Richmond Hill / Bryan News
Savannah Business Journal Staff Report
September 6 2016 - Montreal, Canada-based Dorel Home Furnishings (DHF) has confirmed plans to build a new distribution center in Bryan County, with the projection of 100 new jobs in the region.
The company has leased a 600,000 sq, ft. building the Interstate Centre II industrial park, according to the Development Authority of Bryan County. The park is located in Black Creek, GA. at I-16 and U.S. 280.
According to Anna Chafin, CEO of the Bryan County’s development authority, the company plans to begin operations by October.
DHF is a division of Dorel Industries Inc. (TSX: DII.B, DII.A). In August, the company announced results for the second quarter and six months ended June 30, 2016, which include Second quarter revenue of US$637.3 million, down 4.8% from US$669.6 million recorded in the same period a year ago. Adjusted net income was US$14.5 million or US$0.45 per diluted share, compared to adjusted net income of US$16.6 million or US$0.51 per diluted share last year.
Revenue for the six months was US$1.28 billion, a decrease of 3.9% compared to US$1.34 billion last year. First half adjusted net income increased to US$34.2 million or US$1.05 per diluted share, compared to adjusted net income of US$28.4 million or US$0.87 per diluted share a year ago. Reported net loss for the period was US$21.9 million or US$0.68 per diluted share, compared to net income of US$27.8 million or US$0.86 per diluted share in the first half of 2015.
However, the second quarter reported net loss includes impairment losses on goodwill and intangible assets, restructuring and other costs, and re-measurement of forward purchase agreement liabilities totaling US$63.2 million pre-tax or US$1.64 per diluted share.
Excluding these items, pre-tax adjusted income increased by 5.5% for the quarter to US$19.0 million from US$18.1 million last year.
“Dorel Home Furnishings continued its consistent strong performance, further building shareholder value with sustained, strong on-line sales growth. Year-to-date the segment has grown revenues by 7%, with operating profit increasing 66%, commented Martin Schwartz, Dorel President & CEO.
Dorel Juvenile’s division reported solid operational performance, better than expected results in China and overall pricing reflecting current foreign exchange levels, resulted in the segment’s adjusted operating profit exceeding our prior guidance for the quarter, and improving by almost 10% in earnings.
“At Dorel Sports we are making the required changes to ensure profitability and we are encouraged as our new model bicycles are being well accepted in the market,” he added.
The company they choose to locate in the greater Savannah area to aid the company’s East Coast distribution operations in the Savannah area, with plans to expand the company’s distribution footprint.
Dorel Industries Inc. was founded in 1962. The company employs more than 10,000 people in facilities located in 25 countries and has U.S. sales of $2.7 billion annually.
DHF’s product portfolio includes such familiar brands as Ameriwood, Dorel Home Products, Signature Sleep, Dorel Living and Cosco Products among others.
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