ELYRIA — Weak sales domestically and in Asia brought down strong returns in the European market for Invacare during the second quarter, according to outgoing company President and CEO Gerald Blouch on Thursday.
“Invacare’s businesses outside of Europe are under pressure, and we are not pleased with the second quarter’s consolidated financial results,” said Blouch, who is retiring Thursday. “We are determined to turn around the business by focusing on improving free cash flow and restoring profitability in the North America/(Home Medical Equipment) and Asia/Pacific businesses. We also are working to establish a new credit facility with our banks, as our existing credit facility matures in October 2015.”
According to a news release from the company, adjusted loss per share was $0.36 in the second quarter of 2014 compared with adjusted loss per share of $0.42 in the second quarter of 2013, which included a loss of $0.12 related to an incremental warranty expense.
Organic net sales in the second quarter of 2014 decreased by 6.1 percent compared with the same period last year. Free cash flow was negative $8.6 million in the second quarter compared with a positive free cash flow of $2.9 million in the second quarter of last year.
In trading Thursday on the New York Stock Exchange, Invacare shares fell 14.9 percent to end trading at $14.96.