Invacare 2012 Annual Report Download - page 83

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2012 2011 2010
(In thousands, except per share data)
Net sales .......................................................... $ 1,455,461 $ 1,501,639 $ 1,424,564
Cost of products sold ................................................ 1,010,560 1,020,495 952,194
Gross Profit ................................................. 444,901 481,144 472,370
Selling, general and administrative expenses .............................. 414,502 396,532 385,231
Charges related to restructuring activities ................................ 10,904 10,257 —
Loss on debt extinguishment including debt finance charges and associated
fees .............................................................. 312 24,200 40,164
Asset write-downs to goodwill and intangible assets ........................ 773 49,480 —
Interest expense .................................................... 9,121 11,025 23,637
Interest income ..................................................... (685) (1,212) (606)
Earnings (loss) from Continuing Operations Before Income Taxes . . . 9,974 (9,138) 23,944
Income taxes ....................................................... 18,243 9,380 12,340
Net Earnings (loss) from Continuing Operations .................. (8,269) (18,518) 11,604
Net Earnings from Discontinued Operations (Net of tax amounts of
$6,142, $320 and $360, respectively) ............................. 10,096 14,405 13,737
Net Earnings (loss) ........................................... $ 1,827 $ (4,113) $ 25,341
Net Earnings (loss) per Share—Basic:
Net Earnings (loss) from Continuing Operations ................... (0.26) (0.58) 0.36
Net Earnings from Discontinued Operations ...................... 0.32 0.45 0.42
Net Earnings (loss) per Share—Basic ............................ $ 0.06 $ (0.13) $ 0.78
Weighted Average Shares Outstanding—Basic ............................ 31,641 31,958 32,393
Net Earnings (loss) per Share—Assuming Dilution:
Net Earnings (loss) from Continuing Operations ................... (0.26) (0.58) 0.35
Net Earnings from Discontinued Operations ...................... 0.32 0.45 0.42
Net Earnings (loss) per Share—Assuming Dilution ................ $ 0.06 $ (0.13) $ 0.78
Weighted Average Shares Outstanding—Assuming Dilution ................. 31,871 32,355 32,694
Net Earnings (loss) ........................................... $ 1,827 $ (4,113) $ 25,341
Other comprehensive income (loss):
Foreign currency translation adjustments ............................... (9,624) 14,440 (59,823)
Unrealized loss on available for sale securities .......................... — — (684)
Defined Benefit Plans:
Amortization of prior service costs and unrecognized gains (losses) ....... (1,068) (851) 549
Amounts arising during the year, primarily due to the addition of new
participants .................................................... (168) (2,048) (1,860)
Deferred tax adjustment resulting from defined benefit plan activity ....... 349 702 459
Valuation reserve (reversal) associated with defined benefit plan activity . . . 55 (252) (459)
Current period unrealized gain (loss) on cash flow hedges ................. (1,730) 305 273
Deferred tax benefit (loss) related to unrealized gain (loss) on cash flow
hedges .......................................................... 53 (51) (28)
Other Comprehensive Income (Loss) ............................ (12,133) 12,245 (61,573)
Comprehensive Income (Loss) ................................. $ (10,306) $ 8,132 $ (36,232)
See notes to consolidated financial statements.
FS-3