Dorel reports second quarter 2013

• Bicycle segment business fundamentals remain solid despite poor weather impacting current volumes and profitability
• Juvenile profit down in Europe due to economic conditions but segment's full year earnings expected to equal 2012
• Home Furnishings' on-line sales continue to drive operating profit improvement

EXCHANGES
TSX: DII.B, DII.A

MONTREAL, Aug. 9, 2013 /CNW Telbec/ - Dorel Industries Inc. (TSX: DII.B, DII.A) today announced results for the second quarter and six months ended June 30, 2013. Total revenue for the three month period was US$600.5 million, down 5.2% from US$633.7 million for the same quarter last year. Net income was US$13.2 million or US$0.41 per diluted share, a decrease of 56.4% from US$30.3 million or US$0.95 per diluted share reported for the second quarter a year ago. Year-to-date revenue was US$1.2 billion compared to US$1.25 billion last year. Net income for the six months was US$35.5 million or US$1.11 per diluted share compared to US$59.4 million or US$1.85 per diluted share.

"As we announced in June, second quarter earnings in the Recreational/Leisure segment continued to be affected by the late spring across the U.S., Canada and Europe. The resultant global slowdown in the bicycle category lowered sales in just about all markets, creating higher bicycle inventories and industry-wide discounting, particularly in the independent bicycle dealer ("IBD") channel. This discounting, combined with foreign exchange losses and one-time severance costs significantly affected the segment's second quarter profits," explained Dorel President and CEO Martin Schwartz.

"To be clear, these are matters beyond our control. Dorel's bicycle products are proven and our brands remain strong. We have continued to invest strategically in sports marketing to maintain our brand strength. Cannondale's Pro Cycling Team has once again proven beneficial with Peter Sagan winning the Green Jersey in the recent Tour de France for the second consecutive year. The Green Jersey is the race's second most important award. On another positive note, the introduction of Cannondale to the Chinese market last year has been above our expectations. While still a small component of the overall bicycle business, we see further potential in this important market.

"Juvenile's performance was down year-over-year due mainly to reduced profitability in Europe where economic conditions remain difficult and are pressuring earnings. New product development remains a key focus and innovative new introductions are planned for later this year. Dorel Chile continued to post strong top and bottom line numbers. While there was a slight decline in Home Furnishings' sales to the in-store channel, the segment had another solid quarter registering improved earnings, as sales to its e-commerce customers continue to grow significantly," said Mr. Schwartz.

Summary of Financial Highlights
Second Quarters Ended June 30
All figures in thousands of US $, except per share amounts
		2013	2012	Change %
Total revenue		600,449	633,711	(5.2%)
Net income		13,224	30,345	(56.4%)
	Per share - Basic	0.41	0.95	(56.8%)
	Per share - Diluted	0.41	0.95	(56.8%)
Average number of shares outstanding -
Diluted weighted average		32,223,810	32,046,443
Summary of Financial Highlights
Six Months Ended June 30
All figures in thousands of US $, except per share amounts
		2013	2012	Change %
Total revenue		1,194,617	1,254,811	(4.8%)
Net income		35,540	59,404	(40.2%)
	Per share - Basic	1.12	1.86	(39.8%)
	Per share - Diluted	1.11	1.85	(40.0%)
Average number of shares outstanding -
Diluted weighted average		32,152,285	32,080,033

Juvenile Segment

Second Quarters Ended June 30
	2013		2012
	$	% of rev.	$	% of rev.	Change %
Total revenue	243,412		254,781		(4.5%)
Gross profit	68,761	28.2%	69,391	27.2%	(0.9%)
Operating profit	15,811	6.5%	17,118	6.7%	(7.6%)
Six Months Ended June 30
	2013		2012
	$	% of rev.	$	% of rev.	Change %
Total revenue	498,645		524,280		(4.9%)
Gross profit	143,267	28.7%	143,400	27.4%	(0.1%)
Operating profit	33,743	6.8%	37,540	7.2%	(10.1%)

The organic revenue decline in the Juvenile segment was approximately 6% both in the second quarter and year-to-date. For the quarter, the main cause was a revenue decline in the low double digits at Dorel Juvenile Group ("DJG") USA. This was partially offset by strong gains in Latin America where sales increased by 35%. Despite the decrease in sales at DJG USA, the combination of a mix of higher profit items and effective input-cost management maintained their profit at levels similar to the prior year. The growth in Latin America was mainly fueled by the opening of new retail stores in Chile and Peru as well as the contribution of Dorel Colombia, acquired in late 2012. A total of four new stores were opened in both Chile and Peru, bringing the overall number of stores in operation to 76. Latin American operating profit also improved on this strong sales growth. In Europe, organic revenue was down slightly, as the economic situation there has not improved. Operating profit decreased in Europe with the major causes being less favourable exchange rates on its US dollar purchases and a less profitable sales mix.

