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Dorel Files 2017 Audited Consolidated Financial Statements and Management’s Discussion and Analysis

Filing reflects updated Toys“R”Us impact

MONTREAL, March 22, 2018 (GLOBE NEWSWIRE) -- Dorel Industries Inc. (TSX:DII.B) (TSX:DII.A) today announced that it has filed its audited consolidated financial statements and management’s discussion and analysis (MD&A) for the year ended December 30, 2017 with the applicable Canadian securities regulatory authorities. These consolidated financial statements differ from the year-end financial results issued on March 8, 2018, as outlined below, due to the evolving situation with Toys“R”Us.

On March 15, 2018, Toys“R”Us, one of Dorel’s customers, announced that it had filed a motion seeking Bankruptcy Court approval to begin the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all of its U.S. stores. Dorel assessed whether an additional impairment loss on the trade accounts receivable from this customer should be recorded in its consolidated financial statements for the year ended December 30, 2017. Dorel has determined that an amount of US$7.6 million of trade accounts receivable from this customer as at December 30, 2017 is at risk of collection. Accordingly, Dorel has recorded a bad debt expense of US$3.8 million within general and administrative expenses in its consolidated financial statements for the year ended December 30, 2017 with respect to these trade accounts receivable from Toys“R”Us U.S., of which US$0.7 million is within Dorel Juvenile and US$3.1 million is within Dorel Sports. This amount represents Management’s current best estimate of potential losses arising from non-payment based on limited information available to date; the actual loss incurred may differ from this amount. The maximum credit risk to which Dorel is exposed as at December 30, 2017 represents the total value of the trade accounts receivable.

Revenue recorded from sales to Toys“R”Us U.S. business in Dorel’s 2018 first quarter, up to March 21, 2018, amounts to US$13.4 million. As at March 21, 2018, in total, Dorel has trade accounts receivable from Toys“R”Us U.S. amounting to US$17.2 million (net of allowance for anticipated credits and allowance for doubtful accounts including the bad debt expense referred to above but excluding any bad debt allowance on 2018 sales). This represents US$2.8 million within Dorel Home, US$5.2 million within Dorel Juvenile and US$9.2 million within Dorel Sports.

Dorel will continue to carefully monitor the Toys“R”Us situation as it unfolds, and will revise its estimated bad debt allowance for the 2017 sales and record any required allowance for the 2018 sales accordingly in Dorel’s 2018 first quarter consolidated financial statements, which Dorel expects to issue on May 4, 2018.

As a result of this adjusting event, Dorel is issuing revised financial results for the fourth quarter and year ended December 30, 2017 revised from those included in its press release issued on March 8, 2018. This represents a reduction of US$3.1 million in net income for both the fourth quarter and year ended December 30, 2017. Accordingly, adjusted net income for the fourth quarter of 2017 was US$17.3 million or US$0.53 per diluted share compared to US$7.7 million or US$0.24 per diluted share for the fourth quarter of 2016. Reported net loss for the quarter was US$6.1 million or US$0.19 per diluted share compared to US$5.6 million or US$0.17 per diluted share a year ago.

Adjusted net income for the year rose 14.9% to US$67.0 million or US$2.05 per diluted share, compared to US$58.3 million or US$1.79 per diluted share in 2016. Reported net income for the year was US$27.4 million or US$0.84 per diluted share, compared to a reported net loss of US$11.6 million or US$0.36 per diluted share the previous year.

In 2017, Toys“R”Us U.S. business accounted for approximately 3% of Dorel’s total revenue.

The consolidated financial statements and MD&A for the year ended December 30, 2017 are available on the Company’s website, www.dorel.com, and under Dorel’s profile on the SEDAR website, www.sedar.com. In addition, this press release contains the updated tables to indicate changes in certain Company metrics.

Non-GAAP financial measures
As a result of impairment losses, restructuring and other costs, remeasurement of forward purchase agreement liabilities and loss on early extinguishment of long-term debt incurred in 2017 and 2016, the Company is including in this press release the following non-GAAP financial measures: “adjusted net income” and “adjusted earnings per diluted share”. The Company believes that this results in a more meaningful comparison of its core business performance between the periods presented. These non-GAAP financial measures do not have a standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other issuers. Please refer to the Company’s MD&A for reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

