Invacare 2012 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2012 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 152

  • 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
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

classified as discontinued operations for all periods presented. The Balance Sheet, Other Data and Key Ratios
reflect the impact of the discontinued operation to the extent that ISG is included in the Consolidated Balance
Sheets and Consolidated Statement of Cash Flows.
2012 * 2011 ** 2010 *** 2009 **** 2008 *****
(In thousands, except per share and ratio data)
Earnings
Net Sales ............................... $ 1,455,461 $ 1,501,639 $ 1,424,564 $ 1,412,841 $ 1,489,876
Net Earnings (loss) from continuing
operations ............................ (8,269) (18,518) 11,604 29,494 25,947
Net Earnings from discontinued operations .... 10,096 14,405 13,737 11,685 8,910
Net Earnings (loss) ....................... 1,827 (4,113) 25,341 41,179 34,857
Net Earnings (loss) per Share—Basic:
Net Earnings (loss) from Continuing
Operations ............................ (0.26) (0.58) 0.36 0.92 0.81
Net Earnings from Discontinued Operations . . . 0.32 0.45 0.42 0.37 0.28
Net Earnings (loss) per Share—Basic ........ 0.06 (0.13) 0.78 1.29 1.09
Net Earnings (loss) per Share—Assuming
Dilution:
Net Earnings (loss) from Continuing
Operations ............................ (0.26) (0.58) 0.35 0.92 0.81
Net Earnings from Discontinued Operations . . . 0.32 0.45 0.42 0.37 0.28
Net Earnings (loss) per Share—Assuming
Dilution .............................. 0.06 (0.13) 0.78 1.29 1.09
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 ........................... $ 567,949 $ 528,770 $ 526,159 $ 528,464 $ 551,058
Total Assets ............................. 1,262,294 1,281,054 1,280,400 1,359,501 1,314,473
Current Liabilities ........................ 299,735 287,939 290,308 290,327 284,998
Working Capital ......................... 268,214 240,831 235,851 238,137 266,060
Long-Term Debt ......................... 229,375 260,440 238,090 272,234 407,707
Other Long-Term Obligations .............. 112,195 106,150 99,591 95,703 88,826
Shareholders’ Equity ...................... 620,989 626,525 652,411 701,237 532,942
Other Data
Research and Development Expenditures ..... $ 31,663 $ 27,556 $ 25,954 $ 25,725 $ 24,764
Capital Expenditures ...................... 20,091 22,160 17,353 17,999 19,957
Depreciation and Amortization .............. 38,593 38,883 36,804 40,562 43,744
Key Ratios
Return on Sales % from continuing
operations ............................ (0.6) (1.2) 0.8 2.1 1.7
Return on Average Assets % ............... 0.1 (0.3) 1.9 3.1 2.5
Return on Beginning Shareholders’ Equity % . . 0.3 (0.6) 3.6 7.7 5.7
Current Ratio ............................ 1.9:1 1.8:1 1.8:1 1.8:1 1.9:1
Debt-to-Equity Ratio ...................... 0.4:1 0.4:1 0.4:1 0.4:1 0.8:1
* Reflects incremental regulatory and compliance costs related to quality system improvements of
$22,757,000 ($22,757,000 after-tax expense) or $0.72 per share assuming dilution, a discrete 2012 tax
I-44