
Other current assets ........................................ 649 3,181 11,628
Accounts payable .......................................... 2,299 5,534 12,532
Accrued expenses .......................................... (4,087) (6,980) (18,012)
Other long-term liabilities ................................... (2,166) 5,918 (637)
Net Cash Provided by Operating Activities ................ 99,078 122,207 155,663
Investing Activities
Purchases of property and equipment .......................... (22,160) (17,353) (17,999)
Proceeds from sale of property and equipment ................... 64 36 1,163
Business acquisitions, net of cash acquired ...................... (42,430) (13,725) —
(Increase) Decrease in other long-term assets .................... (724) 801 601
Other .................................................... (13) (376) (447)
Net Cash Used for Investing Activities .................... (65,263) (30,617) (16,682)
Financing Activities
Proceeds from revolving lines of credit and long-term borrowings . . . 450,595 708,742 400,123
Payments on revolving lines of credit and long-term borrowings ..... (454,567) (751,660) (553,436)
Proceeds from exercise of stock options ........................ 4,139 2,912 1,628
Payment of financing costs .................................. (24,113) (30,329) —
Payment of dividends ....................................... (1,588) (1,612) (1,605)
Purchase of treasury stock ................................... (21,548) (5,687) —
Net Cash Used by Financing Activities ................... (47,082) (77,634) (153,290)
Effect of exchange rate changes on cash ............................ (271) (2,995) 4,294
Increase (decrease) in cash and cash equivalents ...................... (13,538) 10,961 (10,015)
Cash and cash equivalents at beginning of year ....................... 48,462 37,501 47,516
Cash and cash equivalents at end of year ............................ $ 34,924 $ 48,462 $ 37,501
See notes to consolidated financial statements.
FS-5