Ohio
|
95-2680965
|
(State
or other jurisdiction of
incorporation
or organization)
|
(IRS
Employer Identification No)
|
One
Invacare Way, P.O. Box 4028, Elyria, Ohio
|
44036
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(440)
329-6000
|
|
(Registrant's
telephone number, including area code)
|
|
|
|
_____________________________________________________________
|
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Page
No.
|
||||
3
|
||||
4
|
||||
5
|
||||
6
|
||||
25
|
||||
34
|
||||
34
|
||||
35
|
||||
35
|
||||
35
|
||||
35
|
September
30,
2009
|
December
31,
2008
|
|||||||
ASSETS
|
(In
thousands)
|
|||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$
|
27,821
|
$
|
47,516
|
||||
Marketable
securities
|
316
|
72
|
||||||
Trade
receivables, net
|
259,223
|
266,483
|
||||||
Installment
receivables, net
|
3,820
|
4,267
|
||||||
Inventories,
net
|
183,426
|
178,737
|
||||||
Deferred
income taxes
|
2,310
|
2,051
|
||||||
Other
current assets
|
47,398
|
51,932
|
||||||
TOTAL
CURRENT ASSETS
|
524,314
|
551,058
|
||||||
OTHER
ASSETS
|
57,521
|
60,451
|
||||||
OTHER
INTANGIBLES
|
86,026
|
84,766
|
||||||
PROPERTY
AND EQUIPMENT, NET
|
139,573
|
143,512
|
||||||
GOODWILL
|
534,365
|
474,686
|
||||||
TOTAL
ASSETS
|
$
|
1,341,799
|
$
|
1,314,473
|
||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$
|
135,083
|
$
|
119,633
|
||||
Accrued
expenses
|
128,279
|
143,612
|
||||||
Accrued
income taxes
|
2,383
|
3,054
|
||||||
Short-term
debt and current maturities of long-term obligations
|
2,800
|
18,699
|
||||||
TOTAL
CURRENT LIABILITIES
|
268,545
|
284,998
|
||||||
LONG-TERM
DEBT
|
320,696
|
407,707
|
||||||
OTHER
LONG-TERM OBLIGATIONS
|
95,076
|
88,826
|
||||||
SHAREHOLDERS'
EQUITY
|
||||||||
Preferred
shares
|
-
|
-
|
||||||
Common
shares
|
8,231
|
8,119
|
||||||
Class
B common shares
|
278
|
278
|
||||||
Additional
paid-in-capital
|
224,938
|
215,279
|
||||||
Retained
earnings
|
329,031
|
306,698
|
||||||
Accumulated
other comprehensive earnings
|
148,946
|
50,789
|
||||||
Treasury
shares
|
(53,942
|
)
|
(48,221
|
)
|
||||
TOTAL
SHAREHOLDERS' EQUITY
|
657,482
|
532,942
|
||||||
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,341,799
|
$
|
1,314,473
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
(In
thousands except per share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
sales
|
$
|
434,031
|
$
|
461,836
|
$
|
1,244,567
|
$
|
1,325,266
|
||||||||
Cost
of products sold
|
302,577
|
330,905
|
886,590
|
956,954
|
||||||||||||
Gross
profit
|
131,454
|
130,931
|
357,977
|
368,312
|
||||||||||||
Selling,
general and administrative expense
|
104,344
|
106,181
|
296,416
|
308,396
|
||||||||||||
Charge
related to restructuring activities
|
1,857
|
283
|
3,757
|
1,653
|
||||||||||||
Interest
expense
|
7,760
|
10,570
|
26,096
|
32,060
|
||||||||||||
Interest
income
|
(283
|
)
|
(753
|
)
|
(1,076
|
)
|
(2,343
|
)
|
||||||||
Earnings
before income taxes
|
17,776
|
14,650
|
32,784
|
28,546
|
||||||||||||
Income
taxes
|
4,300
|
3,925
|
9,250
|
10,265
|
||||||||||||
NET
EARNINGS
|
$
|
13,476
|
$
|
10,725
|
$
|
23,534
|
$
|
18,281
|
||||||||
DIVIDENDS
DECLARED PER COMMON SHARE
|
.0125
|
.0125
|
.0375
|
.0375
|
||||||||||||
Net
earnings per share – basic
|
$
|
0.42
|
$
|
0.34
|
$
|
0.74
|
$
|
0.57
|
||||||||
Weighted
average shares outstanding - basic
|
31,970
|
31,908
|
31,945
|
31,896
|
||||||||||||
Net
earnings per share – assuming dilution
|
$
|
0.42
|
$
|
0.33
|
$
|
0.74
|
$
|
0.57
|
||||||||
Weighted
average shares outstanding - assuming dilution
|
32,004
|
32,031
|
31,952
|
31,977
|
Nine
Months Ended
September
30,
|
||||||||
2009
|
2008
|
|||||||
OPERATING
ACTIVITIES
|
(In thousands)
|
|||||||
Net
earnings
|
$
|
23,534
|
$
|
18,281
|
||||
Adjustments
to reconcile net earnings to net cash provided by
operating activities:
|
||||||||
Amortization
of convertible debt discount
|
3,062
|
2,730
|
||||||
Depreciation
and amortization
|
29,852
|
33,305
|
||||||
Provision
for losses on trade and installment receivables
|
14,157
|
10,576
|
||||||
Provision
for other deferred liabilities
|
1,976
|
2,313
|
||||||
Provision
for deferred income taxes
|
460
|
619
|
||||||
Provision
for stock-based compensation
|
3,310
|
2,173
|
||||||
Loss
(gain) on disposals of property and equipment
|
379
|
(110
|
)
|
|||||
Changes
in operating assets and liabilities:
|
||||||||
Trade
receivables
|
9,782
|
(26,799
|
)
|
|||||
Installment
sales contracts, net
|
(2,821
|
)
|
(3,082
|
)
|
||||
Inventories
|
6,131
|
(18,047
|
)
|
|||||
Other
current assets
|
9,257
|
4,436
|
