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Invacare Corporation Announces Financial Results For The Quarter And Year Ended December 31, 2012

Looking forward, Blouch said, ``As difficult a year as this has been, our quality systems investments will make us an even stronger company and will facilitate complexity reduction, which will drive the $100 million in structural benefits that we intend to achieve over the long-term from our globalization program. While the United States HME industry faces several challenges, including the second round of National Competitive Bidding where the bid rates were recently announced, the underlying fundamentals continue to be compelling. The aging of the population, growing prevalence of chronic illness and healthcare reform all bode well for the future of our business. We expect that, after we emerge from the remediation process, we will continue to strengthen our product portfolio to serve the needs of the market with innovative and cost-effective solutions, and will restore our profitability to historic levels.”

   

FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER

 

Three Months Ended December 31,

Three Months Ended December 31,

2012

2011

Net Earnings (Loss) In Thousands   Per Share In Thousands   Per Share
Continuing Operations $ (10,776 )   $ (0.34 ) $ (39,678 )   $ (1.25 )
Discontinued Operations 3,483     0.11   4,650     0.15  
Combined Operations $ (7,293 )   $ (0.23 ) $ (35,028 )   $ (1.10 )
 
Significant Items Affecting Net Earnings (Loss) - after tax
Incremental Regulatory and Compliance Costs $ 5,477 $ 0.17
           
Adjusted Net Earnings (Loss) (b) In Thousands   Per Share (a) In Thousands   Per Share (a)
Continuing Operations $ (1,924 ) $ (0.06 ) $ 16,958 $ 0.53
Discontinued Operations 5,439     0.17   4,927     0.15  
Combined Operations $ 3,515     $ 0.11   $ 21,885     $ 0.69  
 
Significant Items Affecting Adjusted Net Earnings (Loss) (b) - after tax
Incremental Regulatory and Compliance Costs $ 3,177 $ 0.10
 
Adjusted EBITDA (d) * for Combined Operations $ 16,538 $ 44,313
 
Free Cash Flow (c) ** $ 31,200 $ 28,628
 

* Includes contribution to Adjusted EBITDA (d) from the discontinued operations of ISG of $4,647,000 and $4,356,000 for the quarters ended December 31, 2012 and December 31, 2011, respectively.

** Includes impact on Free Cash Flow (c) from the discontinued operations of ISG of negative $1,496,000 and positive $569,000 for the quarters ended December 31, 2012 and December 31, 2011, respectively.

   

FINANCIAL HIGHLIGHTS FOR THE YEAR

 

Twelve Months Ended December 31,

Twelve Months Ended December 31,

2012 2011
Net Earnings (Loss) In Thousands   Per Share In Thousands   Per Share
Continuing Operations $ (8,269 )   $ (0.26 ) $ (18,518 )   $ (0.58 )
Discontinued Operations 10,096     0.32   14,405     0.45  
Combined Operations $ 1,827     $ 0.06   $ (4,113 )   $ (0.13 )
 
Significant Items Affecting Net Earnings (Loss) - after tax
Incremental Regulatory and Compliance Costs $ 22,757 $ 0.72
           
Adjusted Net Earnings (Loss) (b) In Thousands   Per Share (a) In Thousands   Per Share (a)
Continuing Operations $ 11,915 $ 0.37 $ 51,236 $ 1.59
Discontinued Operations 15,834     0.50   14,741     0.46  
Combined Operations $ 27,749     $ 0.87   $ 65,977     $ 2.05  
 
Significant Items Affecting Adjusted Net Earnings (Loss) (b) - after tax
Incremental Regulatory and Compliance Costs $ 14,757 $ 0.46
 
Adjusted EBITDA (d) * for Combined Operations $ 91,369 $ 148,106
 
Free Cash Flow (c) ** $ 49,094 $ 80,603
 

* Includes contribution to Adjusted EBITDA (d) from the discontinued operations of ISG of $13,057,000 and $12,470,000 for the fiscal years ended December 31, 2012 and December 31, 2011, respectively.

** Includes impact on Free Cash Flow (c) from the discontinued operations of ISG of negative $705,000 and negative $126,000 for the fiscal years ended December 31, 2012 and December 31, 2011, respectively.

CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS

Net loss per share on a GAAP basis for the fourth quarter of 2012 from continuing operations, was $0.34 ($10.8 million net loss) as compared to net loss per share for the same period last year of $1.25 ($39.7 million net loss). The net loss for the current quarter from continuing operations was negatively impacted by incremental regulatory and compliance costs related to quality systems improvements of $0.17 per share ($5.5 million after-tax expense, applying U.S. GAAP effective annualized tax rate), charges related to restructuring of $0.24 per share ($7.6 million after-tax expense) and asset write-downs related to intangible assets of $0.02 per share ($0.7 million after-tax expense) and positively impacted by $0.06 per share ($2.0 million tax benefit) resulting from an intraperiod tax allocation associated with discontinued operations. Net loss for the fourth quarter of 2011 was unfavorably impacted by asset write-downs related to goodwill and intangible assets of $1.53 per share ($48.7 million after-tax expense) and restructuring charges of $0.28 per share ($8.9 million after-tax expense).

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