- Cannondale's innovative models continue to impress
- Inventory levels returning to normal
EXCHANGES
TSX: DII.B, DII.A
MONTREAL, May 18 /PRNewswire-FirstCall/ - Dorel Industries Inc. (TSX: DII.B DII.A) today released results for the first quarter ended March 31, 2011. Revenue reached US$607.8 million, up 1.9% from US$596.3 million a year ago. Net income was US$31.2 million or US$0.94 per diluted share, compared to last year's US$38.2 million or US$1.15 per diluted share. Upon transition to International Financial Reporting Standards (IFRS), previously issued earnings per diluted share for the first quarter of 2010 which was reported as US$1.12, have been restated to US$1.15.
"A highlight of the first quarter results is the momentum of the Company's bicycle business, particularly in the IBD channel. Improved earnings in that segment were offset by a challenging retail environment for our U.S. juvenile products business. Home Furnishings revenues were stronger both year-over-year and particularly sequentially, but factors including high commodity prices and freight rates, as well as the weakening US dollar resulted in lower earnings compared to last year's first quarter. I am pleased to report that the high 2010 year-end inventories have started to come down and this will convert into improved cash flow as we move through the year," stated Dorel CEO and President Martin Schwartz.
Summary of Financial Highlights | ||||||
First Quarters Ended March 31 | ||||||
All figures in thousands of US $, except per share amounts | ||||||
2011 | 2010 | Change % | ||||
Total revenues | 607,783 | 596,313 | 1.9% | |||
Net income | 31,164 | 38,206 | -18.4% | |||
Per share - Basic | 0.95 | 1.16 | -18.1% | |||
Per share - Diluted | 0.94 | 1.15 | -18.3% | |||
Average number of shares outstanding - diluted weighted average | 33,007,150 | 33,241,496 |
Juvenile Segment |
First Quarters Ended March 31 | |||||
2011 | 2010 | ||||
$ | % of rev. | $ | % of rev. | Change % | |
Total revenues | 269,620 | 285,793 | -5.7% | ||
Gross profit | 71,620 | 26.6% | 83,099 | 29.1% | -13.8% |
Operating profit | 23,672 | 8.8% | 33,131 | 11.6% | -28.6% |
The first quarter revenue decrease of 5.7% was in most of the Company's Juvenile operating divisions, but was most pronounced in the United States, where consumer spending in this category continues to be down at the retail level. In local currencies, European sales decreased by less than 2% from last year. As foreign exchange rates were relatively consistent year-over-year, revenues in local currencies were down by a similar percentage. Sales of mid-price point Safety 1st products have been well received by consumers in Europe and car seats will be offered later this year in the opening-price point category.
Earnings were affected by lower sales as well as higher input costs, a less profitable product mix at Dorel Juvenile Group USA and higher costs in Europe due to less favourable foreign exchange rates on that division's US dollar purchases. However, recent strength in the Euro will help the Juvenile segment going forward if the trend continues. The current US retail environment is making the acceptance of price increases difficult, a situation which is being closely monitored and addressed with new product introductions scheduled throughout the balance of the year.
Recreational/Leisure
First Quarters Ended March 31 | |||||
2011 | 2010 | ||||
$ | % of rev. | $ | % of rev. | Change % | |
Total revenues | 200,427 | 181,677 | 10.3% | ||
Gross profit | 50,995 | 25.4% | 46,123 | 25.4% | 10.6% |
Operating profit | 17,771 | 8.9% | 15,071 | 8.3% | 17.9% |
The US$18.8 million or 10.3% increase in Recreational/Leisure sales was entirely organic with operating profit improving by 17.9%. Revenue growth was above 25% in the IBD channel as the momentum created last year with the introduction of the well received 2011 new model year product line continued into this year's first quarter. Sales growth was in all markets, but was strongest for the Cannondale and GT brands in Europe and Australia. The Cannondale dealer base continues to grow due to innovation and brand building. Sales in the segment's mass merchant category declined mid-single digits, due in part to poor weather and the late Easter holiday period.
The Liquigas-Cannondale pro-cycling team is currently competing in the Giro d'Italia which runs until May 29th. The Giro is one of the world's three Grand Tours and will provide outstanding visibility for the Cannondale brand. As announced last year, Dorel is now a Co-Title sponsor of the renamed "Liquigas-Cannondale" race team. The team came first in the 2010 Giro.
