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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): October 5, 1999
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 October 5, 1999,
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
October 5, 1999.
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: October 6, 1999
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EXHIBIT 99.1
Investor Inquiries:
Thomas R. Miklich
Chief Financial Officer
(440) 329-6111
or
Robert K. Gudbranson
Director - Investor Relations
(440) 329-6001
NEWS RELEASE
INVACARE CORPORATION (NYSE:IVC) COMMENTS ON CONFERENCE CALL WITH ANALYSTS
AND INVESTORS
ELYRIA, Ohio - (October 5, 1999) - Invacare Corporation (NYSE:IVC) announced
during a conference call with analysts and investors today that strong European
and Australasian sales growth, coupled with aggressive cost containment
activities should allow the company to meet analyst earnings expectations for
the third quarter despite continued slow domestic sales growth. The consensus
EPS estimate for the quarter is $.46 per share. The company also stated that it
was comfortable with consensus analyst earnings expectations of $1.64 per share
for the year before charges related to the acquisition of Scandinavian Mobility
International A/S ("SMI").
Commenting on the SMI acquisition, Invacare indicated it would take one time
charges related to the closing and consolidation of certain European facilities
in order to realize the synergies available from the consolidation of SMI's
operations with Invacare's European operations. The charges to be taken in the
fourth quarter, when the consolidation plan will be finalized and approved, are
estimated to amount to $10,000,000 to $12,000,000 before tax or $.20 to $.24 per
share after tax. Invacare further stated that the cost reductions as well as
cross selling and purchasing leverage related to the acquisition should generate
EPS accretion of between $.15 and $.20 per share in the year 2000 and an
additional $.10 in 2001.
A. Malachi Mixon, III, Invacare's Chairman and Chief Executive Officer, said he
was pleased with the company's performance in the current tough market
environment as the company continued to increase market share in most product
lines and remained solidly profitable despite slow domestic sales growth. He
concluded by noting that the SMI acquisition adds a well managed and profitable
operation to this year's strong overseas sales and profit performance which
Invacare is achieving in Europe and Australasia.
(more)
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Invacare Corporation (NYSE:IVC) is the world's leading manufacturer and
distributor of health care products to the non-acute care market. The company
markets its products through more than 25,000 providers. The company goes to
market in the following channels of distribution: home care, mass retail and
institutional, and participates in the following product categories: Home Care,
which includes rehab products, respiratory products, manual wheelchairs, home
care beds, therapeutic support surfaces and personal care products; Soft Goods
and Supplies, which includes ostomy, incontinence, wound care and diabetic
supplies; and Institutional, which includes nursing home beds, patient lifts and
slings, nursing home furniture and bathing systems. The company's headquarters
are in Elyria, Ohio, and the firm has manufacturing plants in the United States,
Australia, Canada, Germany, France, Mexico, New Zealand, Portugal, Switzerland,
Sweden, Denmark and the United Kingdom.
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
related to the acquisition of Scandinavian Mobility may differ from those
anticipated as a result of risks and uncertainties which include, but are not
limited to, the successful completion of this transaction, Invacare's ability to
integrate Scandinavian Mobility, and the overall market and industry conditions,
as well as the risks described from time to time in Invacare's reports as filed
with Securities and Exchange Commission.
