ELYRIA, Ohio--(BUSINESS WIRE)--July 28, 2005--Invacare Corporation (NYSE:IVC) today announced that its financial results for the second quarter and first half of the year ended June 30, 2005 were in range with recent guidance.
CONSOLIDATED RESULTS
Earnings per share for the second quarter were $0.40 versus $0.56 for the second quarter last year, while net earnings for the quarter were $12.9 million versus $18.0 million for the second quarter last year. Net sales for the quarter increased 17% to $396.3 million versus $339.3 million for the second quarter last year. Foreign currency accounted for three percentage points of the net sales increase, while acquisitions contributed an additional eleven percentage points for the quarter. Results for the quarter benefited from higher net sales, which were offset by a lower gross margin, higher selling, general and administrative expense (SG&A expense) and higher interest expense.
