INVACARE SUPPLY GROUP (ISG)
ISG net sales for the third quarter increased 15.6% to $85.8 million compared to $74.2 million for the same period last year. The net sales increase occurred across most product categories. Earnings before income taxes for the third quarter were $2.1 million as compared to $2.4 million last year as increased bad debt expense was partially offset by volume increases.
For the nine months ended September 30, 2012, ISG net sales increased 10.0% to $246.4 million compared to $224.0 million for the same period last year. The net sales increase occurred in diabetic, incontinence and ostomy products. Earnings before income taxes for the first nine months of 2012 were $5.1 million as compared to $5.0 million last year as volume increases were partially offset by higher freight costs and increased bad debt expense.
INSTITUTIONAL PRODUCTS GROUP (IPG)IPG net sales for the third quarter increased by 39.0% to $39.0 million compared to $28.0 million last year. Organic net sales increased 22.2% driven primarily by strong net sales for interior design projects for long-term care facilities, institutional beds and dialysis chairs. Earnings before income taxes were $1.8 million compared to $3.9 million in the third quarter of last year as volume increases and the benefit of an acquisition finalized during the third quarter of 2011 were offset principally by increased freight expense, research and development costs, unfavorable foreign currency transactions and the additional earn-out expense which is related to the profitability achievement of the rentals acquisition. The increased research and development expenses included the costs of contracted engineering on negative pressure wound therapy products. For the nine months ended September 30, 2012, IPG net sales increased by 25.7% to $112.6 million compared to $89.6 million last year. Organic net sales increased 7.7% with increases in interior design projects for long-term care facilities and dialysis chairs, which were partially offset by declines in institutional beds. Earnings before income taxes for the first nine months of 2012 were $8.7 million, as compared to $11.4 million for the first nine months of last year, as increased SG&A expenses, primarily in associate costs and unfavorable foreign currency transactions, were partially offset by volume increases and the benefit of an acquisition finalized during the third quarter of 2011.
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