Profile
Dorel Industries Inc. (TSX:DII.B) (TSX:DII.A) is a global organization, operating three distinct businesses in juvenile products, bicycles and home products. Dorel's strength lies in the diversity, innovation and quality of its products as well as the superiority of its brands. Dorel Juvenile’s powerfully branded products include global brands Safety 1st, Quinny, Maxi-Cosi and Tiny Love, complemented by regional brands such as Cosco, Bébé Confort and Infanti. Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi, IronHorse and SUGOI. Dorel Home, with its comprehensive e-commerce platform, markets a wide assortment of domestically produced and imported furniture. Dorel has annual sales of US$2.6 billion and employs approximately 10,000 people in facilities located in twenty-five 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, or if any of them do, what benefits Dorel will derive from them. 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 Dorel’s expectations expressed in or implied by the forward-looking statements include: general economic conditions; changes in product costs and supply channels; foreign currency fluctuations; customer and credit risk, including the risk resulting from the liquidation and reorganization of Toys“R”Us referred to in this press release and the concentration of revenues with small number of 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 there being no certainty that Dorel’s current 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 Management Discussion and Analysis 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 Dorel’s 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.

 

 
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
ALL FIGURES IN THOUSANDS OF US $
(unaudited)
  As at     As at  
  December 30,      December 30,   
  2017     2016  
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $ 36,841     $ 31,883  
Trade and other receivables 425,736     422,118  
Inventories 592,136     549,688  
Other financial assets 553     4,333  
Income taxes receivable 12,035     14,466  
Prepaid expenses 26,593     21,040  
Other assets 13,747     8,944  
  1,107,641     1,052,472  
Assets held for sale 8,481     20,017  
  1,116,122     1,072,489  
NON-CURRENT ASSETS          
Property, plant and equipment 199,026     191,294  
Intangible assets 442,626     427,587  
Goodwill 438,072     435,790  
Deferred tax assets 26,159     39,324  
Other financial assets 550     -  
Other assets 7,152     6,148  
  1,113,585     1,100,143  
  $ 2,229,707     $ 2,172,632  
LIABILITIES      
CURRENT LIABILITIES      
Bank indebtedness $ 58,229     $ 49,490  
Trade and other payables 440,410     428,881  
Forward purchase agreement liabilities -     7,500  
Other financial liabilities 4,546     569  
Income taxes payable 14,338     15,143  
Long-term debt 13,667     51,138  
Provisions 43,475     63,169  
Other liabilities 11,150     14,603  
  585,815     630,493  
NON-CURRENT LIABILITIES      
Long-term debt 433,760     355,118  
Net pension and post-retirement defined benefit liabilities 35,237     35,206  
Deferred tax liabilities 43,832     53,293  
Provisions 2,953     1,681  
Written put option liabilities 23,464     26,325  
Other financial liabilities 1,338     1,115  
Other liabilities 11,157     13,302  
  551,741     486,040  
EQUITY      
Share capital 203,300     202,400  
Contributed surplus 27,557     27,139  
Accumulated other comprehensive loss (70,205 )   (113,840 )
Other equity 5,888     3,027  
Retained earnings 925,611     937,373  
  1,092,151     1,056,099  
  $ 2,229,707     $ 2,172,632  


 
DOREL INDUSTRIES INC.
CONSOLIDATED INCOME STATEMENTS
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
 (unaudited)
  Fourth Quarters Ended     Years Ended
 
  December 30,      December 30,      December 30,    December 30,   
  2017     2016     2017   2016  
Sales $ 676,481     $ 647,559     $ 2,576,004   $ 2,596,062  
Licensing and commission income 571     1,190     1,664   7,123  
TOTAL REVENUE 677,052     648,749     2,577,668   2,603,185  
Cost of sales (1) 515,604     499,808     1,965,917   1,992,624  
GROSS PROFIT 161,448     148,941     611,751   610,561  
Selling expenses 58,929     57,730     233,106   230,623  
General and administrative expenses  64,350     69,219     228,395   244,631  
Research and development expenses 8,039     14,463     31,065   39,092  
Restructuring and other costs (1) 4,138     12,887     11,814   19,560  
Impairment losses on goodwill and intangible assets 19,929     -     19,929   55,341  
OPERATING PROFIT (LOSS) 6,063     (5,358 )   87,442   21,314  
Finance expenses 8,222     11,766     43,248   42,899  
INCOME (LOSS) BEFORE INCOME TAXES (2,159 )   (17,124 )   44,194   (21,585 )
Income taxes expense (recovery) 3,975     (11,557 )   16,753   (9,974 )
NET INCOME (LOSS)  $ (6,134 )   $ (5,567 )   $ 27,441   $ (11,611 )
EARNINGS (LOSS) PER SHARE                     
Basic ($0.19 )   ($0.17 )   $0.85   ($0.36 )
Diluted ($0.19 )   ($0.17 )   $0.84   ($0.36 )
SHARES OUTSTANDING                    
Basic - weighted average 32,426,326     32,373,809     32,409,551   32,352,953  
Diluted - weighted average 32,426,326     32,373,809     32,665,713   32,352,953  
(1) Restructuring and other costs charged to:                    
Cost of sales $ (438 )   $ 2,419     $ 260   $ 5,121  
Expenses 4,138     12,887     11,814   19,560  
  $ 3,700     $ 15,306     $ 12,074   $ 24,681  

