UNITED STATES









UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 6-K



REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934



November 2, 2005



Commission File Number: 0-29712



DOREL INDUSTRIES INC.

________________________________________________________________________________________________





1255 Greene Ave, Suite 300, Westmount, Quebec, Canada H3Z 2A4

_________________________________________________________________________________________________





Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.


Form 20-F

[    ]

Form 40-F

[ X ]


Indicate by check mark whether the registrant by furnishing the information in this Form is also thereby furnishing

the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.


Yes

[    ]

No

[ X ]








[f2nov05002.gif]

 


C  O  M  M  U  N  I  Q  U  É


JUVENILE

Cosco

Safety 1st

Maxi-Cosi

Bébé Confort

Baby Relax

Babidéal

MonBébé

Quinny



HOME FURNISHINGS

Ameriwood

Ridgewood

Charleswood

Dorel Home Products

Cosco Home & Office

Dorel Asia

Carina

SystemBuild

Cosco Ability Care Essentials

Altra Furniture


RECREATIONAL / LEISURE

Pacific Cycle

Schwinn

GT

Mongoose

InSTEP


EXCHANGES


CANADA

TSX:

DII.MV, DII.SV


U.S.A.

NASDAQ:

DIIB


CONTACT:

Maison Brison

Rick Leckner

(514) 731-0000


Dorel Industries Inc.

Jeffrey Schwartz

(514) 934-3034







DOREL REPORTS THIRD QUARTER RESULTS

·

Improvements on track in ready-to-assemble furniture division

·

Nine month revenues up 7.3%; adjusted net earnings grow 14.1%

·

Adjusted Q3 EPS at US$0.78



Montreal, November 2, 2005 — Dorel Industries Inc. (TSX: DII.MV DII.SV; NASDAQ: DIIB) today released results for the third quarter and nine months ended September 30, 2005. Adjusted net earnings for the quarter, excluding restructuring costs incurred on the previously announced Ameriwood ready-to-assemble (RTA) furniture plant shutdown, were US$25.6 million or US$0.78 per diluted share.  Revenue for the third quarter was US$423.3 million, down slightly from US$433.8 million a year ago.  Strong revenue growth in the juvenile segment in the 2005 quarter partially offset the lower sales of Sting-Ray bicycles.  Unadjusted net earnings were US$19.8 million or US$0.60 per diluted share compared to US$28 million or US$0.85 per diluted share earned in the same quarter last year.


Nine month revenue increased by 7.3% to US$1.3 billion from last year’s revenue of US$1.2 billion for the corresponding period.  Adjusted earnings for the nine months grew 14.1% to US$74.6 million or US$2.27 per share compared to US$65.4 million or US$1.99 per share a year ago. On an unadjusted basis, year-to-date earnings were up 5.2% to US$68.8 million or US$2.09 per diluted share compared with US$65.4 million or US$1.99 per diluted share a year ago.












Summary of Financial Highlights

Third quarter ended September 30

All figures in thousands of US $, except per share amounts

 

2005

2004

Change %

Revenue

423,329

433,839

-2.4%

Adjusted net income

25,609

28,046

-8.7%

Per share - Basic

0.78

0.86

-9.3%

Per share - Diluted

0.78

0.85

-8.2%

Net income

19,826

28,046

-29.3%

Per share - Basic

0.60

0.86

-30.2%

Per share - Diluted

0.60

0.85

-29.4%

Average number of shares outstanding -

   

diluted weighted average

32,923,907

32,893,018

 



Summary of Financial Highlights

Nine months ended September 30

All figures in thousands of US $, except per share amounts

 

2005

2004

Change %

Revenue

1,330,607

1,240,003

7.3%

Adjusted net income

74,559

65,354

14.1%

Per share - Basic

2.27

2.00

13.5%

Per share - Diluted

2.27

1.99

14.1%

Net income

68,776

65,354

5.2%

Per share - Basic

2.09

2.00

4.5%

Per share - Diluted

2.09

1.99

5.0%

Average number of shares outstanding -

   

diluted weighted average

32,946,621

32,913,019

 



Juvenile Segment

Third quarter Juvenile revenue was up 13.9% to US$209.3 million compared to US$183.8 million during the same period a year ago. Earnings from operations increased 59.8% to US$28.4 million from US$17.7 million last year. For the nine months, revenue rose 11.7% to US$645.6 million from US$578.2 million last year, while earnings from operations jumped 60.9% to US$75.7 million from US$47 million a year ago.