Home Furnishings
First Quarters Ended March 31 | |||||
2011 | 2010 | ||||
$ | % of rev. | $ | % of rev. | Change % | |
Total revenues | 137,736 | 128,843 | 6.9% | ||
Gross profit | 17,186 | 12.5% | 19,824 | 15.4% | -13.3% |
Operating profit | 7,750 | 5.6% | 10,703 | 8.3% | -27.6% |
First quarter Home Furnishings revenue increased at several major customers and was led principally by increased sales of upholstered furniture and futons. On-line sales continue to grow in importance for this segment and revenues from this distribution channel nearly doubled from 2010.
This segment's profit was the most affected of all Dorel businesses by increased input costs through the first three months this year, with steel and polyester experiencing the most dramatic increases. Year-over-year higher freight rates also reduced earnings as did the weakening US dollar. A delay in obtaining price increases also had an impact on operating profit. The increase in sales volume and increased factory efficiencies helped offset some of the above mentioned cost increases.
Other
The 2011 first quarter tax rate was 13.7% versus 21.7% in the prior year. The principal cause of the rate decrease was lower earnings within higher tax rate jurisdictions. The Company has stated that for the year it expects its annual tax rate to be between 15% and 20%, and despite the lower rate recorded in the first quarter this expectation remains. However, variations in earnings across quarters mean that this rate may vary significantly from quarter to quarter.
As at the 2010 year-end the Company had experienced a significant increase in inventory levels as sales fell short of expectations in the fourth quarter of 2010 and inventories rose above normal levels. Therefore, as was expected, in the first quarter of 2011 inventories declined from US$510.1 million as at December 30, 2010 to US$493.0 million as at quarter end. The decline was as expected in Juvenile and Home Furnishings with a combined decrease of over 10%. However, partially offsetting that was an increase in Recreational / Leisure in anticipation of second quarter shipping, the strongest of the year for that segment. Though much higher than inventory levels as at March 31, 2010 which were US$373.0 million, 2011 inventories are more in line with current requirements, whereas in 2010 the Company had allowed inventories to fall to below normal levels.
Quarterly dividend
The Board of Directors of Dorel declared its regular quarterly dividend of US$0.15 per share on the outstanding number of the Company's Class A Multiple Voting Shares, Class B Subordinate Voting Shares and Deferred Share Units. The dividend is payable on June 15th, 2011 to shareholders of record as at the close of business on June 1st, 2011.
Outlook
The U.S. retail environment, particularly in Juvenile, continues to pose challenges. As evidenced by lower margins in the Juvenile and Home Furnishings segments, high input costs have not receded and the majority of these higher costs are being absorbed by the Company at this time.
In Recreational/Leisure, the solid start to the year is expected to continue with an overall improved performance over 2010. Dorel has invested heavily in its bicycle brands and coupled with the enthusiastic acceptance of new models, growth is occurring in the IBD dealer network. The Company is optimistic for the balance of the year in its mass merchant channel as point-of-sales activity has improved in recent weeks.
The Company remains committed to new product development and strategic brand support as the best way to ensure it continues to bring value to its customers and consumers. An illustration of this is the work being done at the new Dorel Technical Center for Child Safety which has recently developed a next generation crash force energy management technology which provides Dorel with an important edge over other car seat manufacturers. Other important research is underway and will be announced at next week's Annual Meeting of Shareholders.
First quarter inventory levels were reduced as expected and will continue to come down to appropriate levels. The Company fully anticipates that cash flow will increase significantly through the year as inventory levels are reduced.
"Despite the current short-term challenges we are not wavering from our commitment to new product development in all our segments. We realize that to successfully navigate an environment of rising costs and prudent consumers, we need to promote our brands and bring new exciting products to market that will create demand, allowing us to improve profitability," commented Mr. Schwartz.
Conference Call
Dorel Industries Inc. will hold a conference call to discuss these results today, May 18, 2011 at 1:00 P.M. Eastern Time. Interested parties can join the call by dialling 1-877-974-0445. 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 tape recording of the meeting by calling 1-877-289-8525 and entering the passcode 4437451# on your phone. This tape recording will be available on Wednesday, May 18, 2011 as of 4:00 P.M. until 11:59 P.M. on Wednesday, May 25, 2011.