||||||
Accounts
payable
|
9,613
|
(8,002
|
)
|
|||||
Accrued
expenses
|
(22,585
|
)
|
785
|
|||||
Other
deferred liabilities
|
(100
|
)
|
(3,544
|
)
|
||||
NET
CASH PROVIDED BY OPERATING ACTIVITIES
|
86,007
|
15,634
|
||||||
INVESTING
ACTIVITIES
|
||||||||
Purchases
of property and equipment
|
(10,516
|
)
|
(15,007
|
)
|
||||
Proceeds
from sale of property and equipment
|
1,111
|
58
|
||||||
Other
long term assets
|
(461
|
)
|
4,470
|
|||||
Business
acquisitions, net of cash acquired
|
-
|
(2,152
|
)
|
|||||
Other
|
(270
|
)
|
1,348
|
|||||
NET
CASH USED FOR INVESTING ACTIVITIES
|
(10,136
|
)
|
(11,283
|
)
|
||||
FINANCING
ACTIVITIES
|
||||||||
Proceeds
from revolving lines of credit and long-term borrowings
|
274,420
|
266,054
|
||||||
Payments
on revolving lines of credit, long-term borrowings and capital lease
obligations
|
(373,335
|
)
|
(294,448
|
)
|
||||
Proceeds
from exercise of stock options
|
1,001
|
834
|
||||||
Payment
of dividends
|
(1,201
|
)
|
(1,199
|
)
|
||||
NET
CASH USED BY FINANCING ACTIVITIES
|
(99,115
|
)
|
(28,759
|
)
|
||||
Effect
of exchange rate changes on cash
|
3,549
|
(412
|
)
|
|||||
Decrease
in cash and cash equivalents
|
(19,695
|
)
|
(24,820
|
)
|
||||
Cash
and cash equivalents at beginning of period
|
47,516
|
62,200
|
||||||
Cash
and cash equivalents at end of period
|
$
|
27,821
|
$
|
37,380
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Revenues
from external customers
|
||||||||||||||||
North
America / HME
|
$
|
185,072
|
$
|
191,218
|
$
|
559,851
|
$
|
554,162
|
||||||||
Invacare
Supply Group
|
70,825
|
67,604
|
204,688
|
197,383
|
||||||||||||
Institutional
Products Group
|
23,462
|
26,320
|
67,469
|
74,794
|
||||||||||||
Europe
|
134,604
|
151,478
|
360,209
|
423,458
|
||||||||||||
Asia/Pacific
|
20,068
|
25,216
|
52,350
|
75,469
|
||||||||||||
Consolidated
|
$
|
434,031
|
$
|
461,836
|
$
|
1,244,567
|
$
|
1,325,266
|
||||||||
Intersegment
Revenues
|
||||||||||||||||
North
America / HME
|
$
|
21,775
|
$
|
15,456
|
$
|
50,459
|
$
|
43,843
|
||||||||
Invacare
Supply Group
|
16
|
189
|
214
|
424
|
||||||||||||
Institutional
Products Group
|
561
|
694
|
1,711
|
2,077
|
||||||||||||
Europe
|
2,868
|
2,549
|
6,719
|
9,688
|
||||||||||||
Asia/Pacific
|
7,331
|
8,499
|
22,724
|
24,369
|
||||||||||||
Consolidated
|
$
|
32,551
|
$
|
27,387
|
$
|
81,827
|
$
|
80,401
|
||||||||
Charge
related to restructuring before income taxes
|
||||||||||||||||
North
America / HME
|
$
|
(80
|
)
|
$
|
(153
|
)
|
$
|
255
|
$
|
102
|
||||||
Invacare
Supply Group
|
60
|
1,598
|
60
|
1,598
|
||||||||||||
Institutional
Products Group
|
-
|
-
|
171
|
115
|
||||||||||||
Europe
|
1,810
|
213
|
2,434
|
996
|
||||||||||||
Asia/Pacific
|
365
|
223
|
1,135
|
511
|
||||||||||||
Consolidated
|
$
|
2,155
|
$
|
1,881
|
$
|
4,055
|
$
|
3,322
|
||||||||
Earnings
(loss) before income taxes
|
||||||||||||||||
North
America / HME
|
$
|
9,679
|
$
|
3,720
|
$
|
24,986
|
$
|
10,905
|
||||||||
Invacare
Supply Group
|
1,567
|
(323
|
)
|
3,442
|
470
|
|||||||||||
Institutional
Products Group
|
3,629
|
1,654
|
6,721
|
3,023
|
||||||||||||
Europe
|
12,372
|
15,736
|
23,393
|
33,344
|
||||||||||||
Asia/Pacific
|
468
|
2,565
|
131
|
6,788
|
||||||||||||
All
Other *
|
(9,939
|
)
|
(8,702
|
)
|
(25,889
|
)
|
(25,984
|
)
|
||||||||
Consolidated
|
$
|
17,776
|
$
|
14,650
|
$
|
32,784
|
$
|
28,546
|
|
“All
Other” consists of un-allocated corporate selling, general and
administrative costs, which do not meet the quantitative criteria for
determining reportable
segments.
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(In
thousands, except per share
data)
|
||||||||||||||||
Basic
|
||||||||||||||||
Average
common shares outstanding
|
31,970
|
31,908
|
31,945
|
31,896
|
||||||||||||
Net
earnings
|
$
|
13,476
|
$
|
10,725
|
$
|
23,534
|
$
|
18,281
|
||||||||
Net
earnings per common share
|
$
|
0.42
|
$
|
0.34
|
$
|
0.74
|
$
|
0.57
|
||||||||
Diluted
|
||||||||||||||||
Average
common shares outstanding
|
31,970
|
31,908
|
31,945
|
31,896
|
||||||||||||
Stock
options and awards
|
34
|
123
|
7
|
81
|
||||||||||||
Average
common shares assuming dilution
|
32,004
|
32,031
|
31,952
|
31,977
|
||||||||||||
Net
earnings
|
$
|
13,476
|
$
|
10,725
|
$
|
23,534
|
$
|
18,281
|
||||||||
Net
earnings per common share
|
$
|
0.42
|
$
|
0.33
|
$
|
0.74
|
$
|
0.57
|
September
30, 2009
|
December
31, 2008
|
|||||||||||||||
Historical
Cost
|
Accumulated
Amortization
|
Historical
Cost
|
Accumulated
Amortization
|
|||||||||||||
Customer
lists
|
$
|
78,118
|
$
|
34,512
|
$
|
72,155
|
$
|
28,526
|