Significant product launches late in the quarter in the U.S. included the versatile Safety 1^st Elite 80 Air + 3-in-1 car seat, for children in 3 modes of use, infant, convertible and booster. The Elite 80 Air + incorporates both Air Protect® and GCell HX technology— a patented foam designed by Dorel for superior protection around the child's body providing the ultimate in safety. Also introduced was the newly designed Maxi-Cosi Mico AP infant car seat which is now equipped with patented Air Protect technology which provides unparalleled side impact protection. The Mico AP is also the lightest weight car seat in its class on the market.

Recreational/Leisure Segment

Second Quarters Ended June 30
	2013		2012
	$	% of rev.	$	% of rev.	Change %
Total revenue	238,174		251,911		(5.5%)
Gross profit	54,550	22.9%	63,183	25.1%	(13.7%)
Operating profit	3,681	1.5%	21,606	8.6%	(83.0%)
Six Months Ended June 30
	2013		2012
	$	% of rev.	$	% of rev.	Change %
Total revenue	441,688		472,829		(6.6%)
Gross profit	105,839	24.0%	121,623	25.7%	(13.0%)
Operating profit	13,222	3.0%	42,986	9.1%	(69.2%)

Organic revenue decreased by approximately 5% in the quarter and 6% year-to-date, which excludes the impact of varying foreign exchange rates. The revenue decline is attributed to the weather related ongoing global decrease in the bicycle market. For the quarter, gross margins decreased by 220 basis points to 22.9% from 25.1% recorded in 2012. With key IBD competitors carrying heavy amounts of model-year 2013 product, and to make room for 2014 models, competitor discounting activity is rampant and as a result the Company has also offered increased discounts, thus hurting margins. Unfavourable foreign exchange rates have also contributed to depressing gross profit as the US dollar has appreciated against many core currencies driving up the global cost of goods.

Significant cost reductions have been implemented across the segment. This includes a headcount reduction of some 50 positions worldwide, roughly 5% of the segment's workforce. A one-time charge of approximately US$2.0 million was recorded related to severance as a result of these restructuring activities. These cost reductions are across most areas and will have a positive effect going forward.

Home Furnishings Segment

Second Quarters Ended June 30
	2013		2012
	$	% of rev.	$	% of rev.	Change %
Total revenue	118,863		127,019		(6.4%)
Gross profit	17,145	14.4%	16,574	13.0%	3.4%
Operating profit	7,201	6.1%	6,694	5.3%	7.6%
Six Months Ended June 30
	2013		2012
	$	% of rev.	$	% of rev.	Change %
Total revenue	254,284		257,702		(1.3%)
Gross profit	35,225	13.9%	32,304	12.5%	9.0%
Operating profit	15,149	6.0%	12,485	4.8%	21.3%

The segment's revenue decrease, both for the quarter as well as year-to-date, was mostly in imported upholstery and domestic ready-to-assemble furniture. This was partially offset by the sustained growth of the Internet sales channels. The segment's drop ship vendor program continued to drive the significant growth in on-line sales. The number of products offered on-line continues to grow as well as the ability to efficiently distribute these products throughout North America. The bedroom category, including mattresses and youth oriented beds, has been an area of significant growth as the product offering continues to expand. The segment has also seen an expanded share of the step stool and ladder channel with a growing presence at do-it-yourself and mass retailers under the category-leading brand Cosco. Operating profit improved versus last year despite the drop in sales helped by overhead cost control, a more profitable sales mix and a more favourable rate of exchange on the Canadian dollar.

