Dorel Industries, symbol DII.B on Toronto, makes a wide range of products, including bicycles, ready-to-assemble home and office furniture; juvenile products, such as car seats, strollers, high chairs, toddler beds and cribs (including Eddie Bauer and Disney Baby licensed products); home furnishings, including chairs, tables, bunk beds, futons and step stools; and recreational products.
In the three months ended December 30, 2010, the stock pick’s sales fell 1.0%, to $539.5 million from $545.3 million a year earlier. The home furnishing division’s sales declined 19.6%. That’s mainly because of slower sales in the U.S.
The juvenile division’s sales dropped 5.0%, mainly due the rising Canadian dollar and lower sales in the U.S. However, the stock pick’s recreational/leisure division’s sales climbed 17.2%, due to strong sales of new products, including a new Schwinn bike.
The company’s earnings rose 4.1%, to $25.2 million from $24.2 million a year earlier. Earnings per share rose 5.5%, to $0.77 from $0.73, on fewer shares outstanding. The company did a good job of cutting its costs in the quarter. That offset the lower sales.
Dorel stopped importing drop-side cribs due to new legislation that bans them. The company also had to recall certain cribs. These recalls cost Dorel $5 million in 2010.
The company holds cash of $15.7 million. The stock pick’s long-term debt of $319.3 million is 34.2% of its $934.6-million market cap.
Dorel pays a quarterly dividend of $0.145 a share. The annual rate of $0.58 yields 2.1%.
The stock trades at a low 7.5 times the $3.80 a share that the company should earn in 2011.
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