Dorel Reports Third Quarter Results
Montreal, Quebec - 11/4/2010
Dorel Industries Inc. (TSX: DII.B DII.A) today released third quarter and nine month results for the period ended September 30, 2010. Revenue increased 9.8% to US$569.5 million from US$518.5 million a year ago. Net income for the quarter was equal with last year, at US$30.1 million or US$0.91 per diluted share compared to US$30.2 million or US$0.91 per diluted share.
Revenue for the nine months was US$1.8 billion, up 11.2% from US$1.6 billion a year ago. Year-to-date net income was US$102.6 million or US$3.09 per diluted share, compared to last year’s US$83.0 million or US$2.49 per diluted share.
“Dorel has posted solid third quarter results. Our top line improved markedly while earnings were in line with the prior year. This was achieved notwithstanding the combination of much high container freight rates and increased raw material costs which impacted margins, particularly at our US juvenile business and home furnishings divisions,” commented Martin Schwartz, Dorel President and CEO. “Dorel’s bicycle business is reflecting the investments that we are making in our brands and in R&D with increased sales and earnings. At the same time despite a difficult economy abroad, there was solid progress in our juvenile business in Europe and a continuing strong showing in Brazil.”