Dorel News

Dorel Reports First Quarter Results

Montreal, Quebec - 5/18/2011

Dorel Industries Inc. (TSX: DII.B DII.A) today released results for the first quarter ended March 31, 2011. Revenue reached US$607.8 million, up 1.9% from US$596.3 million a year ago. Net income was US$31.2 million or US$0.94 per diluted share, compared to last year’s US$38.2 million or US$1.15 per diluted share. Upon transition to International Financial Reporting Standards (IFRS), previously issued earnings per diluted share for the first quarter of 2010 which was reported as US$1.12, have been restated to US$1.15.

"A highlight of the first quarter results is the momentum of the Company’s bicycle Schwinn business, particularly in the IBD channel. Improved earnings in that segment were Mongoose offset by a challenging retail environment for our U.S. juvenile products business. Home Furnishings revenues were stronger both year-over-year and particularly sequentially, but factors including high commodity prices and freight rates, as well as the weakening US dollar resulted in lower earnings compared to last year’s first quarter. I am pleased to report that the high 2010 year-end inventories have started to come down and this will convert into improved cash flow as we move through the year,” stated Dorel CEO and President Martin Schwartz.

Download the PDF for the complete Press Release