Business
Dorel reports strong 2007 results
- Adjusted net income of US$100.1 million, the highest in history - Adjusted pre-tax earnings top...
About this update from Dorel Industries Inc. Class A
[{"type":"text","content":"\n\n\n\n- Adjusted net income of US$100.1 million, the highest in history\n- Adjusted pre-tax earnings top US$125 million\n- Juvenile segment revenues approach record US$1 billion, earnings from\n operations best ever\n- Free cash flow exceeds US$116 million\n\nEXCHANGES TSX: DII.B, DII.A\n\n\nMONTREAL, March 11 /CNW Telbec/ - Dorel Industries Inc.\n(TSX: DII.B DII.A) today announced full results for the fourth quarter and\nyear ended December 30, 2007. On March 4, 2008 the Company pre-released\ncertain fiscal 2007 financial information in advance of a series of investor\nmeetings. On an adjusted basis, fiscal 2007 net income was US$100.1 million,\nan increase of US$8.1 million from 2006 levels and the highest level ever\nrecorded in Dorel's history. The Juvenile segment was a major factor in this\nsuccess, and for the year it recorded revenues of US$963.6 million and just\nover US$114 million in adjusted earnings from operations, both all time\nrecords. The Recreational/Leisure segment also improved with a 10.0% gain in\nrevenues and a 26.8% increase in earnings from operations.\n\n\nRevenue for the fourth quarter increased 2.4% to US$458.9 million from\nUS$447.9 million a year ago. In the fourth quarter, net income grew 3.1% to\nUS$22.3 million, or US$0.67 per diluted share compared to US$21.7 million, or\nUS$0.66 per diluted share in the fourth quarter of 2006. These results include\nthe previously announced restructuring costs at Dorel Europe and Ameriwood\nIndustries. Therefore adjusted net income, excluding these costs, for the\nfourth quarter was US$24.0 million or US$0.72 per diluted share compared to\nadjusted net income of US$24.4 million or US$0.74 per diluted share a year\nago.\n\n\nFull year revenue was US$1.81 billion versus last year's US$1.77 billion.\n2007 net income was basically flat at US$87.5 million or US$2.63 per diluted\nshare, compared to 2006 net earnings of US$88.9 million or US$2.70 per diluted\nshare. However, excluding the above mentioned restructuring costs in both\nyears, 2007 adjusted net income was US$100.1 million or US$3.01 per diluted\nshare compared to adjusted net income of US$92.0 million or US$2.80 per\ndiluted share last year. Pre-tax earnings for the year were also up\nconsiderably over 2006 levels. On an adjusted basis for the fourth quarter\npre-tax earnings increased 18.3% to US$31.1...