Business
Dorel performs well during first quarter 2009
EXCHANGES TSX: DII.B, DII.A - Inventory levels reduced by US$90 million since year-end - Home Fur...
About this update from Dorel Industries Inc. Class A
[{"type":"text","content":"\n\n\n\nEXCHANGES TSX: DII.B, DII.A\n\n\n- Inventory levels reduced by US$90 million since year-end\n\n\n- Home Furnishings experiences best quarter since Q4 2007\n\n\nMONTREAL, May 7 /CNW Telbec/ - Dorel Industries Inc. (TSX: DII.B DII.A)\ntoday released results for the first quarter ended March 31, 2009. Revenues\nfor the period were US$525.2 million, down 5.5% from last year's US$556.0\nmillion. Net income was US$28.0 million or US$0.84 per diluted share, compared\nto US$35.1 million or US$1.05 per diluted share for the first quarter of 2008.\nDorel CEO and President Martin Schwartz stated that Dorel put in a solid first\nquarter performance considering the economic environment.\n\n\n"We reached and surpassed several important internal objectives which had\nbeen established for the quarter. Our earnings are ahead of plan and we have\nreduced our record level of inventory by US$90 million, exceeding our\nexpectations as we made significant progress in reducing these high levels\ncreated by retailers drastically cutting their in-stock levels last year. This\nwill translate into a much improved cash flow as we move through 2009. We are\nbuilding on the progress made in our Home Furnishings businesses in the past\nyear and expect the earnings seen thus far to continue to improve. In\naddition, we will take further costs out of operations throughout the\norganization. In light of the reality of the current economic situation, we\nare pleased where point-of-sale (POS) levels are at our major North American\ncustomers as consumers recognize the value of many of our various product\nlines," commented Mr. Schwartz.\n\n\n-------------------------------------------------------------------------\n Summary of Financial Highlights\n-------------------------------------------------------------------------\n First Quarters Ended March 31\n-------------------------------------------------------------------------\nAll figures in thousands of US $, except per share amounts\n 2009 2008 Change %\n-------------------------------------------------------------------------\nRevenues 525,230 556,034 -5.5%\nNet income 28,029 35,133 -20.2%\n Per share - Basic 0.84 1.05 -20.0%\n Per share - Diluted 0.84 1.05 -20.0%\n-------------------------------------------------------------------------\n-------------------------------------------------------...