additional1234.com
1234.com 时间:2021-04-06 阅读:()
1COMMUNIQUJUVENILECoscoSafety1stMaxi-CosiBébéConfortBabyRelaxBabidéalMonBébéQuinnyHOMEFURNISHINGSAmeriwoodRidgewoodCharleswoodDorelHomeProductsCoscoHome&OfficeDorelAsiaCarinaSystemBuildCoscoAbilityCareEssentialsAltraFurnitureRECREATIONAL/LEISUREPacificCycleSchwinnGTMongooseInSTEPEXCHANGESCANADATSX:DII.
MV,DII.
SVU.
S.
A.
NASDAQ:DIIBCONTACT:MaisonBrisonRickLeckner(514)731-0000DorelIndustriesInc.
JeffreySchwartz(514)934-3034DORELSTARTS2005WITHSTRONGPERFORMANCEFirstquarterrevenuesup19%NorthAmericanJuvenilerevenueshighesteverforasinglequarterMontreal,May10,2005—Drivenbysolidorganicgrowthandnewproductintroductions,DorelIndustriesInc.
(TSX:DII.
SV,DII.
MV;NASDAQ:DIIB)todayreportedanotherstrongquarterofrevenuesandearnings.
RevenuesforthefirstquarterendedMarch31,2005rose19%toUS$465.
6million,comparedtoUS$391.
1millionpostedayearago.
Earningsfortheperiodincreased40.
2%toUS$27.
2millionorUS$0.
83pershare,fullydilutedcomparedtoUS$19.
4millionorUS$0.
59pershareforthefirstquarterlastyear.
"Revenuesgrewinallthreesegments,withconsiderableorganicincreasesinallsectors,particularlyinjuvenilewhichaccountedforapproximatelyonehalfoftheoverallimprovement.
NorthAmericanjuvenilerevenueswerethehighesteverinaparticularquarter.
Thefirstquarter'sstrongperformancewasachieveddespitesomeon-goingpressureonmargins,mostlyduetothecontinuedhighpriceofresinandotherrawmaterials.
Overallthishasbeenasatisfyingthreemonthsandagoodstarttoanotherexcitingyear,"commentedMartinSchwartz,PresidentandCEO.
SummaryofFinancialHighlightsFirstquarterendedMarch31AllfiguresinthousandsofUS$,exceptpershareamounts20052004Change%Revenue465,574391,11419.
0%Netincome27,20519,40040.
2%Pershare–Basic0.
830.
5940.
7%Pershare-Diluted0.
830.
5940.
7%Averagenumberofsharesoutstanding–dilutedweightedaverage32,959,28332,886,0992JuvenileJuvenilesegmentfirstquarterrevenuesincreased15.
7%toUS$238.
3millionfromUS$205.
9million,whileearningsfromoperationsrose53.
6%toUS$27.
5millionfromUS$17.
9millionayearago.
Juvenileorganicrevenuegrowthwascloseto13%,withthebalanceoftheincreasecomingfromtheconversionofEuroandCanadiandollardenominatedrevenueintoUSdollarsatahigherrateofexchangein2005.
Theseincreaseswereacrossmultipleproductcategories.
Inaddition,newboosterseatlegislationintheUSishavingapositiveeffectasanumberofstatesbegintointroduceexpandedrulesfortheuseofcarseatsforolderinfants.
InEurope,organicrevenuegrowthwas8%withallthreemajoroperatinggroupspostingincreases.
ParticularlystronggainsoccurredinGermanyandItaly,wheretheLoola,BuzzandZapptravelsystems,incorporatingstrollersandcarseats,arebeingwellreceived.
MarginsinEurope,whichimprovedslightlyovertheprioryear,remainhigherthaninNorthAmerica.
ImprovedoperationalperformanceinHollandandthestrongerEuroweretheprincipalreasons.
InNorthAmerica,USmarginswerenegativelyimpactedbyrawmaterialprices.
Resin,amajorcomponentofmanyjuvenileproducts,onaverage,cost50%morethanatthistimelastyear.
Inthefirstquarterof2004,DorelhadrecordedadditionaloperatingexpensesofUS$6.
5millionduetoadisputewithoneofitsinsurancecarriers.
Inthefirstquarterof2005anamountofUS$9.
8millionwasreceivedinconnectionwiththisdispute.
Offsetbyotherproductliabilitysettlements,thenetimpactinthequarterwasareductioninoperatingexpensesofUS$1.
8million.
Asaresult,theyearoveryearimpactwasanimprovementinnetincomeofUS$4.
8millionaftertax.
HomeFurnishingsTotalrevenuesintheHomeFurnishingssegmentincreasedby10.
5%toUS$145millionfromUS$131.
2millionlastyear.
Earningsfromoperationsgrew21.
1%toUS$10.
8millionfromthepreviousyear'sfirstquarterofUS$8.
9million.
