This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Invacare Corporation Announces Financial Results For The Third Quarter And First Nine Months Of 2012

The Company incurred restructuring charges for the third quarter of $1.1 million after-tax, principally related to severance costs in the Europe, North America/HME and Asia/Pacific segments. These restructuring charges are excluded from adjusted earnings per share (a).

Earnings per share on a GAAP basis for the nine months ended September 30, 2012 were $0.29 ($9.1 million net earnings) as compared to earnings per share for the same period last year of $0.95 ($30.9 million net earnings). Net earnings for the first nine months of 2012 were negatively impacted by incremental regulatory and compliance costs related to quality systems improvements of $0.54 per share ($17.3 million after-tax expense), a discrete tax expense related to prior years of $0.29 per share ($9.2 million after-tax expense) which is a non-cash charge in the current year for a matter that is under audit and being contested by the Company and charges related to restructuring of $0.11 per share ($3.6 million after-tax expense). Net earnings for the first nine months of 2012 included an expense of $0.01 per share ($0.3 million after-tax expense) for early debt extinguishment charges compared to $0.75 per share ($24.2 million after-tax expense) of early debt extinguishment charges in the same period a year ago. Net earnings for the first nine months of 2011 also were positively impacted by $0.16 per share ($5.1 million tax benefit) as a result of a tax settlement in Germany.

Adjusted earnings per share (a) were $0.76 for the first nine months of 2012 as compared to $1.36 for the first nine months of 2011. Adjusted net earnings (b) for the first nine months of 2012 were $24.2 million versus $44.1 million last year. The decline in adjusted net earnings (b) was primarily driven by increased SG&A expense attributable to incremental regulatory and compliance costs related to quality systems improvements of $11.6 million after-tax expense ($17.3 million pre-tax expense), a reduced gross margin and lower net sales partially offset by decreased interest expense and a lower effective tax rate on adjusted pre-tax earnings.

Net sales for the nine months ended September 30, 2012 decreased 0.7% to $1.34 billion versus $1.35 billion for the same period last year. Organic net sales for the nine months ended September 30, 2012 increased 0.4% over the same period last year as increases for Europe, ISG and IPG segments were offset by declines for the North America/HME and Asia/Pacific segments.

4 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs