PR Newswire: news distribution, targeting and monitoring
2014

Dorel reports substantial gains for 2012 fourth quarter and full year

Share with Twitter Share with LinkedIn

Fourth quarter highlights:

  • Juvenile segment operating profit increases 79% year-over-year
  • Bicycle business operating profit grows 42%
  • Net income, excluding non-cash, non-taxable gains, increases 66%


EXCHANGES
TSX: DII.B, DII.A

MONTREAL, March 6, 2013 /PRNewswire/ - Dorel Industries Inc. (TSX: DII.B DII.A) today announced results for the fourth quarter and full year ended December 30, 2012. Revenue for the fourth quarter increased 10.9% to US$622.6 million from US$561.6 million a year ago. Net income was up 6.4% to US$29.1 million or US$0.91 per diluted share from US$27.4 million, or US$0.85 per diluted share in 2011.

Revenue for the full year reached US$2.5 billion, up 5.3% from last year's US$2.4 billion. Net income was US$108.6 million or US$3.39 per diluted share, up from US$104.6 million or US$3.21 per diluted share a year ago, increases of 3.8% and 5.6% respectively.

Net income in both 2012 and 2011 benefitted from a reduction in corporate general and administrative expenses on non-cash gains related to contingent consideration and put option liabilities in connection with prior business acquisitions. In the fourth quarter of 2012 this gain was US$2.0 million while in 2011 it amounted to US$11.1 million. For the full year, these amounts were US$3.5 million in 2012 and US$12.2 million in 2011.  Excluding these non-cash, non-taxable gains, net income in the fourth quarter of 2012 was US$27.1 million versus US$16.3 million in 2011, an increase of 66%. For the full year, excluding the gain amount, net income was US$105.1 million in 2012 versus US$92.4 million in 2011, a 13.7% improvement.

"We made substantial progress through 2012, particularly in light of the lingering tough economy," said Dorel President and CEO, Martin Schwartz. "The Juvenile segment's operating profits increased due to improved earnings at Dorel Juvenile Group (DJG) USA and at Dorel Europe, even in the face of a fragile financial environment abroad. Dorel's Latin American operations were significant contributors to the segment's improved operating profit and our investments there continue to pay handsome dividends. Dorel Chile had an outstanding fourth quarter, buoyed by strong retail sales at our 70 stores. Brazil is recovering from a difficult year in 2011 and Dorel Colombia, with its first quarter as part of the Company, also delivered sound results.

"Driven by double digit growth in sales of Dorel's premium Cannondale brand, the Recreational/Leisure segment's full-year revenue surpassed US$900 million. Fourth quarter revenue increased markedly due to the ability to ship more product and strong sales of electric ride-on toys. We have proven we can do a good job in the bike business and the growth trend we have established during the last couple of years clearly underlines this. Home Furnishings, as expected, experienced slightly lower margins, reducing operating profits in that segment," concluded Mr. Schwartz.

 
Summary of Financial Highlights  
Fourth Quarters Ended December 30  
All figures in thousands of US $, except per share amounts  
  2012 2011 Change %
Total revenue 622,604 561,608 10.9%
Net income 29,119 27,362 6.4%
  Per share - Basic 0.92 0.85 8.2%
  Per share - Diluted 0.91 0.85 7.1%
Average number of shares outstanding -
diluted weighted average
31,963,942 32,130,001  
       
       
       
Summary of Financial Highlights
For the years Ended December 30
All figures in thousands of US $, except per share amounts
  2012 2011 Change %
Total revenue 2,490,710 2,364,229 5.3%
Net income 108,613 104,593 3.8%
  Per share - Basic 3.43 3.22 6.5%
  Per share - Diluted 3.39 3.21 5.6%
Average number of shares outstanding -
diluted weighted average
32,039,861 32,621,583  

 

Juvenile Segment

 
Fourth Quarters Ended December 30
  2012 2011  
  $ % of rev. $ % of rev. Change %
Total revenue 267,359   239,532   11.6%
Gross profit 74,820 28.0% 63,673 26.6% 17.5%
Operating profit 18,641 7.0% 10,390 4.3% 79.4%
           
           
For the years Ended December 30
  2012 2011  
  $ % of rev. $ % of rev. Change %
Total revenue 1,040,765   980,197   6.2%
Gross profit 287,658 27.6% 247,118 25.2% 16.4%
Operating profit 73,313 7.0% 53,851 5.5% 36.1%


Fourth quarter
The fourth quarter revenue increase of 11.6% includes two additional months of sales at Dorel Chile, acquired in December 2011 and the results for Colombia / Panama, acquired at the beginning of the fourth quarter of 2012. Excluding these additions and the impact of foreign exchange, the organic revenue increase was approximately 2%. The operating profit improvement of 79.4% versus 2011 was driven principally by the contribution of the segment's Latin American units. This includes an improved performance at Dorel Brazil, as well as a strong quarter for Dorel Chile.

Full year
Full year revenues increased from 2011 by US$60.6 million or 6.2%. This was the result of acquisitions and the impact of foreign exchange. Year-over-year operating profit increased significantly with a 36% improvement. In addition, the segment's U.S. and European businesses both posted improved earnings, benefitting from a more stable cost environment in 2012.

Recreational / Leisure Segment

 
Fourth Quarters Ended December 30
  2012 2011  
  $ % of rev. $ % of rev. Change %
Total revenue 226,640   202,410   12.0%
Gross profit 56,519 24.9% 46,410 22.9% 21.8%
Operating profit 16,456 7.3% 11,604 5.7% 41.8%
           
           
For the years Ended December 30
  2012 2011  
  $ % of rev. $ % of rev. Change %
Total revenue 928,422   861,754   7.7%
Gross profit 233,437 25.1% 205,052 23.8% 13.8%
Operating profit 71,958 7.8% 60,657 7.0% 18.6%

 

Fourth quarter
Fourth quarter revenues increased approximately 12%, with all of the growth being organic. The Independent Bicycle Dealer (IBD) channel drove the increase with strong pre-season sales of model year 2013 bicycles. Improved mix and cost containment were the principal reasons for the increase in operating profit of 41.8%. The continuing turnaround at SUGOI resulted in a modestly profitable quarter, a sharp reversal from the loss during the fourth quarter a year ago.

Full year
Revenues rose 7.7% to US$928.4 million compared to US$861.8 million a year ago. After removing the impact of foreign exchange, organic sales increased approximately 10%, marking the second consecutive year of 10% organic growth. The gain was in both the IBD and the mass merchant distribution channels, driven by new products and strong marketing of the segment's brands. The operating profit increase of 18.6% was driven by a focus on increased sales and gross margin expansion. To support this growth, the segment continues to invest in marketing and infrastructure to support the objectives of building this segment into the premier bicycle company in the market.

The growth in the IBD channel was in the majority of its markets. In the mass channel, bicycle sales were complemented by strong growth in the electric ride-on category.

Home Furnishings Segment

 
Fourth Quarters Ended December 30
  2012 2011  
  $ % of rev. $ % of rev. Change %
Total revenue 128,605   119,666   7.5%
Gross profit 15,064 11.7% 17,091 14.3% -11.9%
Operating profit 7,295 5.7% 8,486 7.1% -14.0%
           
           
For the years Ended December 30
  2012 2011  
  $ % of rev. $ % of rev. Change %
Total revenue 521,523   522,278   -0.1%
Gross profit 62,552 12.0% 65,589 12.6% -4.6%
Operating profit 25,593 4.9% 29,251 5.6% -12.5%


Fourth quarter
Fourth quarter revenues increased by 7.5% due to higher sales of imported furniture items, mattresses and futons. The sales growth continues to be driven by growing sales to the Internet channel. Operating profit declined as the result of higher overhead costs and a less profitable sales mix at certain of the segment's divisions.

Full year
Revenues for the year were basically flat at US$521.5 million. As in the prior year, sales decreases of metal folding furniture were offset by the sales growth of imported furniture, principally in the futon, mattress, bunk bed and upholstered item categories. Operating profit decreased by 12.5% as gross margins declined. While the segment did benefit from more stable input costs in 2012 versus 2011, this was offset by a less profitable mix of sales. The Canadian dollar remained strong against its U.S. counterpart which pressures margins as two of the segment's plants are based in Canada and ship the majority of their products to the U.S.

