DOREL POSTS RECORD YEAR-END PROFITS
DOREL POSTS RECORD YEAR-END PROFITS MONTREAL, March 17 /PRNewswire/ -- Dorel Industries Inc.
(Toronto, Montreal: DII) today announced record earnings for the fiscal year ended Dec. 30, 1991. Results for the fourth quarter, traditionally weaker, were greatly improved.
Net earnings for the year were $5,607,000 or $0.61 per share, as compared to $1,376,000 or $0.15 per share last year. Earnings for the fourth quarter were $244,000 or $0.02 per share, as compared to a loss of $1,381,000 or a loss of $0.15 per share for the corresponding period last year. Sales for fiscal 1991 were $172,900,000, an all time high, as compared to $156,887,000 in 1990. Fourth quarter sales were $42,792,000, up from $37,633,000 for the same period last year. "A number of aggressive actions by management have resulted in our best year ever. Despite a deep-rooted recession, we have made significant increases in obtaining additional market share. This has greatly enhanced our profitability," said Leo Schwartz, Dorel's president and chairman of the board. The company has continued its penetration of premiere retailers, particularly those in the United States, such as Wal Mart and K mart. Sales of the expanded Youth Options furniture line, now including metal cribs and beds, were higher than anticipated. As well, tightened credit controls greatly reduced bad debt levels on 1991 sales. 1991 was active internationally as well. Sales outside North America rose by 104 percent from $4.7 million in 1990 to $9.5 million for the year just completed. Areas such as the Middle East, Mexico and South America all achieved growth of at least 150 percent. "Our products are continuing to gain wide consumer acceptance. Coupled with efficient distribution, we are building a solid relationship with more and more major retailers. This augers well for 1992," concluded Schwartz. Dorel Industries is one of North America's largest full-line manufacturers and distributors of children's furniture and accessories and ranks among the top producers of ready-to-assemble (RTA) and metal folding furniture. The company operates Dorel Canada and Ridgewood in Canada; Cosco, Charleswood and Infantino in the United States; as well as Dorel U.K. in England. -0- 3/17/92 /CONTACT: Rick Leckner of Rick Leckner Communications, 514-731-0000, for Dorel Industries/ (DII.) CO: Dorel Industries Inc. ST: Quebec IN: HOU SU: ERN
TQ -- NY026 -- 8739 03/17/92 11:10 EST
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|Date:||Mar 17, 1992|
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