From Home Furnishing Business
Dorel Reports Solid First Quarter 2007
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on May 2007
Dorel Industries Inc., Montreal, reported first quarter 2007 revenue of $455.7 million, up slightly from $451 million for the same period last year. Net income for the first quarter, which ended March 31, was up to $27.9 million, or $0.85 per diluted share, compared with$24.2 million, or $0.74 per diluted share, in 2006.
First quarter 2007 results include pre-tax restructuring costs of $2.1 million related to operational changes Dorel Europe has implemented at its plant in Italy and currently being implemented at facilities in France.
The positive first quarter at several of our divisions demonstrates that our efforts in 2006 are paying off, said Dorel President and CEO Martin Schwartz in a release Wednesday. Dorel Europe had its best quarter ever with record sales and earnings. Ameriwood posted earnings gains over last year on similar sales levels as things are moving in the right direction. Board prices have stabilized; the domestic plants are now better run with scrap levels down, board yield up and inventories remaining stable. Pacific Cycle domestic sales increased by almost 9 percent over last year, driven by both bicycle sales and related products such as bike trailers.