EXCHANGES
TSX: DII.B, DII.A

• Bicycle business drives profits, Home Furnishings has strong quarter
• Inventories back to traditional levels
• Free cash flow for the year improved by US$88 million

MONTREAL, March 8, 2012 /PRNewswire/ – Dorel Industries Inc. (TSX: DII.B
DII.A) today announced results for the fourth quarter and year ended
December 30, 2011. Revenue for the fourth quarter increased 4.1% to
US$561.6 million from US$539.5 million a year ago. Net income rose 5.5%
to US$27.4 million or $US0.85 per diluted share from US$25.9 million,
or US$0.79 per diluted share last year.

Revenue for the full year grew 2.2% to US$2.4 billion as compared to
US$2.3 billion in 2010. Net income decreased 18.1% to US$104.6 million,
or US$3.21 per diluted share from US$127.7 million or US$3.85 per
diluted share last year. Net income includes US$12.2 million recorded
as a reduction in corporate general and administrative expenses. This
non-taxable amount is from a change in the assumed estimated future
acquisition price on contingent consideration and put option
liabilities related to certain past business acquisitions.

Commenting on the results, Dorel CEO and President, Martin Schwartz
stated: “Versus the third quarter, the Juvenile segment did reverse the
year’s downward earnings trend, although results were not yet where we
had hoped they would be. Demand for juvenile products in the U.S. has
increased somewhat. In Europe, despite the general negative economic
environment, Dorel Europe improved its performance over the third
quarter and maintained market share. Dorel Chile, established after our
November 2011 transaction with the Silfa Group, has been accretive to
earnings, even with its contribution limited to the month of December.

“In Recreational / Leisure, a shift in the timing of the introduction of
new model year bikes meant sales for the quarter were down slightly
versus last year, but this business remains very solid in both the
independent bicycle dealer (IBD) and mass market channels. A clear
indication of the success of our R&D efforts was the recognition by
“Tour”, a prestigious German bicycle trade magazine, of the Cannondale
Super Six Evo Ultimate. It was awarded the top score in a review of
“The Best Road Bikes in the World over the Past Ten Years”. This is the
first time this magazine has given this award which was based on ten
years of reviews of over 2000 bikes. Home Furnishings had a very good
quarter and we are pleased to see that demand has once again picked
up,” concluded Mr. Schwartz.

Summary of Financial Highlights
Fourth Quarters Ended December 30
All figures in thousands of US $, except per share amounts
		2011	2010	Change %
Total revenue		561,608	539,523	4.1%
Net income		27,362	25,947	5.5%
	Per share – Basic	0.85	0.79	7.6%
	Per share – Diluted	0.85	0.79	7.6%
Average number of shares outstanding –
diluted weighted average		32,130,001	33,038,961
Summary of Financial Highlights
For the years Ended December 30
All figures in thousands of US $, except per share amounts
		2011	2010	Change %
Total revenue		2,364,229	2,312,986	2.2%
Net income		104,593	127,727	-18.1%
	Per share – Basic	3.22	3.89	-17.2%
	Per share – Diluted	3.21	3.85	-16.6%
Average number of shares outstanding –
diluted weighted average		32,621,583	33,218,267

Juvenile Segment

Fourth Quarters Ended December 30
	2011		2010
	$	% of rev.	$	% of rev.	Change %
Total revenue	239,532		236,204		1.4%
Gross profit	63,673	26.6%	63,202	26.8%	0.7%
Operating profit	10,390	4.3%	14,926	6.3%	-30.4%
For the years Ended December 30
	2011		2010
	$	% of rev.	$	% of rev.	Change %
Total revenue	980,197		1,030,209		-4.9%
Gross profit	247,118	25.2%	281,412	27.3%	-12.2%
Operating profit	53,851	5.5%	96,470	9.4%	-44.2%

