Invacare records quarterly, yearly growth

Sunday, January 26, 2003

January 27, 2003

ELYRIA, Ohio - Invacare's net sales for the fourth quarter increased 8% to $282 million compared to $262 million last year. Net earnings were $17.6 million for the quarter and $64.8 million for the year.

For the quarter, North American net sales increased 6% to $200.2 million versus $188.5 million last year. For the year, North American net sales increased 3% to $793.5 million versus $773.7 million last year.

For the quarter, sales of rehab products increased 19%, due largely to the continued strength of sales of consumer power products introduced earlier in 2002. Sales of medical supplies increased 11%, and respiratory products sales improved 10%.

Sales of standard wheelchairs were down 9% for the quarter. A delay in receiving Medicare coding for reimbursement on the new wheelchair line along with the slow transition by customers to the new product line led to the decline in sales in the fourth quarter.

All comparisons exclude the non-cash, after-tax charge of $25.3 million recorded in the fourth quarter of 2001 to write down certain investments.