-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jd/DWeKPptnJ4b8yfC8stIlEyS1cuK32SsuGc059lVb7zrz86KKVobH/HR3DYvF+ qEMGmzDWbrCEZMoz5GQm6w== 0000742112-98-000010.txt : 19980401 0000742112-98-000010.hdr.sgml : 19980401 ACCESSION NUMBER: 0000742112-98-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980331 ITEM INFORMATION: FILED AS OF DATE: 19980331 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVACARE CORP CENTRAL INDEX KEY: 0000742112 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 952680965 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-12938 FILM NUMBER: 98583941 BUSINESS ADDRESS: STREET 1: 899 CLEVELAND ST STREET 2: P O BOX 4028 CITY: ELYRIA STATE: OH ZIP: 44036 BUSINESS PHONE: 2163296000 8-K 1 INVACARE CORP 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): March 31, 1998 INVACARE CORPORATION -------------------- (Exact Name of Registrant as Specified in its Charter) OHIO ---- (State or Other Jurisdiction of Incorporation) 0-12938 95-2680965 --------------------------------------------------- (Commission File No.) (IRS Employer Identification No.) One Invacare Way, P.O. Box 4028, Elyria, Ohio --------------------------------------------- (Address of Principal Executive Offices) 44036 ----- (Zip Code) (440) 329-6000 -------------- (Registrant's Telephone Number, Including Area Code) 2 Item 5. Other Events. Invacare Corporation issued a press release on March 31, 1998, a copy of which is filed as Exhibit 99.1 Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. 99.1 Press release of Invacare Corporation dated as of March 31, 1998. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. INVACARE CORPORATION By /S/ Thomas R. Miklich ------------------------ Thomas R. Miklich Chief Financial Officer DATE: March 31, 1998 3 4 Investor Inquiries: Thomas R. Miklich Chief Financial Officer NEWS RELEASE (440) 329-6111 INVACARE FILES 1997 FORM 10K; REALLOCATES NONRECURRING CHARGE ELYRIA, OH - (March 31, 1998) - Invacare Corporation (NASDAQ: IVCR), the world's leading manufacturer and distributor of home health care products and mobility products for people with disabilities today announced that it had filed its 1997 Annual Report on Form 10K that included the reallocation of part of the non-recurring and unusual charge reported in the third quarter to the fourth quarter. The charge was taken in connection with the acceleration of certain strategic initiatives and other items which are more fully described in the Form 10K. The company stated that the reallocation had no impact on the reported earnings per share results for the year ended December 31, 1997. The net impact of the reallocation of the charge was to increase third quarter diluted earnings per share by $.30 per share and reduce fourth quarter diluted earnings per share by $.30 per share. The company's condensed consolidated statement of earnings for 1997, as well as updated statements for the third and fourth quarters of 1997, are attached hereto. The company also indicated that it is continuing to make progress as planned towards completion of all the facility consolidations previously announced, as well as other strategic initiatives it has undertaken. Invacare's headquarters are in Elyria, OH, with manufacturing plants in the United States, Australia, Canada, Germany, France, Mexico, New Zealand, Portugal, Switzerland and the United Kingdom. Products are distributed worldwide through more than 10,000 professional home care providers, institutions and retail outlets. This press release contains forward-looking statements based on current expectations which are covered under the "safe harbor" provision within the Private Securities Litigation Reform Act of 1995. Actual results and events including the acceleration of certain strategic initiatives for which a non-recurring charge has been reported, may differ from those anticipated as a result of risks and uncertainties which include, but are not limited to, pricing pressures as a result of the impact of the consolidations of health care customers and competitors and the overall economic, market and industry conditions, as well as the risks described from time to time in Invacare's reports as filed with the Securities and Exchange Commission. (more) INVACARE FILES 1997 FORM 10K; REALLOCATES NONRECURRING CHARGE - Page Four - -----------------------------------------------------------------------------
INVACARE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS As Amended Third Quarter Fourth Quarter Year 1997 1997 1997 ---------------------- ---------------------- ------------------- Net Sales $ 166,144 $ 170,754 $653,414 Cost of Products Sold 116,574 117,652 455,036 ---------------------- ---------------------- ------------------- Gross Profit 49,570 53,102 198,378 Selling, General and Administrative Expense 55,541 38,610 160,060 Non-recurring Unusual Items 21,886 7,975 29,861 ---------------------- ---------------------- ------------------- Income from Operations (27,857) 6,517 8,457 Net Interest Income (Expense) (763) (921) (3,234) ---------------------- ---------------------- ------------------- Earnings Before Income Taxes (28,620) 5,596 5,223 Income Taxes (9,560) 2,210 3,660 ---------------------- ---------------------- ------------------- NET INCOME (19,060) 3,386 1,563 ====================== ====================== =================== EARNINGS PER SHARE (.64) .11 .05 ====================== ====================== =================== Weighted Average Share Outstanding Assuming Dilution 29,580 30,425 30,374 ====================== ====================== ===================
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