Other News Releases in Retail
OFFER by KRAFT FOODS INC. for CADBURY PLC - Result of elections under the Mix and Match Facility received during the Subsequent Offer Period
CVS/pharmacy Begins Free Health Screenings in Communities Nationwide Through 'A Su Salud' Program
CVS/pharmacy Begins Free Health Screenings in Communities Nationwide Through 'A Su Salud' Program
Other News Releases in Earnings
Cantel Medical Reports 85% Increase in Net Income - EPS of $0.37 vs. $0.20 - for Quarter Ended October 31, 2009 on 10% Sales Increase
Movado Group, Inc. Announces Third Quarter and Nine-Month Results
Jackson Hewitt Reports Fiscal 2010 Second Quarter Results
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
Dorel posts record third quarter earnings
EXCHANGES
TSX: DII.B, DII.A
- Earnings momentum continues on reduced revenues
- New car seat technology boosts Dorel Juvenile Group USA
- Home Furnishings segment helps drive earnings
Net income for the nine months ended
"The fact that we have exceeded last year's earnings for the quarter despite a difficult economic period is a tribute to the quality and value of our products and our focus on maximizing margins through cost containment, a more stable cost environment and our disciplined minimum margin requirement program. Dorel's multi-national operations, diverse operating segments and broad product lines have traditionally compensated for earnings variations within the Company's various operating divisions. This is the case in 2009 as strong results within
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Summary of Financial Highlights
-------------------------------------------------------------------------
Third Quarters Ended September 30
-------------------------------------------------------------------------
All figures in thousands of US $, except per share amounts
2009 2008 Change %
-------------------------------------------------------------------------
Revenues 518,458 552,242 -6.1%
Net income 30,230 27,208 11.1%
Per share - Basic 0.91 0.82 11.0%
Per share - Diluted 0.91 0.82 11.0%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Average number of shares
outstanding -
diluted weighted average 33,338,597 33,399,355
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Summary of Financial Highlights
-------------------------------------------------------------------------
Nine Months Ended September 30
All figures in thousands of US $, except per share amounts
2009 2008 Change %
-------------------------------------------------------------------------
Revenues 1,594,811 1,702,000 -6.3%
Net income 83,023 93,688 -11.4%
Per share - Basic 2.49 2.81 -11.4%
Per share - Diluted 2.49 2.81 -11.4%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Average number of shares
outstanding -
diluted weighted average 33,389,225 33,399,003
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Juvenile
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Third Quarters Ended September 30
2009 2008
-------------------------------------------------------------------------
$ % of rev. $ % of rev. Change %
Revenues 247,860 263,155 -5.8%
Gross Profit 72,334 29.2% 81,360 30.9% -11.1%
Earnings from
operations 26,126 10.5% 34,711 13.2% -24.7%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Nine Months Ended September 30
2009 2008
-------------------------------------------------------------------------
$ % of rev. $ % of rev. Change %
Revenues 746,493 854,042 -12.6%
Gross Profit 204,637 27.4% 249,852 29.3% -18.1%
Earnings from
operations 71,571 9.6% 101,014 11.8% -29.1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
The decline in revenues in the Juvenile segment that has been experienced since the start of the year moderated in the third quarter with a decline of 5.8%. This decline was most pronounced in
The Air Protect(TM) car seat technology, designed to protect children in side impact collisions, was launched in July in the US and in late September in
Recreational/Leisure
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Third Quarters Ended September 30
2009 2008
-------------------------------------------------------------------------
$ % of rev. $ % of rev. Change %
-------------------------------------------------------------------------
Revenues 145,175 163,186 -11.0%
Gross Profit 33,771 23.3% 36,991 22.7% -8.7%
Earnings from
operations 4,862 3.3% 6,640 4.1% -26.8%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Nine Months Ended September 30
2009 2008
-------------------------------------------------------------------------
$ % of rev. $ % of rev. Change %
-------------------------------------------------------------------------
Revenues 505,696 498,719 1.4%
Gross Profit 115,051 22.8% 117,113 23.5% -1.8%
Earnings from
operations 30,848 6.1% 38,702 7.8% -20.3%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
The third quarter revenue decline was due primarily to a reduction in sales at mass merchants from prior year levels. Sales at Cycling Sports Group (CSG) to Independent Bike Dealers (IBD) and specialty sporting goods customers increased over last year's third quarter. However, consumers are purchasing less of CSG's higher-end products and are trading down to lower priced items, which carry lower margins. Excluding the impact of new business acquisitions and foreign exchange variations on the segment's non-US based businesses, Recreational/Leisure's organic revenue decline was approximately 10% for the quarter and 6% year-to-date.
