Edition:
India

Dorel Industries Suspends Dividend


Tuesday, 1 Oct 2019 

Oct 1 (Reuters) - Dorel Industries Inc ::DOREL INDUSTRIES INC. SUSPENDS DIVIDEND.DOREL INDUSTRIES INC - INCREASED U.S. TARIFFS A MAJOR FACTOR IN SUSPENDING DIVIDEND.DOREL INDUSTRIES INC - DOREL FURTHER ANNOUNCED THAT IT HAS AMENDED ITS SENIOR SECURED REVOLVING CREDIT FACILITIES AND TERM LOAN.DOREL INDUSTRIES INC - HAS AMENDED ITS SENIOR SECURED REVOLVING CREDIT FACILITIES AND TERM LOAN.DOREL INDUSTRIES INC - DIVIDEND DECLARED ON AUGUST 2, 2019 IS NOT AFFECTED AND WILL BE PAID ON OCTOBER 2, 2019.DOREL INDUSTRIES INC - AMENDMENT IS INTENDED TO FACILITATE COMPLIANCE BY DOREL WITH ITS FINANCIAL COVENANTS UNDER CREDIT FACILITIES.DOREL INDUSTRIES INC - TARIFFS HAVE ALSO IMPACTED DOREL SPORTS' MASS MERCHANT BUSINESS.DOREL INDUSTRIES INC - SALES IN INDEPENDENT BICYCLE DEALER AND SPORTING GOODS CHANNELS HAVE REMAINED STRONG AND OUTLOOK REMAINS POSITIVE.DOREL INDUSTRIES - IMPACT OF INCREASED U.S. IMPOSED TARIFFS AS WELL AS REVIEW OF PRELIMINARY Q3 RESULTS HAVE PROMPTED CO'S BOARD TO SUSPEND DIVIDEND.DOREL INDUSTRIES - ANOTHER FACTOR AFFECTING Q3 IS THAT SOME OF DOREL'S LARGE U.S. CUSTOMERS HAVE DELAYED CHRISTMAS 2019 DELIVERIES TO BEGINNING OF Q4.DOREL INDUSTRIES INC - DOREL HOME'S EXPECTED GROSS MARGIN IMPROVEMENT FROM FIRST HALF LEVELS WILL BE DELAYED TO BEGINNING OF 2020. 

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27 Feb 2020