Dorel reports improved first quarter 2016 results
Montreal, Quebec - 5/6/2016
Dorel Industries Inc. (TSX: DII.B, DII.A) today released results for the first quarter ended March 31, 2016. Total revenue was US$645.9 million, down 2.9% from US$665.5 million a year ago. Adjusted net income for the quarter was up 66.7% to US$19.7 million or US$0.60 per diluted share from US$11.8 million, or US$0.36 per diluted share in 2015. Reported net income increased 43.9% to US$16.7 million, or US$0.51 per diluted share, compared to US$11.6 million or US$0.36 per diluted share in the first quarter of 2015.
“We are pleased with the positive start to the year. Dorel Home Furnishings delivered another record quarter and has evolved into a growth company with opportunity for further expansion with its on-line customers. Newly introduced Dorel Juvenile products are resonating well with consumers and improved pricing has resulted in better gross margins in the majority of our markets,” commented Martin Schwartz, Dorel President & CEO.
As detailed below, the reported net income includes restructuring and other costs and remeasurement of forward purchase agreement liabilities. As such, the Company is presenting adjusted financial information as it believes that excluding these items is a more meaningful comparison of its core business performance between the periods presented. Contained within this press release are reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
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