||||||||
Trademarks
|
34,548
|
—
|
30,934
|
—
|
||||||||||||
License
agreements
|
4,323
|
4,015
|
5,494
|
4,688
|
||||||||||||
Developed
technology
|
7,207
|
2,305
|
6,698
|
1,942
|
||||||||||||
Patents
|
7,868
|
6,178
|
6,761
|
4,790
|
||||||||||||
Other
|
5,874
|
4,902
|
8,890
|
6,220
|
||||||||||||
$
|
137,938
|
$
|
51,912
|
$
|
130,932
|
$
|
46,166
|
Nine
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Stock-based
compensation expense recognized as part of selling, general and
administrative expense
|
$
|
1,528
|
$
|
894
|
$
|
3,310
|
$
|
2,173
|
2009
|
Weighted
Average
Exercise
Price
|
|||||||
Options
outstanding at January 1
|
4,910,547
|
$
|
29.38
|
|||||
Granted
|
738,708
|
20.73
|
||||||
Exercised
|
(346,163
|
)
|
18.63
|
|||||
Cancelled
|
(421,595
|
)
|
23.16
|
|||||
Options
outstanding at September 30
|
4,881,497
|
$
|
29.10
|
|||||
Options
price range at September 30
|
$
|
10.70
to
|
||||||
$
|
47.80
|
|||||||
Options
exercisable at September 30
|
3,325,662
|
|||||||
Options
available for grant at September 30*
|
3,036,340
|
Options
Outstanding
|
Options
Exercisable
|
|||||||||||||||||||||
Weighted
|
||||||||||||||||||||||
Number
Outstanding
|
Average
Remaining
|
Weighted
Average
|
Number
Exercisable
|
Weighted
Average
|
||||||||||||||||||
Exercise
Prices
|
At
9/30/09
|
Contractual
Life
|
Exercise
Price
|
At
9/30/09
|
Exercise
Price
|
|||||||||||||||||
$
|
10.70
- $16.03
|
25,195
|
2.7
years
|
$
|
11.08
|
1,053
|
$
|
16.03
|
||||||||||||||
$
|
16.26
- $23.71
|
2,015,469
|
6.8
|
$
|
21.91
|
943,113
|
$
|
22.81
|
||||||||||||||
$
|
24.43
- $36.40
|
1,635,409
|
4.7
|
$
|
29.05
|
1,176,072
|
$
|
30.28
|
||||||||||||||
$
|
37.70
- $47.80
|
1,205,424
|
4.9
|
$
|
41.57
|
1,205,424
|
$
|
41.57
|
||||||||||||||
Total
|
4,881,497
|
5.6
|
$
|
29.10
|
3,325,662
|
$
|
32.25
|
Balance
as of January 1, 2009
|
$
|
16,798
|
||
Warranties
provided during the period
|
9,317
|
|||
Settlements
made during the period
|
(7,055
|
)
|
||
Changes
in liability for pre-existing warranties during the period, including
expirations
|
1,722
|
|||
Balance
as of September 30, 2009
|
$
|
20,782
|
Severance
|
Product
Line
Discontinuance
|
Contract
Terminations
|
Other
|
Total
|
||||||||||||||||
January
1, 2006 Balance
|
||||||||||||||||||||
NA/HME
|
$
|
2,130
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
2,130
|
||||||||||
ISG
|
112
|
—
|
165
|
—
|
277
|
|||||||||||||||
Europe
|
799
|
—
|
—
|
—
|
799
|
|||||||||||||||
Asia/Pacific
|
63
|
—
|
—
|
—
|
63
|
|||||||||||||||
Total
|
$
|
3,104
|
$
|
—
|
$
|
165
|
$
|
—
|
$
|
3,269
|
||||||||||
Accruals
|
||||||||||||||||||||
NA/HME
|
5,549
|
2,719
|
1,346
|
—
|
9,614
|
|||||||||||||||
ISG
|
457
|
552
|
—
|
—
|
1,009
|
|||||||||||||||
IPG
|
38
|
—
|
—
|
—
|
38
|
|||||||||||||||
Europe
|
5,208
|
455
|
—
|
2,995
|
8,658
|
|||||||||||||||
Asia/Pacific
|
621
|
557
|
745
|
8
|
1,931
|
|||||||||||||||
Total
|
$
|
11,873
|
$
|
4,283
|
$
|
2,091
|
$
|
3,003
|
$
|
21,250
|
||||||||||
Payments
|
||||||||||||||||||||
NA/HME
|
(6,320
|
)
|
(682
|
)
|
(789
|
)
|
—
|
(7,791
|
)
|
|||||||||||
ISG
|
(403
|
)
|
(552
|
)
|
(165
|
)
|
—
|
(1,120
|
)
|
|||||||||||
IPG
|
(38
|
)
|
—
|
—
|
—
|
(38
|
)
|
|||||||||||||
Europe
|
(2,273
|
)
|
(455
|
)
|
—
|
(2,995
|
)
|
(5,723
|
)
|
|||||||||||
Asia/Pacific
|
(684
|
)
|
(557
|
)
|
(623
|
)
|
(8
|
)
|
(1,872
|
)
|
||||||||||
Total
|
$
|
(9,718
|
)
|
$
|
(2,246
|
)
|
$
|
(1,577
|
)
|
$
|
(3,003
|
)
|
$
|
(16,544
|
)
|
|||||
Severance
|
Product
Line
Discontinuance
|
Contract
Terminations
|
Other
|
Total
|
||||||||||||||||
December 31,
2006 Balance
|
||||||||||||||||||||
NA/HME
|
1,359
|
2,037
|
557
|
—
|
3,953
|
|||||||||||||||
ISG
|
166
|
—
|
—
|
—
|
166
|
|||||||||||||||
Europe
|
3,734
|
—
|
—
|
—
|
3,734
|
|||||||||||||||
Asia/Pacific
|
—
|
—
|
122
|
—
|
122
|
|||||||||||||||
Total
|
$
|
5,259
|
$
|
2,037
|
$
|
679
|
$
|
—
|
$
|
7,975
|
||||||||||
Accruals
|
||||||||||||||||||||
NA/HME
|
3,705
|
178
|
(19
|
)
|
—
|
3,864
|
||||||||||||||
ISG
|
67
|
—
|
—
|
—
|
67
|
|||||||||||||||
IPG
|
19
|
—
|
98
|
55
|
172
|
|||||||||||||||
Europe
|
862
|
386
|
—
|
3,247
|
4,495
|
|||||||||||||||
Asia/Pacific
|
1,258
|
1,253
|
299
|
—
|
2,810
|
|||||||||||||||
Total
|
$
|
5,911
|
$
|
1,817
|
$
|
378
|
$
|
3,302
|
$
|
11,408
|
||||||||||
Payments
|
||||||||||||||||||||
NA/HME
|
(4,362
|
)
|
(2,183
|
)
|
(172
|
)
|
—
|
(6,717
|
)
|
|||||||||||
ISG
|
(228
|
)
|
—
|
—
|
—
|
(228
|
)
|
|||||||||||||
IPG
|
(19
|
)
|
—
|
(98
|
)
|
(55
|
)
|
(172
|
)
|
|||||||||||
Europe
|
(4,591
|
)
|
(386
|
)
|
—
|
(3,202
|
)
|
(8,179