Fourth quarter
Fourth quarter revenue increased 1.4%. However, excluding the impact of
foreign exchange and the acquired sales of Dorel Chile, the organic
revenue decline was approximately 2%. The decline was in most markets,
the notable exception being in the US, which improved sales over both
year-over-year and sequentially, as the retail environment began to
stabilize. In Europe, local currency sales decreased by approximately
5%, with sales in Southern Europe facing the greatest challenges.
Gross margin dollars were slightly higher than in the prior year, but
earnings declined by US$4.5 million principally due to an increase in
operating expenses. The main reasons were higher product liability
costs, professional fees and other costs incurred for the Dorel Chile
acquisition and a US$1.4 million impairment of goodwill related to
Dorel Brazil. The fourth quarter includes one month of Dorel Chile
results, and the acquisition was immediately accretive to earnings.

Full year
2011 Juvenile revenues decreased 4.9% compared to 2010 levels. Excluding
the impact of foreign exchange and the fourth quarter Dorel Chile
acquisition, the organic revenue decline for the segment was 8.5%. The
decline was in all divisions, but the majority of the segment’s decline
was in the U.S. As for revenues, the majority of the operating profit
decrease in 2011 was due to lower gross margin dollars on lower sales
and higher costs in the U.S. Europe faced similar challenges, though
the drop in earnings was less acute. In Brazil, revenues declined due
to the reduced enforcement of local car seat usage and as a result,
demand dropped, resulting in price discounting and a less profitable
product mix. Selling, general and administrative expenses also
increased in 2011. A large portion of this increase was strategic
spending related to new business acquisitions and developing a stronger
presence in the U.S. independent specialist channel.

Recreational / Leisure Segment

Fourth Quarters Ended December 30
	2011		2010
	$	% of rev.	$	% of rev.	Change %
Total revenue	202,410		205,892		-1.7%
Gross profit	46,410	22.9%	46,491	22.6%	-0.2%
Operating profit	11,604	5.7%	10,638	5.2%	9.1%
For the years Ended December 30
	2011		2010
	$	% of rev.	$	% of rev.	Change %
Total revenue	861,754		774,987		11.2%
Gross profit	205,052	23.8%	183,553	23.7%	11.7%
Operating profit	60,657	7.0%	51,829	6.7%	17.0%

Fourth quarter
Fourth quarter revenue declined by US$3.5 million, or 1.7%. In the mass
market channel, sales declined in the low single digits. In the IBD
channel, sales were down less than 1% year-over-year as there was a
shift of some orders from the fourth quarter to the preceding third
quarter. Despite the revenue decline, gross margin dollars were
consistent with the prior year. Operating profit for the quarter
increased by US$1.0 million as operating expenses were lower in 2011,
mostly due to the timing of a promotional campaign in the fourth
quarter of 2010 that did not re-occur in 2011.

Full year
The revenue increase of 11.2% to US$861.8 million was due mainly to a
sales improvement of over 25% in the IBD distribution channel. This
growth was driven by new products that were exceptionally well received
by the market place. Sales also benefited from strong marketing,
improvements in supply chain and distribution, and enhanced dealer
support. Cycling Sports Group (CSG) sales were up in all markets, with
most of the growth outside North America, which comprises over 50% of
CSG revenue. Sales of Pacific Cycle products, servicing the mass
merchant and sporting goods channels, were relatively flat with the
prior year.

Supporting the revenue and gross margin dollar increase in the year was
enhanced spending in selling and marketing and as a result, selling
expenses increased in the year. Despite the increase, both selling and
general and administrative expenses declined in 2011 by a combined 30
basis points. Earnings were also affected by a decline in profitability
of approximately US$3 million at the segment’s apparel division which
markets the SUGOI brand. The decrease was due mainly to a write-down of
excess inventory from prior model years and costs of US$1.8 million
related to the strategic decision to outsource the “custom
manufacturing” business to a third party.