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. 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 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 furniture products, both domestically produced and imported. Dorel is a US$2.3 billion company with 4700 employees, facilities in nineteen countries, and sales 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 | as at | as at | ||||||||
March 31, 2011 |
December 30, 2010 |
December 31, 2009 |
||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||
ASSETS | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ | 24,693 | $ | 15,748 | $ | 19,847 | ||||
Trade and other receivables | 467,657 | 356,507 | 348,579 | |||||||
Inventories | 493,045 | 510,068 | 399,866 | |||||||
Other financial assets | 782 | 2,554 | 1,411 | |||||||
Income taxes receivable | 12,733 | 14,096 | 16,264 | |||||||
Prepaid expenses | 20,094 | 17,823 | 17,358 | |||||||
1,019,004 | 916,796 | 803,325 | ||||||||
NON-CURRENT ASSETS | ||||||||||
Property, plant and equipment | 161,221 | 158,752 | 154,261 | |||||||
Intangible assets | 402,426 | 396,354 | 401,831 | |||||||
Goodwill | 566,734 | 554,528 | 569,824 | |||||||
Other financial assets | - | - | 1,476 | |||||||
Deferred tax assets | 69,109 | 65,690 | 66,002 | |||||||
Other assets | 1,898 | 2,215 | 668 | |||||||
1,201,388 | 1,177,539 | 1,194,062 | ||||||||
$ | 2,220,392 | $ | 2,094,335 | $ | 1,997,387 | |||||
LIABILITIES | ||||||||||
CURRENT LIABILITIES | ||||||||||
Bank indebtedness | $ | 44,283 | $ | 30,515 | $ | 1,987 | ||||
Trade and other payables | 344,121 | 323,588 | 291,932 | |||||||
Other financial liabilities | 5,966 | 4,203 | 1,185 | |||||||
Income taxes payable | 13,622 | 13,154 | 27,257 | |||||||
Long-term debt | 10,783 | 10,667 | 322,508 | |||||||
Provisions | 44,353 | 43,232 | 46,482 | |||||||
463,128 | 425,359 | 691,351 | ||||||||
NON-CURRENT LIABILITIES | ||||||||||
Long-term debt | 354,006 | 319,281 | 27,075 | |||||||
Pension and post-retirement benefit obligations | 32,185 | 32,056 | 28,622 | |||||||
Deferred tax liabilities | 112,305 | 109,789 | 122,362 | |||||||
Provisions | 1,985 | 1,780 | 1,726 | |||||||
Other financial liabilites | 31,804 | 31,253 | 22,112 | |||||||
Other long-term liabilities | 2,948 | 2,966 | 1,301 | |||||||
535,233 | 497,125 | 203,198 | ||||||||
EQUITY | ||||||||||
SHARE CAPITAL | 178,834 | 178,816 | 174,816 | |||||||
CONTRIBUTED SURPLUS | 24,569 | 23,776 | 20,311 | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | 88,532 | 64,626 | 97,735 | |||||||
RETAINED EARNINGS | 930,096 | 904,633 | 809,976 | |||||||
1,222,031 | 1,171,851 | 1,102,838 | ||||||||
$ | 2,220,392 | $ | 2,094,335 | $ | 1,997,387 |
DOREL INDUSTRIES INC. | |||||||
CONSOLIDATED INCOME STATEMENTS | |||||||
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS | |||||||
Three Months Ended | |||||||
March 31, 2011 | March 31, 2010 | ||||||
(unaudited) | (unaudited) | ||||||
Sales | $ | 604,417 | $ | 593,696 | |||
Licensing and commission income | 3,366 | 2,617 | |||||
TOTAL REVENUE | 607,783 | 596,313 | |||||
Cost of sales | 467,982 | 447,267 | |||||
GROSS PROFIT | 139,801 | 149,046 | |||||
Selling expenses | 44,443 | 41,730 | |||||
General and administrative expenses | 45,778 | 47,467 | |||||
Research and development expenses | 7,590 | 7,773 | |||||
OPERATING PROFIT | 41,990 | 52,076 | |||||
Finance expenses | 5,878 | 3,278 | |||||
INCOME BEFORE INCOME TAXES | 36,112 | 48,798 | |||||
Income taxes expense | 4,948 | 10,592 | |||||
