Dorel Reports First Quarter Results Home Furnishings posts best quarter in years buoyed by record e-commerce sales - Strong performances in Sports and Juvenile segments offset by foreign currency movement - Integration of Dorel Juvenile China proceeding as planned

• Published in: Marketwired
• Format: Trade Publication Article
• Language: English
• Published: Toronto Intrado Digital Media Canada Inc 07.05.2015

"As expected, Dorel's first quarter performance was significantly affected by the continued strength of the US dollar and resulted in a net negative impact on earnings in our markets outside of the U.S. where almost half of our revenue is derived. Corporate-wide, foreign exchange reduced operating profit in reported currency by approximately US$12 million. This situation is clearly not unique to Dorel and overshadows a number of first quarter's positive accomplishments," stated Dorel President & CEO, Martin Schwartz. Certain statements included in this press release may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. Except as may be required by Canadian securities laws, [Dorel] does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from Dorel's expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. As a result, Dorel cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits Dorel will derive from them. Forward- looking statements are provided in this press release for the purpose of giving information about Management's current expectations and plans and allowing investors and others to get a better understanding of Dorel's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose. Forward-looking statements made in this press release are based on a number of assumptions that Dorel believed were reasonable on the day it made the forward-looking statements. Factors that could cause actual results to differ materially from Dorel's expectations expressed in or implied by the forward-looking statements include: general economic conditions; changes in product costs and supply channels; foreign currency fluctuations; customer and credit risk, including the concentration of revenues with few customers; costs associated with product liability; changes in income tax legislation or the interpretation or application of those rules; the continued ability to develop products and support brand names; changes in the regulatory environment; continued access to capital resources and the related costs of borrowing; changes in assumptions in the valuation of goodwill and other intangible assets; and there being no certainty that Dorel's current dividend policy will be maintained. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking statements are discussed in Dorel's annual Management Discussion and Analysis and Annual Information Form filed with the applicable Canadian securities regulatory authorities. The risk factors outlined in the previously-mentioned documents are specifically incorporated herein by reference.