CombinedsalesoffurniturebybothAmeriwoodandDorelAsiaaccountedfor60%oftheincrease.
SuccessfulnewproductplacementsinseveralcategoriesbyDorelAsiaandgoodretailacceptanceofnewlydesignedfutonsweretheprincipalreasonsfortheincreases.
CoscoHome&Officesalesoffoldingfurnitureandotherimportedhomefurnishingsaccountedfortheremaining40%oftheoverallsegmentincrease.
CoscoHome&OfficewasnamedWal-Mart's2004VendoroftheYearinthehardwaredepartment.
RTAfurnituregrossmarginswereconsistentwith2004levelsasfactoryefficienciesremainbelowplan,thoughtheyareanticipatedtoimproveinthesecondquarter.
Rawmaterialcostsremainhighandcontinuetopressuremargins.
Boardpriceshavedeclinedfromthelatefiscal2004levels,butarecurrently5%higherthaninthefirstquarteroflastyear.
ImprovedmarginsonfutonswereoffsetbyagreaterproportionoflowermarginimporteditemssoldbybothCoscoHome&OfficeandDorelAsia.
Asaresult,overall,thesegment'sgrossmarginsremainedsimilartolastyear'sfirstquarter.
Recreational/LeisureRecreational/Leisurerevenuewasup52.
6%toUS$82.
3millionfromUS$53.
9million.
2005firstquarterresultsincludethreemonthsascomparedtotwomonthsin2004,asPacificCyclewasacquiredinFebruaryof2004.
Excludingtheextramonth,anddespitethepoorspringweatherexperiencedthroughoutmuchoftheUS,revenuesstillincreasedby30%overtheprioryear.
Earningsfromoperationsrose34.
6%toUS$8.
7millionfromUS$6.
5million.
ExcludingJanuary,traditionallytheleastprofitablemonthoftheyearinthebicycleindustry,thesegmentearnedUS$9.
2million.
Asaresult,forthecomparabletwomonthperiodofFebruaryandMarch,earningswereupby42%.
Commentary"Duringthefirstquarterwecontinuedtomakegainsinallthreesegments,withorganicrevenuegrowthofover14%.
Newproductsarebeingrolledoutacrossallourbusinessesandweareencouragedbythereactionofourcustomerstothem.
HomeFurnishingsintroducedseveralnewlinesattheAprilHighPointfurnitureshow,includinganewgenerationoffutonsandadditionalRTAfurnituremodelswithattractivewoodfronts.
WearealsomakingsomeprogressinRTAfurnituremargins.
Inbikes,wehaveintroducedseveralnewmodelsincludingadultunits,3and5speedversionsaswellastheelectricSting-Ray,"concludedMr.
Schwartz.
AnnualGeneralMeetingDorelwillholditsannualandspecialgeneralmeetingofshareholdersonMay18,2005at10a.
m.
attheMountRoyalCentre,2200MansfieldinMontreal.
Atnoon,theSchwinnStuntShowTeamwillperformontheplazaofPlaceVilleMarie.
CONFERENCECALLDorelIndustriesInc.
willholdaconferencecalltodiscusstheseresultstodayat1:30P.
M.
EasternTime.
Interestedpartiescanjointhecallbydialling(514)807-8791(Montrealoroverseas)or(800)814-4860(elsewhereinNorthAmerica).
Theconferencecallcanalso3beaccessedvialivewebcastatwww.
newswire.
caorwww.
q1234.
com.
Ifyouareunabletocallinatthistime,youmayaccessataperecordingofthemeetingbycalling1-877-289-8525andenteringthepasscode21123675#onyourphone.
ThistaperecordingwillbeavailableonTuesday,May10th,2005asof3:30P.
M.
until11:59P.
M.
onTuesday,May17th,2005.
CompletefinancialstatementswillbeavailableontheCompany'swebsite,www.
dorel.
com,andwillbeavailablethroughtheSEDARandEDGARwebsites.
ProfileDorelIndustries(TSX:DII.
SV,DII.
MV;NASDAQ:DIIB)isaglobalconsumerproductscompanyengagedinthedesigning,manufacturingandmarketingofadiverseportfolioofpowerfulconsumerbrands,soldthroughitsJuvenile,HomeFurnishings,andRecreational/Leisuresegments.
HeadquarteredinMontreal,Dorelemploysapproximately5,000peopleinfourteencountries.
DorelalsohasofficesinShanghaiandShenzhen,Chinawhichoverseethesourcing,engineeringandlogisticsofallAsianoperations.
2004saleswereUS$1.
7billion.
