ELYRIA, Ohio--(BUSINESS WIRE)--Invacare Corporation (NYSE: IVC) today announced its financial results for the quarter ended March 31, 2012.
Commenting on Invacare's first quarter 2012 results, Gerald B. Blouch, President and Chief Executive Officer, stated, ``Throughout the first quarter of 2012, Invacare continued to dedicate significant resources to its regulatory and quality systems improvements, including those related to observations made by the United States Food and Drug Administration (FDA). Primarily as a result of the related incremental regulatory and compliance costs, adjusted earnings per share(a) decreased 22% to $0.25 in the first quarter of 2012 compared to $0.32 in the first quarter of 2011. If the impact of these incremental costs, which aggregated approximately $0.09 per share ($2.8 million after-tax expense), were excluded, adjusted earnings per share(a) would have been $0.34 in the first quarter. Also in the first quarter of 2012, the Company increased organic net sales by 0.2% compared to last year. This growth was achieved with the strength of Invacare's diverse footprint, as organic growth in Europe and Invacare Supply Group offset declines in the North America/Home Medical Equipment, Asia/Pacific and Institutional Products Group business segments.''