Invacare 2012 Annual Report Download - page 85

Download and view the complete annual report

Please find page 85 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

CONSOLIDATED STATEMENT OF CASH FLOWS
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2012 2011 2010
(In thousands)
Operating Activities
Net earnings (loss) ............................................ $ 1,827 $ (4,113) $ 25,341
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization ............................... 38,593 38,883 36,804
Provision for losses on trade and installment receivables .......... 5,179 11,460 16,979
Provision (benefit) for deferred income taxes ................... 4,316 (7,552) (2,467)
Provision for other deferred liabilities ......................... 1,139 2,676 2,781
Provision for stock-based compensation ....................... 6,545 6,640 6,135
Loss on disposals of property and equipment .................... 201 209 233
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 —
Asset write-downs related to restructuring activities .............. 2,892 — —
Amortization of convertible debt discount ...................... 577 1,565 3,198
Changes in operating assets and liabilities:
Trade receivables ......................................... (214) (1,514) (5,839)
Installment sales contracts, net ............................... 4,521 (3,162) (2,423)
Inventories ............................................... (16,620) (16,389) (6,352)
Other current assets ........................................ (6,086) 649 3,181
Accounts payable ......................................... 2,560 2,299 5,534
Accrued expenses ......................................... 8,549 (4,087) (6,980)
Other long-term liabilities ................................... 7,227 (2,166) 5,918
Net Cash Provided by Operating Activities ............... 62,291 99,078 122,207
Investing Activities
Purchases of property and equipment .......................... (20,091) (22,160) (17,353)
Proceeds from sale of property and equipment ................... 159 64 36
Business acquisitions, net of cash acquired ..................... (9,000) (42,430) (13,725)
(Increase) Decrease in other long-term assets ................... (265) (724) 801
Other ................................................... (245) (13) (376)
Net Cash Used for Investing Activities ................... (29,442) (65,263) (30,617)
Financing Activities
Proceeds from revolving lines of credit and long-term borrowings . . . 339,314 450,595 708,742
Payments on revolving lines of credit and long-term borrowings .... (367,500) (454,567) (751,660)
Proceeds from exercise of stock options ........................ — 4,139 2,912
Payment of financing costs .................................. (1) (24,113) (30,329)
Payment of dividends ...................................... (1,581) (1,588) (1,612)
Purchase of treasury stock .................................. — (21,548) (5,687)
Net Cash Used by Financing Activities ................... (29,768) (47,082) (77,634)
Effect of exchange rate changes on cash ........................... 786 (271) (2,995)
Increase (decrease) in cash and cash equivalents ..................... 3,867 (13,538) 10,961
Cash and cash equivalents at beginning of year ...................... 34,924 48,462 37,501
Cash and cash equivalents at end of year ........................... $ 38,791 $ 34,924 $ 48,462
See notes to consolidated financial statements.
FS-5