USoperationsincludeDorelJuvenileGroupUSA,whichmarketstheCoscoandSafety1stbrandsaswellEddieBauerandDisneyBabylicensedproducts;AmeriwoodIndustries,whichmarketsready-to-assembleproductsundertheAmeriwood,Carina,SystemBuild,AltraFurnitureandRidgewood/CharleswoodbrandsaswellasCaliforniaClosetsandTradingSpaceslicenses;CoscoHome&Office,whichmarketshome/officeproductsundertheCoscoandCoscoAbilityEssentialsbrandsandSamsonitelicense;andPacificCycle,whichmarketstheSchwinn,Mongoose,GT,InSTEPandRoadmasterbrands.
InCanada,DoreloperatesDorelSalesandDistributionCanada,RidgewoodIndustriesandDorelHomeProducts.
DorelEuropemarketsjuvenileproductsthroughoutEurope,undertheBébéConfort,Maxi-Cosi,Quinny,Safety1st,Babidéal,MonBébéandBabyRelaxbrands.
DorelAsiasourcesandimportshomefurnishingsproducts.
CautionConcerningForward-LookingStatementsExceptforhistoricalinformationprovidedherein,thispressreleasemaycontaininformationandstatementsofaforward-lookingnatureconcerningthefutureperformanceofDorelIndustriesInc.
Thesestatementsarebasedonsuppositionsanduncertaintiesaswellasonmanagement'sbestpossibleevaluationoffutureevents.
ThebusinessoftheCompanyandtheseforward-lookingstatementsaresubjecttoanumberofrisksanduncertaintiesthatcouldcauseactualresultstodifferfromexpectedresults.
Importantfactorswhichcouldcausesuchdifferencesmayinclude,withoutexcludingotherconsiderations,increasesinrawmaterialcosts,particularlyforkeyinputfactorssuchasparticleboardandresins;increasesinoceanfreightcontainercosts;failureofnewproductstomeetdemandexpectations;changestotheCompany'seffectiveincometaxrateasaresultofchangesintheanticipatedgeographicmixofrevenues;theimpactofpricepressuresexertedbycompetitors,andsettlementsforproductliabilitycaseswhichexceedtheCompany'sinsurancecoveragelimits.
AdescriptionoftheabovementioneditemsandcertainadditionalriskfactorsarediscussedintheCompany'sAnnualMD&AandAnnualInformationForm,filedwiththesecuritiesregulatoryauthoritiesinCanadaandtheU.
S.
Theriskfactorsoutlinedinthepreviouslymentioneddocumentsarespecificallyincorporatedhereinbyreference.
TheCompany'sbusiness,financialcondition,oroperatingresultscouldbemateriallyadverselyaffectedifanyoftheserisksanduncertaintiesweretomaterialize.
Giventheserisksanduncertainties,investorsshouldnotplaceunduerelianceonforward-lookingstatementsasapredictionofactualresults.
—30—4DORELINDUSTRIESINC.
CONSOLIDATEDBALANCESHEETASATMARCH31,2005ALLFIGURESINTHOUSANDSOFUS$asatasatMarch31,2005December30,2004(unaudited)(audited)ASSETSCURRENTASSETSCashandcashequivalents$12,452$11,288Accountsreceivable288,623286,529Inventories303,682292,991Prepaidexpenses12,54412,756Fundsheldbycedinginsurer7,9747,920Futureincometaxes23,07424,027648,349635,511CAPITALASSETS162,278163,707GOODWILL499,595512,546DEFERREDCHARGES19,87520,983INTANGIBLEASSETS265,340262,968FUTUREINCOMETAXES8,89710,401OTHERASSETS10,48710,786$1,614,821$1,616,902LIABILITIESCURRENTLIABILITIESBankindebtedness$1,695$1,915Accountspayableandaccruedliabilities357,991354,738Incometaxespayable2,8845,629Balanceofsalepayable3,8717,773Futureincometaxes1,3601,379Currentportionoflong-termdebt7,6777,686375,478379,120LONG-TERMDEBT497,076505,816PENSION&POST-RETIREMENTBENEFITOBLIGATIONS19,79220,006BALANCEOFSALEPAYABLE6,9865,278FUTUREINCOMETAXES74,31075,719OTHERLONG-TERMLIABILITIES3,8032,684SHAREHOLDERS'EQUITYCAPITALSTOCK161,002160,876CONTRIBUTEDSURPLUS1,7821,081RETAINEDEARNINGS414,038386,833CUMULATIVETRANSLATIONADJUSTMENT60,55479,489637,376628,279$1,614,821$1,616,9025DORELINDUSTRIESINC.
CONSOLIDATEDSTATEMENTOFINCOMEFORTHETHREEMONTHSENDEDMARCH31,2005(unaudited)ALLFIGURESINTHOUSANDSOFUS$,EXCEPTPERSHAREAMOUNTS20052004Sales$459,295$387,705Licensingandcommissionincome6,2793,409TOTALREVENUE465,574391,114EXPENSESCostofsales356,405295,913Operating55,74954,529Depreciationandamortization9,6739,386Researchanddevelopmentcosts2,1901,698Interestonlong-termdebt7,5186,554Otherinterest157169431,692368,249Incomebeforeincometaxes33,88222,865Incometaxes6,6773,465NETINCOME$27,205$19,400EARNINGSPERSHAREBasic$0.
