Business
Dorel is satisfied with the start of 2009
EXCHANGES TSX: DII.B, DII.A - North American Juvenile business on strong footing
About this update from Dorel Industries Inc. Class A
[{"type":"text","content":"\n\n\n\nEXCHANGES\nTSX: DII.B, DII.A\n\n- North American Juvenile business on strong footing\n- Company seeks to become global force in bicycles\n- Home Furnishings continues to improve\n\n\nMONTREAL, May 27 /CNW Telbec/ - Dorel Industries Inc. (TSX: DII.B, DII.A)\nPresident and CEO, Martin Schwartz, told shareholders attending today's annual\nmeeting that there are a number of important factors which will see the\nCompany perform well, in light of the current global recession. Dorel posted\nits best year ever in 2008 with revenues of US$2.2 billion and net income of\nUS$113 million. First quarter 2009 revenues were US$525 million and net income\nwas US$28 million, lower than last year's first quarter, but "given the\ncontext of the economic situation, we are more than satisfied with the start\nto the year," Mr. Schwartz told his audience.\n\n\nDorel's products have traditionally been resilient in recessionary times.\nDespite current and past difficult economic times, consumers have continued to\npurchase juvenile items and Dorel's diverse product line matches their needs\nwell. The bicycle/fitness industry as a whole has been benefitting from recent\nattitudes towards the environment and personal health. In addition, Dorel has\nalways operated in the value priced home furnishings market. As shoppers look\ntoward less expensive furniture purchases, they are increasingly turning to\nthe Company's ready-to-assemble furniture products.\n\n\n"Our price points fit the times. Retailers have shifted gears and are\noffering consumers products in what we term "opening to mid price points", as\nshoppers of every description are gravitating to the big box outlets. Dorel\nexcels in these categories with the majority of our sales in these price\npoints. We are also picking up new listings from competitors. In times of\nuncertainty, retailers seek strong, stable suppliers with a history of\ndelivering, and who will be around for the long term. Dorel fits that bill\nperfectly. Our financial strength also provides a high level of comfort," said\nMr. Schwartz.\n\n\nShareholders were provided with an overview of all three Dorel segments.\nResults at Dorel Juvenile Group in the US have been strong in 2009. Their\nearnings exceeded plan in the first quarter and order levels in the second\nquarter have been strong. The ...