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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
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(Exact Name of Registrant as Specified in its Charter)
OHIO
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(State or Other Jurisdiction of Incorporation)
0-12938 95-2680965
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(Commission File No.) (IRS Employer Identification No.)
One Invacare Way, P.O. Box 4028, Elyria, Ohio
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(Address of Principal Executive Offices)
44036
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(Zip Code)
(440) 329-6000
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(Registrant's Telephone Number, Including Area Code)
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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
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Thomas R. Miklich
Chief Financial Officer
DATE: March 31, 1998
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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
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<CAPTION>
INVACARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
As Amended
Third Quarter Fourth Quarter Year
1997 1997 1997
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<S> <C> <C> <C>
Net Sales $ 166,144 $ 170,754 $653,414
Cost of Products Sold 116,574 117,652 455,036
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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
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Income from Operations (27,857) 6,517 8,457
Net Interest Income (Expense) (763) (921) (3,234)
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Earnings Before Income Taxes (28,620) 5,596 5,223
Income Taxes (9,560) 2,210 3,660
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NET INCOME (19,060) 3,386 1,563
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EARNINGS PER SHARE (.64) .11 .05
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Weighted Average Share
Outstanding Assuming
Dilution 29,580 30,425 30,374
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