Overall, year-to-date organic revenue growth was 9.6% with the remaining increase due to the conversion of Euro and Canadian dollar denominated revenue into US dollars at a higher rate of exchange in 2005.  The third quarter revenue increase came from both Europe and North America.  North America revenues rebounded from the decline in the second quarter, increasing by 14.8% over the prior year.  Year-to-date, revenues in Europe have increased by 15.3%. Year-to-date revenues in North America have increased by 9.1% over last year as new product introductions continue to be well received.


The segment’s year-to-date earnings improvement over last year is attributable to both the European and North American operations. In Europe, earnings increases have been driven principally by gains in Germany and Holland but also at subsidiaries in Spain, Italy and the United Kingdom. In North America, margins have declined due to higher raw material prices and a less profitable product mix. However these declines have been offset by lower product liability costs and a 60% earnings improvement in the Company’s Canadian operations.



Home Furnishings Segment

Home Furnishings revenue was flat at US$143.2 million during the third quarter compared to US$143.3 million a year ago. Adjusted earnings from operations decreased 42.6% to US$8.0 million from US$14.0 million last year. Quarter-over-quarter adjusted earnings from operations grew 29% from the previous quarter’s US$6.2 million. Year-to-date, revenue was up 5.8% to US$420.5 million from US$397.3 million last year. Adjusted earnings from operations for the nine months were down 14.1% to US$25.0 million from US$29.1 million last year.


Revenue increased in all Home Furnishings operations with the exception of Ameriwood’s ready-to-assemble (RTA) furniture operations.  Successful new product placements in several categories by Dorel Asia and continued good retail acceptance of newly designed futons were the principal reasons for the increases.  Cosco Home & Office sales of folding furniture and other imported home furnishings also increased both in the quarter and year-to-date by 13.6% and 14.5% respectively.  


As announced on September 19, 2005 the Company will be consolidating its RTA furniture facilities.  Production will cease at its Wright City, Missouri factory no later than December 31st, 2005, as part of the overall plan to improve the earnings of the Company’s Home Furnishings segment. Of the expected pre-tax restructuring costs of approximately US$11.3 million, the Company recorded US$8.9 million in the third quarter. Of this amount US$6.4 million appears as a line item on the face of the Company’s income statement and another US$2.5 million is included in cost of sales. The after-tax impact in the quarter was US$5.8 million, or US$0.18 per diluted share. It is expected that the fourth quarter will include another US$1.1 million of the restructuring costs with the remaining US$1.3 million to be recognized in fiscal 2006. A table detailing the impact of the restructuring costs is included on page 4 of this press release.



RTA furniture update

Dorel is taking aggressive action to improve the RTA furniture division’s lower sales volumes and factory inefficiencies and positive results will start to show in early 2006. An all encompassing plan is addressing product development, customer service, inventory reduction and production. The process is well underway:


·

Third quarter inventory levels dropped 17%, while customer service has improved substantially.

·

An expanded marketing strategy is in place, realigning marketing into four distinct groups, each focused on developing products unique to their categories.  A record number of new products will have been launched during the second half of this year.

·

The three remaining RTA furniture plants are ready to accommodate the integration of the Wright City facility once it closes.  Headcount reductions have taken place beyond the planned Wright City closure and there are improvements in efficiency and scrap levels. Annual pre-tax savings from the closure of Wright City alone are expected to exceed US$5 million as of next year.

·

A greatly enhanced new product development capability process has been established allowing for exceptional speed to market, from conception to delivery.

·

New programs have been, and will continue to be established at several mass merchant customers and recent and promising gains by Ameriwood beyond the mass merchant channel are resulting in growth of the division’s customer base.


“These measures and others will have a positive impact on the Company by reducing our costs and by considerably improving operating efficiencies.  Combined with Ameriwood’s new management’s focus on marketing and intensive product development, this augurs well for 2006 and beyond. We firmly believe that we will be a thriving enterprise in a consolidating industry”, commented Martin Schwartz, President and CEO.