NET INCOME | $ | 31,164 | 38,206 | ||||
EARNINGS PER SHARE | |||||||
Basic | $ | 0.95 | $ | 1.16 | |||
Diluted | $ | 0.94 | $ | 1.15 | |||
SHARES OUTSTANDING | |||||||
Basic - weighted average | 32,659,446 | 32,933,666 | |||||
Diluted - weighted average | 33,007,150 | 33,241,496 | |||||
DOREL INDUSTRIES INC. | |||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||
ALL FIGURES IN THOUSANDS OF US $ | |||||||
Three Months Ended | |||||||
March 31, 2011 | March 31, 2010 | ||||||
(unaudited) | (unaudited) | ||||||
NET INCOME | $ | 31,164 | $ | 38,206 | |||
OTHER COMPREHENSIVE 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 |
26,402 | (27,780) | |||||
Net changes in cash flow hedges: | |||||||
Net change in unrealized gains (losses) on derivatives designated as cash flow hedges |
(3,206) | 749 | |||||
Reclassification to income | (1,450) | 210 | |||||
Reclassification to the related non-financial asset | 1,480 | (372) | |||||
Deferred income taxes | 744 | 206 | |||||
(2,432) | 793 | ||||||
Defined benefit plans: | |||||||
Acturial gains (losses) on defined benefit plans | (86) | (907) | |||||
Deferred income taxes | 22 | 326 | |||||
(64) | (581) | ||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 23,906 | (27,568) | |||||
TOTAL COMPREHENSIVE INCOME | $ | 55,070 | $ | 10,638 |
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* |
Defined Benefit Plans* |
Retained Earnings |
Total Equity |
|
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
Balance as at December 31, 2009 | $ 174,816 | $ 20,311 | $ 96,840 | $ 895 | $ - | $ 809,976 | $ 1,102,838 |
Total comprehensive income (loss) | - | - | (27,780) | 793 | (581) | 38,206 | 10,638 |
Issued under stock option plan | 759 | - | - | - | - | - | 759 |
Reclassification from contributed surplus due to exercise of stock options | 156 | (156) | - | - | - | - | - |
Repurchase and cancellation of shares | (272) | - | - | - | - | - | (272) |
Premium paid on share repurchase | - | - | - | - | - | (1,128) | (1,128) |
Share-based payments | - | 988 | - | - | - | - | 988 |
Dividends on common shares | - | - | - | - | - | (4,118) | (4,118) |
Dividends on deferred share units | - | 9 | - | - | - | (9) | - |
Balance as at March 31, 2010 | $ 175,459 | $ 21,152 | $ 69,060 | $ 1,688 | $ (581) | $ 842,927 | $ 1,109,705 |
Balance as at December 31, 2010 | $ 178,816 | $ 23,776 | $ 67,970 | $ (1,032) | $ (2,312) | $ 904,633 | $ 1,171,851 |
Total comprehensive income (loss) | - | - | 26,402 | (2,432) | (64) | 31,164 | 55,070 |
Issued under stock option plan | 182 | - | - | - | - | - | 182 |
Reclassification from contributed surplus due to exercise of stock options | 34 | (34) | - | - | - | - | - |
Repurchase and cancellation of shares | (198) | - | - | - | - | - | (198) |
Premium paid on share repurchase | - | - | - | - | - | (771) | (771) |
Share-based payments | - | 811 | - | - | - | - | 811 |
Dividends on common shares | - | - | - | - | - | (4,914) | (4,914) |
Dividends on deferred share units | - | 16 | - | - | - | (16) | - |
Balance as at March 31, 2011 | $ 178,834 | $ 24,569 | $ 94,372 | $ (3,464) | $ (2,376) | $ 930,096 | $ 1,222,031 |
*Accumulated other comprehensive income |
DOREL INDUSTRIES INC. | ||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
ALL FIGURES IN THOUSANDS OF US $ | ||||||
Three Months Ended | ||||||
March 31, 2011 | March 31, 2010 | |||||
(unaudited) | (unaudited) | |||||
CASH PROVIDED BY (USED IN): | ||||||
OPERATING ACTIVITIES | ||||||
Net income | $ | 31,164 | $ | 38,206 | ||
