Business
Dorel reports robust first quarter
- Revenue increases 22% to US$556 million - Net income improves 26% to US$35 million - Dorel Euro...
About this update from Dorel Industries Inc. Class A
[{"type":"text","content":"\n\n\n\n- Revenue increases 22% to US$556 million\n- Net income improves 26% to US$35 million\n- Dorel Europe posts best quarter ever\n- Cannondale/SUGOi acquisition boosts Recreational/Leisure segment\n\nEXCHANGES\nTSX: DII.B, DII.A\n\n\nMONTREAL, April 30 /CNW Telbec/ - Dorel Industries Inc. (TSX: DII.B\nDII.A) today released strong results for the first quarter ended March 31,\n2008. Total revenue for the period increased 22.0% to US$556.0 million from\n US$455.7 million last year. First quarter 2008 revenue includes two months of\nrevenue from the February 4, 2008 acquisition of the Cannondale Bicycle\nCorporation and SUGOi Performance Apparel. Net income for the first quarter\nwas US$35.1 million or US$1.05 per diluted share, up 25.7% from\nUS$27.9 million or US$0.85 per diluted share in 2007. First quarter 2008\npre-tax earnings rose 43.8% to US$42.5 million from US$29.5 million in the\nfirst quarter a year ago.\n\n\n"The first quarter performance clearly indicates that Dorel has the right\ncombination of products and price points for consumers at the right time. In\nlight of the difficult economy in the United States, we are seeing consumers\nshopping more at mass merchants where Dorel has traditionally been strong. In\nEurope, where conditions remain better, consumers continue to seek higher-end\nproducts, and Dorel's European operations enjoy a solid position in this\nmarket. It is also satisfying to report that we have turned the corner in our\nready-to-assemble furniture business. Notwithstanding this strong start, it is\nunclear what the balance of the year will bring due to the weak economy in the\nU.S. and the current increasing cost environment," said Dorel CEO and\nPresident, Martin Schwartz.\n\n\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n Summary of Financial Highlights\n-------------------------------------------------------------------------\n First Quarters Ended March 31\n-------------------------------------------------------------------------\n All figures in thousands of US $, except per share amounts\n Change\n 2008 2007 %\n-------------------------------------------------------------------------\nRevenues 556,034 455,669 22.0%\nNet income 35,133 27,939 25.7%\n Per share - Basic 1.05 0.85...