Recreational/Leisure Segment

Third quarter Recreational/Leisure revenue decreased 33.7% to US$70.8 million compared to last year’s US$106.8 million. Earnings from operations dropped 57.4% to US$6.3 million from US$14.7 million. For the nine months, revenue was unchanged from last year at US$264.5 million. Nine month earnings from operations were down 16% to US$28.4 million from US$33.8 million last year. Included in the 2005 year-to-date revenue is $12.3 million from an extra month’s sales. Sales increases occurred in several product categories and brands.  However, Sting-Ray sales in the first nine months of 2004 far exceeded those in 2005, more than offsetting any increases.



Reconciliation of net earnings to adjusted net earnings

The Company is including adjusted net earnings, a non-GAAP financial measure, as it believes this permits more meaningful comparisons of its core business performance between the periods presented. A reconciliation of adjusted net earnings to GAAP net earnings is set forth on the next page:


DOREL INDUSTRIES INC.

CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS

         
  

Third quarter ended September 30, 2005

 

Nine months ended September 30, 2005

  

As reported

Charges

Excluding Charges

 

As reported

Charges

Excluding Charges

         

TOTAL REVENUE

 

 $     423,329

 $                 -   

 $     423,329

 

 $  1,330,607

 $                 -   

 $  1,330,607

         

EXPENSES

        

  Cost of sales

 

        327,335

          (2,493)

        324,842

 

     1,028,236

          (2,493)

     1,025,743

  Operating

 

          47,624

                    -   

          47,624

 

       155,416

                     -   

        155,416

  Depreciation and amortization

          10,308

                    -   

          10,308

 

          29,758

                     -   

          29,758

  Research and development costs

            1,560

                    -   

            1,560

 

            6,212

                     -   

            6,212

  Restructuring costs

 

            6,432

          (6,432)

                    -   

 

            6,432

          (6,432)

                    -   

  Interest on long-term debt

 

            7,426

                    -   

            7,426

 

          22,172

                     -   

          22,172

  Other interest

 

               478

                    -   

               478

 

            1,072

                     -   

            1,072

  

        401,163

          (8,925)

        392,238

 

     1,249,298

          (8,925)

     1,240,373

         

Income before income taxes

 

          22,166

             8,925

          31,091

 

          81,309

             8,925

          90,234

         

  Income taxes

 

            2,340

             3,142

            5,482

 

          12,533

             3,142

          15,675

         

NET INCOME

 

 $       19,826

 $          5,783

 $       25,609

 

$        68,776

 $          5,783

 $       74,559

         

EARNINGS PER SHARE

        

  Basic

 

$           0.60

$            0.18

$           0.78

 

$            2.09

$            0.18

$           2.27

  Diluted

 

$           0.60

$            0.18

$           0.78

 

$            2.09

$            0.18

$           2.27

         

SHARES OUTSTANDING

        

  Basic - weighted average

 

   32,858,942

   32,858,942

   32,858,942

 

   32,829,357

   32,829,357

   32,829,357

  Diluted - weighted average

 

   32,923,907

   32,923,907

   32,923,907

 

   32,946,621

   32,946,621

   32,946,621





Commentary

Mr. Schwartz said that progress is being made in a number of areas in addition to the RTA furniture division. “Operating costs are running lower than last year principally due to reduced product liability costs as well as other cost containment measures. We are pleased with the third quarter US$23 million reduction in overall inventories.  Work will continue to bring inventory levels down,” stated Mr. Schwartz.


“It will still take the balance of this year to correct the RTA furniture issues; as well, last year’s unprecedented fourth quarter sales of Sting-Ray bicycles will not be repeated this year.  Despite our strong nine month performance, full year 2005 after-tax adjusted earnings will likely be lower than those recorded in 2004, although fiscal 2005 adjusted pre-tax earnings should be above last year.  Continued success in Europe is expected to contribute to the Juvenile Segment’s overall progress as will new listings in North America and several new product introductions,” concluded Mr. Schwartz.



CONFERENCE CALL

Dorel Industries Inc. will hold a conference call to discuss these results today at 1:30 P.M. Eastern Time. Interested parties can join the call by dialling (514) 807-8791 (Montreal or overseas) or (866) 250-4909 (elsewhere in North America). The conference call can also be accessed via live webcast at www.dorel.com , www.newswire.ca or www.q1234.com. 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 21159817# on your phone. This tape recording will be available on Wednesday, November 2nd, 2005 as of 3:30 P.M. until 11:59 P.M. on Wednesday, November 9th, 2005.