Home Furnishings Segment

Fourth Quarters Ended December 30
	2011		2010
	$	% of rev.	$	% of rev.	Change %
Total revenue	119,666		97,427		22.8%
Gross profit	17,091	14.3%	11,845	12.2%	44.3%
Operating profit	8,486	7.1%	5,563	5.7%	52.5%
For the years Ended December 30
	2011		2010
	$	% of rev.	$	% of rev.	Change %
Total revenue	522,278		507,790		2.9%
Gross profit	65,589	12.6%	69,083	13.6%	-5.1%
Operating profit	29,251	5.6%	34,587	6.8%	-15.4%

Fourth quarter
Revenue in the fourth quarter recovered markedly year-over-year,
increasing 22.8% to US$119.7 million. In the prior year, the comparable
quarter of 2010 was particularly affected by a slowdown at retail and
as a result customer replenishment orders were reduced. With the
improved retail furniture environment in the US, customers once again
gravitated toward Dorel’s home furnishings product lines. The period’s
increase was driven by higher sales of imported furniture items and
particularly strong sales to the Internet retail channel. Operating
profit was driven by higher gross margin dollars on increased sales,
lower freight rates, reduced warehousing costs made possible by
significant inventory level reductions and the fact that in 2010, fixed
overhead absorption was reduced due to the lower sales volumes.

Full year
Revenues were up 2.9%, reaching US$522.3 million compared to US$507.8
million the prior year. Within the segment, the mix of sales did vary
from the prior year. Sales at Cosco Home & Office decreased due to the
decision to exit unprofitable product SKUs as it became strategically
advantageous to no longer sell these items. More than offsetting this
was strong sales growth of imported furniture items in principally the
categories of futons, mattresses, bunk beds and upholstered items. Full
year operating profit declined in 2011 as gross margins were lower on
higher input costs and less favourable exchange rates.

Other
2011 results include an income amount of US$12.2 million, of which
$US11.1 million was recorded in the fourth quarter and which is
recorded as an income in general and administrative expenses within the
corporate results. This amount, which is non-taxable, was due to a
change of assumptions on contingent consideration and put option
liabilities related to certain past business acquisitions. In
particular, the contingent consideration and put option liabilities
with regards to Dorel Brazil, IGC (Australia) and Hot Wheels (CSG U.K.)
have been reduced based on lower estimated future earnings when the
financial liabilities will be resolved. These amounts have been
recorded as a reduction of other financial liabilities on the statement
of financial position.

The contingent consideration and put option liabilities established at
the outset are recorded at net present value. With the passage of time,
to increase the liability to the amount assumed to be eventually paid,
an amount is recorded in finance expenses. As a result of these new
reduced liabilities, the finance expenses pertaining to these above
entities will be approximately US$1.2 million lower annually going
forward.

For the year, cash flow provided by operating activities more than
doubled to US$162.5 million. This compares to US$78.9 million recorded
in 2010, an increase of US$83.6 million. Free cash flow, a non-GAAP
financial measure defined as cash flow from operating activities less
capital expenditures, share repurchases and dividend payments, was
US$77.4 million for the year. This compares to negative US$10.3 million
in the prior year. This was despite lower year-over-year after-tax
earnings of US$23.1 million and was principally due to improved working
capital management driven by inventory reductions.

As has been stated in the past, the Company estimates the appropriate
level of inventory to support the business to be from US$450 million to
US$470 million. As a result of management’s focus on right sizing
inventory levels, the balance as at December 30, 2011 was US$442.4
million. This inventory reduction alone generated cash flow of US$81.4
million in the year.

In 2011 the Company’s effective tax rate was 8.1% as compared to 9.8% in
2010.