During the quarter and into early October, three business acquisitions were concluded, including a recognized brand name in "Iron Horse", and two successful bicycle distributors in
Last month additional initiatives were announced to further grow Dorel's Performance Apparel Division. The Apparel Footwear Group (AFG) will incorporate SUGOI Performance Apparel as well as the apparel lines of Cannondale, GT, Schwinn, Iron Horse and Mongoose - in both custom and its regular offerings. Plans include an investment in new equipment, facilities and additional employees. An important focus of AFG will be to build the custom apparel business, developing specific riding and running uniforms for teams and clubs.
Home Furnishings
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Third Quarters Ended September 30
2009 2008
-------------------------------------------------------------------------
$ % of rev. $ % of rev. Change %
-------------------------------------------------------------------------
Revenues 125,423 125,901 -0.4%
Gross Profit 22,635 18.0% 13,509 10.7% 67.6%
Earnings from
operations 12,508 10.0% 1,924 1.5% 550.1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Nine Months Ended September 30
2009 2008
-------------------------------------------------------------------------
$ % of rev. $ % of rev. Change %
-------------------------------------------------------------------------
Revenues 342,622 349,239 -1.9%
Gross Profit 53,377 15.6% 39,393 11.3% 35.5%
Earnings from
operations 24,606 7.2% 6,425 1.8% 283.0%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Third quarter earnings improvement in Home Furnishings was led by domestically produced furniture and futons. Lower material costs, a favourable currency environment, as well as increased operational efficiencies improved gross margin by 730 basis points to 18.0% for the segment.
Reduced overheads and selling and administration expenses helped to narrow the losses at Cosco Home & Office and the recovery plan for this division remains on track. The import furniture businesses also improved earnings over the prior year and continue to perform to expectation.
Other
As disclosed previously, 2009 earnings are being negatively affected by the reversal of a
The tax rate in the third quarter was 11.0% and year-to-date is 14.7%, in line with expectations. The quarter's lower than typical rate is consistent with the prior year which was 11.3%. For the year the Company's tax rate is expected to be at the lower end of its previously published range of 15% to 20%.
Cash flow
During the first nine months of 2009, cash flow from operating activities more than doubled as compared to 2008 at
Quarterly dividend
The Board of Directors of Dorel declared its regular quarterly dividend of
Outlook
Dorel's nine month performance in 2009 has validated the Company's expectations for the year. Despite the recession, belief was that while not immune to these conditions, Dorel's customer profile and the nature of the great majority of its products would help protect the Company from dramatic sales reductions versus 2008. Underlining this sentiment is the fact that organic sales have declined by just over 5%.
Expectations for strong free cash flow in 2009 have also been realized. This has allowed the Company to continue to invest in future growth through strategic acquisitions and an on-going commitment to new product development. Going forward, recent trends in the value of the U.S. dollar against other currencies mean that earnings will be dampened within Home Furnishings as the Canadian dollar has strengthened. Home Furnishings has two large manufacturing facilities in
"We believe we are well-positioned as we head into the fourth quarter and look forward to an encouraging 2010. Within the Recreational/Leisure segment we have received favourable reaction to our 2010 model line-up and order levels have increased. The Juvenile segment will benefit from Air Protect(TM) in
Conference Call
Dorel Industries Inc. will hold a conference call to discuss these results today,
Complete financial statements will be available on the Company's website, www.dorel.com, and will be available through the SEDAR websites.