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



Profile

Dorel Industries (TSX: DII.SV, DII.MV; NASDAQ: DIIB) is a global consumer products company engaged in the designing, manufacturing and marketing of a diverse portfolio of powerful consumer brands, sold through its Juvenile, Home Furnishings, and Recreational/Leisure segments. Headquartered in Montreal, Dorel employs approximately 5,000 people in fourteen countries. Dorel also has offices in Shanghai and Shenzhen, China which oversee the sourcing, engineering and logistics of all Asian operations. 2004 sales were US$1.7 billion.


US operations include Dorel Juvenile Group USA, which markets the Cosco and Safety 1st brands as well as Eddie Bauer and Disney Baby licensed products; Ameriwood Industries, which markets ready-to-assemble products under the Ameriwood, Carina, SystemBuild, Altra Furniture and Ridgewood/Charleswood brands as well as California Closets and Trading Spaces licenses; Cosco Home & Office, which markets home/office products under the Cosco and Cosco Ability Essentials brands and Samsonite license; and Pacific Cycle, which markets the Schwinn, Mongoose, GT, InSTEP and Roadmaster brands. In Canada, Dorel operates Dorel Distribution Canada, Ridgewood Industries and Dorel Home Products. Dorel Europe markets juvenile products throughout Europe, under the Bébé Confort, Maxi-Cosi, Quinny, Safety 1st, Babidéal, Mon Bébé and Baby Relax brands. Dorel Asia sources and imports home furnishings products.



Caution Concerning Forward-Looking Statements

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of Dorel Industries Inc. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. The business of the Company and these forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ from expected results. Important factors which could cause such differences may include, without excluding other considerations, increases in raw material costs, particularly for key input factors such as particle board and resins; increases in ocean freight container costs; failure of new products to meet demand expectations; changes to the Company’s effective income tax rate as a result of changes in the anticipated geographic mix of revenues; the impact of price pressures exerted by competitors, and settlements for product liability cases which exceed the Company’s insurance coverage limits. A description of the above mentioned items and certain additional risk factors are discussed in the Company’s Annual MD&A and Annual Information Form, filed with the securities regulatory authorities in Canada and the U.S. The risk factors outlined in the previously mentioned documents are specifically incorporated herein by reference. The Company’s business, financial condition, or operating results could be materially adversely affected if any of these risks and uncertainties were to materialize.  Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.


— 30 —










DOREL INDUSTRIES INC.

CONSOLIDATED BALANCE SHEET

ALL FIGURES IN THOUSANDS OF US $



 

as at

September 30, 2005

(unaudited)

as at

December 30, 2004

(audited)

ASSETS

  

CURRENT ASSETS

  

Cash and cash equivalents

$                  14,251

$               11,288

Accounts receivable

267,538

286,529

Inventories

301,239

292,991

Prepaid expenses

8,765

12,756

Funds held by ceding insurer

3,627

7,920

Future income taxes

26,404

24,027

 

621,824

635,511

   

CAPITAL ASSETS

149,740

163,707

GOODWILL

484,932

512,546

DEFERRED CHARGES

17,202

20,983

INTANGIBLE ASSETS

255,644

262,968

FUTURE INCOME TAXES

10,929

10,401

OTHER ASSETS

9,887

10,786

ASSETS HELD FOR SALE

1,297

-

 

$             1,551,455

$           1,616,902

   

LIABILITIES

  

CURRENT LIABILITIES

  

Bank indebtedness

$                       494

$                  1,915

Accounts payable and accrued liabilities

281,372

354,738

Income taxes payable

6,135

5,629

Balance of sale payable

5,611

7,773

Future income taxes

1,146

1,379

Current portion of long-term debt

7,666

7,686

 

$                302,424

$              379,120

   
   

LONG-TERM DEBT

495,398

505,816

PENSION & POST-RETIREMENT BENEFIT OBLIGATIONS

20,262

20,006

BALANCE OF SALE PAYABLE

-

5,278

FUTURE INCOME TAXES

71,698

75,719

OTHER LONG-TERM LIABILITIES

4,740

2,684

   

SHAREHOLDERS’ EQUITY

  

CAPITAL STOCK

162,459

160,876

CONTRIBUTED SURPLUS

3,250

1,081

RETAINED EARNINGS

455,609

386,833

CUMULATIVE TRANSLATION ADJUSTMENT

35,615

79,489

 

656,933

628,279

 

$              1,551,455

$            1,616,902









DOREL INDUSTRIES INC.

