Dorel starts 2010 with record quarter - Dividend to increase by 20%


    
               - Quarterly revenue and earnings reach new highs
               - Strong increase in bicycle sales
               - Juvenile product sales gain momentum

    EXCHANGES
    TSX: DII.B, DII.A
    
</pre>
<p/>
<p><span class="xn-location">MONTREAL</span>, <span class="xn-chron">May 6</span> /CNW Telbec/ - Dorel Industries Inc. (TSX: DII.B DII.A) today released record results, in terms of both revenue and profitability, for the first quarter ended <span class="xn-chron">March 31, 2010</span>. Revenue was up 13.5% to US$596.3 million from last year's US$525.2 million. Pre-tax earnings increased by 44.4% to US$48.5 million from US$33.6 million for the same period in 2009. Net income rose 33.3% to US$37.4 million or US$1.12 per diluted share from US$28.0 million, US$0.84 per diluted share, a year ago.</p>
<p>Dorel CEO and <span class="xn-person">President Martin Schwartz</span> stated that the first quarter results speak for themselves, with significant increases in all three segments, underlining the efforts made throughout 2009. "Upon announcing our 2009 results this March, we stated that our commitment to product development and market expansion would place us in a leadership position as we entered the year. Our performance thus far in 2010 supports this assertion. Organic growth of 9.5% points to the success and acceptance of our intense product development efforts. We have experienced strong point-of-sales levels at retailers. At the Cycling Sports Group we added our Independent Bike Dealer brands to more new dealers in any one quarter than ever before. Home Furnishings also continued to post robust results with its value-added products gaining further traction with consumers."</p>
<p/>
<pre>
    
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                       Summary of Financial Highlights
    -------------------------------------------------------------------------
                         Three Months Ended March 31
    -------------------------------------------------------------------------
         All figures in thousands of US $, except per share amounts

                                              2010         2009     Change %
    -------------------------------------------------------------------------
    Revenues                               596,313      525,230         13.5%
    Net income                              37,367       28,029         33.3%
    Per share - Basic                         1.13         0.84         34.5%
    Per share - Diluted                       1.12         0.84         33.3%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Average number of shares
     outstanding -
     diluted weighted average           33,241,496   33,419,225
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    
</pre>
<p/>
<p>Juvenile Segment</p>
<p/>
<pre>
    
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                         Three Months Ended March 31
    -------------------------------------------------------------------------
                             2010                    2009
    -------------------------------------------------------------------------
                           $    % of rev.          $    % of rev.   Change %
    Revenues         285,793                 253,961                    12.5%
    Gross Profit      82,758        29.0%     72,710        28.6%       13.8%
    Earnings from
     Operations       32,777        11.5%     28,720        11.3%       14.1%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    
</pre>
<p/>
<p>Improving sales momentum both in <span class="xn-location">North America</span> and <span class="xn-location">Europe</span> produced an enhanced quarter for the Juvenile segment. First quarter revenue increased US$31.8 million or 12.5% year-over-year. The revenue gains were across all divisions and were also positively affected by foreign exchange as all major currencies gained in strength this year compared to US dollar. Excluding this impact, organic revenue growth for the segment was over 7%. In local currencies, European sales increased by over 8% from last year, and in US dollars, sales grew by over 15%.</p>
<p>New product introductions drove sales both in <span class="xn-location">North America</span> and <span class="xn-location">Europe</span>. In the US, strong performances across a broad range of product categories and Dorel Juvenile Group's diversity of brands, ranging from opening to high price points, increased overall retail sales levels in multiple channels. Consumers continue to recognize Dorel's brands for their value and safety. During the quarter, Dorel <span class="xn-location">Europe</span> began to benefit from the improving economies in most European countries as well as the full impact of successful new product launches such as the Family fix line of car seats.</p>
<p/>
<p>Recreational/Leisure Segment</p>
<p/>
<pre>
    
