Dorel Industries third quarter revenues increased 43.5%, reaching $428.2 million compared to $298.5 million last year. Third quarter net income was up 50.5% to $28.2 million or 86 cents per share fully diluted compared to $18.8 million or 58 cents per share fully diluted a year ago. For the nine months, revenues increased 45.6% to $1.2 billion from $840.1 million while net income grew 21.5% to $66 million from $54.3 million. Year-to-date earnings per share were $2.00 compared to last year's $1.68 on a fully diluted basis.

Dorel President and CEO, Martin Schwartz, confirmed previous statements
that the second half of 2004 would be stronger than the first six months. “We
have concentrated heavily on exciting new product introductions and low cost
production, producing our best quarter ever. Margins have improved across many
of our product lines although the continuing rise in resin prices has kept
margins from being even higher. The Sting Ray bicycle has continued to perform
beyond expectations and many retailers have predicted that it will be one of
this year's hottest Christmas gift items. We remain encouraged for the balance
of the year and are maintaining our 2004 earnings per share guidance at
US$3.00 to US$3.15.”

Results for the third quarter and nine months ended September 30, 2004
were as follows:

	
	    <<
	    ------------------------------------------------------------------------
	                       Summary of Financial Highlights
	    ------------------------------------------------------------------------
	                      Third quarter ended September 30
	    ------------------------------------------------------------------------
	         All figures in thousands of US $, except per share amounts
	
	                                              2004         2003     Change %
	    ------------------------------------------------------------------------
	    Revenue                                428,154     298,464         43.5%
	    Net income                              28,244      18,767         50.5%
	      Per share - Basic                       0.86        0.59         45.8%
	      Per share - Diluted                     0.86        0.58         48.3%
	    ------------------------------------------------------------------------
	    Average number of shares outstanding -
	    diluted weighted average            32,893,018  32,367,940
	    ------------------------------------------------------------------------
	
	
	
	    ------------------------------------------------------------------------
	                       Summary of Financial Highlights
	    ------------------------------------------------------------------------
	                       Nine months ended September 30
	    ------------------------------------------------------------------------
	         All figures in thousands of US $, except per share amounts
	
	                                              2004        2003      Change %
	    ------------------------------------------------------------------------
	    Revenue                              1,222,912     840,089         45.6%
	    Net income                              65,951      54,277         21.5%
	      Per share - Basic                       2.02        1.72         17.4%
	      Per share - Diluted                     2.00        1.68         19.0%
	    ------------------------------------------------------------------------
	    Average number of shares outstanding -
	    diluted weighted average            32,913,019  32,329,837
	    ------------------------------------------------------------------------
	    >>
	

Juvenile

Third quarter sales in the Juvenile segment rose 8.7% to US$179.6 million
from US$165.2 million a year ago. Earnings from operations rose 32.6% to
US$18.1 million, compared to US$13.6 million. Nine month sales reached
US$565.3 million, a 13.3% increase from last year's US$499.1 million. Earnings
from operations for the nine months were US$48.3 million, down 3.6% year-over-
year.

Both North America and Europe experienced third quarter sales and
earnings advances. In North America, increased earnings were driven
principally by higher sales volumes and earnings in Canada, as the Canadian
dollar continued to strengthen. In Europe, earnings also rose, mainly as a
result of improvements at Dorel Europe's Northern operations and the effects
of the stronger euro. Many of the changes implemented in Europe since the
beginning of the year have begun to take effect, translating into improved
earnings.

Home Furnishings

Home Furnishings revenues for the third quarter gained 7.1% to reach
US$142.7 million compared to US$133.2 million a year ago. Earnings from
operations declined 17.7% to US$14.1 million from US$17.1 million last year.
For the nine months, revenues were up 16.0% to US$395.7 million from US$341.0
million, while earnings from operations were down 36.7% to US$29.4 million
from US$46.5 million last year.