|
)
|
|||||||||||
Asia/Pacific
|
(746
|
)
|
(1,253
|
)
|
(382
|
)
|
—
|
(2,381
|
)
|
|||||||||||
Total
|
$
|
(9,946
|
)
|
$
|
(3,822
|
)
|
$
|
(652
|
)
|
$
|
(3,257
|
)
|
$
|
(17,677
|
)
|
|||||
December 31,
2007 Balance
|
||||||||||||||||||||
NA/HME
|
702
|
32
|
366
|
—
|
1,100
|
|||||||||||||||
ISG
|
5
|
—
|
—
|
—
|
5
|
|||||||||||||||
Europe
|
5
|
—
|
—
|
45
|
50
|
|||||||||||||||
Asia/Pacific
|
512
|
—
|
39
|
—
|
551
|
|||||||||||||||
Total
|
$
|
1,224
|
$
|
32
|
$
|
405
|
$
|
45
|
$
|
1,706
|
||||||||||
Accruals
|
||||||||||||||||||||
NA/HME
|
217
|
—
|
(15
|
)
|
—
|
202
|
||||||||||||||
ISG
|
—
|
1,598
|
—
|
—
|
1,598
|
|||||||||||||||
IPG
|
—
|
—
|
115
|
—
|
115
|
|||||||||||||||
Europe
|
1,371
|
208
|
—
|
649
|
2,228
|
|||||||||||||||
Asia/Pacific
|
522
|
11
|
90
|
—
|
623
|
|||||||||||||||
Total
|
$
|
2,110
|
$
|
1,817
|
$
|
190
|
$
|
649
|
$
|
4,766
|
||||||||||
Payments
|
||||||||||||||||||||
NA/HME
|
(693
|
)
|
(31
|
)
|
(195
|
)
|
—
|
(919
|
)
|
|||||||||||
ISG
|
(5
|
)
|
(1,598
|
)
|
—
|
—
|
(1,603
|
)
|
||||||||||||
IPG
|
—
|
—
|
(115
|
)
|
—
|
(115
|
)
|
|||||||||||||
Europe
|
(829
|
)
|
(208
|
)
|
—
|
(574
|
)
|
(1,611
|
)
|
|||||||||||
Asia/Pacific
|
(1,034
|
)
|
(11
|
)
|
(129
|
)
|
—
|
(1,174
|
)
|
|||||||||||
Total
|
$
|
(2,561
|
)
|
$
|
(1,848
|
)
|
$
|
(439
|
)
|
$
|
(574
|
)
|
$
|
(5,422
|
)
|
|||||
Severance
|
Product
Line
Discontinuance
|
Contract
Terminations
|
Other
|
Total
|
||||||||||||||||
December 31,
2008 Balance
|
||||||||||||||||||||
NA/HME
|
226
|
1
|
156
|
—
|
383
|
|||||||||||||||
Europe
|
547
|
—
|
—
|
120
|
667
|
|||||||||||||||
Total
|
$
|
773
|
$
|
1
|
$
|
156
|
$
|
120
|
$
|
1,050
|
||||||||||
Accruals
|
||||||||||||||||||||
NA/HME
|
255
|
—
|
—
|
—
|
255
|
|||||||||||||||
ISG
|
60
|
—
|
—
|
—
|
60
|
|||||||||||||||
IPG
|
171
|
—
|
—
|
—
|
171
|
|||||||||||||||
Europe
|
986
|
—
|
—
|
1,448
|
2,434
|
|||||||||||||||
Asia/Pacific
|
1,105
|
—
|
30
|
—
|
1,135
|
|||||||||||||||
Total
|
$
|
2,577
|
$
|
—
|
$
|
30
|
$
|
1,448
|
$
|
4,055
|
||||||||||
Payments
|
||||||||||||||||||||
NA/HME
|
(481
|
)
|
—
|
(50
|
)
|
—
|
(531
|
)
|
||||||||||||
ISG
|
(60
|
)
|
—
|
—
|
—
|
(60
|
)
|
|||||||||||||
IPG
|
(56
|
)
|
—
|
—
|
—
|
(56
|
)
|
|||||||||||||
Europe
|
(887
|
)
|
—
|
—
|
(927
|
)
|
(1,814
|
)
|
||||||||||||
Asia/Pacific
|
(1,105
|
)
|
—
|
(30
|
)
|
—
|
(1,135
|
)
|
||||||||||||
Total
|
$
|
(2,589
|
)
|
$
|
—
|
$
|
(80
|
)
|
$
|
(927
|
)
|
$
|
(3,596
|
)
|
||||||
September 30,
2009 Balance
|
||||||||||||||||||||
NA/HME
|
—
|
1
|
106
|
—
|
107
|
|||||||||||||||
IPG
|
115
|
—
|
—
|
—
|
115
|
|||||||||||||||
Europe
|
646
|
—
|
—
|
641
|
1,287
|
|||||||||||||||
Asia/Pacific
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Total
|
$
|
761
|
$
|
1
|
$
|
106
|
$
|
641
|
$
|
1,509
|
||||||||||
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
||||||||||||||||
2009
|
2008
|
2009
|
2008
|
||||||||||||||
Net
earnings
|
$
|
13,476
|
$
|
10,725
|
$
|
23,534
|
$
|
18,281
|
|||||||||
Foreign
currency translation gain (loss)
|
22,544
|
(57,500
|
)
|
94,494
|
(19,714
|
)
|
|||||||||||
Unrealized
gain (loss) on available for sale securities
|
115
|
19
|
162
|
(60
|
)
|
||||||||||||
SERP/DBO
amortization of prior service costs and unrecognized
losses
|
249
|
647
|
440
|
1,746
|
|||||||||||||
Current
period unrealized gain on cash flow hedges
|
1,124
|
1,338
|
3,061
|
829
|
|||||||||||||
Total
comprehensive earnings (loss)
|
$
|
37,508
|
$
|
(44,771
|
)
|
$
|
121,691
|
$
|
1,082
|
|
September
30,
2009
|
December
31, 2008
|
||||||
Finished
goods
|
$
|
114,568
|
$
|
99,486
|
||||
Raw
Materials
|
57,929
|
64,493
|
||||||
Work
in Process
|
10,929
|
14,758
|
||||||
$
|
183,426
|
$
|
178,737
|
September
30, 2009
|
December
31, 2008
|
|||||||
Machinery
and equipment
|
$
|
323,086
|
$
|
308,532
|
||||
Land,
buildings and improvements
|
95,353
|
90,410
|
||||||
Furniture
and fixtures
|
26,549
|
25,041
|
||||||
Leasehold
improvements
|
14,473
|
15,720
|
||||||
459,461
|
439,703
|
|||||||
Less
allowance for depreciation
|
(319,888
|
)
|
(296,191
|
)
|
||||
$
|
139,573
|
$
|
143,512
|
Notional
Amount
|
Unrealized
Gain (Loss)
|
|||||||
USD
/ AUD
|
$
|
2,124
|
$
|
(544
|
)
|
|||
USD
/ CAD
|
12,612
|
106
|
||||||
USD
/ EUR
|
11,841
|
(601
|
)
|
|||||
USD
/ GBP
|
4,257
|
(498
|
)
|
|||||
USD
/ NZD
|
2,794
|
461
|
||||||
USD
/ SEK
|
1,369
|
234
|
||||||
USD
/ MXN
|
2,326
|
204
|
||||||
EUR
/ CHF
|
2,733
|
(24
|
)
|
|||||
EUR
/ GBP
|
2,592
|
(94
|
)
|
|||||
EUR
/ SEK
|
4,711
|
279
|
||||||
EUR
/ NZD
|
2,581
|
428
|
||||||
GBP
/ CHF
|
519
|
4
|
||||||