Profile
Dorel Industries Inc. (TSX: DII.B, DII.A) is a world class juvenile products and bicycle company. Established in 1962, Dorel creates style and excitement in equal measure to safety, quality and value. The Company's lifestyle leadership position is pronounced in both its Juvenile and Bicycle categories with an array of trend-setting products. Dorel's powerfully branded products include Safety 1st, Quinny, Cosco, Maxi-Cosi and Bebe Confort in Juvenile, as well as Cannondale, Schwinn, GT, Mongoose, Iron Horse and SUGOI in Recreational/Leisure. Dorel's Home Furnishings segment markets a wide assortment of furniture products, both domestically produced and imported. Dorel is a
Caution Concerning Forward-Looking Statements
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of Dorel Industries Inc. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. The business of the Company and these forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ from expected results. Important factors which could cause such differences may include, without excluding other considerations, increases in raw material costs, particularly for key input factors such as particle board and resins; increases in ocean freight container costs; failure of new products to meet demand expectations; changes to the Company's effective income tax rate as a result of changes in the anticipated geographic mix of revenues; the impact of price pressures exerted by competitors, and settlements for product liability cases which exceed the Company's insurance coverage limits. A description of the above mentioned items and certain additional risk factors are discussed in the Company's Annual MD&A and Annual Information Form, filed with the securities regulatory authorities. The risk factors outlined in the previously mentioned documents are specifically incorporated herein by reference. The Company's business, financial condition, or operating results could be materially adversely affected if any of these risks and uncertainties were to materialize. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
DOREL INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
ALL FIGURES IN THOUSANDS OF US $
as at as at
September 30, December 30,
2009 2008
------------ ------------
(unaudited) (audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 56,145 $ 16,966
Accounts receivable 344,904 316,267
Income taxes receivable 16,893 19,798
Inventories 413,684 509,467
Prepaid expenses 17,701 16,236
Future income taxes 42,691 37,342
------------ ------------
892,018 916,076
PROPERTY, PLANT AND EQUIPMENT 153,339 158,895
INTANGIBLE ASSETS 408,188 395,742
GOODWILL 553,531 540,187
OTHER ASSETS 15,534 19,573
------------ ------------
$ 2,022,610 $ 2,030,473
------------ ------------
------------ ------------
LIABILITIES
CURRENT LIABILITIES
Bank indebtedness $ 7,278 $ 4,398
Accounts payable and accrued liabilities 336,615 380,915
Income taxes payable 29,765 30,164
Future income taxes - 2,713
Current portion of long-term debt 379,761 8,879
------------ ------------
753,419 427,069
------------ ------------
LONG-TERM DEBT 26,630 450,704
------------ ------------
PENSION & POST-RETIREMENT BENEFIT OBLIGATIONS 20,680 20,072
------------ ------------
FUTURE INCOME TAXES 113,271 111,874
------------ ------------
OTHER LONG-TERM LIABILITIES 7,492 6,010
------------ ------------
SHAREHOLDERS' EQUITY
CAPITAL STOCK 175,742 177,422
------------ ------------
CONTRIBUTED SURPLUS 19,014 16,070
------------ ------------
RETAINED EARNINGS 802,224 738,113
ACCUMULATED OTHER COMPREHENSIVE INCOME 104,138 83,139
------------ ------------
906,362 821,252
------------ ------------
1,101,118 1,014,744
------------ ------------
$ 2,022,610 $ 2,030,473
------------ ------------