Earnings from operations more than doubled from the second quarter. Board
prices continue to remain high and reduced the segment's ready-to-assemble
(RTA) operations earnings versus last year. However, as compared to the second
quarter, earnings improved due to higher volumes and improved margins. In
addition, the segment's futon business, Dorel Asia and Cosco Home & Office all
posted significant gains over both last year and the second quarter of 2004.
The new mattress manufacturing equipment installed during the year at the
Montreal futon plant also contributed to the segment's earnings. In addition,
Dorel Asia had its most profitable quarter and for the year is on track for a
50% increase in earnings over last year.

During the third quarter, Cosco Home & Office launched Ability Care
Essentials, a new Dorel consumer products category to address the aging baby-
boomer population. Products will incorporate a wide variety of home healthcare
items in three sectors: mobility, ambulatory and bath safety. Sales of US$25
million are anticipated in the first three years. In addition, Ameriwood
signed a licensing agreement with California Closets, a strong household name
which offers storage solutions for the home and office. Ameriwood will
manufacture and distribute storage systems and related furniture to select
national retailers under licence from California Closets.

Recreational/Leisure

Third quarter revenues reached US$105.8 million while earnings from
operations were US$14.7 million. Year-to-date revenues were US$261.9 million
with earnings from operations of US$33.8 million. The Sting-Ray bicycle is on
track to be the most successful model of 2004 as all retailers continue to
report strong weekly sales.

The Interbike trade show took place in Las Vegas October 6th – 8th and
Pacific Cycle had its most successful show with independent bike dealers
(IBD's) since acquiring the Schwinn and GT brands. In addition, the Sting-Ray
is driving traffic into these stores, further demonstrating the power of the
brand. Show bookings were up 80% over last year.

Special Recognition

On October 20th, Dorel's executive management team, comprising Martin
Schwartz, Jeffrey Schwartz, Alan Schwartz and Jeff Segel were collectively
named as the recipient of the Quebec region Ernst & Young Entrepreneur of the
Year 2004 Award. The group also received one of eight industry category
awards. In their 11th year, the Entrepreneur of the Year awards honour those
who have demonstrated excellence and extraordinary success in areas such as
innovation, financial performance and personal commitment to their businesses
and communities. Dorel executive management now qualifies for the national
award, to be announced tomorrow night in Ottawa.

Outlook

Mr. Schwartz said the Company remains confident that the balance of the
year will live up to expectations. “There have been a series of new product
introductions in all of our divisions, many of which have met with an
enthusiastic response. The juvenile segment's Ride-On vehicles have been
endorsed by major retailers. New models, including a fire truck, are being
introduced in time for Christmas. Schwinn's Sting Ray bicycle is riding a wave
of popularity that has made it the hottest product ever launched by Dorel. It
is on a number of retailers' top Christmas gift lists and will help drive
earnings in the fourth quarter. In Europe, the new BUZZ stroller, one of
several new product launches, has been nominated for product of the year in
the U.K. and baby product of 2005 in the Netherlands.”

	
	    <<
	                            DOREL INDUSTRIES INC.
	                         CONSOLIDATED BALANCE SHEET
	                      ALL FIGURES IN THOUSANDS OF US $
	
	                                                         As at         As at
	                                                  September 30,  December 30,
	                                                          2004          2003
	                                                   (unaudited)      (audited)
	    ASSETS
	    CURRENT ASSETS
	      Cash and cash equivalents                         17,800        13,877
	      Funds held by ceding insurer                       9,755         6,803
	      Accounts receivable                              265,538       210,905
	      Inventories                                      291,716       207,371
	      Prepaid expenses                                  11,831        10,719
	      Future income taxes                                5,541         9,184
	                                                    ------------------------
	                                                       602,181       458,859
	
