Dorel Posts Record Third Quarter Earnings
Montreal, Quebec - 11/5/2009
Dorel Industries Inc. (TSX: DII.B DII.A) today released third quarter and nine month results for the period ended September 30, 2009. Net income for the quarter was US$30.2 million or US$0.91 per diluted share compared to US$27.2 million or US$0.82 per diluted share a year ago. In terms of profitability, the third quarter of 2009 is the best ever recorded by Dorel. Revenue was US$518.5, down 6.1% from US$552.2 million a year ago.
Net income for the nine months ended September 30 was US$83.0 million or US$2.49 per diluted share, compared to last year’s US$93.7 million or US$2.81 per diluted share. Revenue for the nine months was US$1.6 billion, down 6.3% from US$1.7 billion a year ago.
“The fact that we have exceeded last year’s earnings for the quarter despite a difficult economic period is a tribute to the quality and value of our products and our focus on maximizing margins through cost containment, a more stable cost environment and our disciplined minimum margin requirement program. Dorel’s multi-national operations, diverse operating segments and broad product lines have traditionally compensated for earnings variations within the Company’s various operating divisions. This is the case in 2009 as strong results within North America in the Juvenile and Home Furnishing segments are offsetting less profitable results at other divisions elsewhere within the Company,” commented Dorel President and CEO, Martin Schwartz.