Outlook
“In Juvenile in particular, we are challenged by declining birth rates
and fragile economies in most of the Company’s markets. However,
throughout the year we continued to focus on the long term, as
evidenced by aggressively broadening our market through acquisitions
such as Dorel Chile in South America and Poltrade in Eastern Europe,
and in focusing on markets such as the specialist channel in the U.S.
and the fast growing Internet retail channel. In Juvenile we did see an
improvement in the fourth quarter over the third, an indication of an
improving outlook. Sales thus far in 2012 are slightly ahead of 2011″,
stated Mr. Schwartz.

“We expect South America to become an important contributor to earnings
with the establishment of Dorel Chile late in the year and improvements
are expected in Brazil. For the Juvenile segment as a whole, we are
concerned about the cost environment, as evidenced by recent increases
in oil prices affecting resin, transportation costs and other key
inputs of our juvenile products, and as such remain cautious at this
time about 2012.

“Dorel’s bicycle business had another very strong year, significantly
improving on 2010’s positive results. We are confident this is
sustainable and that the Recreational / Leisure segment will continue
to deliver growth. To help ensure this, we will continue to invest in
research and development and promote our brands through new innovative
marketing throughout the world, and thus further penetrate our markets.
In Home Furnishings, we are cautiously optimistic. The year ended on a
strong note and 2012 has started well. Sales and POS levels at major
customers for the first two months were up from prior year.

“By most measures 2011 was not an acceptable year for Dorel. While
others may have cut back to help short-term earnings at the expense of
long term gain, we did not. We were able to focus on long-term
objectives and expanded our global reach, improved our products and
supported our brands. We were also able to generate good cash flow,
allowing us to make these investments. This long term vision will help
us in 2012 and we anticipate improved earnings from our operations,”
concluded Mr. Schwartz.

Conference Call
Dorel Industries Inc. will hold a conference call to discuss these
results today, March 8, 2012 at 1:00 P.M. Eastern Time. Interested
parties can join the call by dialling 1-800-731-5319. The conference
call can also be accessed via live webcast at www.dorel.com or www.newswire.ca. If you are unable to call in at this time, you may access a tape
recording of the meeting by calling 1-877-289-8525 and entering the
passcode 4506003# on your phone. This tape recording will be available
on Thursday, March 8, 2012 as of 4:00 P.M. until 11:59 P.M. on
Thursday, March 15, 2012.

Complete financial statements will be available on the Company’s
website, www.dorel.com, and will be available through the SEDAR website.

Profile
Dorel Industries Inc. (TSX: DII.B, DII.A) is a world class juvenile products and bicycle
company. Now in its 50^th year, Dorel creates style and excitement in equal measure to safety,
quality and value. The Company’s lifestyle leadership position is
pronounced in both its Juvenile and Bicycle categories with an array of
trend-setting products. Dorel’s powerfully branded products include
Safety 1^st, Quinny, Cosco, Maxi-Cosi and B b Confort in Juvenile, as well as
Cannondale, Schwinn, GT, Mongoose, IronHorse and SUGOI in
Recreational/Leisure. Dorel’s Home Furnishings segment markets a wide
assortment of both domestically produced and imported furniture
products, principally within North America. Dorel has annual sales of
over US$2.3 billion and employs 5,000 people in facilities located in
twenty-two countries worldwide.

Caution Regarding Forward Looking Statements
Certain statements included in this press release may constitute
“forward-looking statements” within the meaning of applicable Canadian
securities legislation. Except as may be required by Canadian
securities laws, Dorel does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements, by
their very nature, are subject to numerous risks and uncertainties and
are based on several assumptions which give rise to the possibility
that actual results could differ materially from Dorel’s expectations
expressed in or implied by such forward-looking statements and that the
objectives, plans, strategic priorities and business outlook may not be
achieved. As a result, Dorel cannot guarantee that any forward-looking
statement will materialize. Forward-looking statements are provided in
this press release for the purpose of giving information about
Management’s current expectations and plans and allowing investors and
others to get a better understanding of Dorel’s operating environment.
However, readers are cautioned that it may not be appropriate to use
such forward-looking statements for any other purpose.