Other
In 2012 the Company's effective tax rate was 16.3% as compared to 8.1% in 2011. An income tax recovery of US$6.8 million was recorded in 2011 due to the realization of a tax benefit in the Netherlands where the Juvenile segment's product research and development (R&D) program qualified for the Dutch government's "Innovation Box" program. Excluding this benefit the tax rate in 2011 would have been 14.1%, more in line with the 2012 results.

Statement of Financial Position and Cash flow
Compared to December 30, 2011 levels, the most significant variation on the Company's Statement of Financial Position was the increase in inventory from US$442.4 million at year end 2011 to US$501.7 million as at December 30, 2012. This increase was anticipated as last year a lack of inventory at certain divisions had a negative impact on customer service levels. In addition, the Dorel Colombia acquisition and the growth of sales through the Internet distribution channel have necessitated a wider number of models to be held in sufficient quantities to adequately service customers, thus requiring a higher overall inventory level. The Company believes there is some opportunity to decrease inventory levels slightly, but the decrease will not be significant. Principally for this reason, cash flow provided by operating activities for the year was US$107.2 million compared to US$162.5 million recorded in 2011, a decrease of US$55.3 million.

Outlook
"For the 2013 year we expect to achieve overall growth in both revenues and net income through both market expansion and by continuing to invest in new products and brand support. Specifically in Recreational / Leisure we believe the success of our new product development and marketing in 2012 will continue into 2013. In Juvenile, the majority of our 2013 improvement will come from Latin America. We have made strategic investments over the past few years and expect growth there to outpace our traditional markets. Our products and brands have considerable untapped potential in markets such as Latin America and Asia and we feel these geographies will play a large role in our growth strategy. We will also continue to invest in our North American and European businesses to ensure we remain market leaders. In Home Furnishings, growth prospects are more modest as the segment is based only in North America and brand differentiation is not a competitive advantage; however we are focused on and further capitalizing upon the growth in the Internet retail channel," commented Mr. Schwartz.

"The Company is experiencing a slower start in 2013 than in 2012. We had a strong first quarter of 2012 and the timing of deliveries thus far in 2013 has had the impact of lowering our expectations for the first quarter.  As such, we anticipate being below prior year levels. However, as some of this is a timing issue, we remain confident of an improved 2013 overall. Further we remain open to acquisitions to complement our current businesses", concluded Mr. Schwartz.

Conference Call
Dorel Industries Inc. will hold a conference call to discuss these results today, March 6, 2013 at 1:00 P.M. Eastern Time. Interested parties can join the call by dialling 1-888-231-8191. The conference call can also be accessed via live webcast at www.dorel.com or www.newswire.ca. If you are unable to call in at this time, you may access a recording of the meeting by calling 1-855-859-2056 and entering the passcode 87464761 on your phone. This recording will be available on Wednesday, March 6, 2013 as of 4:00 P.M. until 11:59 P.M. on Wednesday, March 13, 2013.

Complete financial statements will be available on the Company's website, www.dorel.com, and will be available through the SEDAR website.

Profile
Dorel Industries Inc. (TSX: DII.B, DII.A) is a world class juvenile products and bicycle company. 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 Bébé Confort in Juvenile, as well as Cannondale, Schwinn, GT, Mongoose, IronHorse and SUGOI in Recreational/Leisure. Dorel's Home Furnishings segment markets a wide assortment of both domestically produced and imported furniture products, principally within North America. Dorel has annual sales of US$2.5 billion and employs 5,400 people in facilities located in twenty-four countries worldwide.

Caution Regarding Forward Looking Statements
Certain statements included in this press release may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation.  Except as may be required by Canadian securities laws, Dorel does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from Dorel's expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. As a result, Dorel cannot guarantee that any forward-looking statement will materialize. Forward-looking statements are provided in this press release for the purpose of giving information about Management's current expectations and plans and allowing investors and others to get a better understanding of Dorel's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.

