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Invacare Corporation (IVC) Announces Financial Results for the Second Quarter and First Half of 2012



7/26/2012 10:24:37 AM

ELYRIA, Ohio--(BUSINESS WIRE)--Invacare Corporation (NYSE: IVC) today announced its financial results for the quarter and six months ended June 30, 2012.

CEO SUMMARY

Commenting on Invacare's second quarter 2012 results, Gerald B. Blouch, President and Chief Executive Officer, stated, ``The Company continued to invest in and make significant progress on its quality systems improvements related to previously disclosed observations made by the United States Food and Drug Administration (FDA). Primarily as a result of the related regulatory and compliance costs, adjusted earnings per share(a) decreased 33% to $0.30 in the second quarter of 2012 compared to $0.45 in the second quarter of 2011. If the impact of the incremental regulatory and compliance costs, which aggregated approximately $0.15 per share ($4.7 million after-tax expense), were excluded, adjusted earnings per share(a) would have been approximately $0.45 in the second quarter. Also in the second quarter, gross margin as a percentage of net sales declined by 1.2 percentage points compared to last year primarily related to sales mix favoring lower margin product lines and lower margin customers. In addition, organic net sales for the quarter decreased by 1.2% compared to last year and free cash flow(c) was $4.8 million.''


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