Dorel Announces Improved Third Quarter Results
Montreal, Quebec - 11/8/2012
Dorel Industries Inc. (TSX: DII.B, DII.A) today announced results for the third quarter and nine months ended September 30, 2012. Revenue for the quarter increased by US$37.5 million, or 6.5%, to US$613.3 million from US$575.8 million a year ago. Organic revenue growth for the quarter was approximately 5%. Pre-tax income increased 69.5% to US$24.4 million compared to US$14.4 million last year. Net income for the period was US$20.0 million or US$0.63 per diluted share compared to US$23.1 million or US$0.71 per diluted share in 2011. The third quarter of 2011 included a one-time US$8.3 million income tax recovery and excluding this benefit, earnings per diluted share were US$0.63 in the quarter compared to US$0.46 a year ago.
Total revenue for the nine months was up 3.6% to US$1.9 billion from US$1.8 billion in the prior year. Year-to-date pre-tax income has increased to US$94.8 million from US$82.5 million, a 15% improvement. Net income was US$79.5 million or US$2.48 per diluted share, compared to US$77.2 million or US$2.36 per diluted share for the year-to-date in 2011.