Forward-looking statements made in this press release are based on a
number of assumptions that Dorel believed were reasonable on the day it
made the forward-looking statements. Factors that could cause actual
results to differ materially from the Company’s expectations expressed
in or implied by the forward-looking statements include: general
economic conditions; changes in product costs and supply channel;
foreign currency fluctuations; customer and credit risk including the
concentration of revenues with few customers; costs associated with
product liability; changes in income tax legislation or the
interpretation or application of those rules; the continued ability to
develop products and support brand names; changes in the regulatory
environment; continued access to capital resources and the related
costs of borrowing; changes in assumptions in the valuation of goodwill
and other intangible assets and subject to dividends being declared by
the Board of Directors, there can be no certainty that Dorel’s Dividend
Policy will be maintained. These and other risk factors that could
cause actual results to differ materially from expectations expressed
in or implied by the forward-looking statements are discussed in
Dorel’s annual MD&A and Annual Information Form filed with the
applicable Canadian securities regulatory authorities. The risk factors
outlined in the previously mentioned documents are specifically
incorporated herein by reference.

Dorel cautions readers that the risks described above are not the only
ones that could impact it. Additional risks and uncertainties not
currently known to Dorel or that Dorel currently deems to be immaterial
may also have a material adverse effect on our business, financial
condition or results of operations. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results.

Except as otherwise indicated, forward-looking statements do not reflect
the potential impact of any non-recurring or other unusual items or of
any dispositions, mergers, acquisitions, other business combinations or
other transactions that may be announced or that may occur after the
date hereof. The financial impact of these transactions and
non-recurring and other unusual items can be complex and depends on the
facts particular to each of them. Dorel therefore cannot describe the
expected impact in a meaningful way or in the same way Dorel presents
known risks affecting the business.

DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
ALL FIGURES IN THOUSANDS OF US $
		as at			as at
		December 30, 2011			December 30, 2010
		(unaudited)			(unaudited)
ASSETS
CURRENT ASSETS
	Cash and cash equivalents	$	29,764		$	15,748
	Trade and other receivables		403,664			356,507
	Inventories		442,409			510,068
	Other financial assets		9,867			2,554
	Income taxes receivable		17,811			14,096
	Prepaid expenses		21,858			17,823
			925,373			916,796
NON-CURRENT ASSETS
	Property, plant and equipment		158,363			158,752
	Intangible assets		411,171			396,354
	Goodwill		568,849			554,528
	Deferred tax assets		31,096			24,046
	Other assets		1,717			2,215
			1,171,196			1,135,895
		$	2,096,569		$	2,052,691
LIABILITIES
CURRENT LIABILITIES
	Bank indebtedness	$	20,130		$	30,515
	Trade and other payables		323,552			323,588
	Other financial liabilities		13,065			4,203
	Income taxes payable		2,315			13,154
	Long-term debt		17,279			10,667
	Provisions		37,096			43,232
			413,437			425,359
NON-CURRENT LIABILITIES
	Long-term debt		298,160			319,281
	Pension & post-retirement benefit obligations		35,258			32,056
	Deferred tax liabilities		79,702			68,145
	Provisions		1,876			1,780
	Other financial liabilites		33,141			31,253
	Other long-term liabilities		5,340			2,966
			453,477			455,481
EQUITY
SHARE CAPITAL			174,782			178,816
CONTRIBUTED SURPLUS			26,445			23,776
ACCUMULATED OTHER COMPREHENSIVE INCOME			58,842			66,938
RETAINED EARNINGS			969,586			902,321
			1,229,655			1,171,851
		$	2,096,569		$	2,052,691

