EUROPEFor the third quarter, European net sales decreased 0.3% to $141.7 million versus $142.1 million for the third quarter of last year. Organic net sales for the quarter increased 12.3%, principally due to increases in respiratory therapy products partially offset by declines in lifestyle and mobility and seating products. For the third quarter, earnings before income taxes decreased to $10.7 million, excluding restructuring charges of $0.5 million, as compared to $12.2 million last year, excluding restructuring charges of $0.8 million. The decrease in earnings before income taxes was largely attributable to an unfavorable sales mix favoring lower margin product lines and lower margin customers, higher warranty expense, increased SG&A expenses, primarily in associate costs, and unfavorable foreign currency transactions. These factors were partially offset by volume increases.
Invacare Corporation Announces Financial Results For The Third Quarter And First Nine Months Of 2012
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