Other
The 2013 second quarter tax rate was 21.1% and year-to-date was 14.3%. This compares to 16.5% for the quarter and 15.4% year-to-date in 2012. The main reason for the variation was a change in the jurisdictions in which the Company generated its income year-over-year. The Company has stated that for the full year it expects its annual tax rate to be between 15% and 20%, and despite the rate recorded in the second quarter, this expectation remains.

Quarterly dividend
The Board of Directors of Dorel declared its regular quarterly dividend of US$0.30 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 September 5, 2013 to shareholders of record as at the close of business on August 22, 2013.

Outlook
"As we had announced on June 13, 2013 the Recreational / Leisure segment results were still being severely impacted by the weather and this was being compounded by competitor discounting in an attempt to reduce industry-wide inventory backlogs. While discounting is continuing, Dorel's situation will improve as the year progresses. With our strong product portfolio and superior brands, along with the restructuring actions that we have taken, we expect to recover accordingly. Some of this recovery will be in the third quarter and our earnings for the period are expected to be close to prior year levels. As we head into the fall, we are confident that in the fourth quarter, we will return to improved profitability versus the prior year and for the second half we expect Recreational / Leisure earnings will increase over last year," commented Mr. Schwartz.

"In Juvenile, the anticipated improved earnings did not materialize as soon as expected and as in Recreational / Leisure, we expect improvement in the fourth quarter. We have several significant new product introductions scheduled and we will be unveiling several of these at the upcoming Juvenile show in September in Cologne, Germany. Others are also due in North America near the end of the year. In Latin America, growth in earnings will be weighted to the fourth quarter with a strong Christmas retail season anticipated with our expanding number of retail locations in Chile and Peru. For the year we now expect Juvenile earnings to be flat with 2012. In Home Furnishings, we expect that segment's solid performance to continue and its operating profit for 2013 is anticipated to exceed last year's results," concluded Mr. Schwartz.

Conference Call
Dorel Industries Inc. will hold a conference call to discuss these results today, August 9, 2013 at 11:00 A.M. Eastern Time. Interested parties can join the call by dialling 1-888-231-8191. 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 recording of the meeting by calling 1-855-859-2056 and entering the passcode 15705744 on your phone. This recording will be available on Friday, August 9, 2013 as of 2:00 P.M. until 11:59 P.M. on Friday, August 16, 2013.

The condensed consolidated interim financial statements as of June 30, 2013 will be available on the Company's website, www.dorel.com, and will be available through the SEDAR websites.

Profile
Dorel Industries Inc. (TSX: DII.B, DII.A) is a world class juvenile products and bicycle company. 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 1^st, 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 both domestically produced and imported furniture products, principally within North America. Dorel has annual sales of US$2.5 billion and employs 5,400 people in facilities located in twenty-four countries 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.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
ALL FIGURES IN THOUSANDS OF US $
			as at			as at
			June 30, 2013			December 30, 2012
			(unaudited)			(unaudited)
						Restated
ASSETS
CURRENT ASSETS
	Cash and cash equivalents	$	52,417		$	38,311
	Trade and other receivables		439,799			443,020
	Inventories		505,989			501,652
	Other financial assets		2,362			287
	Income taxes receivable		10,465			17,273
	Prepaid expenses		28,698			19,813
			1,039,730			1,020,356
NON-CURRENT ASSETS
	Property, plant and equipment		156,288			157,127
	Intangible assets		418,538			423,057
	Goodwill		572,379			578,352
	Other financial assets		740			796
	Deferred tax assets		20,485			22,555
	Other assets		2,922			1,625
			1,171,352			1,183,512
		$	2,211,082		$	2,203,868
LIABILITIES
CURRENT LIABILITIES
	Bank indebtedness	$	16,268		$	11,476
	Trade and other payables		337,300			337,451
	Other financial liabilities		813			4,236
	Income taxes payable		3,546			2,856
	Long-term debt		13,360			13,520
	Provisions		31,803			33,769
			403,090			403,308
NON-CURRENT LIABILITIES
	Long-term debt		324,900			317,970
	Net pension and post-retirement defined benefit liabilities		34,753			35,091
	Deferred tax liabilities		83,825			87,922
	Provisions		1,948			1,969
	Other financial liabilites		41,906			43,600
	Other long-term liabilities		5,322			5,895
			492,654			492,447
EQUITY
Share capital			188,924			180,856
Contributed surplus			26,942			27,192
Accumulated other comprehensive income			40,631			57,619
Retained earnings			1,058,841			1,042,446
			1,315,338			1,308,113
		$	2,211,082		$	2,203,868