DOREL INDUSTRIES INC.
CONSOLIDATED INCOME STATEMENTS
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
		Fourth Quarters Ended						Twelve Months Ended
		December 30, 2011			December 30, 2010			December 30, 2011			December 30, 2010
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Sales		$	558,031		$	536,194		$	2,352,250		$	2,301,393
Licensing and commission income			3,577			3,329			11,979			11,593
TOTAL REVENUE			561,608			539,523			2,364,229			2,312,986
Cost of sales			434,434			417,985			1,846,470			1,778,938
GROSS PROFIT			127,174			121,538			517,759			534,048
Selling expenses			45,165			47,470			185,868			176,292
General and administrative expenses			35,426			39,517			164,207			167,338
Research and development expenses			9,849			8,427			32,227			29,850
OPERATING PROFIT			36,734			26,124			135,457			160,568
Finance expenses			5,413			5,881			21,659			18,927
INCOME BEFORE INCOME TAXES			31,321			20,243			113,798			141,641
Income taxes expense			3,959			(5,704)			9,205			13,914
NET INCOME		$	27,362		$	25,947		$	104,593		$	127,727
EARNINGS PER SHARE
	Basic	$	0.85		$	0.79		$	3.22		$	3.89
	Diluted	$	0.85		$	0.79		$	3.21		$	3.85
SHARES OUTSTANDING
	Basic – weighted average		32,034,721			32,701,316			32,456,275			32,855,191
	Diluted – weighted average		32,130,001			33,038,961			32,621,583			33,218,267
DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
ALL FIGURES IN THOUSANDS OF US $
		Fourth Quarters Ended						Twelve Months Ended
		December 30, 2011			December 30, 2010			December 30, 2011			December 30, 2010
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
NET INCOME		$	27,362		$	25,947		$	104,593		$	127,727
OTHER COMPREHENSIVE INCOME (LOSS):
Cumulative translation account:
Net change in unrealized foreign currency gains (losses) on translation of net investments in foreign operations, net of tax of nil			(14,653)			(5,192)			(15,210)			(28,870)
Net changes in cash flow hedges:
Net change in unrealized gains (losses) on derivatives designated as cash flow hedges			(7,980)			3,558			3,866			(4,415)
Reclassification to income			284			244			1,027			968
Reclassification to the related non financial asset			10,524			1,270			4,826			(320)
Deferred income taxes			(870)			(1,589)			(2,605)			1,840
			1,958			3,483			7,114			(1,927)
Defined benefit plans:
Actuarial gains (losses) on defined benefit plans			(8,152)			(887)			(8,158)			(3,613)
Deferred income taxes			3,318			320			3,234			1,301
			(4,834)			(567)			(4,924)			(2,312)
TOTAL OTHER COMPREHENSIVE LOSS			(17,529)			(2,276)			(13,020)			(33,109)
TOTAL COMPREHENSIVE INCOME		$	9,833		$	23,671		$	91,573		$	94,618

DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
ALL FIGURES IN THOUSANDS OF US $
	Attributable to equity holders of the Company
	Share Capital		Contributed Surplus		Cumulative Translation Account		Cash Flow Hedges*		Retained Earnings		Total Equity
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Balance as at December 31, 2009	$	174,816	$	20,311	$	96,840	$	895	$	809,976	$	1,102,838
Total comprehensive income (loss)		–		–		(28,870)		(1,927)		127,727		96,930
Defined Benefit Plans actuarial gains and losses, net of tax		–		–		–		–		(2,312)		(2,312)
Issued under stock option plan		5,755		–		–		–		–		5,755
Reclassification from contributed surplus due to exercise of stock options		1,402		(1,402)		–		–		–		–
Repurchase and cancellation of shares		(3,157)		–		–		–		–		(3,157)
Premium paid on share repurchase		–		–		–		–		(14,120)		(14,120)
Share-based payments		–		4,812		–		–		–		4,812
Dividends on common shares		–		–		–		–		(18,895)		(18,895)
Dividends on deferred share units		–		55		–		–		(55)		–
Balance as at December 30, 2010	$	178,816	$	23,776	$	67,970	$	(1,032)	$	902,321		$ 1,171,851
Total comprehensive income (loss)		–		–		(15,210)		7,114		104,593		96,497
Defined Benefit Plans actuarial gains and losses, net of tax		–		–		–		–		(4,924)		(4,924)
Issued under stock option plan		429		–		–		–		–		429
Reclassification from contributed surplus due to exercise of stock options		89		(89)		–		–		–		–
Repurchase and cancellation of shares		(4,552)		–		–		–		–		(4,552)
Premium paid on share repurchase		–		–		–		–		(12,847)		(12,847)
Share-based payments		–		2,686		–		–		–		2,686
Dividends on common shares		–		–		–		–		(19,485)		(19,485)
Dividends on deferred share units		–		72		–		–		(72)		–
Balance as at December 30, 2011	$	174,782	$	26,445	$	52,760	$	6,082	$	969,586	$	1,229,655
*Accumulated other comprehensive income

DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
ALL FIGURES IN THOUSANDS OF US $
		Fourth Quarters Ended						Twelve Months Ended
		December 30, 2011			December 30, 2010			December 30, 2011			December 30, 2010
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net income		$	27,362		$	25,947		$	104,593		$	127,727
Items not involving cash:
	Depreciation and amortization		12,160			12,953			53,865			51,186
	Amortization of deferred financing costs		156			133			532			324
	Impairment losses of goodwill		1,372			–			1,372			–
	Accretion expense on contingent consideration and put option liabilities		599			846			2,209			2,571
	Change of assumptions on contingent consideration and put option liabilities		(11,131)			(112)			(12,217)			(112)
	Unrealized (gains) losses due to foreign exchange exposure on contingent consideration and put option liabilities		259			148			(808)			467
	Other finance expenses		4,283			4,711			18,919			16,032
	Income taxes expense		3,959			(5,704)			9,205			13,914
	Share-based payments		526			1,103			2,467			4,475
	Pension and post-retirement defined benefit plans		(3,989)			586			(1,473)			2,939
	Loss on disposal of property, plant and equipment		880			177			854			1,070
			36,436			40,788			179,518			220,593
Net changes in non-cash balances related to operations:
	Trade and other receivables		(10,656)			(3,199)			(37,683)			(14,696)
	Inventories		18,419			17,435			81,433			(111,821)
	Prepaid expenses		12			1,821			(4,134)			(743)
	Trade and other payables		18,836			(38,097)			(12,114)			32,713
	Pension and post-retirement benefit obligations		(572)			(241)			(3,082)			(2,530)
	Provisions, other financial long-term liabilities and other long-term liabilities		(1,185)			765			(1,876)			(58)
			24,854			(21,516)			22,544			(97,135)
	Income taxes paid		(4,489)			(5,709)			(28,181)			(33,329)
	Income taxes received		6,067			(314)			7,136			3,524
	Interest paid		(6,239)			(6,830)			(18,540)			(14,754)
CASH PROVIDED BY OPERATING ACTIVITIES			56,629			6,419			162,477			78,899
FINANCING ACTIVITIES
	Bank indebtedness		(1,495)			20,236			(9,777)			28,472
	Increase of long-term debt		6,268			–			–			200,000
	Repayments of long-term debt		–			(19,048)			(14,855)			(220,491)
	Repayments of contingent consideration and put option liabilities		–			–			(2,431)			–
	Financing costs		(57)			(296)			(22)			(1,968)
	Share repurchase		(4,753)			(4,042)			(17,399)			(17,277)
	Issuance of share capital		–			1,048			429			5,755
	Dividends on common shares		(4,808)			(4,918)			(19,485)			(18,895)
CASH USED IN FINANCING ACTIVITIES			(4,845)			(7,020)			(63,540)			(24,404)
INVESTING ACTIVITIES
	Acquisition of business		(36,319)			–			(36,319)			(220)
	Additions to property, plant and equipment		(4,319)			(12,559)			(27,331)			(35,465)
	Additions to intangible assets		(5,969)			(4,916)			(20,825)			(17,543)
CASH USED IN INVESTING ACTIVITIES			(46,607)			(17,475)			(84,475)			(53,228)
	Effect of exchange rate changes on cash and cash equivalents		(1,191)			(966)			(446)			(5,366)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			3,986			(19,042)			14,016			(4,099)
Cash and cash equivalents, beginning of period			25,778			34,790			15,748			19,847
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	29,764		$	15,748		$	29,764		$	15,748