------------ ------------
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
Third Quarters Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
------------- ------------- ------------- -------------
(unaudited) (unaudited) (unaudited) (unaudited)
Sales $ 514,654 $ 547,211 $ 1,583,322 $ 1,688,986
Licensing and
commission
income 3,804 5,031 11,489 13,014
------------- ------------- ------------- -------------
TOTAL REVENUE 518,458 552,242 1,594,811 1,702,000
------------- ------------- ------------- -------------
EXPENSES
Cost of sales 389,718 420,382 1,221,746 1,295,642
Selling,
general and
administrative
expenses 79,776 86,406 234,953 248,439
Depreciation and
amortization 7,332 5,973 19,322 19,266
Research and
development
costs 3,799 3,417 8,847 8,638
Restructuring
costs 14 (175) 86 1,450
Interest on
long-term debt 3,451 5,353 11,602 15,390
Other interest 407 200 913 722
------------- ------------- ------------- -------------
484,497 521,556 1,497,469 1,589,547
------------- ------------- ------------- -------------
Income before
income taxes 33,961 30,686 97,342 112,453
Income taxes 3,731 3,478 14,319 18,765
------------- ------------- ------------- -------------
NET INCOME $ 30,230 $ 27,208 $ 83,023 $ 93,688
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
EARNINGS PER
SHARE
Basic $ 0.91 $ 0.82 $ 2.49 $ 2.81
------------ ------------ ------------ -------------
------------ ------------ ------------ -------------
Diluted $ 0.91 $ 0.82 $ 2.49 $ 2.81
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
SHARES
OUTSTANDING
Basic -
weighted
average 33,179,322 33,397,627 33,297,385 33,397,337
Diluted -
weighted
average 33,338,597 33,399,355 33,389,225 33,399,003
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
ALL FIGURES IN THOUSANDS OF US $
Third Quarters Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
------------- ------------- ------------- -------------
(unaudited) (unaudited) (unaudited) (unaudited)
NET INCOME $ 30,230 $ 27,208 $ 83,023 $ 93,688
------------- ------------- ------------- -------------
OTHER
COMPREHENSIVE
INCOME:
Cumulative
----------
translation
-----------
adjustment:
-----------
Net change in
unrealized
foreign
currency gains
(losses) on
translation of
net investments
in self-sust-
aining foreign
operations,
net of tax
of nil 20,220 (41,232) 20,878 (13,011)
Portion
included in
income as a
result of
reductions
in net inv-
estments
in self-
sustaining
foreign
operations,
net of tax
of nil - - - (384)
------------- ------------- ------------- -------------
20,220 (41,232) 20,878 (13,395)
------------- ------------- ------------- -------------
Net changes in
--------------
cash flow hedges:
-----------------
Net change in
unrealized gains
(losses) on
derivatives
designated
as cash flow
hedges (961) - (120) -
Reclassification
to income 240 - 461 -
Future income
taxes 464 - (220) -
------------- ------------- ------------- -------------
(257) - 121 -
------------- ------------- ------------- -------------
TOTAL OTHER
COMPREHENSIVE
INCOME 19,963 (41,232) 20,999 (13,395)
------------- ------------- ------------- -------------
TOTAL
COMPREHENSIVE
INCOME $ 50,193 $ (14,024) $ 104,022 $ 80,293
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
ALL FIGURES IN THOUSANDS OF US $
Nine Months Ended
---------------------------
September 30, December 30,
2009 2008
------------- ------------
(unaudited) (audited)
CAPITAL STOCK
Balance, beginning of period $ 177,422 $ 177,271
Issued under stock option plan - 151
Repurchase and cancellation of shares (1,680) -
------------- ------------
Balance, end of period 175,742 177,422
------------- ------------
CONTRIBUTED SURPLUS
Balance, beginning of period 16,070 11,623
Stock-based compensation 2,944 3,738
------------- ------------
