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FS-3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2015 2014 2013
(In thousands, except per share data)
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,142,338 $ 1,270,163 $ 1,334,505
Cost of products sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 829,514 922,775 967,079
Gross Profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,824 347,388 367,426
Selling, general and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319,847 383,913 397,332
Charges related to restructuring activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,971 11,112 9,336
Asset write-downs to intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 13,041 1,523
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,911 3,039 3,078
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (165)(507)(384)
Loss from Continuing Operations Before Income Taxes . . . . . . . . . . . . . . (11,740)(63,210)(43,459)
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,710 5,550 10,875
Net Loss from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,450)(68,760)(54,334)
Net earnings from discontinued operations (net of tax of $0; $1,200 and
$2,235). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,596 6,442
Gain on sale (net of tax of $140; $5,975 and $1,220) . . . . . . . . . . . . . . . . . 260 11,094 80,943
Total Net Earnings from Discontinued Operations. . . . . . . . . . . . . . . . . . . 260 12,690 87,385
Net Earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(26,190) $ (56,070) $ 33,051
Net Earnings (loss) per Share—Basic:
Net loss from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(0.82) $ (2.15) $ (1.70)
Net earnings from discontinued operations. . . . . . . . . . . . . . . . . . . . . . . . . $ 0.01 $ 0.40 $ 2.74
Net Earnings (loss) per Share—Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(0.81) $ (1.75) $ 1.04
Weighted Average Shares Outstanding—Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,171 32,009 31,915
Net Earnings (loss) per Share—Assuming Dilution:
Net loss from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(0.82) $ (2.15) $ (1.70)
Net earnings from discontinued operations. . . . . . . . . . . . . . . . . . . . . . . . . $ 0.01 $ 0.39 $ 2.73
Net Earnings (loss) per Share—Assuming Dilution . . . . . . . . . . . . . . . . . . $(0.81) $ (1.75) $ 1.03
Weighted Average Shares Outstanding—Assuming Dilution. . . . . . . . . . . . . . . . . 32,683 32,197 32,043
Net Earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(26,190) $ (56,070) $ 33,051
Other comprehensive income (loss):
Foreign currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (81,404)(51,508) 10,969
Defined benefit plans:
Amortization of prior service costs and unrecognized gains (losses). . . . . . . . . (1,375)(2,178) 1,771
Amounts arising during the year, primarily addition of new participants . . . . . (784) — (320)
Deferred tax adjustment resulting from defined benefit plan activity . . . . . . . . (44) 213 (355)
Valuation reserve (reversal) associated with defined benefit plan activity. . . . . 47 (222) 275
Current period gain (loss) on cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . 2,731 244 83
Deferred tax benefit (loss) related to gain (loss) on cash flow hedges . . . . . . . . . (177)(86)(10)
Other Comprehensive Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (81,006)(53,537) 12,413
Comprehensive Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(107,196) $ (109,607) $ 45,464
See notes to consolidated financial statements.