Dorel Industries Inc released results for the third quarter and nine months ended September 30, 2007. The Company continued to strengthen its position in its Juvenile and Recreational/Leisure segments and registered significant progress in Home Furnishings as it pursued the segment's program of cost reductions and capacity adjustments, particularly in the ready-to-assemble furniture division.
Revenue for the quarter was US$440.1 million, up slightly from US$436.3 million for the third quarter last year. Net income for the three months was US$26.4 million or US$0.79 per diluted share compared to US$25.1 million or US$0.76 per diluted share a year ago.
Included are the costs associated with the previously announced restructuring activities at both Dorel Europe and Ameriwood. Adjusted net income, excluding these costs, for the third quarter was US$27.0 million or US$0.81 per diluted share versus US$25.1 million or US$0.76 per diluted share in 2006.
Revenue for the nine months was US$1.35 billion, up from the US$1.32 billion a year ago. Year-to-date net income was US$65.1 million or US$1.96 per diluted share, compared to last year's US$67.2 million or US$2.04 per diluted share. 2007 adjusted nine month net income was US$76.1 million or US$2.29 per diluted share, compared to 2006 nine month adjusted net income of US$67.7 million or US$2.06 per diluted share.
“We are very pleased with the most recent quarter and are particularly encouraged that our Juvenile segment is maintaining the overall growth pattern of the past three years. Since 2004, Juvenile segment revenues have grown each year at an average of almost 9%.
Earnings improvement has been equally impressive, as illustrated by our 2006 three year compound annual growth rate of 14%, a figure which we will improve upon in 2007. Dorel has become a strong global juvenile player and this segment represents the most significant part of our business.
Dorel Industries is a global consumer Products Company engaged in the designing, manufacturing and marketing of a diverse portfolio of powerful consumer brands, sold through its Juvenile, Home Furnishings, and Recreational/Leisure segments. Headquartered in Montreal and with significant operations in the United States and Europe, Dorel employs approximately 4,700 people in 15 countries. Annual sales are US$1.8 billion and are made in over 60 countries worldwide.
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