Forward-looking statements made in this press release are based on a number of assumptions that Dorel believed were reasonable on the day it made the forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations expressed in or implied by the forward-looking statements include: general economic conditions; changes in product costs and supply channel; foreign currency fluctuations; customer and credit risk including the concentration of revenues with few customers; costs associated with product liability; changes in income tax legislation or the interpretation or application of those rules; the continued ability to develop products and support brand names; changes in the regulatory environment; continued access to capital resources and the related costs of borrowing; changes in assumptions in the valuation of goodwill and other intangible assets and subject to dividends being declared by the Board of Directors, there can be no certainty that Dorel's Dividend Policy will be maintained. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking statements are discussed in Dorel's annual MD&A and Annual Information Form filed with the applicable Canadian securities regulatory authorities. The risk factors outlined in the previously mentioned documents are specifically incorporated herein by reference.

Dorel cautions readers that the risks described above are not the only ones that could impact it. Additional risks and uncertainties not currently known to Dorel or that Dorel currently deems to be immaterial may also have a material adverse effect on our business, financial condition or results of operations. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Dorel therefore cannot describe the expected impact in a meaningful way or in the same way Dorel presents known risks affecting the business.

 

 

  DOREL INDUSTRIES INC.
  CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
  ALL FIGURES IN THOUSANDS OF US $
       
  as at
December 30,
2012
  as at
December 30,
2011
  (unaudited)   (unaudited)
           
ASSETS          
CURRENT ASSETS          
  Cash and cash equivalents $ 38,311   $ 29,764
  Trade and other receivables   443,020     403,664
  Inventories   501,652     442,409
  Other financial assets   287     9,867
  Income taxes receivable   17,273     17,811
  Prepaid expenses   19,813     21,858
    1,020,356     925,373
           
NON-CURRENT ASSETS          
  Property, plant and equipment   157,127     158,363
  Intangible assets   423,057     411,171
  Goodwill   578,352     568,849
  Other financial assets   796     -
  Deferred tax assets   22,773     31,096
  Other assets   1,625     1,717
    1,183,730     1,171,196
  $ 2,204,086   $ 2,096,569
           
LIABILITIES          
CURRENT LIABILITIES          
  Bank indebtedness $ 11,476   $ 20,130
  Trade and other payables   337,451     323,552
  Other financial liabilities   4,236     13,065
  Income taxes payable   2,856     2,315
  Long-term debt   13,520     17,279
  Provisions   33,769     37,096
    403,308     413,437
           
NON-CURRENT LIABILITIES          
  Long-term debt   317,970     298,160
  Pension & post-retirement benefit obligations   35,724     35,258
  Deferred tax liabilities   87,922     79,702
  Provisions   1,969     1,876
  Other financial liabilites   43,600     33,141
  Other long-term liabilities   5,895     5,340
    493,080     453,477
           
EQUITY          
SHARE CAPITAL   180,856     174,782
CONTRIBUTED SURPLUS   27,192     26,445
ACCUMULATED OTHER COMPREHENSIVE INCOME   65,352     58,842
RETAINED EARNINGS   1,034,298     969,586
    1,307,698     1,229,655
  $ 2,204,086   $ 2,096,569

 

DOREL INDUSTRIES INC.
CONSOLIDATED INCOME STATEMENTS
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
               
  Fourth Quarters Ended   Twelve Months Ended
  December 30,
2012
  December 30,
2011
  December 30,
2012
  December 30,
2011
  (unaudited)   (unaudited)   (unaudited)   (unaudited)
                       
Sales $ 616,996   $ 558,031   $ 2,475,762   $ 2,352,250
Licensing and commission income   5,608     3,577     14,948     11,979
TOTAL REVENUE   622,604     561,608     2,490,710     2,364,229
                       
Cost of sales   476,201     434,434     1,907,063     1,846,470
GROSS PROFIT   146,403     127,174     583,647     517,759
                       
                       
Selling expenses   55,424     45,165     220,299     185,868
General and administrative expenses    43,629     35,426     186,785     164,207
Research and development expenses   7,861     9,849     28,724     32,227
OPERATING PROFIT   39,489     36,734     147,839     135,457
                       
