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INVACARE SALES INCREASE YIELDS STRONG EARNINGS REPORT

 ELYRIA, Ohio, Oct. 26 /PRNewswire/ -- Invacare Corporation (NASDAQ-NMS: IVCR) today reported record earnings and sales for the third quarter which ended Sept. 30, 1993.
 Earnings per share for the third quarter increased 17 percent to $.42 per share from $.36 per share last year. Net income was $6.1 million, up 22 percent from the $5.0 million earned for the same period last year. Net sales for the quarter were $95.7 million compared to $79.7 million in last year's third quarter, a 20 percent increase.
 Earnings per share for the first nine months of 1993 increased 21 percent to $.99 from $.82. Net income increased 26 percent to $14.6 million from $11.6 million. Net sales increased 22 percent over the same period last year to $264.8 million from $217.4 million.
 A. Malachi Mixon III, Invacare's chairman, president and chief executive officer, said, "The upward trend for the first half of the year continued in the third quarter as double-digit domestic sales growth and expense control resulted in continued improvement in net earnings." Mixon continued, "European profitability improved in the third quarter from first-half levels as the home medical equipment market appears to have stabilized. However, results for our European operations continue to be well below plan for the year. Invacare's domestic results continue to be stronger than expected, especially in wheelchairs and respiratory products."
 Commenting on the outlook for the balance of 1993, Mixon said, "Our domestic business remains strong and the recent receipt of FDA approval for our new line of liquid oxygen products will be a plus for the fourth quarter. This combined with the stabilizing of the European market, provides a strong base for continued future growth in sales and earnings."
 The home care industry's strong presence in Washington, D.C., was reflected in the health care reform proposal unveiled by the President in September which favors home care for both acute and long-term care. Mixon noted, "I met with the President and Mrs. Clinton at the White House the day after the Administration's proposal was unveiled. They told me first hand of their commitment to keeping a strong home health care component in the minimum benefit package." Invacare is committed to continued involvement in Washington to insure that the benefits of home health care -- which is both a cost-effective and clinically appropriate alternative to institutional care -- is understood by all concerned as this proposal is further discussed and refined during the legislative process.
 Invacare Corporation is the world's leading manufacturer and distributor of home health care products. Corporate headquarters are in Elyria, Ohio, with plants in 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
 Sept. 30, Dec. 31,
 1993 1992
 (In thousands)
 ASSETS
 CURRENT ASSETS
 Cash and cash equivalents $8,836 $8,181
 Marketable securities 4,160 2,533
 Trade receivables, net 68,486 66,293
 Installment receivables, net 16,228 18,606
 Inventories 48,630 47,875
 Other current assets 8,003 8,446
 TOTAL CURRENT ASSETS 154,343 151,934
 OTHER ASSETS 15,345 9,059
 PROPERTY AND EQUIPMENT, net 51,660 51,040
 GOODWILL, net 60,335 50,379
 TOTAL ASSETS $281,683 $262,412
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
 Accounts payable $25,777 $30,836
 Accrued expenses 34,607 36,968
 Current maturities of long-term
 obligations 776 422
 TOTAL CURRENT LIABILITIES 61,160 68,226
 LONG-TERM OBLIGATIONS 92,814 80,186
 SHAREHOLDERS' EQUITY
 Preferred shares 0 0
 Common shares 5,056 5,004
 Class B common shares 2,178 2,225
 Additional paid-in-capital 59,885 59,666
 Retained earnings 65,688 51,132
 Foreign currency translation adjustment (3,096) (1,671)
 Treasury stock (2,002) (2,356)
 TOTAL SHAREHOLDERS' EQUITY 127,709 114,000
 TOTAL LIABILITIES AND SHAREHOLDERS'
 EQUITY $281,683 $262,412
 INVACARE CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF EARNINGS
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 (in thousands, except per-share data)
 Net sales $95,684 $79,694 $264,757 $217,417
 Cost of products sold 66,010 54,388 182,792 148,829
 GROSS PROFIT 29,674 25,306 81,965 68,588
 Selling, general and
 administrative expense 19,198 17,730 57,480 50,375
 INCOME FROM OPERATIONS 10,476 7,576 24,485 18,213
 Interest income 1,244 1,183 4,024 3,194
 Interest expense (2,288) (1,161) (6,649) (3,233)
 EARNINGS BEFORE INCOME
 TAXES 9,432 7,598 21,860 18,174
 Income taxes 3,301 2,575 7,304 6,547
 NET EARNINGS $6,131 $5,023 $14,556 $11,627
 NET EARNINGS PER SHARE $0.42 $0.36 $0.99 $0.82
 Weighted average shares
 outstanding 14,735 14,110 14,736 14,116
 -0- 10/26/93
 /CONTACT: David T. Williams (media), 216-329-6989, or Thomas R. Miklich (investors), 216-329-6111, both of Invacare/
 (IVCR)


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

AR-KL -- CL007 -- 6709 10/26/93 08:27 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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