Balance, end of period 19,014 15,361
------------- ------------
RETAINED EARNINGS
Balance, beginning of period 738,113 641,981
Net income 83,023 93,688
Adjustment to opening retained earnings
from adopting a new accounting standard
for inventories, net of tax of $ 1,415 (2,096) -
Premium paid on share repurchase (4,309) -
Dividends on common shares (12,485) (12,531)
Dividends on deferred share units (22) (12)
------------- ------------
Balance, end of period 802,224 723,126
------------- ------------
ACCUMULATED OTHER COMPREHENSIVE INCOME
Balance, beginning of period 83,139 106,871
Total other comprehensive income 20,999 (13,395)
------------- ------------
Balance, end of period 104,138 93,476
------------- ------------
TOTAL SHAREHOLDERS' EQUITY $ 1,101,118 $ 1,009,385
------------- ------------
------------- ------------
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
ALL FIGURES IN THOUSANDS OF US $
Third Quarters Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
------------- ------------- ------------- -------------
(unaudited) (unaudited) (unaudited) (unaudited)
CASH PROVIDED BY
(USED IN):
OPERATING
ACTIVITIES
Net income $ 30,230 $ 27,208 $ 83,023 $ 93,688
Items not
involving cash:
Depreciation and
amortization 12,996 11,125 34,835 34,915
Amortization of
deferred
financing costs 69 44 175 150
Future income
taxes 2,364 1,866 (4,227) 2,526
Stock based
compensation 1,085 1,108 2,543 3,738
Pension and
post-retirement
defined benefit
plans (902) 297 694 1,117
Restructuring
activities (156) (2,382) (269) (4,259)
Exchange gain
from reduction
of net
investments
in foreign
operations - - - (384)
Loss (gain) on
disposal of
property, plant
and equipment 71 (4) 480 20
------------- ------------- ------------- -------------
45,757 39,262 117,254 131,511
Net changes in
non-cash balances
related to
operations:
Accounts
receivable 33,127 50,344 (23,760) 4,826
Inventories 12,351 (53,399) 98,931 (61,871)
Prepaid expenses 3,030 (570) (643) (710)
Accounts
payable,
accruals and
other
liabilities (18,329) (20,318) (47,232) 3,297
Income taxes (2,747) (6,789) 3,620 (4,651)
------------- ------------- ------------- -------------
27,432 (30,732) 30,916 (59,109)
------------- ------------- ------------- -------------
CASH PROVIDED BY
OPERATING
ACTIVITIES 73,189 8,530 148,170 72,402
------------- ------------- ------------- -------------
FINANCING
ACTIVITIES
Bank
indebtedness (3,018) (5,404) 2,200 (1,473)
Increase of
long-term debt - 4,802 - 262,759
Repayments of
long-term debt (34,979) (1,000) (53,242) (62,556)
Share repurchase (2,514) - (5,989) -
Issuance of
capital stock - 151 - 151
Dividends on
common shares (4,125) (4,173) (12,485) (12,531)
------------- ------------- ------------- -------------
CASH (USED IN)
PROVIDED BY
FINANCING
ACTIVITIES (44,636) (5,624) (69,516) 186,350
------------- ------------- ------------- -------------
INVESTING
ACTIVITIES
Acquisition
of companies (7,457) (460) (13,941) (218,542)
Additions to
property,
plant and
equipment -
net (5,915) (5,292) (12,775) (17,116)
Intangible
assets (5,414) (4,612) (15,793) (14,989)
------------- ------------- ------------- -------------
CASH USED IN
INVESTING
ACTIVITIES (18,786) (10,364) (42,509) (250,647)
------------- ------------- ------------- -------------
Effect of
exchange
rate changes
on cash and
cash
equivalents 2,665 (921) 3,034 (163)
------------- ------------- ------------- -------------
NET INCREASE
(DECREASE)
IN CASH AND
CASH
EQUIVALENTS 12,432 (8,379) 39,179 7,942
Cash and cash
equivalents,
beginning of
period 43,713 38,834 16,966 22,513
------------- ------------- ------------- -------------
CASH AND CASH
EQUIVALENTS,
END OF PERIOD $ 56,145 $ 30,455 $ 56,145 $ 30,455
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
DOREL INDUSTRIES INC.
