Dorel Industries Inc., the parent company to Pacific Cycle, which
includes the Schwinn, Mongoose and GT brands, saw third quarter revenue
increase slightly to $440.1 million, compared to $436.3 million last
year. Net income for the three months was $26.4 million or 79 cents per
diluted share, compared to $25.1 million, or 76 cents, a year ago.
Pacific Cycles third quarter revenue was up 2.3% to $81.3 million from
$79.4 million a year ago. Earnings from operations declined 10% to $6.0
million from $6.6 million.
Management said that the segment has broadened its product lines in
2007, but the majority of its revenue growth this year has been due to
a stronger core bicycle business. Sales increased to both new and
existing customers in the mass merchant and independent bicycle dealer
Management also said that additional dealers continue to join Pacifics independent bike dealer network.