Business
/C O R R E C T I O N -- Dorel Industries Inc./
/C O R R E C T I O N -- Dorel Industries Inc./
About this update from Dorel Industries Inc. Class A
[{"type":"text","content":"\n\n\n\n May 6, 2010 (Canada NewsWire Group) -- In c9078 transmitted at 8:54e today, an error occurred in the header of the table "Summary of Financial Highlights - Three Months Ended March 31". The years "2009 and 2008" should have read "2010 and 2009". Corrected copy follows.\n\nDorel starts 2010 with record quarter - Dividend to increase by 20%\n\n\n >\n\n\nMONTREAL, May 6 /CNW Telbec/ - Dorel Industries Inc. (TSX: DII.B DII.A) today released record results, in terms of both revenue and profitability, for the first quarter ended March 31, 2010. Revenue was up 13.5% to US$596.3 million from last year's US$525.2 million. Pre-tax earnings increased by 44.4% to US$48.5 million from US$33.6 million for the same period in 2009. Net income rose 33.3% to US$37.4 million or US$1.12 per diluted share from US$28.0 million, US$0.84 per diluted share, a year ago.\nDorel CEO and President Martin Schwartz stated that the first quarter results speak for themselves, with significant increases in all three segments, underlining the efforts made throughout 2009. "Upon announcing our 2009 results this March, we stated that our commitment to product development and market expansion would place us in a leadership position as we entered the year. Our performance thus far in 2010 supports this assertion. Organic growth of 9.5% points to the success and acceptance of our intense product development efforts. We have experienced strong point-of-sales levels at retailers. At the Cycling Sports Group we added our Independent Bike Dealer brands to more new dealers in any one quarter than ever before. Home Furnishings also continued to post robust results with its value-added products gaining further traction with consumers."\n\n\n >\n\n\nJuvenile Segment\n\n\n >\n\n\nImproving sales momentum both in North America and Europe produced an enhanced quarter for the Juvenile segment. First quarter revenue increased US$31.8 million or 12.5% year-over-year. The revenue gains were across all divisions and were also positively affected by foreign exchange as all major currencies gained in strength this year compared to US dollar. Excluding this impact, organic revenue growth for the segment was over 7%. In local currencies, European sales increased by over 8% from last year, and in US dollars, sales grew by over 15%.\nNew pro...