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

EUROPE

For 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.

For the nine months ended September 30, 2012, European net sales decreased 0.9% to $401.7 million versus $405.4 million last year. Organic net sales increased 6.7%, principally due to increases in respiratory therapy products partially offset by declines in mobility and seating and lifestyle products. For the first nine months of 2012, earnings before income taxes decreased to $24.3 million, excluding restructuring charges of $0.8 million, as compared to $27.1 million, excluding restructuring charges of $1.3 million, last year. The decrease in earnings before income taxes was largely attributable to an unfavorable sales mix favoring lower margin product lines and lower margin customers, pricing pressures, primarily in lifestyle and power mobility products, and increased warranty costs. These factors were partially offset by volume increases.

ASIA/PACIFIC

For the third quarter, Asia/Pacific net sales decreased 34.5% to $15.6 million versus $23.7 million last year. Organic net sales for the quarter decreased 33.0%, caused by net sales declines in all three subsidiaries in the segment. The Company's Australian and New Zealand distribution businesses experienced declines in mobility and seating and lifestyle products. The decline in the Company's subsidiary which produces microprocessor controllers was primarily related to its contract manufacturing business for companies outside of the healthcare industry. For the third quarter, loss before income taxes was $2.0 million, excluding restructuring charges of $0.3 million, as compared to earnings before income taxes of $0.9 million last year. The decrease in earnings before income taxes is primarily attributable to the Australian distribution business as a result of a significant reduction in net sales volumes.

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