DOREL INDUSTRIES INC.
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENTS
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
			Second Quarters Ended							Six Months Ended
				June  30, 2013			June 30, 2012			June  30, 2013			June 30, 2012
				(unaudited)			(unaudited)			(unaudited)			(unaudited)
													Restated
Sales			$	598,046		$	630,898		$	1,187,112		$	1,248,049
Licensing and commission income				2,403			2,813			7,505			6,762
TOTAL REVENUE				600,449			633,711			1,194,617			1,254,811
Cost of sales				459,993			484,563			910,286			957,484
GROSS PROFIT				140,456			149,148			284,331			297,327
Selling expenses				62,412			57,493			117,772			109,298
General and administrative expenses				47,994			44,108			100,128			94,623
Research and development expenses				7,696			6,583			14,899			13,570
OPERATING PROFIT				22,354			40,964			51,532			79,836
Finance expenses				5,585			4,631			10,067			9,611
INCOME BEFORE INCOME TAXES				16,769			36,333			41,465			70,225
Income taxes expense				3,545			5,988			5,925			10,821
NET INCOME			$	13,224		$	30,345		$	35,540		$	59,404
EARNINGS PER SHARE
	Basic			$0.41			$0.95			$1.12			$1.86
	Diluted			$0.41			$0.95			$1.11			$1.85
SHARES OUTSTANDING
	Basic - weighted average			31,865,525			31,859,015			31,765,123			31,906,375
	Diluted - weighted average			32,223,810			32,046,443			32,152,285			32,080,033

DOREL INDUSTRIES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
ALL FIGURES IN THOUSANDS OF US $
	Second Quarters Ended							Six Months Ended
	June  30, 2013			June 30, 2012				June  30, 2013			June 30, 2012
	(unaudited)			(unaudited)				(unaudited)			(unaudited)
				Restated							Restated
NET INCOME		$	13,224		$	30,345			$	35,540		$	59,404
OTHER COMPREHENSIVE INCOME (LOSS):
Items that are or may be reclassified subsequently to net 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			(3,711)			(24,737)				(19,349)			(9,965)
Net changes in cash flow hedges:
Net change in unrealized gains (losses) on derivatives designated as cash flow hedges			(294)			2,635				3,824			904
Reclassification to income			251			252				503			495
Reclassification to the related non-financial asset			(628)			(2,602)				(758)			(5,066)
Deferred income taxes			41			(151)				(1,211)			920
			(630)			134				2,358			(2,747)
Items that will not be reclassified to net income:
Defined benefit plans:
Remeasurements of the net pension and post-retirement benefit liabilities			(4)			25				4			809
Deferred income taxes			1			(6)				(1)			(359)
			(3)			19				3			450
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)			(4,344)			(24,584)				(16,988)			(12,262)
TOTAL COMPREHENSIVE INCOME		$	8,880		$	5,761			$	18,552		$	47,142