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                         Three Months Ended March 31
    -------------------------------------------------------------------------
                             2010                    2009
    -------------------------------------------------------------------------
                           $    % of rev.          $    % of rev.   Change %
    Revenues         181,677                 161,428                    12.5%
    Gross Profit      46,123        25.4%     37,028        22.9%       24.6%
    Earnings from
     Operations       15,094         8.3%      9,977         6.2%       51.3%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    
</pre>
<p/>
<p>First quarter Recreational/Leisure revenue increased by 12.5%, mainly as a result of a significant improvement in mass merchant bicycle sales which is recovering from a challenging 2009. The segment's organic revenue increase was approximately 5%. Aided by favourable early spring weather and increasing consumer confidence, sales were particularly strong at the mass merchant level. The division has gained market share in children's bikes and an increased demand for adult bikes combined to drive the sales increase.</p>
<p>First quarter results also demonstrate support and excitement for the new models introduced by the Cycling Sport Group. Sales increased and a significant number of new dealers were added across the US, with strong additions in key markets such as <span class="xn-location">Los Angeles</span>, Northern California, and Colorado. Cannondale dealers continue to embrace GT and Schwinn with a number of these dealers, adding Schwinn and GT to their stores. Demand has been strong and the current order backlog is up versus last year at this time.</p>
<p>A major commitment has been made to support the iconic Schwinn brand with a multi-million dollar Schwinn advertising campaign launched last month, which encompasses print and television advertising, support programs at retail and on-line components.</p>
<p/>
<p>Home Furnishings Segment</p>
<p/>
<pre>
    
