Dorel Industries Inc. today announced record results for the third quarter ended September 30, 2004. Revenues reached $428.2m compared to $298.5m this time last year.
Third quarter net income was up 50.5 percent to $28.2m. For the nine months, revenues increased 45.6 percent to $1.2bn from $840.1m while net income grew 21.5 percent to $66m from $54.3m.
Martin Schwartz, Dorel's CEO and president, confirmed previous statements that the second half of 2004 would be stronger than the first six months.
"We have concentrated heavily on exciting new product introductions and low cost production, producing our best quarter ever. The StingRay bicycle has continued to perform beyond expectations.
"The StingRay is riding a wave of popularity that has made it the hottest product ever launched by Dorel. It is on a number of retailers' top Christmas gift lists and will help drive earnings in the fourth quarter."
Dorel's recreation/leisure division reports Q3 revenues reached $105.8m while earnings from operations were $14.7m. Year-to-date revenues were $261.9m with earnings from operations of $33.8m.