CONSOLIDATED STATEMENT OF INCOME

ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS


 

Third quarter ended

Nine months ended

 

September  30,

2005

(unaudited)

September  30,

2004

 (unaudited)

September  30,

2005

(unaudited)

September  30,

2004

(unaudited)

     

Sales 

$            418,835

$            428,422

$            1,314,640

$           1,226,460

     

Licensing and commission income 

4,494

5,417

15,967

13,543

     

TOTAL REVENUE 

423,329

433,839

1,330,607

1,240,003

     

EXPENSES 

    

Cost of sales 

327,335

331,479

1,028,236

951,632

Operating 

47,624

51,751

155,416

159,593

Depreciation and amortization 

10,308

8,568

29,758

26,844

Research and development costs 

1,560

1,015

6,212

4,691

Restructuring costs

6,432

-

6,432

-

Interest on long-term debt 

7,426

7,472

22,172

21,217

Other interest 

478

2,473

1,072

2,987

 

401,163

402,758

1,249,298

1,166,964

     

Income before income taxes 

22,166

31,081

81,309

73,039

     

Income taxes 

2,340

3,035

12,533

7,685

     

NET INCOME 

$              19,826

$              28,046

$                 68,776

$                65,354

     

EARNINGS PER SHARE: 

    

Basic 

$                  0.60

$                  0.86

$                     2.09

$                    2.00

Diluted 

$                  0.60

$                  0.85

$                     2.09

$                    1.99

     

SHARES OUTSTANDING

    

Basic – weighted average 

32,858,942

32,770,265

32,829,357

32,709,782

Diluted – weighted average 

32,923,907

32,893,018

32,946,621

32,913,019







DOREL INDUSTRIES INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

ALL FIGURES IN THOUSANDS OF US $


 

Third quarter ended

Nine months ended

 

September 30,

2005

(unaudited)

September 30,

2004

(unaudited)

September 30,

2005

(unaudited)

September 30,

 2004

(unaudited)

     

CASH PROVIDED BY (USED IN):

    

OPERATING ACTIVITIES

    

Net income

$               19,826 

$               28,046 

$             68,776 

$              65,354 

Adjustments for:

    

Depreciation and amortization

10,308 

8,568 

29,758 

26,844 

Future income taxes

(3,517)

(754)

(2,066)

(2,444)

Funds held by ceding insurer

4,382 

(34)

4,293 

(2,952)

Stock based compensation

748 

- 

2,169 

- 

Restructuring costs

6,432 

- 

6,432 

- 

Loss on disposal of capital assets

194 

81 

361 

410 

 

38,373 

35,907 

109,723 

87,212 

     

Changes in non-cash working capital:

    

Accounts receivable

(4,712)

(46,683)

9,248 

(24,069)

Inventories

22,490 

(23,718)

(15,641)

(34,275)

Prepaid expenses and other assets

1,267 

562 

4,408 

2,303 

Accounts payable and accrued liabilities

(51,590)

18,399 

(61,391)

46,519 

Income taxes payable

2,986 

5,657 

(44)

6,331 

 

(29,559)

(45,783)

(63,420)

(3,191)

     

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

8,814 

(9,876)

46,303 

84,021 

     

FINANCING ACTIVITIES

    

Bank indebtedness

(3,518)

(1,228)

(1,295)

32 

Long-term debt

(369)

12,333 

(10,334)

250,079 

Issuance of capital stock

- 

515 

1,417 

3,694 

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

(3,887)

11,620 

(10,222)

253,805 

     

INVESTING ACTIVITIES

    

Acquisition of subsidiary companies

- 

(69)

(7,440)

(295,859)

Additions to capital assets – net

(4,771)

(8,238)

(16,500)

(24,928)

Deferred charges

(984)

(2,850)

(5,688)

(9,727)

Intangible assets

(1,164)

(190)

(4,023)

(2,790)

CASH USED IN INVESTING ACTIVITIES

(6,919)

(11,347)

(33,651)

(333,304)

     

Effect of exchange rate change on cash

355 

328 

533 

(599)

     

NET INCREASE IN CASH

(1,637)

(9,275)

2,963 

3,923 

     

Cash and cash equivalents, beginning of period

15,888 

27,075 

11,288 

13,877 

     

CASH AND CASH EQUIVALENTS, END OF PERIOD

$               14,251 

$               17,800 

$              14,251 

$               17,800 








DOREL INDUSTRIES INC.