83$0.
59Diluted$0.
83$0.
59SHARESOUTSTANDINGBasic-weightedaverage32,802,97832,646,534Diluted-weightedaverage32,959,28332,886,0996DORELINDUSTRIESINC.
CONSOLIDATEDSTATEMENTOFRETAINEDEARNINGSFORTHETHREEMONTHSENDEDMARCH31,2005(unaudited)ALLFIGURESINTHOUSANDSOFUS$20052004BALANCE,BEGINNINGOFPERIODASREPORTED$386,833$287,583Restatement-(826)BALANCE,BEGINNINGOFPERIODASRESTATED386,833286,757Netincome27,20519,400BALANCE,ENDOFPERIOD$414,038$306,1577DORELINDUSTRIESINC.
CONSOLIDATEDSTATEMENTOFCASHFLOWSFORTHETHREEMONTHSENDEDMARCH31,2005(unaudited)ALLFIGURESINTHOUSANDSOFUS$CASHPROVIDEDBY(USEDIN):20052004OPERATINGACTIVITIESNetincome$27,205$19,400Adjustmentsfor:Depreciationandamortization9,6739,386Futureincometaxes1,674(3,806)Fundsheldbycedinginsurer(54)(33)Stockbasedcompensation701-Gainondisposalofcapitalassets6-39,20524,947Changesinnon-cashworkingcapital:Accountsreceivable(6,317)(19,637)Inventories(13,776)7,317Prepaidexpensesandotherassets5972,960Accountspayableandaccruedliabilities9,96635,903Incometaxespayable(2,831)2,679(12,361)29,222CASHPROVIDEDBYOPERATINGACTIVITIES26,84454,169FINANCINGACTIVITIESBankindebtedness(149)1,080Long-termdebt(8,705)252,865Issuanceofcapitalstock1261,524CASHPROVIDEDBY(USEDIN)FINANCINGACTIVITIES(8,728)255,469INVESTINGACTIVITIESAcquisitionofsubsidiarycompany-(310,152)Cashacquired-3,734-(306,418)Balanceofsalepayable(4,946)11,391(4,946)(295,027)Additionstocapitalassets-net(6,699)(7,989)Deferredcharges(2,296)(5,053)Intangibleassets(2,808)(254)CASHUSEDININVESTINGACTIVITIES(16,749)(308,323)Effectofexchangeratechangesoncash(203)(680)NETINCREASEINCASH1,164635Cashandcashequivalents,beginningofperiod11,28813,877CASHANDCASHEQUIVALENTS,ENDOFPERIOD$12,452$14,5128DORELINDUSTRIESINC.
SEGMENTEDINFORMATIONFORTHETHREEMONTHPERIODENDEDMARCH31,2005ALLFIGURESINTHOUSANDSOFUS$IndustrySegmentsTotalJuvenileHomeFurnishingsRecreational/Leisure20052004200520042005200420052004TotalRevenues$465,574$391,114$238,271$205,937$144,989$131,245$82,314$53,932Costofsales356,405295,913169,641142,910122,804110,92663,96042,077Operatingexpenses52,91352,88833,82738,2459,6449,4609,4425,183Amortization9,2058,9867,2656,8481,7681,960172178EarningsfromOperations47,05133,327$27,538$17,934$10,773$8,899$8,740$6,494Interest7,6756,723Corporateexpenses5,4943,739Incometaxes6,6773,465Netincome$27,205$19,400GeographicSegments-OriginRevenues20052004Canada$51,545$53,884UnitedStates289,536242,173Europe95,08484,206Otherforeigncountries29,40910,851Total$465,574$391,114
MV,DII.
SVU.
S.
A.
NASDAQ:DIIBCONTACT:MaisonBrisonRickLeckner(514)731-0000DorelIndustriesInc.
JeffreySchwartz(514)934-3034DORELSTARTS2005WITHSTRONGPERFORMANCEFirstquarterrevenuesup19%NorthAmericanJuvenilerevenueshighesteverforasinglequarterMontreal,May10,2005—Drivenbysolidorganicgrowthandnewproductintroductions,DorelIndustriesInc.
(TSX:DII.
SV,DII.
MV;NASDAQ:DIIB)todayreportedanotherstrongquarterofrevenuesandearnings.
RevenuesforthefirstquarterendedMarch31,2005rose19%toUS$465.
6million,comparedtoUS$391.
1millionpostedayearago.
Earningsfortheperiodincreased40.
2%toUS$27.
2millionorUS$0.
83pershare,fullydilutedcomparedtoUS$19.
4millionorUS$0.
59pershareforthefirstquarterlastyear.
