Business
Dorel's third quarter results maintain trend of strong year
EXCHANGES TSX: DII.B, DII.A Revenue increases 25.5% to US$552 million
About this update from Dorel Industries Inc. Class A
[{"type":"text","content":"\n\n\n\nEXCHANGES\n\n\nTSX: DII.B, DII.A\n\n\n Revenue increases 25.5% to US$552 million\n Former Toys "R" Us Vice Chairman named to Dorel's Board\n\n\nMONTREAL, Nov. 5 /CNW Telbec/ - Dorel Industries Inc. (TSX: DII.B DII.A)\ntoday released results for the third quarter and nine months ended September\n30, 2008. Revenue for the period was US$552.2 million, up 25.5% from US$440.1\nmillion for the third quarter last year. Organic revenue growth in the quarter\nwas 9%. Net income for the three months was US$27.2 million or US$0.82 per\ndiluted share compared to US$26.4 million or US$0.79 per diluted share a year\nago. Included are the restructuring costs at Dorel Europe and Ameriwood.\nExcluding these costs, net income was US$27.1 million or US$0.82 per diluted\nshare, compared to 2007 third quarter net income of US$27.0 million or US$0.81\nper diluted share.\n\n\nRevenue for the nine months was US$1.7 billion, up 25.6% from the\nUS$1.35 billion a year ago. Year-to-date organic revenue growth was also 9%.\nYear-to-date net income was US$93.7 million or US$2.81 per diluted share,\ncompared to last year's US$65.1 million or US$1.96 per diluted share.\nExcluding restructuring costs, nine month net income was US$94.7 million or\nUS $2.84 per diluted share, compared to net income for the same period last\nyear of US$76.1 million or US$2.29 per diluted share.\n\n\n"Over the past three months Dorel's businesses have performed well\nrelative to the economy and other industries. Sales increased in each of our\nthree segments at a time when consumers are being particularly careful about\ntheir purchases. This speaks to the recognition of our brands, the value in\nour product offerings and the variety of price points throughout our\ncategories. The spiral in commodity prices has ended and we have been able to\noffset the majority of these increases," commented Dorel President and CEO,\nMartin Schwartz.\n\n\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n Summary of Financial Highlights\n-------------------------------------------------------------------------\n Third Quarters Ended September 30\n-------------------------------------------------------------------------\n All figures in thousands of US $, except per share a...