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                         Three Months Ended March 31
    -------------------------------------------------------------------------
                             2010                    2009
    -------------------------------------------------------------------------
                           $    % of rev.          $    % of rev.   Change %
    Revenues         128,843                 109,841                    17.3%
    Gross Profit      19,848        15.4%     13,472        12.3%       47.3%
    Earnings from
     Operations       10,727         8.3%      4,385         4.0%      144.6%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    
</pre>
<p/>
<p>Revenue in Home Furnishings rose 17.3%, with increases from the majority of the segment's divisions as they secured new placements at certain of its key customers. In particular, sales of domestic and imported items improved, mainly in the metal folding furniture, bedroom collection and bookcase categories.</p>
<p>Progress was sustained at Cosco Home & Office which improved its margins throughout 2009 and continued this trend into the first quarter. Cosco is now focused on fewer items within its core competency of metal folding furniture and step stools. Price-conscious consumers continued to look to mass furniture retailers for their needs, a popular distribution channel for the value-added products offered by the Home Furnishings segment's divisions.</p>
<p/>
<p>Taxes</p>
<p/>
<p>The first quarter tax rate was 22.9% versus 16.5% a year ago as a greater proportion of earnings were within higher tax rate jurisdictions. Based on the current outlook the Company now expects its annual tax rate to be between 18% and 22%.</p>
<p/>
<p>Other</p>
<p/>
<p>Dividend increase</p>
<p/>
<p>The Board of Directors of Dorel has declared an increase in the Company's quarterly dividend of US$0.025 to US$0.15 per share from US$0.125 on the Class A Multiple Voting Shares, Class B Subordinate Voting Shares and Deferred Share Units (DSU) of the Company. The first increased dividend amount of US$0.15 per share and DSU will be payable on <span class="xn-chron">June 3rd, 2010</span> to shareholders of record at the close of business on <span class="xn-chron">May 20th, 2010</span>. The dividend policy was originally instituted in <span class="xn-chron">March 2007</span>. Shareholders will now receive a total of US$0.60 per share per annum.</p>
<p/>
<p>Cash Flow</p>
<p/>
<p>Despite the increase in net working capital necessitated by the strong sales growth in the quarter, 2010 cash flow provided by operations was US$28.5 million compared to a use of cash of US$2.1 million in 2009, a US$30.6 million improvement. As a result, the Company's net debt position decreased by US$8.9 million in the quarter. This is in contrast to prior years when Dorel's first quarter has resulted in a net use of cash, with the majority of the Company's positive cash flow occurring in the second half of the year.</p>
<p/>
<p>Financing</p>
<p/>
<p>On <span class="xn-chron">April 6, 2010</span> Dorel announced that it has secured new long-term financing by issuing US$50 million of Series "A" Senior Guaranteed Notes and US$150 million of Series "B" Senior Guaranteed Notes, bearing interest at 4.24% and 5.14%, respectively. The principal repayment of the Series "A" Senior Guaranteed Notes is due in <span class="xn-chron">April 2015</span>, whereas the principal repayments of the Series "B" Senior Guaranteed Notes begin in <span class="xn-chron">April 2013</span> with the final payment due in <span class="xn-chron">April 2020</span>. Talks are currently underway to renegotiate terms of the Company's revolving debt.</p>
<p/>
<p>Outlook</p>
<p/>
<p><span class="xn-person">Mr. Schwartz</span> noted several factors resulted in an unprecedented start to fiscal 2010. "Consumer confidence has risen in many of our markets including in most of <span class="xn-location">Europe</span>. Exciting new product introductions and other marketing initiatives in all of our segments coupled with our concentration on opening to mid price points has attracted many to our brands.</p>
<p>"Several new products within the Juvenile segment will be introduced, particularly in the second half this year. In Recreational/Leisure, enthusiastic reaction to our new model bicycles within the IBD network as well as strong sales to mass merchants are expected to continue in the months ahead. Supporting the sales efforts in bikes is a multi-million dollar, integrated advertising campaign launched in mid April to further build awareness of the famous Schwinn brand.</p>
<p>"It is always prudent not to extrapolate first quarter results throughout the year. In addition, margins could be affected by rising commodity and freight costs as the year progresses. Nevertheless the momentum established in the first quarter places Dorel in an advantageous position to benefit from our numerous new product introductions and brand equity," concluded <span class="xn-person">Mr. Schwartz</span>.</p>
<p/>
<p>Conference Call</p>
<p/>
<p>Dorel Industries Inc. will hold a conference call to discuss these results today, <span class="xn-chron">May 6, 2010</span> at <span class="xn-chron">1:00 P.M. Eastern Time</span>. Interested parties can join the call by dialling 1-888-231-8191. The conference call can also be accessed via live webcast at <a href="http://www.dorel.com">www.dorel.com</a> or <a href="http://www.newswire.ca">www.newswire.ca</a>. If you are unable to call in at this time, you may access a tape recording of the meeting by calling 1-800-642-1687 and entering the passcode 68684973 on your phone. This tape recording will be available on <span class="xn-chron">Thursday, May 6, 2010</span> as of <span class="xn-chron">3:30 P.M.</span> until <span class="xn-chron">11:59 P.M.</span> on <span class="xn-chron">Thursday, May 13, 2010</span>.</p>
<p>Complete financial statements will be available on the Company's website, <a href="http://www.dorel.com">www.dorel.com</a>, and will be available through the SEDAR website.</p>
<p/>
<p>Profile</p>
<p/>
<p>Dorel Industries Inc. (TSX: DII.B, DII.A) is a world class juvenile products and bicycle company. Established in 1962, Dorel creates style and excitement in equal measure to safety, quality and value. The Company's lifestyle leadership position is pronounced in both its Juvenile and Bicycle categories with an array of trend-setting products. Dorel's powerfully branded products include Safety 1st, Quinny, Cosco, Maxi-Cosi and Bébé Confort in Juvenile, as well as Cannondale, Schwinn, GT, Mongoose, IronHorse and SUGOI in Recreational/Leisure. Dorel's Home Furnishings segment markets a wide assortment of furniture products, both domestically produced and imported. Dorel is a US$2 billion company with 4500 employees, facilities in nineteen countries, and sales worldwide.</p>
<p/>
<p>Caution Regarding Forward Looking Statements</p>
<p/>
<p>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. 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.</p>
<p>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 channel; 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 subject to dividends being declared by the Board of Directors, there can be no certainty that Dorel's 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 MD&A 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.</p>
<p>Dorel cautions readers that the risks described above are not the only ones that could impact it. Additional risks and uncertainties not currently known to Dorel or that Dorel currently deems to be immaterial may also have a material adverse effect on our business, financial condition or results of operations. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.</p>
<p>Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Dorel therefore cannot describe the expected impact in a meaningful way or in the same way Dorel presents known risks affecting the business.</p>
<p/>
<pre>
    
