Invacare Corporation Reports Improved Earnings and Strong Organic Net Sales Growth for the First Quarter of 2011

Invacare Corporation IVC today announced its financial results for the quarter ended March 31, 2011. Earnings per share on a GAAP basis increased 156% for the quarter to $0.23 versus $0.09 last year. The results were negatively impacted by $0.15 per share ($4.9 million net after-tax expense) and $0.11 per share ($3.8 million net after-tax expense) for the quarters ended March 31, 2011 and 2010, respectively, related to early convertible debt extinguishment charges. Adjusted earnings per share(a) increased 39% for the quarter to $0.32 versus $0.23 last year Free cash flow(c) for the quarter was $5.6 million as compared to $5.8 million last year (free cash flow(c) in the first quarter of 2010 benefited from the collection of a $7.8 million tax receivable)