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 Quarter And Year Ended December 31, 2012

Stock quotes in this article: IVC

For the year ended December 31, 2012, Asia/Pacific net sales decreased 22.3% to $67.0 million versus $86.2 million last year. Organic net sales decreased 23.0%, caused by net sales declines in all three businesses in the segment. The year-to-date loss before income taxes was $6.8 million, excluding restructuring charges of $5.0 million, as compared to earnings before income taxes of $5.0 million last year, excluding restructuring charges of $0.2 million and goodwill and intangible impairment charges of $39.9 million. The decrease in earnings before income taxes is primarily attributable to the reduction in net sales volumes for each of the businesses in this segment.

DISCONTINUED OPERATION - INVACARE SUPPLY GROUP (ISG)

ISG net sales for the fourth quarter increased 26.0% to $95.2 million compared to $75.5 million for the same period last year. The net sales increase occurred in diabetic, enterals, incontinence and urological product categories. Earnings before income taxes for the fourth quarter were $5.5 million as compared to $5.0 million last year, excluding restructuring charges of $0.3 million, as volume increases were partially offset by lower gross margins and increased associate costs.

For the year ended December 31, 2012, ISG net sales increased 14.1% to $341.6 million compared to $299.5 million for the same period last year. The net sales increase occurred in diabetic, incontinence, urological, ostomy and enteral products. Earnings before income taxes for the year ended December 31, 2012 were $16.2 million as compared to $15.1 million last year, excluding restructuring charges of $0.3 million, as volume increases were partially offset by higher freight costs and increased bad debt expense.

Federal tax expense amounts for the discontinued operation ISG include a federal intraperiod tax allocation of $2.0 million and $5.8 million for the three and twelve months ended December 31, 2012, respectively, which increased tax expense for ISG offset by an equal tax benefit allocated to continuing operations. The amounts offset for the combined net earnings and net earnings per share of the Company on a GAAP basis.

9 of 15

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 16,804.71 -238.19 -1.40%
S&P 500 1,946.16 -26.13 -1.32%
NASDAQ 4,422.0850 -71.3050 -1.59%

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