Dorel Industries Inc. (TSX: DII.B, DII.A) today announced results for the fourth quarter and full year ended December 30, 2014. Adjusted revenue for the fourth quarter was US$701.6 million up 10.7% from US$633.5 million a year ago. Adjusted net income for the fourth quarter was US$11.0 million or US$0.34 per diluted share compared to adjusted net income of US$12.1 million or US$0.38 per diluted share in the fourth quarter of 2013. Reported net loss for the quarter was US$80.7 million or US$2.50 per diluted share compared to reported net income of US$11.0 million or US$0.34 per diluted share a year ago.
Adjusted revenue for the full year was US$2.7 billion, up 10.0% from last year’s US$2.4 billion. Adjusted net income for the year was US$84.0 million or US$2.59 per diluted share compared to adjusted net income of US$70.6 million or US$2.19 per diluted share in 2013. Reported net loss was US$21.3 million or US$0.66 per diluted share, compared to reported net income of US$57.7 million or US$1.79 per diluted share a year ago.
As detailed in the table below, the reported net loss includes impairment losses on goodwill and trademarks, restructuring and other costs totalling US$105.2 million or US$3.25 per diluted share and US$12.9 million or US$0.40 per diluted share for the years 2014 and 2013 respectively. As such, the Company is presenting adjusted financial information as it believes that excluding these items is a more meaningful comparison of its core business performance between the periods presented.
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