DOREL INDUSTRIES INC.
INDUSTRY SEGMENTED INFORMATION
FOURTH QUARTERS ENDED DECEMBER 30
ALL FIGURES IN THOUSANDS OF US $
		Total				Juvenile				Recreational / Leisure				Home Furnishings
			2011		2010		2011		2010		2011		2010		2011		2010
			(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Total revenue		$	561,608	$	539,523	$	239,532	$	236,204	$	202,410	$	205,892	$	119,666	$	97,427
Cost of sales			434,434		417,985		175,859		173,002		156,000		159,401		102,575		85,582
Gross profit			127,174		121,538		63,673		63,202		46,410		46,491		17,091		11,845
Selling expenses			44,607		46,843		22,480		22,916		18,034		20,135		4,093		3,792
General and administrative expenses			42,238		35,141		22,623		18,727		15,714		14,651		3,901		1,763
Research and development expenses			9,849		8,427		8,180		6,633		1,058		1,067		611		727
Operating profit			30,480		31,127	$	10,390	$	14,926	$	11,604	$	10,638	$	8,486	$	5,563
Finance expenses			5,413		5,881
Corporate expenses			(6,254)		5,003
Income taxes			3,959		(5,704)
Net income		$	27,362	$	25,947
Earnings per Share
	Basic	$	0.85	$	0.79
	Diluted	$	0.85	$	0.79
Impairment of losses of goodwill included in operating profit		$	1,372	$	–	$	1,372	$	–	$	–	$	–	$	–	$	–
Depreciation and amortization included in operating profit		$	12,112	$	12,907	$	9,921	$	9,463	$	1,377	$	2,322	$	814	$	1,122
DOREL INDUSTRIES INC.
INDUSTRY SEGMENTED INFORMATION
TWELVE MONTHS ENDED DECEMBER 30
ALL FIGURES IN THOUSANDS OF US $
		Total				Juvenile				Recreational / Leisure				Home Furnishings
			2011		2010		2011		2010		2011		2010		2011		2010
			(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Total revenue		$	2,364,229	$	2,312,986	$	980,197	$	1,030,209	$	861,754	$	774,987	$	522,278	$	507,790
Cost of sales			1,846,470		1,778,938		733,079		748,797		656,702		591,434		456,689		438,707
Gross profit			517,759		534,048		247,118		281,412		205,052		183,553		65,589		69,083
Selling expenses			183,740		173,494		83,129		81,722		83,677		75,768		16,934		16,004
General and administrative expenses			158,033		147,818		84,083		79,461		57,083		52,764		16,867		15,593
Research and development expenses			32,227		29,850		26,055		23,759		3,635		3,192		2,537		2,899
Operating profit			143,759		182,886	$	53,851	$	96,470	$	60,657	$	51,829	$	29,251	$	34,587
Finance expenses			21,659		18,927
Corporate expenses			8,302		22,318
Income taxes			9,205		13,914
Net income		$	104,593	$	127,727
Earnings per Share
	Basic	$	3.22	$	3.89
	Diluted	$	3.21	$	3.85
Impairment losses of goodwill included in operating profit		$	1,372	$	–	$	1,372	$	–	$	–	$	–	$	–	$	–
Depreciation and amortization included in operating profit		$	53,683	$	51,022	$	40,376	$	36,361	$	8,251	$	9,465	$	5,056	$	5,196

SOURCE DOREL INDUSTRIES INC.