Dorel performs well during first quarter 2009
Montreal, Quebec - 5/7/2009
Dorel Industries Inc. (TSX: DII.B DII.A) today released results for the first quarter ended March 31, 2009. Revenues for the period were US$525.2 million, down 5.5% from last year’s US$556.0 million. Net income was US$28.0 million or US$0.84 per diluted share, compared to US$35.1 million or US$1.05 per diluted share for the first quarter of 2008. Dorel CEO and President Martin Schwartz stated that Dorel put in a solid first quarter performance considering the economic environment.
“We reached and surpassed several important internal objectives which had been established for the quarter. Our earnings are ahead of plan and we have reduced our record level of inventory by US$90 million, exceeding our expectations as we made significant progress in reducing these high levels created by retailers drastically cutting their in-stock levels last year. This will translate into a much improved cash flow as we move through 2009. We are building on the progress made in our Home Furnishings businesses in the past year and expect the earnings seen thus far to continue to improve. In addition, we will take further costs out of operations throughout the organization. In light of the reality of the current economic situation, we are pleased where point-of-sale (POS) levels are at our major North American customers as consumers recognize the value of many of our various product lines,” commented Mr. Schwartz.