 

 
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
ALL FIGURES IN THOUSANDS OF US $
 (unaudited) 
  Fourth Quarters Ended
  Years Ended
 
  December 30,
2017
    December 30,
2016
    December 30,
2017
    December 30,
2016
 
NET INCOME (LOSS)  $ (6,134 )   $ (5,567 )   $ 27,441     $ (11,611 )
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 1,920     (16,237 )   40,342     3,856  
Net gains (losses) on hedge of net investments in foreign operations, net of tax of nil 1,643     (6,816 )   12,809     (1,964 )
  3,563     (23,053 )   53,151     1,892  
Net changes in cash flow hedges:                      
Net change in unrealized gains (losses) on derivatives designated as cash flow hedges (706 )   5,418     (9,363 )   4,395  
Reclassification to net income 62     156     267     608  
Reclassification to the related non-financial asset 1,681     (2,768 )   1,053     (4,477 )
Deferred income taxes (346 )   (1,138 )   1,949     (354 )
  691     1,668     (6,094 )   172  
Items that will not be reclassified to net income:                      
Defined benefit plans:                      
Remeasurements of the net pension and post-retirement defined benefit liabilities 108     779     (43 )   (2,913 )
Deferred income taxes (3,426 )   (465 )   (3,379 )   965  
  (3,318 )   314     (3,422 )   (1,948 )
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 936     (21,071 )   43,635     116  
TOTAL COMPREHENSIVE INCOME (LOSS) $ (5,198 )   $ (26,638 )   $ 71,076     $ (11,495 )


 
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
ALL FIGURES IN THOUSANDS OF US $
 (unaudited) 
  Attributable to equity holders of the Company   
 
            Accumulated other
 
comprehensive income (loss)
                       
    Share
Capital
    Contributed
Surplus
      Cumulative
Translation
Account 
      Cash Flow
Hedges
      Defined
Benefit
Plans
      Other
Equity
    Retained
Earnings
      Total
Equity
 
Balance as at December 30, 2015  $ 200,277   $ 26,480     $ (104,521 )   $ 2,680     $ (12,115 )   $ 1,527   $ 988,069     $ 1,102,397  
Total comprehensive loss:                            
Net loss - -   -   -   -   - (11,611 ) (11,611 )
Other comprehensive income (loss) - -   1,892   172   (1,948 ) - -   116  
  - -   1,892   172   (1,948 ) - (11,611 ) (11,495 )
Issued under stock option plan 1,534 -   -   -   -   - -   1,534  
Reclassification from contributed surplus due to exercise of stock options 385 (385 ) -   -   -   - -   -  
Reclassification from contributed surplus due to settlement of deferred share units 204 (420 ) -   -   -   - -   (216 )
Share-based payments - 1,197   -   -   -   - -   1,197  
Remeasurement of written put option liabilities - -   -   -   -   1,500 -   1,500  
Dividends on common shares - -   -   -   -   - (38,818 ) (38,818 )
Dividends on deferred share units - 267   -   -   -   - (267 ) -  
Balance as at December 30, 2016  $ 202,400   $ 27,139     $ (102,629 )   $ 2,852     $ (14,063 )   $ 3,027   $ 937,373     $ 1,056,099  
Total comprehensive income:                            
Net income - -   -   -   -   - 27,441   27,441  
Other comprehensive income (loss) - -   53,151   (6,094 ) (3,422 ) - -   43,635  
  - -   53,151   (6,094 ) (3,422 ) - 27,441   71,076  
Reclassification from contributed surplus due to settlement of deferred share units 900 (1,074 ) -   -   -   - -   (174 )
Share-based payments - 1,184   -   -   -   - -   1,184  
Remeasurement of written put option liabilities - -   -   -   -   2,861 -   2,861  
Dividends on common shares - -   -   -   -   - (38,895 ) (38,895 )
Dividends on deferred share units - 308   -   -   -   - (308 ) -  
Balance as at December 30, 2017 $ 203,300   $ 27,557     $ (49,478 )   $ (3,242 )   $ (17,485 )   $ 5,888   $ 925,611     $ 1,092,151  