INDUSTRY SEGMENTED INFORMATION
FOR THE THIRD QUARTERS ENDED SEPTEMBER 30
ALL FIGURES IN THOUSANDS OF US $
---------------------------------------------------
Total Juvenile
---------------------------------------------------
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
Total revenue $ 518,458 $ 552,242 $ 247,860 $ 263,155
Cost of sales 389,718 420,382 175,526 181,795
Selling, general and
administrative 74,173 79,393 37,486 38,861
Depreciation and
amortization 7,258 5,950 5,570 5,376
Research and
development costs 3,799 3,417 3,138 2,550
Restructuring costs 14 (175) 14 (138)
---------------------------------------------------
Earnings from
operations 43,496 43,275 $ 26,126 $ 34,711
-------------------------
-------------------------
Interest 3,858 5,553
Corporate expenses 5,677 7,036
Income taxes 3,731 3,478
-------------------------
Net income $ 30,230 $ 27,208
-------------------------
-------------------------
Earnings per Share
------------------
Basic $ 0.91 $ 0.82
----------- ------------
----------- ------------
Diluted $ 0.91 $ 0.82
----------- ------------
----------- ------------
---------------------------------------------------
Recreational / Leisure Home Furnishings
---------------------------------------------------
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
Total revenue $ 145,175 $ 163,186 $ 125,423 $ 125,901
Cost of sales 111,404 126,195 102,788 112,392
Selling, general and
administrative 27,585 30,119 9,102 10,413
Depreciation and
amortization 1,324 232 364 342
Research and
development costs - - 661 867
Restructuring costs - - - (37)
---------------------------------------------------
Earnings from
operations $ 4,862 $ 6,640 $ 12,508 $ 1,924
---------------------------------------------------
---------------------------------------------------
DOREL INDUSTRIES INC.
INDUSTRY SEGMENTED INFORMATION
FOR THE NINE MONTHS ENDED SEPTEMBER 30
ALL FIGURES IN THOUSANDS OF US $
---------------------------------------------------
Total Juvenile
---------------------------------------------------
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
Total revenue $ 1,594,811 $ 1,702,000 $ 746,493 $ 854,042
Cost of sales 1,221,746 1,295,642 541,856 604,190
Selling, general and
administrative 217,887 230,927 111,761 126,271
Depreciation and
amortization 19,220 19,202 14,303 14,897
Research and
development costs 8,847 8,638 6,916 6,236
Restructuring costs 86 1,450 86 1,434
---------------------------------------------------
Earnings from
operations 127,025 146,141 $ 71,571 $ 101,014
-------------------------
-------------------------
Interest 12,515 16,112
Corporate expenses 17,168 17,576
Income taxes 14,319 18,765
-------------------------
Net income $ 83,023 $ 93,688
-------------------------
-------------------------
Earnings per Share
------------------
Basic $ 2.49 $ 2.81
----------- ------------
----------- ------------
Diluted $ 2.49 $ 2.81
----------- ------------
----------- ------------
---------------------------------------------------
Recreational / Leisure Home Furnishings
---------------------------------------------------
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
Total revenue $ 505,696 $ 498,719 $ 342,622 $ 349,239
Cost of sales 390,645 381,606 289,245 309,846
Selling, general and
administrative 80,368 75,542 25,758 29,114
Depreciation and
amortization 3,835 2,869 1,082 1,436
Research and
development costs - - 1,931 2,402
Restructuring costs - - - 16
---------------------------------------------------
Earnings from
operations $ 30,848 $ 38,702 $ 24,606 $ 6,425
---------------------------------------------------
---------------------------------------------------
SOURCE DOREL INDUSTRIES INC.