DOREL INDUSTRIES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
ALL FIGURES IN THOUSANDS OF US $
		Attributable to equity holders of the Company
						Accumulated other comprehensive income
			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 30, 2011, as previously reported		$	174,782	$	26,445	$	52,760	$	6,082	$	-	$	969,586	$	1,229,655
Impact of change in accounting policy			-		-		-		-		(6,444)		6,520		76
Balance as at December 30, 2011, as restated		$	174,782	$	26,445	$	52,760	$	6,082	$	(6,444)	$	976,106	$	1,229,731
Total comprehensive income:
	Net income		-		-		-		-		-		59,404		59,404
	Other comprehensive income (loss)		-		-		(9,965)		(2,747)		450		-		(12,262)
		$	-	$	-	$	(9,965)	$	(2,747)	$	450	$	59,404	$	47,142
	Issued under stock option plan		1,055		-		-		-		-		-		1,055
	Reclassification from contributed surplus due to exercise of stock options		223		(223)		-		-		-		-		-
	Repurchase and cancellation of shares		(4,021)		-		-		-		-		-		(4,021)
	Premium paid on share repurchase		-		-		-		-		-		(12,928)		(12,928)
	Share-based payments		-		1,342		-		-		-		-		1,342
	Dividends on common shares		-		-		-		-		-		(9,569)		(9,569)
	Dividends on deferred share units		-		42		-		-		-		(42)		-
Balance as at June 30, 2012		$	172,039	$	27,606	$	42,795	$	3,335	$	(5,994)	$	1,012,971	$	1,252,752
Balance as at December 30, 2012, as previously reported		$	180,856	$	27,192	$	66,388	$	(1,036)	$	-	$	1,034,298	$	1,307,698
Impact of change in accounting policy			-		-		3		-		(7,736)		8,148		415
Balance as at December 30, 2012, as restated		$	180,856	$	27,192	$	66,391	$	(1,036)	$	(7,736)	$	1,042,446	$	1,308,113
Total comprehensive income:
	Net income		-		-		-		-		-		35,540		35,540
	Other comprehensive income (loss)		-		-		(19,349)		2,358		3		-		(16,988)
		$		$	-	$	(19,349)	$	2,358	$	3	$	35,540	$	18,552
	Issued under stock option plan		6,464		-		-		-		-		-		6,464
	Reclassification from contributed surplus due to exercise of stock options		1,377		(1,377)		-		-		-		-		-
	Reclassification from contributed surplus due to settlement of deferred share units		227		(347)		-		-		-		-		(120)
	Share-based payments		-		1,381		-		-		-		-		1,381
	Dividends on common shares		-		-		-		-		-		(19,052)		(19,052)
	Dividends on deferred share units		-		93		-		-		-		(93)		-
Balance as at June 30, 2013		$	188,924	$	26,942	$	47,042	$	1,322	$	(7,733)	$	1,058,841	$	1,315,338

DOREL INDUSTRIES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
ALL FIGURES IN THOUSANDS OF US $
			Second Quarters Ended						Six Months Ended
			June  30, 2013			June 30, 2012			June  30, 2013			June 30, 2012
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
												Restated
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net income			$	13,224		$	30,345		$	35,540		$	59,404
Items not involving cash:
	Depreciation and amortization			13,957			12,965			27,080			25,994
	Amortization of deferred financing costs			98			90			190			231
	Accretion expense on contingent consideration and put option liabilities			578			544			1,172			1,459
	Change of assumptions on contingent consideration and put option liabilities			-			(973)			-			(973)
	Unrealized (gains)/losses due to foreign exchange exposure on contingent consideration and put option liabilities			(2,169)			(680)			(1,975)			357
	Other finance expenses			4,909			3,997			8,705			7,921
	Income taxes expense			3,545			5,988			5,925			10,821
	Share-based payments			327			642			1,076			1,228
	Defined benefit pension and post-retirement costs			933			722			1,492			1,699
	Gain on disposal of property, plant and equipment			(197)			(44)			(218)			(80)
				35,205			53,596			78,987			108,061
Net change in balances related to operations:
	Trade and other receivables			41,435			23,164			(3,979)			(50,517)
	Inventories			9,717			(66,384)			(13,312)			(57,284)
	Other financial assets			(12)			(212)			24			(832)
	Prepaid expenses			(310)			529			(9,552)			(4,077)
	Other assets			21			-			(1,293)			-
	Trade and other payables			(11,718)			52,655			5,400			71,596
	Net pension and post-retirement defined benefit liabilities			(499)			(554)			(1,733)			(1,755)
	Provisions, other financial long-term liabilities and other long-term liabilities			(900)			1,091			(2,701)			(646)
				37,734			10,289			(27,146)			(43,515)
	Income taxes paid			(4,247)			(6,766)			(9,609)			(9,848)
	Income taxes received			1,663			4,736			9,891			5,569
	Interest paid			(6,695)			(6,694)			(8,213)			(8,344)
	Interest received			-			260			496			572
CASH PROVIDED BY OPERATING ACTIVITIES				63,660			55,421			44,406			52,495
FINANCING ACTIVITIES
	Bank indebtedness			(9,726)			(7,358)			5,605			1,113
	Increase of long-term debt			-			721			19,957			18,731
	Repayments of long-term debt			(15,424)			-			(13,084)			-
	Repayments of contingent consideration and put option liabilities			-			-			(1,995)			(168)
	Financing costs			(213)			(185)			(218)			(192)
	Share repurchase			-			(15,889)			-			(16,949)
	Issuance of share capital			571			245			5,620			934
	Dividends on common shares			(9,562)			(4,779)			(19,052)			(9,569)
CASH USED IN FINANCING ACTIVITIES				(34,354)			(27,245)			(3,167)			(6,100)
INVESTING ACTIVITIES
	Acquisition of businesses			-			(1,501)			-			(4,397)
	Additions to property, plant and equipment			(10,885)			(8,138)			(17,530)			(14,701)
	Disposals of property, plant and equipment			229			85			288			135
	Additions to intangible assets			(5,535)			(4,116)			(10,877)			(10,434)
CASH USED IN INVESTING ACTIVITIES				(16,191)			(13,670)			(28,119)			(29,397)
	Effect of foreign currency exchange rate changes on cash and cash equivalents			1,781			(1,811)			986			(1,668)
NET INCREASE IN CASH AND CASH EQUIVALENTS				14,896			12,695			14,106			15,330
Cash and cash equivalents, beginning of period				37,521			32,399			38,311			29,764
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	52,417		$	45,094		$	52,417		$	45,094