Finance expenses   4,511     5,413     18,017     21,659
INCOME BEFORE INCOME TAXES   34,978     31,321     129,822     113,798
                       
Income taxes expense   5,859     3,959     21,209     9,205
NET INCOME $ 29,119   $ 27,362   $ 108,613   $ 104,593
                       
EARNINGS PER SHARE                      
  Basic $ 0.92   $ 0.85   $ 3.43   $ 3.22
  Diluted $ 0.91   $ 0.85   $ 3.39   $ 3.21
                       
SHARES OUTSTANDING                      
  Basic - weighted average   31,560,961     32,034,721     31,690,811     32,456,275
  Diluted - weighted average   31,963,942     32,130,001     32,039,861     32,621,583
                       
                       
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
ALL FIGURES IN THOUSANDS OF US $
               
  Fourth Quarters Ended   Twelve Months Ended
  December 30,
2012
  December 30,
2011
  December 30,
2012
  December 30,
2011
  (unaudited)   (unaudited)   (unaudited)   (unaudited)
                       
NET INCOME $ 29,119   $ 27,362   $ 108,613   $ 104,593
                       
OTHER COMPREHENSIVE INCOME (LOSS):                      
                       
Items that are or may be reclassified subsequently to
net income:
                     
Cumulative translation account:                      
Net change in unrealized foreign currency gains (losses)
on translation of net investments in foreign operations,
net of tax of nil
  13,487     (14,653)     13,628     (15,210)
                       
Net changes in cash flow hedges:                      
Net change in unrealized gains (losses) on derivatives
designated as cash flow hedges
  (998)     3,469     123     3,866
Reclassification to income   242     (495)     973     1,027
Reclassification to the related non financial asset   (2,637)     (146)     (10,654)     4,826
Deferred income taxes   869     (870)     2,440     (2,605)
    (2,524)     1,958     (7,118)     7,114
                       
Items that will not be reclassified to net income:                      
Defined benefit plans:                      
Actuarial gains (losses) on defined benefit plans   (2,865)     (8,152)     (2,871)     (8,158)
Deferred income taxes   1,138     3,318     1,139     3,234
    (1,727)     (4,834)     (1,732)     (4,924)
                       
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)   9,236     (17,529)     4,778     (13,020)
                       
TOTAL COMPREHENSIVE INCOME $ 38,355   $ 9,833   $ 113,391   $ 91,573




DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
ALL FIGURES IN THOUSANDS OF US $
             
  Attributable to equity holders of the Company
  Share
Capital
Contributed
Surplus
Cumulative
Translation
Account*
Cash Flow
Hedges*
Retained
Earnings
Total
Equity
  (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
                         
Balance as at December 30, 2010 $ 178,816 $ 23,776 $ 67,970 $ (1,032) $ 902,321 $ 1,171,851
                         
Total comprehensive income:                        
  Net income   -   -   -   -   104,593   104,593
  Defined benefit plans actuarial gains and losses, net of tax   -   -   -   -   (4,924)   (4,924)
  Other comprehensive income (loss)   -   -   (15,210)   7,114     (8,096)
    -   -   (15,210)   7,114   99,669   91,573
Issued under stock option plan   429   -   -   -   -   429
Reclassification from contributed surplus due to exercise stock options   89   (89)   -   -   -   -
Repurchase and cancellation of shares   (4,552)   -   -   -   -   (4,552)
Premium paid on share repurchase   -   -   -   -   (12,847)   (12,847)
Share-based payments   -   2,686   -   -   -   2,686
Dividends on common shares   -   -   -   -   (19,485)   (19,485)
Dividends on deferred share units   -   72   -   -   (72)   -
Balance as at December 30, 2011 $ 174,782 $ 26,445 $ 52,760 $ 6,082 $ 969,586 $ 1,229,655
                         