GBP
/ SEK
|
991
|
64
|
||||||
GBP
/ DKK
|
800
|
(34
|
)
|
|||||
DKK
/ SEK
|
1,669
|
64
|
||||||
DKK
/ NOK
|
582
|
(4
|
)
|
|||||
NOK
/ CHF
|
912
|
(31
|
)
|
|||||
NOK
/ SEK
|
956
|
12
|
||||||
$
|
56,369
|
$
|
26
|
Notional
Amount
|
Unrealized
Gain (Loss)
|
|||||||
CAD
/ USD
|
$
|
16,052
|
$
|
289
|
||||
EUR
/ USD
|
12,022
|
202
|
||||||
SEK
/ USD
|
24,799
|
25
|
||||||
NZD
/ USD
|
6,161
|
(37
|
)
|
|||||
$
|
59,034
|
$
|
479
|
|
Assets
|
Liabilities
|
||||||
Derivatives
designated as hedging instruments under ASC 815
|
||||||||
Foreign
currency forward contracts
|
$
|
3,102
|
$
|
3,076
|
||||
Derivatives
not designated as hedging instruments under ASC 815
|
||||||||
Foreign
currency forward contracts
|
537
|
59
|
||||||
Total
derivatives
|
$
|
3,639
|
$
|
3,135
|
Derivatives
in ASC 815 cash flow hedge relationships
|
Amount
of Gain (Loss) Recognized in OCI on Derivatives (Effective
Portion)
|
Amount
of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective
Portion)
|
Amount
of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion
and Amount Excluded from Effectiveness Testing)
|
|||||||||
Three
months ended September 30
|
||||||||||||
Foreign
currency forward contracts
|
$
|
954
|
$
|
(345
|
)
|
$
|
-
|
|||||
Interest
rate swap contracts
|
857
|
(426
|
)
|
-
|
||||||||
$
|
1,811
|
$
|
(771
|
)
|
$
|
-
|
Nine
months ended September 30
|
||||||||||||
Foreign
currency forward contracts
|
$
|
587
|
$
|
(277
|
)
|
$
|
-
|
|||||
Interest
rate swap contracts
|
5,556
|
(2,819
|
)
|
-
|
||||||||
$
|
6,143
|
$
|
(3,096
|
)
|
$
|
-
|
Derivatives
not designated as hedging instruments under ASC 815
|
Amount
of Gain (Loss) Recognized in Income on Derivatives
|
|||
Three
months ended September 30
|
||||
Foreign
currency forward contracts
|
$
|
(78
|
)
|
|
Nine
months ended September 30
|
||||
Foreign
currency forward contracts
|
$
|
2,425
|
Basis
for Fair Value Measurements at Reporting Date
|
||||||||||||||||
Quoted
Prices in Active Markets for Identical Assets /
(Liabilities)
|
Significant
Other Observable Inputs
|
Significant
Other Unobservable Inputs
|
||||||||||||||
September
30, 2009
|
Level
I
|
Level
II
|
Level
III
|
|||||||||||||
Marketable
Securities
|
$
|
316
|
$
|
316
|
$
|
-
|
$
|
-
|
||||||||
Forward
Exchange Contracts
|
504
|
-
|
504
|
-
|
||||||||||||
Total
|
$
|
820
|
$
|
316
|
$
|
504
|
$
|
-
|
September
30, 2009
|
December
31, 2008
|
|||||||||||||||
Carrying
Value
|
Fair
Value
|
Carrying
Value
|
Fair
Value
|
|||||||||||||
Cash
and cash equivalents
|
$
|
27,821
|
$
|
27,821
|
$
|
47,516
|
$
|
47,516
|
||||||||
Marketable
securities
|
316
|
316
|
72
|
72
|
||||||||||||
Other
investments
|
7,470
|
7,470
|
8,657
|
8,657
|
||||||||||||
Installment
receivables, net
|
8,065
|
8,065
|
9,946
|
9,946
|
||||||||||||
Long-term
debt (including current maturities of long-term debt)
|
(323,496
|
)
|
(451,870
|
)
|
(426,406
|
)
|
(321,729
|
)
|
||||||||
Interest
rate swaps
|
-
|
-
|
(2,737
|
)
|
(2,737
|
)
|
||||||||||
Forward
contracts in Other Current Assets
|
3,639
|
3,639
|
1,413
|
1,413
|
||||||||||||
Forward
contracts in accrued expenses
|
(3,135
|
)
|
(3,135
|
)
|
(1,719
|
)
|
(1,719
|
)
|
(in
thousands)
Three
month period ended September 30, 2009
|
The
Company (Parent)
|
Combined
Guarantor Subsidiaries
|
Combined
Non-Guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net
sales
|
$
|
104,511
|
$
|
171,241
|
$
|
181,938
|
$
|
(23,659
|
)
|
$
|
434,031
|
|||||||||
Cost
of products sold
|
74,084
|
133,629
|
118,540
|
(23,676
|
)
|
302,577
|
||||||||||||||
Gross
Profit
|
30,427
|
37,612
|
63,398
|
17
|
131,454
|
|||||||||||||||
Selling,
general and administrative expenses
|
43,607
|
21,650
|
39,087
|
-
|
104,344
|
|||||||||||||||
Charge
related to restructuring activities
|
(80
|
)
|
60
|
1,877
|
-
|
1,857
|
||||||||||||||
Income
(loss) from equity investee
|
33,209
|
9,365
|
(3,615
|
)
|
(38,959
|
)
|
-
|
|||||||||||||
Interest
expense - net
|
6,277
|
(849
|
)
|
2,049
|
-
|
7,477
|
||||||||||||||
Earnings
(loss) before Income Taxes
|
13,832
|
26,116
|
16,770
|
(38,942
|
)
|
17,776
|
||||||||||||||
Income
taxes
|
356
|
100
|
3,844
|
-
|
4,300
|
|||||||||||||||
Net
Earnings (loss)
|
$
|
13,476
|
$
|
26,016
|
$
|
12,926
|
$
|
(38,942
|
)
|
$
|
13,476
|
|||||||||
Three
month period ended September 30, 2008
|
||||||||||||||||||||
Net
sales
|
$
|
100,366
|
$
|
169,877
|
$
|
210,841
|
$
|
(19,248
|
)
|
$
|
461,836
|
|||||||||
Cost
of products sold
|
74,605
|
136,829
|
138,637
|
(19,166
|
)
|
330,905
|
||||||||||||||
Gross
Profit
|
25,761
|
33,048
|
72,204
|
