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INVACARE REPORTS RECORD FOURTH QUARTER EARNINGS ON 24 PERCENT SALES GAIN

 ELYRIA, Ohio, Feb. 18 /PRNewswire/ -- Invacare Corporation (NASDAQ/NMS: IVCR), the world's largest manufacturer and distributor of wheelchairs and other home medical equipment, today announced record sales and earnings for its fourth quarter and full year which ended Dec. 31, 1992.
 "We are pleased to announce the results of another successful year during which Invacare continued to extend its industry-leading position," said A. Malachi Mixon III, chairman, president and chief executive officer. "In 1992, sales reached an all-time high of $305.2 million, up 16 percent over last year's sales of $263.2 million. Net income for the year reached $17.7 million, rising 26 percent above the $14.1 million reported in 1991. On a per-share basis, earnings were $1.25 in 1992, up 18 percent from $1.06 last year. Net income as a percentage of sales expanded to 5.8 percent for 1992, up from 5.4 percent last year."
 Enhanced profit performance coupled with improved working capital management generated strong operating cash flow for the year. This enabled the company to purchase two of its principal operating facilities and acquire Poirier S.A., France's leading wheelchair manufacturer, with a modest increase in leverage. The company's year- end debt to equity stands at .7 to 1.
 During the fourth quarter, sales improved 24 percent to $87.8 million, up from $70.8 million in the same period last year, representing the twenty-ninth consecutive quarter of higher year-to-year sales. Net income in the fourth quarter was $6.1 million, up 24 percent from $4.9 million in 1991. Quarterly per-share earnings increased 24 percent to 42 cents in 1992 from 34 cents in 1991. Quarterly net income as a percentage of sales reached an all-time high of 7.0 percent up from 6.9 percent in the fourth quarter of 1991.
 "Clearly, the purchasing patterns of our domestic dealers have returned to normal, following the temporary inventory adjustments which occurred earlier in the year resulting from 1991 Medicare reimbursement changes," said Mixon. "Quarterly sales comparisons continued to improve throughout the year with the strongest gain in the fourth quarter increasing our optimism for 1993. All major product lines contributed to the strong quarterly sales growth, especially our new lines of 'Action' rehab wheelchairs."
 "We are looking to 1993 with high expectations for continued growth in sales in earnings," said Mixon. "We expect to benefit from the Poirier acquisition as Europe is projected to move into sound profitability. Several major new products will be introduced worldwide throughout the year which will continue to extend our leadership in the industry and our reputation for innovation. We will also continue to make important acquisitions which will enhance and complement existing product lines or contribute to growth in new areas of the home health care industry for Invacare."
 Mixon concluded, "The long-term outlook for home health care is excellent. Recent meetings between industry representatives and the White House Task Force on Health Care Reform indicated that the Clinton administration views home care as a cost-effective alternative to institutional care. In fact, at his pre-inaugural economic summit, President Clinton said, 'Let's keep in-home services ... We can serve more people at lower cost even if we have to cut back a little on what we're doing institutionally.' Invacare will be a clear beneficiary of this policy."
 Invacare manufactures and distributes power and manual wheelchairs, standard wheelchairs, respiratory equipment, hospital type beds for the home, patient aids, motorized scooters, and other home health care and extended care equipment. Headquartered in Elyria, Ohio, Invacare has manufacturing locations in Ohio, Florida, Texas, California, Canada, Mexico, Great Britain, Germany and France. Products are distributed worldwide through over 10,000 medical equipment dealer locations.
 INVACARE CORPORATION AND SUBSIDIARIES
 Consolidated Balance Sheet
 December 31,
 1992 1991
 (In thousands)
 ASSETS
 CURRENT ASSETS
 Cash and cash equivalents $8,181 $1,472
 Marketable securities 2,533 1,723
 Trade receivables, net 66,293 51,006
 Investment in installment receivables, net 18,606 13,972
 Inventories 47,875 42,217
 Other current assets 4,357 4,648
 Deferred income taxes 4,089 4,776
 TOTAL CURRENT ASSETS 151,934 119,814
 OTHER ASSETS 9,059 4,897
 PROPERTY AND EQUIPMENT, NET 51,040 35,260
 GOODWILL, Net 50,379 2,378
 TOTAL ASSETS $262,412 $162,349
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
 Accounts payable $30,836 $15,947
 Accrued expenses 39,063 22,946
 Accrued income taxes 2,065 2,267
 Current maturities of long-term
 obligations 422 896
 TOTAL CURRENT LIABILITIES 72,386 42,056
 LONG-TERM OBLIGATIONS 74,488 31,795
 DEFERRED INCOME TAXES 1,538 1,788
 SHAREHOLDERS' EQUITY
 Preferred shares 0 0
 Common shares 5,004 4,522
 Class B common shares 2,225 2,323
 Additional paid-in-capital 59,666 45,728
 Retained earnings 51,132 33,393
 Foreign currency translation adjustment (1,671) 1,294
 Treasury Stock (2,356) (550)
 TOTAL SHAREHOLDERS' EQUITY 114,000 86,710
 TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY $262,412 $162,349
 INVACARE CORPORATION AND SUBSIDIARIES
 Consolidated Statement of Earnings
 Three Months Ended Year Ended
 December 31 December 31
 1992 1991 1992 1991
 (in thousands, except per share data)
 Net sales $87,754 $70,807 $305,171 $263,181
 Cost of products sold 58,959 46,983 207,788 178,621
 GROSS PROFIT 28,795 23,824 97,383 84,560
 Selling, general and
 administrative expenses 19,441 16,377 69,816 60,932
 INCOME FROM OPERATIONS 9,354 7,447 27,567 23,628
 Interest income 1,407 1,032 4,601 3,589
 Interest expense (1,377) (894) (4,610) (4,324)
 EARNINGS BEFORE INCOME
 TAXES 9,384 7,585 27,558 22,893
 Income taxes 3,272 2,729 9,819 8,765
 NET EARNINGS $6,112 $4,856 $17,739 $14,128
 NET EARNINGS PER SHARE $0.42 $0.34 $1.25 $1.06
 Weighted average shares
 outstanding 14,602 14,312 14,237 13,382
 -0- 2/18/93
 /CONTACT: Gerry Blouch (investor), 216-329-6190; or David T. Williams (media), 216-329-6989; both of Invacare Corporation/
 (IVCR)


CO: Invacare Corporation ST: Ohio IN: MTC SU: ERN

BM -- CL005 -- 7795 02/18/93 10:47 EST
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