Dorel Industries Inc. Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Year Ended December 30, 2017; Provides Effective Tax Rate Guidance for the Year 2018; Reports Impairment for the Fourth Quarter of 2017
For the year, the company reported total revenue of $2,577,668,000 against $2,603,185,000 a year ago. Operating profit was $91,257,000 against $21,314,000 a year ago. Income before income taxes was $48,009,000 against loss of $21,585,000 a year ago. Net income was $30,583,000 or $0.94 per basic and diluted share against loss of $11,611,000 or $0.36 per basic and diluted share a year ago. Cash provided by operating activities was $57,394,000 against $171,865,000 a year ago. Additions to property, plant and equipment were $36,464,000 against $20,014,000 a year ago. Additions to intangible assets were $21,054,000 against 16,165,000 a year ago. Adjusted operating profit was $123,260,000 against $101,336,000 a year ago. Adjusted income before tax was $90,487,000 against $62,702,000 a year ago. Adjusted net income was $70,097,000 or $2.15 per diluted share against $58,251,000 or $1.79 per diluted share a year ago. Adjusted EBITDA was $169,748,000 against $162,225,000 a year ago.
The effective tax rate for 2018 is expected to be between 20% and 25%, incorporating the U.S. Tax Reform signed into law on December 22, 2017 that reduces the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018.
For the fourth quarter, the company reported impairment losses on goodwill and intangible assets of 19,929,000.