(82
|
)
|
130,931
|
||||||||||||||
Selling,
general and administrative expenses
|
29,717
|
34,062
|
42,402
|
-
|
106,181
|
|||||||||||||||
Charge
related to restructuring activities
|
(155
|
)
|
-
|
438
|
-
|
283
|
||||||||||||||
Income
(loss) from equity investee
|
22,561
|
12,097
|
16,205
|
(50,863
|
)
|
-
|
||||||||||||||
Interest
expense - net
|
8,024
|
(451
|
)
|
2,244
|
-
|
9,817
|
||||||||||||||
Earnings
(loss) before Income Taxes
|
10,736
|
11,534
|
43,325
|
(50,945
|
)
|
14,650
|
||||||||||||||
Income
taxes
|
11
|
300
|
3,614
|
-
|
3,925
|
|||||||||||||||
Net
Earnings (loss)
|
$
|
10,725
|
$
|
11,234
|
$
|
39,711
|
$
|
(50,945
|
)
|
$
|
10,725
|
(in
thousands)
Nine
month period ended September 30, 2009
|
The
Company (Parent)
|
Combined
Guarantor Subsidiaries
|
Combined
Non-Guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net
sales
|
$
|
288,590
|
$
|
522,818
|
$
|
491,486
|
$
|
(58,327
|
)
|
$
|
1,244,567
|
|||||||||
Cost
of products sold
|
205,662
|
411,488
|
327,891
|
(58,451
|
)
|
886,590
|
||||||||||||||
Gross
Profit
|
82,928
|
111,330
|
163,595
|
124
|
357,977
|
|||||||||||||||
Selling,
general and administrative expenses
|
103,802
|
80,907
|
111,707
|
-
|
296,416
|
|||||||||||||||
Charge
related to restructuring activities
|
255
|
60
|
3,442
|
-
|
3,757
|
|||||||||||||||
Income
(loss) from equity investee
|
67,216
|
15,661
|
(9,848
|
)
|
(73,029
|
)
|
-
|
|||||||||||||
Interest
expense - net
|
21,467
|
(2,085
|
)
|
5,638
|
-
|
25,020
|
||||||||||||||
Earnings
(loss) before Income Taxes
|
24,620
|
48,109
|
32,960
|
(72,905
|
)
|
32,784
|
||||||||||||||
Income
taxes
|
1,086
|
300
|
7,864
|
-
|
9,250
|
|||||||||||||||
Net
Earnings (loss)
|
$
|
23,534
|
$
|
47,809
|
$
|
25,096
|
$
|
(72,905
|
)
|
$
|
23,534
|
|||||||||
Nine
month period ended September 30, 2008
|
||||||||||||||||||||
Net
sales
|
$
|
272,946
|
$
|
509,923
|
$
|
599,262
|
$
|
(56,865
|
)
|
$
|
1,325,266
|
|||||||||
Cost
of products sold
|
204,993
|
409,707
|
399,078
|
(56,824
|
)
|
956,954
|
||||||||||||||
Gross
Profit
|
67,953
|
100,216
|
200,184
|
(41
|
)
|
368,312
|
||||||||||||||
Selling,
general and administrative expenses
|
87,256
|
93,193
|
127,947
|
-
|
308,396
|
|||||||||||||||
Charge
related to restructuring activities
|
100
|
-
|
1,553
|
-
|
1,653
|
|||||||||||||||
Income
(loss) from equity investee
|
61,570
|
31,448
|
8,750
|
(101,768
|
)
|
-
|
||||||||||||||
Interest
expense - net
|
23,036
|
(1,124
|
)
|
7,805
|
-
|
29,717
|
||||||||||||||
Earnings
(loss) before Income Taxes
|
19,131
|
39,595
|
71,629
|
(101,809
|
)
|
28,546
|
||||||||||||||
Income
taxes
|
850
|
900
|
8,515
|
-
|
10,265
|
|||||||||||||||
Net
Earnings (loss)
|
$
|
18,281
|
$
|
38,695
|
$
|
63,114
|
$
|
(101,809
|
)
|
$
|
18,281
|
(in
thousands)
September
30, 2009
|
The
Company (Parent)
|
Combined
Guarantor Subsidiaries
|
Combined
Non-Guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Current
Assets
|
||||||||||||||||||||
Cash
and cash equivalents
|
$
|
3,583
|
$
|
2,477
|
$
|
21,761
|
$
|
-
|
$
|
27,821
|
||||||||||
Marketable
securities
|
316
|
-
|
-
|
-
|
316
|
|||||||||||||||
Trade
receivables, net
|
98,526
|
65,518
|
101,427
|
(6,248
|
)
|
259,223
|
||||||||||||||
Installment
receivables, net
|
-
|
1,163
|
2,657
|
-
|
3,820
|
|||||||||||||||
Inventories,
net
|
45,924
|
38,610
|
100,199
|
(1,307
|
)
|
183,426
|
||||||||||||||
Deferred
income taxes
|
-
|
-
|
2,310
|
-
|
2,310
|
|||||||||||||||
Other
current assets
|
17,467
|
6,703
|
24,616
|
(1,388
|
)
|
47,398
|
||||||||||||||
Total
Current Assets
|
165,816
|
114,471
|
252,970
|
(8,943
|
)
|
524,314
|
||||||||||||||
Investment
in subsidiaries
|
1,451,170
|
648,542
|
-
|
(2,099,712
|
)
|
-
|
||||||||||||||
Intercompany
advances, net
|
132,328
|
949,522
|
90,961
|
(1,172,811
|
)
|
-
|
||||||||||||||
Other
Assets
|
52,216
|
4,101
|
1,204
|
-
|
57,521
|
|||||||||||||||
Other
Intangibles
|
1,519
|
8,448
|
76,059
|
-
|
86,026
|
|||||||||||||||
Property
and Equipment, net
|
49,195
|
9,335
|
81,043
|
-
|
139,573
|
|||||||||||||||
Goodwill
|
4,868
|
24,634
|
504,863
|
-
|
534,365
|
|||||||||||||||
Total
Assets
|
$
|
1,857,112
|
$
|
1,759,053
|
$
|
1,007,100
|
$
|
(3,281,466
|
)
|
$
|
1,341,799
|
|||||||||
Liabilities
and Shareholders’ Equity
|
||||||||||||||||||||
Current
Liabilities
|
||||||||||||||||||||
Accounts
payable
|
$
|
73,146
|
$
|
13,688
|
$
|
48,249
|
$
|
-
|
$
|
135,083
|
||||||||||
Accrued
expenses
|
34,982
|
22,448
|
78,485
|
(7,636
|
)
|
128,279
|
||||||||||||||
Accrued
income taxes
|
500
|
-
|
1,883
|
-
|
2,383
|
|||||||||||||||
