Dorel Industries Hits Jackpot

MONTREAL, Canada (November 9) - Dorel Industries Inc.'s best year on record is about to get even better as its best selling product ever - the Sting Ray - hits the Canadian market. The producer and wholesaler of furniture and children's products posted impressive numbers in the third quarter – US$ 28.2 million or 86 cents a share - in the period ending September 30. That compared to a profit of US$ 18.8 million or 58 cents a share a year ago. The company has cashed in on the success of the Sting Ray, company executives said they have shipped a total of 500,000 units this year. The bike was introduced in the United States in March by Pacific Cycle, which Dorel bought last January for US$ 310 million. The 20-inch model retails for US$ 180, while the new 16-inch model is US$ 119. It has been unavailable in Canada until now because of anti-dumping tariffs on bicycles made in China, where it is manufactured. But from December, timed for the Xmas season, it will be on sale in Canada. Company revenues for the quarter ended Sept. 30 increased 43.5% to US$ 428.2 million from US$ 298.5 million, while nine-month revenues jumped 46% to US$ 1.2 billion from US$ 840 million. (MH)