 
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
ALL FIGURES IN THOUSANDS OF US $
(unaudited)
  Fourth Quarters Ended
  Years Ended
 
  December 30,
2017
    December 30,
2016
    December 30,
2017
    December 30,
2016
 
CASH PROVIDED BY (USED IN):                      
OPERATING ACTIVITIES                      
Net income (loss)  $ (6,134 )   $ (5,567 )   $ 27,441     $ (11,611 )
Items not involving cash:                      
Depreciation and amortization 13,129     13,275     50,145     53,186  
Impairment losses on goodwill and intangible assets 19,929     -     19,929     55,341  
Unrealized losses (gains) arising on financial assets and financial liabilities classified as held for trading (492 )   (215 )   (394 )   197  
Share-based payments 154     114     348     484  
Defined benefit pension and post-retirement costs 1,399     (74 )   4,354     (5,711 )
Loss (gain) on disposal of property, plant and equipment 447     67     628     (1,286 )
Write-down of deferred development costs -     5,590     -     5,590  
Restructuring and other costs (222 )   9,670     1,249     13,593  
Finance expenses 8,222     11,766     43,248     42,899  
Income taxes expense (recovery) 3,975     (11,557 )   16,753     (9,974 )
Net changes in balances related to operations (1) (15,987 )   62,833     (65,085 )   75,254  
Income taxes paid (3,233 )   (3,830 )   (19,594 )   (20,257 )
Income taxes received 4,327     1,301     9,238     9,913  
Interest paid (9,875 )   (12,927 )   (31,327 )   (36,200 )
Interest received 52     62     461     447  
CASH PROVIDED BY OPERATING ACTIVITIES 15,691     70,508     57,394     171,865  
FINANCING ACTIVITIES                      
Bank indebtedness (275 )   (6,296 )   6,927     (8,249 )
Increase of long-term debt 15,140     -     217,360     -  
Repayments of long-term debt -     (53,109 )   (187,189 )   (98,749 )
Repayments of forward purchase agreement liabilities -     -     (7,857 )   (4,414 )
Increase of written put option liabilities -     -     -     673  
Financing costs (13 )   (91 )   (2,773 )   (2,173 )
Issuance of share capital -     869     -     1,479  
Dividends on common shares (9,730 )   (9,796 )   (38,895 )   (38,818 )
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 5,122     (68,423 )   (12,427 )   (150,251 )
INVESTING ACTIVITIES                      
Acquisition of businesses -     -     -     5,475  
Additions to property, plant and equipment  (11,941 )   (6,001 )   (36,464 )   (20,014 )
Disposals of property, plant and equipment 142     12     390     1,564  
Net proceeds from disposals of assets held for sale -     1,347     15,027     5,883  
Additions to intangible assets (6,951 )   (4,061 )   (21,054 )   (16,165 )
CASH USED IN INVESTING ACTIVITIES (18,750 )   (8,703 )   (42,101 )   (23,257 )
Effect of foreign currency exchange rate changes on cash and cash equivalents 454     (1,398 )   2,092     344  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,517     (8,016 )   4,958     (1,299 )
Cash and cash equivalents, beginning of period 34,324     39,899     31,883     33,182  
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 36,841     $ 31,883     $ 36,841     $ 31,883  
(1) Supplemental information on net changes in balances related to operations:                      
Trade and other receivables $ (26,371 )   $ 13,508     $ 8,754     $ 7,922  
Inventories 55,062     28,421     (23,730 )   31,823  
Other financial assets (5 )   (568 )   (629 )   693  
Prepaid expenses 4,726     1,080     (3,851 )   (1,064 )
Other assets 1,385     (2,336 )   (4,571 )   (734 )
Trade and other payables (48,670 )   (570 )   (13,757 )   (695 )
Net pension and post-retirement defined benefit liabilities (687 )   (42 )   (3,833 )   (3,896 )
Provisions, other financial liabilities and other liabilities (1,427 )   23,340     (23,468 )   41,205  
  $ (15,987 )   $ 62,833     $ (65,085 )   $ 75,254  


