"This has been a satisfying three months and a good start to another exciting year,” said Dorel CEO Martin Schwartz
Dorel's recreational/leisure division, which includes pacific Cycle, reported revenue was up 52.6 percent to $82.3 m from $53.9m.
2005 first quarter results include three months as compared to two months in 2004, as Pacific Cycle was acquired in February 2004. Excluding the extra month, and despite the poor spring weather experienced throughout much of the US, revenues still increased by 30 percent over the prior year. Earnings from operations rose 34.6 percent to $8.7m from $6.5m. Excluding January, traditionally the least profitable month of the year in the bicycle
industry, the segment earned $9.2m, said Dorel.
As a result, for the comparable two month period of February and March, earnings were up by 42 percent.
"We have introduced several new models including adult units, 3 and 5 speed versions as well as the electric Sting-Ray,” said Schwartz.
Headquartered in Montreal, Dorel employs 5000+ people in fourteen countries. 2004 sales were $1.7bn.