Total comprehensive income:                        
  Net income   -   -   -   -   108,613   108,613
  Defined benefit plans actuarial gains and losses, net of tax   -   -   -   -   (1,732)   (1,732)
  Other comprehensive income (loss)   -   -   13,628   (7,118)     6,510
    -   -   13,628   (7,118)   106,881   113,391
Issued under stock option plan   8,524   -   -   -   -   8,524
Reclassification from contributed surplus due to exercise of stock options   1,770   (1,770)   -   -   -   -
Repurchase and cancellation of shares   (4,220)   -   -   -   -   (4,220)
Premium paid on share repurchase   -   -   -   -   (13,592)   (13,592)
Share-based payments   -   2,389   -   -   -   2,389
Dividends on common shares   -   -   -   -   (28,449)   (28,449)
Dividends on deferred share units   -   128   -   -   (128)   -
Balance as at December 30, 2012 $ 180,856 $ 27,192 $ 66,388 $ (1,036) $ 1,034,298 $ 1,307,698
                         
*Accumulated other comprehensive income            

 


DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
ALL FIGURES IN THOUSANDS OF US $
               
  Fourth Quarters Ended   Twelve Months Ended
  December 30,
2012
  December 30,
2011
  December 30,
2012
  December 30,
2011
  (unaudited)   (unaudited)   (unaudited)   (unaudited)
                       
CASH PROVIDED BY (USED IN):                      
OPERATING ACTIVITIES                      
Net income $ 29,119   $ 27,362   $ 108,613   $ 104,593
Items not involving cash:                      
  Depreciation and amortization   14,011     12,160     53,332     53,865
  Amortization of deferred financing costs   98     156     418     532
  Impairment loss of goodwill   -     1,372     -     1,372
  Accretion expense on contingent consideration and put option liabilities   1,196     599     3,304     2,209
  Change of assumptions on contingent consideration and put option liabilities   (2,043)     (11,131)     (3,473)     (12,217)
  Unrealized (gains) losses due to foreign exchange exposure on contingent consideration and put option liabilities   (140)     259     1,466     (808)
  Other finance expenses   3,217     4,659     14,295     18,919
  Income taxes expense   5,859     3,959     21,209     9,205
  Share-based payments   567     526     2,275     2,467
  Pension and post-retirement defined benefit plans   (1,741)     (3,989)     431     (1,473)
  Loss on disposal of property, plant and equipment   305     880     229     854
    50,448     36,812     202,099     179,518
Net changes in balances related to operations:                      
  Trade and other receivables   (3,816)     (10,656)     (37,250)     (37,683)
  Inventories   29,712     18,419     (47,120)     81,433
  Other financial assets   31     -     (947)     -
  Prepaid expenses   4,690     12     2,220     (4,134)
  Trade and other payables   (14,250)     18,460     11,769     (12,114)
  Pension and post-retirement benefit obligations   (304)     (572)     (2,776)     (3,082)
  Provisions, other financial long-term liabilities and other long-term liabilities   (2,366)     (1,185)     (2,616)     (1,876)
    13,697     24,478     (76,720)     22,544
                       
  Income taxes paid   (6,058)     (4,489)     (19,271)     (28,181)
  Income taxes received   1,286     6,067     16,541     7,136
  Interest paid   (6,257)     (6,239)     (16,660)     (18,540)
  Interest received   343     -     1,228     -
                       
CASH PROVIDED BY OPERATING ACTIVITIES   53,459     56,629     107,217     162,477
                       
FINANCING ACTIVITIES                      
  Bank indebtedness   711     (1,495)     (8,670)     (9,777)
  Increase of long-term debt   -     -     32,883     -
  Repayments of long-term debt   (29,998)     6,268     (16,767)     (14,855)
  Repayments of contingent consideration and put option liabilities   -     -     (6,972)     (2,431)
  Financing costs   (28)     (56)     (220)     (22)
  Share repurchase   -     (4,753)     (17,812)     (17,399)
  Issuance of share capital   3,134     -     7,941     429
  Dividends on common shares   (9,463)     (4,808)     (28,449)     (19,485)
CASH USED IN FINANCING ACTIVITIES   (35,644)     (4,844)     (38,066)     (63,540)
                       
INVESTING ACTIVITIES                      
  Acquisition of businesses   (152)     (36,319)     (14,819)     (36,319)
  Additions to property, plant and equipment   (6,443)     (4,821)     (27,020)     (27,975)
  Disposals of property, plant and equipment   16     502     166     644
  Additions to intangible assets   (4,898)     (5,970)     (19,491)     (20,825)
CASH USED IN INVESTING ACTIVITIES   (11,477)     (46,608)     (61,164)     (84,475)
                       