                            DOREL INDUSTRIES INC.
                         CONSOLIDATED BALANCE SHEETS
                       ALL FIGURES IN THOUSANDS OF US $

                                                          as at        as at
                                                       March 31, December 30,
                                                           2010         2009
                                                    ------------ ------------
                                                     (unaudited)    (audited)

    ASSETS
    CURRENT ASSETS
      Cash and cash equivalents                     $    37,395  $    19,847
      Accounts receivable                               431,275      349,990
      Income taxes receivable                             4,661       16,264
      Inventories                                       373,045      399,866
      Prepaid expenses                                   19,512       17,358
      Future income taxes                                44,211       38,042
                                                    ------------ ------------
                                                        910,099      841,367

    PROPERTY, PLANT AND EQUIPMENT                       147,580      153,279
    INTANGIBLE ASSETS                                   393,431      401,831
    GOODWILL                                            557,600      569,824
    OTHER ASSETS                                         35,959       35,879
                                                    ------------ ------------
                                                    $ 2,044,669  $ 2,002,180
                                                    ------------ ------------
                                                    ------------ ------------

    LIABILITIES
    CURRENT LIABILITIES
      Bank indebtedness                             $    15,063  $     1,987
      Accounts payable and accrued liabilities          364,579      339,294
      Income taxes payable                               32,076       26,970
      Future income taxes                                   223           85
      Current portion of long-term debt                 118,167      122,508
                                                    ------------ ------------
                                                        530,108      490,844
                                                    ------------ ------------

    LONG-TERM DEBT                                      226,930      227,075
                                                    ------------ ------------
    PENSION & POST-RETIREMENT BENEFIT OBLIGATIONS        20,134       20,939
                                                    ------------ ------------
    FUTURE INCOME TAXES                                 126,391      128,984
                                                    ------------ ------------
    OTHER LONG-TERM LIABILITIES                          25,414       25,139
                                                    ------------ ------------

    SHAREHOLDERS' EQUITY
    CAPITAL STOCK                                       175,459      174,816
                                                    ------------ ------------
    CONTRIBUTED SURPLUS                                  21,152       20,311
                                                    ------------ ------------
    RETAINED EARNINGS                                   850,819      818,707
    ACCUMULATED OTHER COMPREHENSIVE INCOME               68,262       95,365
                                                    ------------ ------------
                                                        919,081      914,072
                                                    ------------ ------------
                                                      1,115,692    1,109,199
                                                    ------------ ------------
                                                    $ 2,044,669  $ 2,002,180
                                                    ------------ ------------
                                                    ------------ ------------


                            DOREL INDUSTRIES INC.
                      CONSOLIDATED STATEMENTS OF INCOME
         ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS

                                                         Three Months Ended
                                                    -------------------------
                                                       March 31,    March 31,
                                                           2010         2009
                                                    ------------ ------------
                                                     (unaudited)  (unaudited)

    Sales                                           $   593,696  $   521,415

    Licensing and commission income                       2,617        3,815
                                                    ------------ ------------

    TOTAL REVENUE                                       596,313      525,230
                                                    ------------ ------------

    EXPENSES
      Cost of sales                                     447,584      402,020
      Selling, general and administrative expenses       85,557       76,328
      Depreciation and amortization                       7,476        5,679
      Research and development costs                      3,927        3,373
      Interest                                            3,278        4,252
                                                    ------------ ------------
                                                        547,822      491,652
                                                    ------------ ------------

    Income before income taxes                           48,491       33,578

    Income taxes                                         11,124        5,549
                                                    ------------ ------------

    NET INCOME                                      $    37,367  $    28,029
                                                    ------------ ------------
                                                    ------------ ------------

    EARNINGS PER SHARE
      Basic                                         $      1.13  $      0.84
                                                           ----         ----
                                                           ----         ----
      Diluted                                       $      1.12  $      0.84
                                                           ----         ----
                                                           ----         ----

    SHARES OUTSTANDING
      Basic - weighted average                       32,933,666   33,401,744
      Diluted - weighted average                     33,241,496   33,419,225


                            DOREL INDUSTRIES INC.
               CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                       ALL FIGURES IN THOUSANDS OF US $