Short-term
debt and current maturities of long-term obligations
|
2,191
|
-
|
609
|
-
|
2,800
|
|||||||||||||||
Total
Current Liabilities
|
110,819
|
36,136
|
129,226
|
(7,636
|
)
|
268,545
|
||||||||||||||
Long-Term
Debt
|
310,580
|
-
|
10,116
|
-
|
320,696
|
|||||||||||||||
Other
Long-Term Obligations
|
46,997
|
2,040
|
46,039
|
-
|
95,076
|
|||||||||||||||
Intercompany
advances, net
|
731,234
|
403,262
|
38,315
|
(1,172,811
|
)
|
-
|
||||||||||||||
Total
Shareholders’ Equity
|
657,482
|
1,317,615
|
783,404
|
(2,101,019
|
)
|
657,482
|
||||||||||||||
Total
Liabilities and Shareholders’ Equity
|
$
|
1,857,112
|
$
|
1,759,053
|
$
|
1,007,100
|
$
|
(3,281,466
|
)
|
$
|
1,341,799
|
(in
thousands)
December
31, 2008
|
The
Company (Parent)
|
Combined
Guarantor Subsidiaries
|
Combined
Non-Guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Current
Assets
|
||||||||||||||||||||
Cash
and cash equivalents
|
$
|
10,920
|
$
|
2,284
|
$
|
34,312
|
$
|
-
|
$
|
47,516
|
||||||||||
Marketable
securities
|
72
|
-
|
-
|
-
|
72
|
|||||||||||||||
Trade
receivables, net
|
114,961
|
56,037
|
101,301
|
(5,816
|
)
|
266,483
|
||||||||||||||
Installment
receivables, net
|
-
|
1,559
|
2,708
|
-
|
4,267
|
|||||||||||||||
Inventories,
net
|
49,243
|
37,320
|
93,586
|
(1,412
|
)
|
178,737
|
||||||||||||||
Deferred
income taxes
|
-
|
-
|
2,051
|
-
|
2,051
|
|||||||||||||||
Other
current assets
|
15,210
|
6,358
|
30,364
|
-
|
51,932
|
|||||||||||||||
Total
Current Assets
|
190,406
|
103,558
|
264,322
|
(7,228
|
)
|
551,058
|
||||||||||||||
Investment
in subsidiaries
|
1,350,463
|
683,148
|
-
|
(2,033,611
|
)
|
-
|
||||||||||||||
Intercompany
advances, net
|
191,209
|
844,433
|
66,851
|
(1,102,493
|
)
|
-
|
||||||||||||||
Other
Assets
|
53,793
|
5,425
|
1,233
|
-
|
60,451
|
|||||||||||||||
Other
Intangibles
|
2,778
|
9,722
|
72,266
|
-
|
84,766
|
|||||||||||||||
Property
and Equipment, net
|
52,632
|
9,753
|
81,127
|
-
|
143,512
|
|||||||||||||||
Goodwill
|
4,975
|
24,293
|
445,418
|
-
|
474,686
|
|||||||||||||||
Total
Assets
|
1,846,256
|
$
|
1,680,332
|
$
|
931,217
|
$
|
(3,143,332
|
)
|
$
|
1,314,473
|
||||||||||
Liabilities
and Shareholders’ Equity
|
||||||||||||||||||||
Current
Liabilities
|
||||||||||||||||||||
Accounts
payable
|
$
|
59,779
|
$
|
12,734
|
$
|
47,120
|
$
|
-
|
$
|
119,633
|
||||||||||
Accrued
expenses
|
50,034
|
24,208
|
75,186
|
(5,816
|
)
|
143,612
|
||||||||||||||
Accrued
income taxes
|
500
|
-
|
2,554
|
-
|
3,054
|
|||||||||||||||
Short-term
debt and current maturities of long-term obligations
|
17,793
|
-
|
906
|
-
|
18,699
|
|||||||||||||||
Total
Current Liabilities
|
128,106
|
36,942
|
125,766
|
(5,816
|
)
|
284,998
|
||||||||||||||
Long-Term
Debt
|
398,328
|
-
|
9,379
|
-
|
407,707
|
|||||||||||||||
Other
Long-Term Obligations
|
45,290
|
2,040
|
41,496
|
-
|
88,826
|
|||||||||||||||
Intercompany
advances, net
|
741,590
|
335,125
|
25,778
|
(1,102,493
|
)
|
-
|
||||||||||||||
Total
Shareholders’ Equity
|
532,942
|
1,306,225
|
728,798
|
(2,035,023
|
)
|
532,942
|
||||||||||||||
Total
Liabilities and Shareholders’ Equity
|
$
|
1,846,256
|
$
|
1,680,332
|
$
|
931,217
|
$
|
(3,143,332
|
)
|
$
|
1,314,473
|
(in
thousands)
Nine
month period ended September 30, 2009
|
The
Company (Parent)
|
Combined
Guarantor Subsidiaries
|
Combined
Non-Guarantor Subsidiaries
|
Eliminations
|
Total
|
|||||||||||||||
Net
Cash Provided (Used) by Operating Activities
|
$
|
95,736
|
$
|
1,453
|
$
|
(11,182
|
)
|
$
|
-
|
$
|
86,007
|
|||||||||
Investing
Activities
|
||||||||||||||||||||
Purchases
of property and equipment
|
(3,926
|
)
|
(1,479
|
)
|
(5,111
|
)
|
-
|
(10,516
|
)
|
|||||||||||
Proceeds
from sale of property and equipment
|
-
|
-
|
1,111
|
-
|
1,111
|
|||||||||||||||
Increase
in other long-term assets
|
(350
|
)
|
(122
|
)
|
11
|
-
|
(461
|
)
|
||||||||||||
Other
|
(523
|
)
|
341
|
(88
|
)
|
-
|
(270
|
)
|
||||||||||||
Net
Cash Used for Investing Activities
|
(4,799
|
)
|
(1,260
|
)
|
(4,077
|
)
|
-
|
(10,136
|
)
|
|||||||||||
Financing
Activities
|
||||||||||||||||||||
Proceeds from revolving lines of credit and long-term
borrowings
|
274,420
|
-
|
-
|
-
|
274,420
|
|||||||||||||||
Payments on revolving lines of credit and long-term
borrowings
|
(372,494
|
)
|
-
|
(841
|
)
|
-
|
(373,335
|
)
|
||||||||||||
Proceeds
from exercise of stock options
|
1,001
|
-
|
-
|
-
|
1,001
|
|||||||||||||||
Payment
of dividends
|
(1,201
|
)
|
-
|
-
|
-
|
(1,201
|
)
|
|||||||||||||
Net
Cash Used by Financing Activities
|
(98,274
|
)
|
-
|
(841
|
)
|
-
|
(99,115
|
)
|
||||||||||||
Effect