"Revenuesgrewinallthreesegments,withconsiderableorganicincreasesinallsectors,particularlyinjuvenilewhichaccountedforapproximatelyonehalfoftheoverallimprovement.
NorthAmericanjuvenilerevenueswerethehighesteverinaparticularquarter.
Thefirstquarter'sstrongperformancewasachieveddespitesomeon-goingpressureonmargins,mostlyduetothecontinuedhighpriceofresinandotherrawmaterials.
Overallthishasbeenasatisfyingthreemonthsandagoodstarttoanotherexcitingyear,"commentedMartinSchwartz,PresidentandCEO.
SummaryofFinancialHighlightsFirstquarterendedMarch31AllfiguresinthousandsofUS$,exceptpershareamounts20052004Change%Revenue465,574391,11419.
0%Netincome27,20519,40040.
2%Pershare–Basic0.
830.
5940.
7%Pershare-Diluted0.
830.
5940.
7%Averagenumberofsharesoutstanding–dilutedweightedaverage32,959,28332,886,0992JuvenileJuvenilesegmentfirstquarterrevenuesincreased15.
7%toUS$238.
3millionfromUS$205.
9million,whileearningsfromoperationsrose53.
6%toUS$27.
5millionfromUS$17.
9millionayearago.
Juvenileorganicrevenuegrowthwascloseto13%,withthebalanceoftheincreasecomingfromtheconversionofEuroandCanadiandollardenominatedrevenueintoUSdollarsatahigherrateofexchangein2005.
Theseincreaseswereacrossmultipleproductcategories.
Inaddition,newboosterseatlegislationintheUSishavingapositiveeffectasanumberofstatesbegintointroduceexpandedrulesfortheuseofcarseatsforolderinfants.
InEurope,organicrevenuegrowthwas8%withallthreemajoroperatinggroupspostingincreases.
ParticularlystronggainsoccurredinGermanyandItaly,wheretheLoola,BuzzandZapptravelsystems,incorporatingstrollersandcarseats,arebeingwellreceived.
MarginsinEurope,whichimprovedslightlyovertheprioryear,remainhigherthaninNorthAmerica.
ImprovedoperationalperformanceinHollandandthestrongerEuroweretheprincipalreasons.
InNorthAmerica,USmarginswerenegativelyimpactedbyrawmaterialprices.
Resin,amajorcomponentofmanyjuvenileproducts,onaverage,cost50%morethanatthistimelastyear.
Inthefirstquarterof2004,DorelhadrecordedadditionaloperatingexpensesofUS$6.
5millionduetoadisputewithoneofitsinsurancecarriers.
Inthefirstquarterof2005anamountofUS$9.
8millionwasreceivedinconnectionwiththisdispute.
Offsetbyotherproductliabilitysettlements,thenetimpactinthequarterwasareductioninoperatingexpensesofUS$1.
8million.
Asaresult,theyearoveryearimpactwasanimprovementinnetincomeofUS$4.
8millionaftertax.
HomeFurnishingsTotalrevenuesintheHomeFurnishingssegmentincreasedby10.
5%toUS$145millionfromUS$131.
2millionlastyear.
Earningsfromoperationsgrew21.
1%toUS$10.
8millionfromthepreviousyear'sfirstquarterofUS$8.
9million.
CombinedsalesoffurniturebybothAmeriwoodandDorelAsiaaccountedfor60%oftheincrease.
SuccessfulnewproductplacementsinseveralcategoriesbyDorelAsiaandgoodretailacceptanceofnewlydesignedfutonsweretheprincipalreasonsfortheincreases.
CoscoHome&Officesalesoffoldingfurnitureandotherimportedhomefurnishingsaccountedfortheremaining40%oftheoverallsegmentincrease.
CoscoHome&OfficewasnamedWal-Mart's2004VendoroftheYearinthehardwaredepartment.
RTAfurnituregrossmarginswereconsistentwith2004levelsasfactoryefficienciesremainbelowplan,thoughtheyareanticipatedtoimproveinthesecondquarter.
Rawmaterialcostsremainhighandcontinuetopressuremargins.
Boardpriceshavedeclinedfromthelatefiscal2004levels,butarecurrently5%higherthaninthefirstquarteroflastyear.
ImprovedmarginsonfutonswereoffsetbyagreaterproportionoflowermarginimporteditemssoldbybothCoscoHome&OfficeandDorelAsia.
Asaresult,overall,thesegment'sgrossmarginsremainedsimilartolastyear'sfirstquarter.
Recreational/LeisureRecreational/Leisurerevenuewasup52.
6%toUS$82.
3millionfromUS$53.
9million.
2005firstquarterresultsincludethreemonthsascomparedtotwomonthsin2004,asPacificCyclewasacquiredinFebruaryof2004.
Excludingtheextramonth,anddespitethepoorspringweatherexperiencedthroughoutmuchoftheUS,revenuesstillincreasedby30%overtheprioryear.
