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INVACARE SALES INCREASE YIELDS STRONG EARNINGS REPORT

 ELYRIA, Ohio, July 27 /PRNewswire/ -- Invacare Corporation (NASDAQ/NMS: IVCR) today reported record second quarter earnings and sales.
 Earnings per share for the second quarter increased 20 percent to $.36 per share from $.30 per share last year. Net income was $5.2 million, up 24 percent from the $4.2 million earned for the same period last year. Net sales for the quarter were $90.3 million compared to $74.8 million in last year's second quarter, a 21 percent increase.
 Net sales for the first half of 1993 increased 23 percent over the same period last year to $169.1 million from $137.7 million. Net income increased 28 percent to $8.4 million from $6.6 million. Earnings per share increased 21 percent to $.57 per share from $.47 per share.
 A. Malachi Mixon III, Invacare's chairman, president and chief executive officer, said, "Strong domestic sales growth, tight expense control and continued improvements in manufacturing efficiencies all contributed to our bottom-line growth." Mixon continued, "Adverse economic conditions in Europe, especially in Germany, are restraining the growth of our International Division. However, excellent sales performance in U.S. Operations for prescription manual and power wheelchairs, home care beds and respiratory products, as well as improved profitability in the company's Canadian Operations, are primarily responsible for the improved results."
 Invacare continues to maintain a strong presence in Washington as the issue of health care reform gains momentum. The company believes that a strong home care benefit will be included in any basic health care plan that comes out of the President's reform proposition. The company is well positioned to benefit from a growing home care market which should be enhanced as a result of health care reform.
 Commenting on the outlook for the second half, Mixon said, "I expect the domestic business to remain strong and I am cautiously optimistic that our European Operations will improve somewhat from a disappointing first half. Thus, management remains confident that we will continue to report record sales and earnings for the second half and full year."
 Invacare Corporation is the world's largest manufacturer and distributor of home care and mobility products for people with disabilities. Corporate headquarters are in Elyria, Ohio with plants throughout the world including the U.S., Europe, Canada, Mexico and New Zealand. Products are distributed worldwide through over 10,000 medical equipment dealer locations.
 CONSOLIDATED BALANCE SHEET
 INVACARE CORPORATION AND SUBSIDIARIES
 June 30, Dec. 31,
 1993 1992
 (In thousands)
 ASSETS
 CURRENT ASSETS
 Cash and cash equivalents $ 8,539 $ 8,181
 Marketable securities 4,073 2,533
 Trade receivables, net 67,196 66,293
 Installment receivables, net 17,079 18,606
 Inventories 48,329 47,875
 Other current assets 7,091 8,446
 TOTAL CURRENT ASSETS 152,307 151,934
 OTHER ASSETS 13,415 9,059
 PROPERTY AND EQUIPMENT, NET 52,309 51,040
 GOODWILL, net 51,277 50,379
 TOTAL ASSETS $269,308 $262,412
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
 Accounts payable $ 23,083 $ 30,836
 Accrued expenses 29,697 36,968
 Current maturities of long-term
 obligations 309 422
 TOTAL CURRENT LIABILITIES 53,089 68,226
 LONG-TERM OBLIGATIONS 92,716 80,186
 SHAREHOLDERS' EQUITY
 Preferred shares 0 0
 Common shares 5,052 5,004
 Class B common shares 2,179 2,225
 Additional paid-in-capital 59,811 59,666
 Retained earnings 59,557 51,132
 Foreign currency translation adjustment (1,094) (1,671)
 Treasury Stock (2,002) (2,356)
 TOTAL SHAREHOLDERS' EQUITY 123,503 114,000
 TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY $269,308 $262,412
 INVACARE CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF EARNINGS
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (in thousands, except per share data)
 Net sales $90,305 $74,806 $169,073 $137,723
 Cost of products sold 62,304 50,539 116,782 94,441
 GROSS PROFIT 28,001 24,267 52,291 43,282
 Selling, general and
 administrative expenses 19,428 17,572 38,282 32,645
 INCOME FROM OPERATIONS 8,573 6,695 14,009 10,637
 Interest income 1,363 1,103 2,780 2,011
 Interest expense (2,064) (1,079) (4,361) (2,072)
 EARNINGS BEFORE INCOME
 TAXES 7,872 6,719 12,428 10,576
 Income taxes 2,629 2,504 4,003 3,972
 NET EARNINGS $5,243 $4,215 $8,425 $6,604
 NET EARNINGS PER SHARE $ 0.36 $ 0.30 $ 0.57 $ 0.47
 Weighted average shares
 outstanding 14,738 14,099 14,736 14,119
 -0- 7/27/93
 /CONTACT: David T. Williams, media, 216-329-6989; or Thomas R. Miklich, investors, 216-329-6111; both of Invacare Corporation/
 (IVCR)


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

BM -- CL009 -- 6042 07/27/93 08:25 EDT
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Date:Jul 27, 1993
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