DOREL INDUSTRIES INC.
INDUSTRY SEGMENTED INFORMATION
SECOND QUARTERS ENDED JUNE 30
ALL FIGURES IN THOUSANDS OF US $
			Total				Juvenile				Recreational / Leisure				Home Furnishings
			2013		2012		2013		2012		2013		2012		2013		2012
			(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Total revenue			$	600,449	$	633,711	$	243,412	$	254,781	$	238,174	$	251,911	$	118,863	$	127,019
Cost of sales				459,993		484,563		174,651		185,390		183,624		188,728		101,718		110,445
Gross profit				140,456		149,148		68,761		69,391		54,550		63,183		17,145		16,574
Selling expenses				61,804		56,954		27,384		25,929		30,319		26,462		4,101		4,563
General and administrative expenses				44,263		40,193		20,486		21,551		18,850		14,073		4,927		4,569
Research and development expenses				7,696		6,583		5,080		4,793		1,700		1,042		916		748
Operating profit				26,693		45,418	$	15,811	$	17,118	$	3,681	$	21,606	$	7,201	$	6,694
Finance expenses				5,585		4,631
Corporate expenses				4,339		4,454
Income taxes				3,545		5,988
Net income			$	13,224	$	30,345
Earnings per Share
	Basic		$	0.41	$	0.95
	Diluted		$	0.41	$	0.95
Depreciation and amortization included in operating profit			$	13,913	$	12,969	$	10,163	$	9,539	$	2,708	$	2,243	$	1,042	$	1,187

 

DOREL INDUSTRIES INC.
INDUSTRY SEGMENTED INFORMATION
SIX MONTHS ENDED JUNE 30
ALL FIGURES IN THOUSANDS OF US $
			Total				Juvenile				Recreational / Leisure				Home Furnishings
			2013		2012		2013		2012		2013		2012		2013		2012
			(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Total revenue			$	1,194,617	$	1,254,811	$	498,645	$	524,280	$	441,688	$	472,829	$	254,284	$	257,702
Cost of sales				910,286		957,484		355,378		380,880		335,849		351,206		219,059		225,398
Gross Profit				284,331		297,327		143,267		143,400		105,839		121,623		35,225		32,304
Selling expenses				116,527		108,105		54,817		51,276		53,757		47,992		7,953		8,837
General and administrative expenses				90,791		82,641		44,845		44,870		35,565		28,326		10,381		9,445
Research and development expenses				14,899		13,570		9,862		9,714		3,295		2,319		1,742		1,537
Operating profit				62,114		93,011	$	33,743	$	37,540	$	13,222	$	42,986	$	15,149	$	12,485
Finance expenses				10,067		9,611
Corporate expenses				10,582		13,175
Income taxes				5,925		10,821
Net income			$	35,540	$	59,404
Earnings per Share
	Basic		$	1.12	$	1.86
	Diluted		$	1.11	$	1.85
Depreciation and amortization included in operating profit			$	26,994	$	25,913	$	19,816	$	19,234	$	5,036	$	4,297	$	2,142	$	2,382

 

 

SOURCE: Dorel Industries Inc.

MaisonBrison Communications
Rick Leckner
[phone]

Dorel Industries Inc.
Jeffrey Schwartz
[phone]