Items not involving cash: | ||||||
Depreciation and amortization | 13,184 | 12,752 | ||||
Amortization of deferred financing costs | 369 | 29 | ||||
Accretion expense on contingent considerations | 531 | 475 | ||||
Income taxes expense | 4,948 | 10,590 | ||||
Share-based payments | 811 | 988 | ||||
Pension and post-retirement defined benefit plans | (1,305) | (854) | ||||
(Gain) Loss on disposal of property, plant and equipment | (18) | 6 | ||||
49,684 | 62,192 | |||||
Net changes in non-cash balances related to operations: | ||||||
Trade and other receivables | (103,657) | (85,274) | ||||
Inventories | 24,048 | 22,436 | ||||
Prepaid expenses | (2,384) | (2,557) | ||||
Trade and other payables | 19,054 | 35,169 | ||||
Provisions, other financial liabilities and other long-term liabilities | 1,212 | 958 | ||||
(61,727) | (29,268) | |||||
Income taxes paid | (5,640) | (2,479) | ||||
Income taxes received | 104 | 2,720 | ||||
Interest paid | (3,177) | (4,517) | ||||
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (20,756) | 28,648 | ||||
FINANCING ACTIVITIES | ||||||
Bank indebtedness | 12,841 | 13,095 | ||||
Increase of long-term debt | 34,138 | 50,569 | ||||
Repayments of long-term debt | - | (55,000) | ||||
Share repurchase | (969) | (1,400) | ||||
Issuance of share capital | 182 | 759 | ||||
Dividends on common shares | (4,914) | (4,118) | ||||
CASH PROVIDED BY FINANCING ACTIVITIES | 41,278 | 3,905 | ||||
INVESTING ACTIVITIES | ||||||
Acquisition of businesses | ||||||
Additions to property, plant and equipment - net | (6,610) | (5,628) | ||||
Additions to intangible assets | (4,615) | (4,737) | ||||
CASH USED IN INVESTING ACTIVITIES | (11,225) | (10,365) | ||||
Effect of exchange rate changes on cash and cash equivalents | (352) | (4,640) | ||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 8,945 | 17,548 | ||||
Cash and cash equivalents, beginning of period | 15,748 | 19,847 | ||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 24,693 | $ | 37,395 |
DOREL INDUSTRIES INC. | ||||||||||
INDUSTRY SEGMENTED INFORMATION | ||||||||||
THREE MONTHS ENDED MARCH 31 | ||||||||||
ALL FIGURES IN THOUSANDSOF US $ | ||||||||||
Total | Juvenile | Recreational / Leisure | Home Furnishings | |||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||
Total revenue | $ 607,783 | $ 596,313 | $ 269,620 | $ 285,793 | $ 200,427 | $ 181,677 | $ 137,736 | $ 128,843 | ||
Cost of sales | 467,982 | 447,267 | 198,000 | 202,694 | 149,432 | 135,554 | 120,550 | 109,019 | ||
Gross profit | 139,801 | 149,046 | 71,620 | 83,099 | 50,995 | 46,123 | 17,186 | 19,824 | ||
Selling expenses | 43,879 | 41,154 | 20,727 | 19,948 | 18,967 | 17,406 | 4,185 | 3,800 | ||
General and administrative expenses | 39,139 | 41,214 | 21,139 | 23,603 | 13,363 | 12,973 | 4,637 | 4,638 | ||
Research and development expenses | 7,590 | 7,773 | 6,082 | 6,417 | 894 | 673 | 614 | 683 | ||
Operating profit | 49,193 | 58,905 | $ 23,672 | $ 33,131 | $ 17,771 | $ 15,071 | $ 7,750 | $ 10,703 | ||
Finance expenses | 5,878 | 3,278 | ||||||||
Corporate expenses | 7,203 | 6,829 | ||||||||
Income taxes | 4,948 | 10,592 | ||||||||
Net income | $ 31,164 | $ 38,206 | ||||||||
Earnings per Share | ||||||||||
Basic | $0.95 | $1.16 | ||||||||
Diluted | $0.94 | $1.15 | ||||||||
Depreciation and amortization included in operating profit | $ 13,150 | $ 12,717 | $ 9,622 | $ 9,213 | $ 2,192 | $ 2,122 | $ 1,336 | $ 1,382 |
SOURCE DOREL INDUSTRIES INC.
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