At Dorel Industries annual general meeting, CEO Martin Schwartz focused on product development as one of the strengths that has created a ten-year compound annual growth rate of 22% for revenue and 33% for net income. He also said additional growth is expected through 2005.

Fiscal 2004 was the best ever for Dorel. Revenues reached $1.7 billion, up 45% from 2003. Earnings topped the US$100 million mark for the first time, a 35% year-over-year increase. “These achievements were made despite serious obstacles such as high petroleum costs, increased raw material prices and shortages of certain materials,” said Mr. Schwartz.

“Dorel is a highly diversified company appealing to a wide variety of
customers. Our various businesses provide the buffer that is sometimes needed
to overcome issues in specific areas. While, for example, the RTA furniture
sector was tougher last year, bikes were red hot. Dorel is far from a one
product, one season company. We are leaders in many product categories, 12
months of the year. It has been beneficial to us over the last two years to
have made strategic acquisitions such as Ampafrance and Pacific Cycle. These
companies were profitable from day one and have contributed significantly to
our growth.”

Introductions across all divisions have provided a good start for the year. Revenues rose 19% to $465.6 million, compared to $391.1 million a year ago. Earnings increased 40% to $27.2 million or $0.83 per share, fully diluted, compared to $19.4 million or $0.59 per share for the first quarter last year.

Dorel's Schwinn brand launched the “rebirth of cool” with the Sting-Ray chopper style bike in April. By year end well over half a million units had been sold in the US. The bike was on numerous retailer and media top 10
Christmas gift lists and was named the 2004 Outdoor Toy of the Year by the Toy Industry Association.

Market research indicates that the chopper bicycle style is not a brief trend and that youngsters are specifically looking for the Schwinn Sting-Ray.
Pacific Cycle, Dorel's Recreational/Leisure operating subsidiary, has responded with a number of new Sting-Ray models for 2005 to further capture the mania created, including adult units as well as 3 and 5 speed versions.

The new Sting-Ray Electric was unveiled at the shareholder's meeting and will be available at various Schwinn retailers beginning in late May. As well, there is a new line of four-stroke gas-powered motor scooters, all
featuring the Schwinn Quality Seal. The motor scooter market is the fastest growing motorcycle segment.

While Dorel no longer provides specific earnings guidance, Dorel CFO,
Jeffrey Schwartz, did outline some of Dorel's expectations for 2005. “We
anticipate revenues will grow in the range of 5% to 10%, while our gross
margin levels are expected to improve marginally as we believe commodity
prices will remain at their currently high levels.

“The 2005 effective tax rate is expected to return to traditional levels
in the range of 15% to 20%, due mainly to anticipated changes in the mix of
earnings as the Company works in different tax jurisdictions. Nonetheless, we
fully expect improvement on the bottom line. There will be less capital
spending in 2005 as we have completed major projects, particularly the
“factory-of-the-future” in Columbus, Indiana. Our free cash flow target for
the year is $100 million and it is our intention to use available free cash
flow to pay down debt.”

Robert P. Baird of Stamford, Connecticut was elected to Dorel's Board of
Directors. Mr. Baird is President and CEO of Philips Domestic Appliances and
Personal Care and has extensive expertise in consumer products. Previously
Mr. Baird was a consultant in the New York office for a major international
recruitment firm where he specialized in the consumer products industry and
marketing management. He has also held senior positions at Samsonite and
General Motors.

Mr. Baird's election to the Dorel Board further reinforces the majority
of independent members. Six of the 10 directors are now external members.

At the close of the meeting, Dorel announced it was equipping Sun Youth
Organization's Montreal summer security bike patrol with Schwinn mountain
bikes for its full 30 member contingent.

Following the meeting, noon-time office workers were treated to a
spectacular demonstration of Pacific Cycle's internationally renowned bicycle
stunt team on the plaza of Place Ville Marie to help launch the complex's
summer bicycle program.