 
DOREL INDUSTRIES INC.
SEGMENTED INFORMATION
FOURTH QUARTERS ENDED DECEMBER 30,
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
(unaudited)
  Total
Dorel Juvenile
Dorel Sports
Dorel Home 
  2017   2016   2017   2016   2017   2016 2017 2016
Total revenue $ 677,052     $ 648,749     $ 239,306     $ 236,447     $ 236,771     $ 235,253   $ 200,975   $ 177,049
Cost of sales (1) 515,604   499,808   168,661   165,207   184,666   187,255 162,277 147,346
Gross profit 161,448   148,941   70,645   71,240   52,105   47,998 38,698 29,703
Selling expenses 58,496   57,477   29,532   31,146   22,150   20,258 6,814 6,073
General and administrative expenses 57,542   62,639   26,075   35,437   21,679   18,270 9,788 8,932
Research and development expenses 8,039   14,463   5,634   11,798   1,373   1,736 1,032 929
Restructuring and other costs (1) 4,138   12,887   3,780   10,118   358   2,769 - -
Impairment loss on goodwill 19,929   -   19,929   -   -   - - -
Operating profit (loss) 13,304   1,475     $ (14,305 )   $ (17,259 )   $ 6,545     $ 4,965   $ 21,064   $ 13,769
Finance expenses 8,222   11,766                    
Corporate expenses 7,241   6,833                    
Income taxes expense (recovery) 3,975   (11,557 )                  
Net loss $ (6,134 )   $ (5,567 )                  
Loss per share                          
Basic ($0.19)   ($0.17)                    
Diluted ($0.19)   ($0.17)                    
Depreciation and amortization included in operating profit (loss) $ 12,926     $ 13,057     $ 9,302     $ 9,857     $ 2,855     $ 2,592   $ 769   $ 608
Write-down of long-lived assets included in operating profit (loss) $ 1,854     $ 13,943     $ 1,854     $ 13,943     $ -     $     $ -   $ -
(1) Restructuring and other costs charged to:                          
Cost of sales $ (438 )   $ 2,419     $ 281     $ -     $ (719 )   $ 2,419   $ -   $ -
Expenses 4,138   12,887   3,780   10,118   358   2,769 - -
  $ 3,700     $ 15,306     $ 4,061     $ 10,118     $ (361 )   $ 5,188   $ -   $ -


 
DOREL INDUSTRIES INC.
SEGMENTED INFORMATION
YEARS ENDED DECEMBER 30,
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
(unaudited)
  Total
Dorel Juvenile
Dorel Sports
  Dorel Home
  2017 2016   2017 2016 2017   2016   2017 2016
Total revenue  $ 2,577,668   $ 2,603,185     $ 921,669   $ 928,963   $ 865,380     $ 938,975     $ 790,619   $ 735,247
Cost of sales (1) 1,965,917 1,992,624   646,408 638,345 670,440   742,774   649,069 611,505
Gross profit 611,751 610,561   275,261 290,618 194,940   196,201   141,550 123,742
Selling expenses 231,417 229,196   116,275 115,132 89,197   91,247   25,945 22,817
General and administrative expenses 205,076 220,362   94,200 115,447 77,211   71,961   33,665 32,954
Research and development expenses 31,065 39,092   21,893 28,725 5,313   6,576   3,859 3,791
Restructuring and other costs (1) 11,814 19,560   10,358 14,554 1,456   5,006   - -
Impairment losses on goodwill and intangible assets 19,929 55,341   19,929 - -   55,341   - -
Operating profit (loss) 112,450 47,010     $ 12,606   $ 16,760   $ 21,763     $ (33,930 )   $ 78,081   $ 64,180
Finance expenses 43,248 42,899                  
Corporate expenses 25,008 25,696                  
Income taxes expense (recovery) 16,753 (9,974 )                
Net income (loss) $ 27,441   $ (11,611 )                
Earnings (loss) per share                      
Basic   $0.85 ($0.36)                  
Diluted   $0.84 ($0.36)                  
Depreciation and amortization included in operating profit (loss) $ 49,338   $ 52,365     $ 35,744   $ 37,404   $ 9,748     $ 11,015     $ 3,846   $ 3,946
Write-down of long-lived assets included in operating profit (loss) $ 2,222   $ 14,367     $ 2,222   $ 14,367   $ -     $ -     $ -   $ -
(1) Restructuring and other costs charged to:                      
Cost of sales $ 260   $ 5,121     $ 1,575   $ -   $ (1,315 )   $ 5,121     $ -   $ -
Expenses 11,814 19,560   10,358 14,554 1,456   5,006   - -
  $ 12,074   $ 24,681     $ 11,933   $ 14,554   $ 141     $ 10,127     $ -   $ -

CONTACTS:
MaisonBrison Communications
Rick Leckner
(514) 731-0000

Dorel Industries Inc.
Jeffrey Schwartz
(514) 934-3034

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