Earningsfromoperationsrose34.
6%toUS$8.
7millionfromUS$6.
5million.
ExcludingJanuary,traditionallytheleastprofitablemonthoftheyearinthebicycleindustry,thesegmentearnedUS$9.
2million.
Asaresult,forthecomparabletwomonthperiodofFebruaryandMarch,earningswereupby42%.
Commentary"Duringthefirstquarterwecontinuedtomakegainsinallthreesegments,withorganicrevenuegrowthofover14%.
Newproductsarebeingrolledoutacrossallourbusinessesandweareencouragedbythereactionofourcustomerstothem.
HomeFurnishingsintroducedseveralnewlinesattheAprilHighPointfurnitureshow,includinganewgenerationoffutonsandadditionalRTAfurnituremodelswithattractivewoodfronts.
WearealsomakingsomeprogressinRTAfurnituremargins.
Inbikes,wehaveintroducedseveralnewmodelsincludingadultunits,3and5speedversionsaswellastheelectricSting-Ray,"concludedMr.
Schwartz.
AnnualGeneralMeetingDorelwillholditsannualandspecialgeneralmeetingofshareholdersonMay18,2005at10a.
m.
attheMountRoyalCentre,2200MansfieldinMontreal.
Atnoon,theSchwinnStuntShowTeamwillperformontheplazaofPlaceVilleMarie.
CONFERENCECALLDorelIndustriesInc.
willholdaconferencecalltodiscusstheseresultstodayat1:30P.
M.
EasternTime.
Interestedpartiescanjointhecallbydialling(514)807-8791(Montrealoroverseas)or(800)814-4860(elsewhereinNorthAmerica).
Theconferencecallcanalso3beaccessedvialivewebcastatwww.
newswire.
caorwww.
q1234.
com.
Ifyouareunabletocallinatthistime,youmayaccessataperecordingofthemeetingbycalling1-877-289-8525andenteringthepasscode21123675#onyourphone.
ThistaperecordingwillbeavailableonTuesday,May10th,2005asof3:30P.
M.
until11:59P.
M.
onTuesday,May17th,2005.
CompletefinancialstatementswillbeavailableontheCompany'swebsite,www.
dorel.
com,andwillbeavailablethroughtheSEDARandEDGARwebsites.
ProfileDorelIndustries(TSX:DII.
SV,DII.
MV;NASDAQ:DIIB)isaglobalconsumerproductscompanyengagedinthedesigning,manufacturingandmarketingofadiverseportfolioofpowerfulconsumerbrands,soldthroughitsJuvenile,HomeFurnishings,andRecreational/Leisuresegments.
HeadquarteredinMontreal,Dorelemploysapproximately5,000peopleinfourteencountries.
DorelalsohasofficesinShanghaiandShenzhen,Chinawhichoverseethesourcing,engineeringandlogisticsofallAsianoperations.
2004saleswereUS$1.
7billion.
USoperationsincludeDorelJuvenileGroupUSA,whichmarketstheCoscoandSafety1stbrandsaswellEddieBauerandDisneyBabylicensedproducts;AmeriwoodIndustries,whichmarketsready-to-assembleproductsundertheAmeriwood,Carina,SystemBuild,AltraFurnitureandRidgewood/CharleswoodbrandsaswellasCaliforniaClosetsandTradingSpaceslicenses;CoscoHome&Office,whichmarketshome/officeproductsundertheCoscoandCoscoAbilityEssentialsbrandsandSamsonitelicense;andPacificCycle,whichmarketstheSchwinn,Mongoose,GT,InSTEPandRoadmasterbrands.
InCanada,DoreloperatesDorelSalesandDistributionCanada,RidgewoodIndustriesandDorelHomeProducts.
DorelEuropemarketsjuvenileproductsthroughoutEurope,undertheBébéConfort,Maxi-Cosi,Quinny,Safety1st,Babidéal,MonBébéandBabyRelaxbrands.
DorelAsiasourcesandimportshomefurnishingsproducts.
CautionConcerningForward-LookingStatementsExceptforhistoricalinformationprovidedherein,thispressreleasemaycontaininformationandstatementsofaforward-lookingnatureconcerningthefutureperformanceofDorelIndustriesInc.
Thesestatementsarebasedonsuppositionsanduncertaintiesaswellasonmanagement'sbestpossibleevaluationoffutureevents.
ThebusinessoftheCompanyandtheseforward-lookingstatementsaresubjecttoanumberofrisksanduncertaintiesthatcouldcauseactualresultstodifferfromexpectedresults.