                                                         Three Months Ended
                                                    -------------------------
                                                       March 31,    March 31,
                                                           2010         2009
                                                    ------------ ------------
                                                     (unaudited)  (unaudited)

    NET INCOME                                      $    37,367  $    28,029
                                                    ------------ ------------

    OTHER COMPREHENSIVE INCOME:
    Cumulative translation adjustment:
    ----------------------------------
    Net change in unrealized foreign currency
     gains (losses) on translation of net
     investments in self-sustaining foreign
     operations, net of tax of nil                      (27,896)     (27,128)
                                                    ------------ ------------

    Net changes in cash flow hedges:
    --------------------------------
    Net change in unrealized gains (losses) on
     derivatives designated as cash flow hedges             749         (189)
    Reclassification to income or to the related
     non financial asset                                   (162)           -
    Future income taxes                                     206            -
                                                    ------------ ------------
                                                            793         (189)
                                                    ------------ ------------
    TOTAL OTHER COMPREHENSIVE INCOME                    (27,103)     (27,317)
                                                    ------------ ------------
    COMPREHENSIVE INCOME                            $    10,264  $       712
                                                    ------------ ------------
                                                    ------------ ------------


                            DOREL INDUSTRIES INC.
         CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                       ALL FIGURES IN THOUSANDS OF US $

                                                         Three Months Ended
                                                    -------------------------
                                                       March 31,    March 31,
                                                           2010         2009
                                                    ------------ ------------
                                                     (unaudited)  (unaudited)

    CAPITAL STOCK
      Balance, beginning of period                  $   174,816  $   177,422
      Issued under stock option plan                        759            -
      Reclassification from contributed surplus
       due to exercice of stock options                     156            -
      Repurchase and cancellation of shares                (272)         (19)
                                                    ------------ ------------
      Balance, end of period                            175,459      177,403
                                                    ------------ ------------

    CONTRIBUTED SURPLUS
      Balance, beginning of period                       20,311       16,070
      Exercice of stock options                            (156)           -
      Stock-based compensation                              997          606
                                                    ------------ ------------
      Balance, end of period                             21,152       16,676
                                                    ------------ ------------

    RETAINED EARNINGS
      Balance, beginning of period                      818,707      738,113
      Net income                                         37,367       28,029
      Adjustment to opening retained earnings from
       adopting a new accounting standard for
       inventories, net of tax of $1,415                      -       (2,096)
      Premium paid on share repurchase                   (1,128)         (23)
      Dividends on common shares                         (4,118)      (4,199)
      Dividends on deferred share units                      (9)          (5)
                                                    ------------ ------------
      Balance, end of period                            850,819      759,819
                                                    ------------ ------------


    ACCUMULATED OTHER COMPREHENSIVE INCOME
      Balance, beginning of period                       95,365       83,139
      Total other comprehensive income                  (27,103)     (27,317)
                                                    ------------ ------------
      Balance, end of period                             68,262       55,822
                                                    ------------ ------------

    TOTAL SHAREHOLDERS' EQUITY                      $ 1,115,692  $ 1,009,720
                                                    ------------ ------------
                                                    ------------ ------------

                            DOREL INDUSTRIES INC.
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                       ALL FIGURES IN THOUSANDS OF US $

                                                         Three Months Ended
                                                    -------------------------
                                                    -------------------------
                                                       March 31,    March 31,
                                                           2010         2009
                                                    ------------ ------------
                                                     (unaudited)  (unaudited)

    CASH PROVIDED BY (USED IN):

    OPERATING ACTIVITIES
    Net income                                      $    37,367  $    28,029
    Items not involving cash:
    Depreciation and amortization                        12,728       10,468
      Amortization of deferred financing costs               29           50
      Accretion expense on contingent considerations        475            -
      Future income taxes                                (6,282)      (2,025)
      Stock based compensation                              997          606
      Pension and post-retirement defined benefit
       plans                                               (502)         686
      Restructuring activities                                -          (87)
      Loss on disposal of property, plant and
       equipment                                              6            6
                                                    ------------ ------------
                                                         44,818       37,733

