Dorel Starts 2010 With Record Quarter Dividend To Increase By 20%
Montreal, Quebec - 5/6/2010
Dorel Industries Inc. (TSX: DII.B DII.A) today released record results, in terms of both revenue and profitability, for the first quarter ended March 31, 2010. Revenue was up 13.5% to US$596.3 million from last year’s US$525.2 million. Pre-tax earnings increased by 44.4% to US$48.5 million from US$33.6 million for the same period in 2009. Net income rose 33.3% to US$37.4 million or US$1.12 per diluted share from US$28.0 million, US$0.84 per diluted share, a year ago.
Dorel CEO and President Martin Schwartz stated that the first quarter results speak for themselves, with significant increases in all three segments, underlining the efforts made throughout 2009. “Upon announcing our 2009 results this March, we stated that our commitment to product development and market expansion would place us in a leadership position as we entered the year. Our performance thus far in 2010 supports this assertion. Organic growth of 9.5% points to the success and acceptance of our intense product development efforts. We have experienced strong point-of-sales levels at retailers. At the Cycling Sports Group we added our Independent Bike Dealer brands to more new dealers in any one quarter than ever before. Home Furnishings also continued to post robust results with its value-added products gaining further traction with consumers.”