  Effect of exchange rate changes on cash and cash equivalents   67     (1,191)     560     (446)
                       
NET INCREASE IN CASH AND CASH EQUIVALENTS   6,405     3,986     8,547     14,016
                       
Cash and cash equivalents, beginning of period   31,906     25,778     29,764     15,748
                       
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 38,311   $ 29,764   $ 38,311   $ 29,764

 

DOREL INDUSTRIES INC.
INDUSTRY SEGMENTED INFORMATION
FOURTH QUARTERS ENDED DECEMBER 30
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
                 
  Total Juvenile   Recreational / Leisure Home Furnishings
  2012 2011 2012 2011 2012 2011 2012 2011
  (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
 
Total revenue $ 622,604 $ 561,608 $ 267,359 $ 239,532 $ 226,640 $ 202,410 $ 128,605 $ 119,666
Cost of sales   476,201   434,434   192,539   175,859   170,121   156,000   113,541   102,575
Gross profit   146,403   127,174   74,820   63,673   56,519   46,410   15,064   17,091
Selling expenses   54,746   44,607   28,709   22,480   21,962   18,034   4,075   4,093
General and administrative expenses   41,404   42,238   21,171   22,623   17,354   15,714   2,879   3,901
Research and development expenses   7,861   9,849   6,299   8,180   747   1,058   815   611
Operating profit   42,392   30,480 $ 18,641 $ 10,390 $ 16,456 $ 11,604 $ 7,295 $ 8,486
Finance expenses   4,511   5,413                        
Corporate expenses   2,903   (6,254)                        
Income taxes   5,859   3,959                        
                                 
Net income $ 29,119 $ 27,362                        
                                 
Earnings per Share                                
  Basic $ 0.92 $ 0.85                        
  Diluted $ 0.91 $ 0.85                        
                                 
                                 
Impairment loss of goodwill included in operating profit $ - $ 1,372 $ - $ 1,372 $ - $ - $ - $ -
Depreciation and amortization included in operating profit $ 13,856 $ 12,112 $ 10,210 $ 9,921 $ 2,695 $ 1,377 $ 951 $ 814
 
 
DOREL INDUSTRIES INC.
INDUSTRY SEGMENTED INFORMATION
FOR THE YEARS ENDED DECEMBER 30
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
                 
  Total Juvenile   Recreational / Leisure Home Furnishings
  2012 2011 2012 2011 2012 2011 2012 2011
  (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
 
Total revenue $ 2,490,710 $ 2,364,229 $ 1,040,765 $ 980,197 $ 928,422 $ 861,754 $ 521,523 $ 522,278
Cost of sales   1,907,063   1,846,470   753,107   733,079   694,985   656,702   458,971   456,689
Gross Profit   583,647   517,759   287,658   247,118   233,437   205,052   62,552   65,589
Selling expenses   217,889   183,740   106,134   83,129   94,523   83,677   17,232   16,934
General and administrative expenses   166,170   158,033   87,202   84,083   62,327   57,083   16,641   16,867
Research and development expenses   28,724   32,227   21,009   26,055   4,629   3,635   3,086   2,537
Operating profit   170,864   143,759 $ 73,313 $ 53,851 $ 71,958 $ 60,657 $ 25,593 $ 29,251
Finance expenses   18,017   21,659                        
Corporate expenses   23,025   8,302                        
Income taxes   21,209   9,205                        
                                 
Net income $ 108,613 $ 104,593                        
                                 
Earnings per Share                                
  Basic $ 3.43 $ 3.22                        
  Diluted $ 3.39 $ 3.21                        
                                 
                                 
Impairment loss of goodwill included in operating profit $ $ 1,372 $ $ 1,372 $ $ $ $
Depreciation and amortization included in operating profit $ 53,054 $ 53,683 $ 39,151 $ 40,376 $ 9,429 $ 8,251 $ 4,474 $ 5,056

 

 

 

SOURCE DOREL INDUSTRIES INC.



Featured Video

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.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release