Dorel's net income soars 141.5%
By Furniture Today Staff -- Furniture Today, March 9, 2003
Montreal — Driven by improved performance in its ready-to-assemble furniture and home furnishings divisions, Dorel Inds. said 2002 sales were up 8.2% to $992.1 million as net income spurted 141.5% to $61.6 million.
In the fourth quarter, sales rose 9.8% to $241 million while net income swung from a $7 million loss to a $14.6 million profit in the latest quarter.
Sales of ready-to-assemble furniture for the year slipped 1% to $257.5 million, but earnings from operations rose 5% to $48 million. Dorel reports in U.S. dollars.
Martin Schwartz, president and chief executive officer, said the RTA segment improved productivity and contained operating costs, in part because of lower raw material costs.
Home furnishings sales, which include futons in the Cosco division, were up 35% in the year to $206 million. Earnings from operations hit $16.5 million.
| Dorel Inds. | |||
|---|---|---|---|
| Owns Ameriwood, Charleswood, Cosco and Ridgewood | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 12/30 | 2002 | 2001 | Change |
| (a) Includes a $1.1 million net loss from discontinued operations in both periods. The 2001 quarter also includes a $7.2 million income tax benefit. (b) Based on average shares outstanding of 32 million in the 2002 quarter, 30.7 million in the 2002 year and 28.6 million in the 2001 periods. |
|||
| Sales | $240,988,000 | $219,472,000 | 9.8% |
| Operating income | 27,621,000 | 15,395,000 | 79.4% |
| Net income | 14,626,000 | (a)(7,012,000) | — |
| Earnings per share (b) | 0.46 | (0.25) | — |
| Year ended 12/30 | 2002 | 2001 | Change |
| Sales | $992,073,000 | $916,769,000 | 8.2% |
| Operating income | 124,681,000 | 101,482,000 | 22.9% |
| Net income | 61,595,000 | (a)25,504,000 | 141.5% |
| Earnings per share (b) | 2.00 | 0.89 | 124.7% |
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