Importantfactorswhichcouldcausesuchdifferencesmayinclude,withoutexcludingotherconsiderations,increasesinrawmaterialcosts,particularlyforkeyinputfactorssuchasparticleboardandresins;increasesinoceanfreightcontainercosts;failureofnewproductstomeetdemandexpectations;changestotheCompany'seffectiveincometaxrateasaresultofchangesintheanticipatedgeographicmixofrevenues;theimpactofpricepressuresexertedbycompetitors,andsettlementsforproductliabilitycaseswhichexceedtheCompany'sinsurancecoveragelimits.
AdescriptionoftheabovementioneditemsandcertainadditionalriskfactorsarediscussedintheCompany'sAnnualMD&AandAnnualInformationForm,filedwiththesecuritiesregulatoryauthoritiesinCanadaandtheU.
S.
Theriskfactorsoutlinedinthepreviouslymentioneddocumentsarespecificallyincorporatedhereinbyreference.
TheCompany'sbusiness,financialcondition,oroperatingresultscouldbemateriallyadverselyaffectedifanyoftheserisksanduncertaintiesweretomaterialize.
Giventheserisksanduncertainties,investorsshouldnotplaceunduerelianceonforward-lookingstatementsasapredictionofactualresults.
—30—4DORELINDUSTRIESINC.
CONSOLIDATEDBALANCESHEETASATMARCH31,2005ALLFIGURESINTHOUSANDSOFUS$asatasatMarch31,2005December30,2004(unaudited)(audited)ASSETSCURRENTASSETSCashandcashequivalents$12,452$11,288Accountsreceivable288,623286,529Inventories303,682292,991Prepaidexpenses12,54412,756Fundsheldbycedinginsurer7,9747,920Futureincometaxes23,07424,027648,349635,511CAPITALASSETS162,278163,707GOODWILL499,595512,546DEFERREDCHARGES19,87520,983INTANGIBLEASSETS265,340262,968FUTUREINCOMETAXES8,89710,401OTHERASSETS10,48710,786$1,614,821$1,616,902LIABILITIESCURRENTLIABILITIESBankindebtedness$1,695$1,915Accountspayableandaccruedliabilities357,991354,738Incometaxespayable2,8845,629Balanceofsalepayable3,8717,773Futureincometaxes1,3601,379Currentportionoflong-termdebt7,6777,686375,478379,120LONG-TERMDEBT497,076505,816PENSION&POST-RETIREMENTBENEFITOBLIGATIONS19,79220,006BALANCEOFSALEPAYABLE6,9865,278FUTUREINCOMETAXES74,31075,719OTHERLONG-TERMLIABILITIES3,8032,684SHAREHOLDERS'EQUITYCAPITALSTOCK161,002160,876CONTRIBUTEDSURPLUS1,7821,081RETAINEDEARNINGS414,038386,833CUMULATIVETRANSLATIONADJUSTMENT60,55479,489637,376628,279$1,614,821$1,616,9025DORELINDUSTRIESINC.
CONSOLIDATEDSTATEMENTOFINCOMEFORTHETHREEMONTHSENDEDMARCH31,2005(unaudited)ALLFIGURESINTHOUSANDSOFUS$,EXCEPTPERSHAREAMOUNTS20052004Sales$459,295$387,705Licensingandcommissionincome6,2793,409TOTALREVENUE465,574391,114EXPENSESCostofsales356,405295,913Operating55,74954,529Depreciationandamortization9,6739,386Researchanddevelopmentcosts2,1901,698Interestonlong-termdebt7,5186,554Otherinterest157169431,692368,249Incomebeforeincometaxes33,88222,865Incometaxes6,6773,465NETINCOME$27,205$19,400EARNINGSPERSHAREBasic$0.
83$0.
59Diluted$0.
83$0.
59SHARESOUTSTANDINGBasic-weightedaverage32,802,97832,646,534Diluted-weightedaverage32,959,28332,886,0996DORELINDUSTRIESINC.
CONSOLIDATEDSTATEMENTOFRETAINEDEARNINGSFORTHETHREEMONTHSENDEDMARCH31,2005(unaudited)ALLFIGURESINTHOUSANDSOFUS$20052004BALANCE,BEGINNINGOFPERIODASREPORTED$386,833$287,583Restatement-(826)BALANCE,BEGINNINGOFPERIODASRESTATED386,833286,757Netincome27,20519,400BALANCE,ENDOFPERIOD$414,038$306,1577DORELINDUSTRIESINC.