CONSOLIDATED STATEMENT OF RETAINED EARNINGS

ALL FIGURES IN THOUSANDS OF US $


 

Nine months ended

 

September 30, 2005 (unaudited)

September 30, 2004 (unaudited)

   

BALANCE, BEGINNING OF PERIOD AS REPORTED 

$                386,833 

$                287,583 

   

Restatement 

- 

(826)

   

BALANCE, BEGINNING OF PERIOD AS RESTATED 

386,833 

286,757 

   

Net income 

68,776 

65,354 

   

BALANCE, END OF PERIOD 

$               455,609 

$                352,111 







DOREL INDUSTRIES INC.

SEGMENTED INFORMATION

ALL FIGURES IN THOUSANDS OF US $


Industry Segments


 

Total

Juvenile

Home Furnishings

Recreational/Leisure

   

For the nine month period ended September 30,

 

2005

2004

2005

2004

2005

2004

2005

2004

         

Total Revenues

$   1,330,607

$   1,240,003

$      645,640

$   578,214

$  420,500

$   397,279

$  264,467

$  264,510

Cost of sales

1,028,236

951,632

455,777

408,266

364,749

336,749

207,710

206,617

Operating expenses

141,048

148,101

87,331

99,594

25,999

24,757

27,718

23,750

Depreciation and amortization

28,484

25,632

22,437

19,876

5,396

5,394

651

362

Research and development costs

6,212

4,691

4,389

3,441

1,823

1,250

-

-

Restructuring costs

6,432

-

-

-

6,432

-

-

-

Earnings from Operations

120,195

109,947

$       75,706

$     47,037

$   16,101

$    29,129

$   28,388

$   33,781

Interest

23,244

24,204

      

Corporate expenses

15,642

12,704

      

Income taxes

12,533

7,685

      
         

Net income

$        68,776

$         65,354

      


Industry Segments


 

Total

Juvenile

Home Furnishings

Recreational/Leisure

   

For the third quarter ended September 30,

 

2005

2004

2005

2004

2005

2004

2005

2004

         

Total Revenues

$      423,329 

$     433,839 

$      209,331 

$   183,756 

$  143,207 

$   143,312 

$    70,791 

$  106,771 

Cost of sales

327,335 

331,479 

144,005 

129,275 

127,119 

119,375 

56,211 

82,829 

Operating expenses

44,379 

46,843 

28,128 

29,884 

8,256 

7,834 

7,995 

9,125 

Depreciation and amortization

9,907 

8,096 

7,855 

6,209 

1,718 

1,754 

334 

133 

Research and development costs

1,559 

1,015 

982 

647 

577 

368 

- 

- 

Restructuring costs

6,432 

- 

- 

- 

6,432 

- 

- 

- 

Earnings from Operations

33,717 

46,406 

$       28,361 

$     17,741 

$     (895)

$     13,981 

$     6,251 

$    14,684 

Interest

7,904 

9,945 

      

Corporate expenses

3,647 

5,380 

      

Income taxes

2,340 

3,035 

      
         

Net income

$        19,826 

$        28,046 

      



Geographic Segments - Origin


 

Nine months ended September 30,

Third quarter ended September 30,

 

2005

2004

2005

2004

     

Canada

$            148,317

$            132,406

$                 51,442

$              42,915

United States

814,278

812,866

256,664

292,014

Europe

272,995

236,776

82,626

73,357

Other foreign countries

95,017

57,955

32,597

25,553

Total

$         1,330,607

$         1,240,003

$               423,329

$            433,839













Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




DOREL INDUSTRIES INC.



By: /s/ Martin Schwartz_____________

Martin Schwartz

Title: President and Chief Executive Officer



By: /s/ Jeffrey Schwartz_____________

Jeffrey Schwartz

Title: Executive Vice-President,

 Chief Financial Officer





November 2, 2005