of exchange rate changes on cash
|
-
|
-
|
3,549
|
-
|
3,549
|
|||||||||||||||
Increase
(decrease) in cash and cash equivalents
|
(7,337
|
)
|
193
|
(12,551
|
)
|
-
|
(19,695
|
)
|
||||||||||||
Cash
and cash equivalents at beginning of period
|
10,920
|
2,284
|
34,312
|
-
|
47,516
|
|||||||||||||||
Cash
and cash equivalents at end of period
|
$
|
3,583
|
$
|
2,477
|
$
|
21,761
|
$
|
-
|
$
|
27,821
|
||||||||||
Nine month period ended
September 30, 2008
|
||||||||||||||||||||
Net
Cash Provided (Used) by Operating Activities
|
$
|
(13,939
|
)
|
$
|
2,340
|
$
|
27,233
|
$
|
-
|
$
|
15,634
|
|||||||||
Investing
Activities
|
||||||||||||||||||||
Purchases
of property and equipment
|
(3,292
|
)
|
(916
|
)
|
(10,799
|
)
|
-
|
(15,007
|
)
|
|||||||||||
Proceeds
from sale of property and equipment
|
-
|
-
|
58
|
-
|
58
|
|||||||||||||||
Increase
in other long-term assets
|
4,470
|
-
|
-
|
-
|
4,470
|
|||||||||||||||
Business
acquisitions, net of cash acquired
|
-
|
(2,152
|
)
|
-
|
-
|
(2,152
|
||||||||||||||
Other
|
(1,499
|
)
|
1,521
|
1,326
|
|
-
|
1,348
|
|||||||||||||
Net
Cash Used for Investing Activities
|
(321
|
)
|
(1,547
|
)
|
(9,415
|
)
|
-
|
(11,283
|
)
|
|||||||||||
Financing
Activities
|
||||||||||||||||||||
Proceeds from revolving lines of credit and long-term
borrowings
|
243,919
|
-
|
22,135
|
-
|
266,054
|
|||||||||||||||
Payments on revolving lines of credit and long-term
borrowings
|
(252,096
|
)
|
-
|
(42,352
|
)
|
-
|
(294,448
|
)
|
||||||||||||
Proceeds
from exercise of stock options
|
834
|
-
|
-
|
-
|
834
|
|||||||||||||||
Payment
of dividends
|
(1,199
|
)
|
-
|
-
|
-
|
(1,199
|
)
|
|||||||||||||
Net
Cash Used by Financing Activities
|
(8,542
|
)
|
-
|
(20,217
|
)
|
-
|
(28,759
|
)
|
||||||||||||
Effect
of exchange rate changes on cash
|
-
|
-
|
(412
|
) |
-
|
(412
|
) | |||||||||||||
Increase
(decrease) in cash and cash equivalents
|
(22,802
|
)
|
793
|
(2,811
|
)
|
-
|
(24,820
|
)
|
||||||||||||
Cash
and cash equivalents at beginning of period
|
27,133
|
1,773
|
33,294
|
-
|
62,200
|
|||||||||||||||
Cash
and cash equivalents at end of period
|
$
|
4,331
|
$
|
2,566
|
$
|
30,483
|
$
|
-
|
$
|
37,380
|
Management's Discussion and
Analysis of Financial Condition and Results of
Operations.
|
Nine
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
Net
cash provided by operating activities
|
$
|
86,007
|
$
|
15,634
|
||||
Net
cash impact related to restructuring activities
|
3,212
|
2,709
|
||||||
Less: Purchases
of property and equipment - net
|
(9,405
|
)
|
(14,949
|
)
|
||||
Free
Cash Flow
|
$
|
79,814
|
$
|
3,394
|
Quantitative and Qualitative
Disclosures About Market
Risk.
|
Controls and
Procedures.
|
OTHER
INFORMATION
|
Risk
Factors.
|
Unregistered Sales of Equity
Securities and Use of
Proceeds.
|
(c)
|
The
following table presents information with respect to repurchases of common
shares made by the company during the three months ended September 30,
2009. In the quarter ended September 30, 2009, shares were repurchased and
surrendered to the company by employees for tax withholding purposes in
conjunction with the vesting of restricted shares held by the employees
under the company’s 2003 Performance
Plan.
|
Period
|
Total
Number of
Shares
Purchased
|
Average
Price
Paid
Per Share
|
Total
Number of Shares
Purchased
as Part of
Publicly
Announced
Plans
or Programs
|
Maximum
Number
of
Shares That May Yet
Be
Purchased Under
the
Plans or Programs
|
||||||||||||
7/1/2009-7/31/09
|
8,123
|
$
|
20.12
|
-
|
1,362,900
|
|||||||||||
8/1/2009-8/31/09
|
-
|
-
|
-
|
1,362,900
|
||||||||||||
9/1/2009-9/30/09
|
-
|
-
|
-
|
1,362,900
|
||||||||||||
Total
|
8,123
|
$
|
20.12
|
-
|
1,362,900
|
Exhibits.
|
Exhibit
No.
|
|||
10.1
|
Amendment
No.1 to Invacare Corporation Deferred Compensation Plus Plan (filed
herewith).
|
||
10.2
|
Amendment
No.1 to Invacare Corporation Cash Balance Supplemental Executive
Retirement Plan (filed herewith).
|
||
31.1
|
Chief
Executive Officer Rule 13a-14(a)/15d-14(a) Certification (filed
herewith).
|
||
31.2
|
Chief
Financial Officer Rule 13a-14(a)/15d-14(a) Certification
(filed herewith).
|
||
32.1
|
Certification
of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(furnished herewith).
|
||
32.2
|
Certification
of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(furnished herewith).
|
INVACARE
CORPORATION
|
|||
Date:
November 5, 2009
|
By:
|
/s/
Robert K. Gudbranson
|
|
Name:
Robert K. Gudbranson
|
|||
Title:
Chief Financial Officer
|
|||
(As
Principal Financial and Accounting Officer and on behalf of the
registrant)
|