Dorel Industries Inc. has announced that adjusted revenue for its fourth quarter came in at $701.6 million, up 10.7% from the year-earlier period, and that adjusted net income for the fourth quarter was $11 million, or 34 cents per diluted share, versus $12.1 million, or 38 cents per diluted share, in the 2013 quarter. Reported net loss for the fourth quarter was $80.7 million, or $2.50 per diluted share, versus reported net income of $11 million, or 34 cents per diluted share, in the period a year ago.
Reported revenue was $701 million versus $633.5 million in the year-ago quarter.
Adjusted revenue for the full year was $2.68 billion, up 10% from last year’s quarter. Adjusted net income for the year was $84 million, or $2.59 per diluted share, versus $70.6 million, or $2.19 per diluted share, in fiscal 2013. Reported net loss was $21.3 million, or 66 cents per diluted share, versus reported net income of $57.7 million, or $1.79 per diluted share, a year earlier.
Reported revenue was $2.68 billion versus $2.44 billion in the year earlier.
The reported net loss includes impairment losses on goodwill and trademarks, restructuring and other costs totaling $105.2 million, or $3.25 per diluted share, and $12.9 million, or 40 cents per diluted share, for the years 2014 and 2013 respectively, according to the company.
Martin Schwartz, Dorel President and CEO, in comments on the financial report, noted, “Results for Dorel Sports were strong as the segment recovered from a disappointing 2013. The revitalized management team delivered solid earnings as it refocused on its strong brands and successful new product introductions. Dorel Home Furnishings maintained its push in the Internet sales channel and drop ship vendor programs to post significant progress. For the first time in many quarters there was also an increase in home furnishings sales to the brick and mortar channel.”