CONSOLIDATEDSTATEMENTOFCASHFLOWSFORTHETHREEMONTHSENDEDMARCH31,2005(unaudited)ALLFIGURESINTHOUSANDSOFUS$CASHPROVIDEDBY(USEDIN):20052004OPERATINGACTIVITIESNetincome$27,205$19,400Adjustmentsfor:Depreciationandamortization9,6739,386Futureincometaxes1,674(3,806)Fundsheldbycedinginsurer(54)(33)Stockbasedcompensation701-Gainondisposalofcapitalassets6-39,20524,947Changesinnon-cashworkingcapital:Accountsreceivable(6,317)(19,637)Inventories(13,776)7,317Prepaidexpensesandotherassets5972,960Accountspayableandaccruedliabilities9,96635,903Incometaxespayable(2,831)2,679(12,361)29,222CASHPROVIDEDBYOPERATINGACTIVITIES26,84454,169FINANCINGACTIVITIESBankindebtedness(149)1,080Long-termdebt(8,705)252,865Issuanceofcapitalstock1261,524CASHPROVIDEDBY(USEDIN)FINANCINGACTIVITIES(8,728)255,469INVESTINGACTIVITIESAcquisitionofsubsidiarycompany-(310,152)Cashacquired-3,734-(306,418)Balanceofsalepayable(4,946)11,391(4,946)(295,027)Additionstocapitalassets-net(6,699)(7,989)Deferredcharges(2,296)(5,053)Intangibleassets(2,808)(254)CASHUSEDININVESTINGACTIVITIES(16,749)(308,323)Effectofexchangeratechangesoncash(203)(680)NETINCREASEINCASH1,164635Cashandcashequivalents,beginningofperiod11,28813,877CASHANDCASHEQUIVALENTS,ENDOFPERIOD$12,452$14,5128DORELINDUSTRIESINC.
SEGMENTEDINFORMATIONFORTHETHREEMONTHPERIODENDEDMARCH31,2005ALLFIGURESINTHOUSANDSOFUS$IndustrySegmentsTotalJuvenileHomeFurnishingsRecreational/Leisure20052004200520042005200420052004TotalRevenues$465,574$391,114$238,271$205,937$144,989$131,245$82,314$53,932Costofsales356,405295,913169,641142,910122,804110,92663,96042,077Operatingexpenses52,91352,88833,82738,2459,6449,4609,4425,183Amortization9,2058,9867,2656,8481,7681,960172178EarningsfromOperations47,05133,327$27,538$17,934$10,773$8,899$8,740$6,494Interest7,6756,723Corporateexpenses5,4943,739Incometaxes6,6773,465Netincome$27,205$19,400GeographicSegments-OriginRevenues20052004Canada$51,545$53,884UnitedStates289,536242,173Europe95,08484,206Otherforeigncountries29,40910,851Total$465,574$391,114
- additional1234.com相关文档
- Salt1234.com
- stathomeworkhelper1234.com
- 1234.com这个www.1234zf.com里面的音乐欣赏软件 是怎么弄的？
DMIT（季度$28.88）调整洛杉矶CN2 GIA优化端口
对于DMIT商家已经关注有一些时候，看到不少的隔壁朋友们都有分享到，但是这篇还是我第一次分享这个服务商。根据看介绍，DMIT是一家成立于2017年的美国商家，据说是由几位留美学生创立的，数据中心位于香港、伯力G-Core和洛杉矶，主打香港CN2直连云服务器、美国CN2直连云服务器产品。最近看到DMIT商家有对洛杉矶CN2 GIA VPS端口进行了升级，不过价格没有变化，依然是季付28.88美元起。...
腾讯云轻量应用服务器关于多个实例套餐带宽
腾讯云轻量应用服务器又要免费升级配置了，之前已经免费升级过一次了（腾讯云轻量应用服务器套餐配置升级 轻量老用户专享免费升配！），这次在上次的基础上再次升级。也许这就是良心云吧，名不虚传。腾讯云怎么样？腾讯云好不好。腾讯云轻量应用服务器 Lighthouse 是一种易于使用和管理、适合承载轻量级业务负载的云服务器，能帮助个人和企业在云端快速构建网站、博客、电商、论坛等各类应用以及开发测试环境，并提供...
创梦网络-四川大带宽、镇江电信服务器云服务器低至56元
达州创梦网络怎么样，达州创梦网络公司位于四川省达州市，属于四川本地企业，资质齐全，IDC/ISP均有，从创梦网络这边租的服务器均可以备案，属于一手资源，高防机柜、大带宽、高防IP业务，一手整C IP段，四川电信，一手四川托管服务商，成都优化线路，机柜租用、服务器云服务器租用，适合建站做游戏，不须要在套CDN，全国访问快，直连省骨干，大网封UDP，无视UDP攻击，机房集群高达1.2TB，单机可提供1...
1234.com为你推荐
-
哈利波特罗恩升级当爸哈利波特七中罗恩和哈利吵架时，罗恩去哪儿小度商城小度分期靠谱吗？蓝色骨头手机蓝色骨头为什么还没上映access数据库ACCESS数据库和SQL有什么区别?百花百游百花净斑方效果怎么样？同一ip网站最近我们网站老是出现同一个IP无数次的进我们网站，而且是在同一时刻，是不是被人刷了？为什么呀？百度关键词工具常见的关键词挖掘工具有哪些www.zjs.com.cn中国快递公司排名百度指数词什么是百度指数m.kan84.net那里有免费的电影看？