Dorel Reports 10% Revenue Growth
MONTREAL, Canada – Dorel Industries Inc. announces that the company’s revenue for the full year was USD 2.7 billion, up 10.0% from last year’s USD 2.4 billion. Net income for the year was USD 84.0 million compared to USD 70.6 million in 2013. Reported net loss was USD 21.3 million compared to reported net income of USD 57.7 million a year ago.
The reported net loss includes impairment losses on goodwill and trademarks, restructuring and other costs totalling USD 105.2 million and USD 12.9 million for the years 2014 and 2013 respectively.
“Overall performance in 2014 was better than the previous year. This is a tribute to our executive teams in all three segments as we maintained a strict focus on the businesses even while planning the future of the Juvenile segment and rebuilding Dorel Sports.,” stated Martin Schwartz, Dorel President & CEO.
As for the company’s operations in the bike sector Schwartz commented: “Results for Dorel Sports were strong as the segment recovered from a disappointing 2013. The revitalized management team delivered solid earnings as it refocused on its strong brands and successful new product introductions.”