	    CAPITAL ASSETS                                     157,525       147,837
	    GOODWILL                                           658,791       380,535
	    DEFERRED CHARGES                                    19,682        18,501
	    INTANGIBLE ASSETS                                   86,292        85,448
	    FUTURE INCOME TAXES                                  8,151         8,382
	    OTHER ASSETS                                        10,270        10,995
	                                                    ------------------------
	                                                     1,542,892     1,110,557
	                                                    ------------------------
	                                                    ------------------------
	
	    LIABILITIES
	    CURRENT LIABILITIES
	      Bank indebtedness                                    796           764
	      Accounts payable and accrued liabilities         351,129       253,145
	      Income taxes payable                               5,263         2,037
	      Balance of sale payable                            7,590             -
	      Current portion of long-term debt                  7,552         7,758
	                                                    ------------------------
	                                                       372,330       263,704
	                                                    ------------------------
	
	    LONG-TERM DEBT                                     532,706       282,421
	                                                    ------------------------
	    PENSION OBLIGATION                                  14,095        13,818
	                                                    ------------------------
	    BALANCE OF SALE                                     15,635         2,314
	                                                    ------------------------
	    FUTURE INCOME TAXES                                 42,211        45,148
	                                                    ------------------------
	    OTHER LONG-TERM LIABILITIES                          7,305         8,266
	                                                    ------------------------
	
	    SHAREHOLDERS' EQUITY
	    CAPITAL STOCK                                      159,993       156,274
	    RETAINED EARNINGS                                  353,534       287,583
	    CUMULATIVE TRANSLATION ADJUSTMENT                   45,083        51,029
	                                                    ------------------------
	                                                       558,610       494,886
	                                                    ------------------------
	
	                                                     1,542,892     1,110,557
	                                                    ------------------------
	                                                    ------------------------
	
	
	                            DOREL INDUSTRIES INC.
	                      CONSOLIDATED STATEMENT OF INCOME
	         ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
	
	                            Third quarter ended         Nine months ended
	                          ----------------------    ------------------------
	                           September   September     September     September
	                                  30,         30,           30,           30,
	                                2004        2003          2004          2003
	                          (unaudited) (unaudited)   (unaudited)   (unaudited)
	
	    Sales                    422,737     296,835     1,209,370       836,579
	
	    Licensing and
	     commission income         5,417       1,629        13,542         3,510
	                          ----------------------    ------------------------
	    TOTAL REVENUE            428,154     298,464     1,222,912       840,089
	                          ----------------------    ------------------------
	    EXPENSES
	      Cost of sales          325,794     223,656       934,247       614,589
	      Operating               51,751      36,456       159,592       111,170
	      Amortization             8,142       7,459        25,562        21,761
	      Research and development
	       costs                   1,015       2,846         4,691         6,662
	      Interest on long-term
	       debt                    7,472       4,159        21,512        11,472
	      Other interest           2,473         238         2,988           498
	                          ----------------------    ------------------------
	                             396,647     274,814     1,148,592       766,152
	                          ----------------------    ------------------------
	    Income before income
	     taxes                    31,507      23,650        74,320        73,937
	
	      Income taxes             3,263       4,883         8,369        19,660
	                          ----------------------    ------------------------
	    NET INCOME                28,244      18,767        65,951        54,277
	                          ----------------------    ------------------------
	                          ----------------------    ------------------------
	
	    EARNINGS PER SHARE:
	      Basic                     0.86        0.59          2.02          1.72
	                          ----------------------    ------------------------
	                          ----------------------    ------------------------
	      Diluted                   0.86        0.58          2.00          1.68
	                          ----------------------    ------------------------
	                          ----------------------    ------------------------
	
	    SHARES OUTSTANDING:
	      Basic -
	       weighted average   32,770,265  31,743,931    32,709,782    31,636,085
	                          ----------------------    ------------------------
	                          ----------------------    ------------------------
	      Diluted -
	       weighted average   32,893,018  32,367,940    32,913,019    32,329,837
	                          ----------------------    ------------------------
	                          ----------------------    ------------------------