    Net changes in non-cash balances related to
     operations:
      Accounts receivable                               (85,274)     (66,561)
      Inventories                                        22,436       84,074
      Prepaid expenses                                   (2,536)      (3,065)
      Accounts payable, accruals and other
       long-term liabilities                             31,567      (55,489)
      Income taxes                                       17,490        1,229
                                                    ------------ ------------
                                                        (16,317)     (39,812)
                                                    ------------ ------------

    CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES      28,501       (2,079)
                                                    ------------ ------------

    FINANCING ACTIVITIES
      Bank indebtedness                                  13,095        3,784
      Increase of long-term debt                         50,569       54,893
      Repayments of long-term debt                      (55,000)     (31,065)
      Share repurchase                                   (1,400)         (42)
      Issuance of capital stock                             759            -
      Dividends on common shares                         (4,118)      (4,199)
                                                    ------------ ------------
    CASH PROVIDED BY FINANCING ACTIVITIES                 3,905       23,371
                                                    ------------ ------------

    INVESTING ACTIVITIES
      Acquisition of subsidiary companies                     -       (6,488)
      Additions to property, plant and equipment
       - net                                             (5,628)      (1,341)
      Intangible assets                                  (4,737)      (4,841)
                                                    ------------ ------------
    CASH USED IN INVESTING ACTIVITIES                   (10,365)     (12,670)
                                                    ------------ ------------

      Effect of exchange rate changes on cash and
       cash equivalents                                  (4,493)      (3,098)
                                                    ------------ ------------

    NET INCREASE IN CASH AND CASH EQUIVALENTS            17,548        5,524

    Cash and cash equivalents, beginning of period       19,847       16,966
                                                    ------------ ------------

    CASH AND CASH EQUIVALENTS, END OF PERIOD        $    37,395  $    22,490
                                                    ------------ ------------
                                                    ------------ ------------


                            DOREL INDUSTRIES INC.
                       INDUSTRY SEGMENTED INFORMATION
                     FOR THE THREE MONTHS ENDED MARCH 31
                       ALL FIGURES IN THOUSANDS OF US $

                          ---------------------------------------------------
                                       Total                    Juvenile
                          ---------------------------------------------------
                                 2010         2009         2010         2009
                           (unaudited)  (unaudited)  (unaudited)  (unaudited)

    Total revenue         $   596,313  $   525,230  $   285,793  $   253,961
    Cost of sales             447,584      402,020      203,035      181,251
    Selling, general and
     administrative
     expenses                  78,763       71,100       41,598       38,160
    Depreciation and
     amortization               7,441        5,655        5,741        3,991
    Research and
     development costs          3,927        3,373        2,642        1,839
                          ---------------------------------------------------
    Earnings from
     operations                58,598       43,082  $    32,777  $    28,720
                                                    -------------------------
                                                    -------------------------
    Interest                    3,278        4,252
    Corporate expenses          6,829        5,252
    Income taxes               11,124        5,549
                          -------------------------
    Net income            $    37,367  $    28,029
                          -------------------------
                          -------------------------

    Earnings per Share
      Basic               $      1.13  $      0.84
                                 ----         ----
                                 ----         ----
      Diluted             $      1.12  $      0.84
                                 ----         ----
                                 ----         ----


                          ---------------------------------------------------
                            Recreational / Leisure          Home Furnishings
                          ---------------------------------------------------
                                 2010         2009         2010         2009
                           (unaudited)  (unaudited)  (unaudited)  (unaudited)

    Total revenue         $   181,677  $   161,428  $   128,843  $   109,841
    Cost of sales             135,554      124,400      108,995       96,369
    Selling, general and
     administrative
     expenses                  28,908       24,836        8,257        8,104
    Depreciation and
     amortization               1,448        1,317          252          347
    Research and
     development costs            673          898          612          636
                          ---------------------------------------------------
    Earnings from
     operations           $    15,094  $     9,977  $    10,727  $     4,385
                          ---------------------------------------------------
                          ---------------------------------------------------
    

For further information: For further information: MaisonBrison: Rick Leckner, (514) 731-0000; Dorel Industries Inc.: Jeffrey Schwartz, (514) 934-3034

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