FINAL TRANSCRIPT Dorel Industries Third Quarter Results Event Date/Time: November 6, :00 p.m. E.T. Length: 39 minutes

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1 Dorel Industries Third Quarter Results Event Date/Time: November 6, :00 p.m. E.T. Length: 39 minutes

2 CORPORATE PARTICIPANTS Martin Schwartz Dorel Industries President and Chief Executive Officer Jeffrey Schwartz Dorel Industries Chief Financial Officer CONFERENCE CALL PARTICIPANTS Derek Lessard TD Securities Analyst Anthony Zicha Scotiabank Analyst Joe Bess Roth Capital Analyst 2

3 Sabahat Khan RBC Capital Markets Analyst Stephen MacLeod BMO Capital Markets Analyst 3

4 PRESENTATION Operator Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Dorel Industries Third Quarter Results conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star, followed by the zero, for Operator assistance at any time. Before turning the meeting over to Management, please be advised that this conference call will contain statements that are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. I would like to remind everyone that this conference call is being recorded on Thursday, November 6 th, I will now turn the conference over to Martin Schwartz, President and CEO. Please go ahead. Martin Schwartz President and Chief Executive Officer, Dorel Industries Thank you. Good afternoon. On behalf of Jeffrey Schwartz and Frank Rana, welcome to our Third Quarter 2014 Conference Call. We will be pleased to take your questions following our initial comments, and as always, all numbers mentioned are in US dollars. 4

5 There were a number of positives in all three segments during the quarter. Most of our Juvenile businesses did well despite the strength of the US dollar, which reduced earnings in all but the US division. We continue to be pleased with the sustained progress in Recreation/Leisure as the segment revenue grew for the third consecutive quarter. The Cannondale Sports Group has had a solid nine months and we see a bright future for this business with a dynamic management team in place. There were a number of one-time charges this quarter, which Jeffrey will address shortly, but first a look at each of our segments. In Juvenile, we are all very pleased that the Lerado Juvenile acquisition was completed this past Monday. We have had a transition team in place at the four facilities since shortly after the transaction was announced in June. Several people in upper management with industry experience in China are already in place and the process of managing facilities is already underway. In fact, a few months ago, the production of several products was shifted to Lerado from other suppliers in anticipation of closing the deal. I am leaving this evening to personally greet our new employees at our new facilities, as well as to meet with government officials in the various cities where the factories are located. We intend to not only grow our business there but to integrate with the local communities as well. Approximately 4,000 Lerado employees become part of Dorel, bringing our global workforce to 10,500. This is a sound investment in our future and will further position Dorel as the global leader in Juvenile. 5

6 It is still far too early to provide projections. One thing is clear. We are looking at all aspects of Lerado s operations and we ll make changes that will improve efficiencies and profits. Dorel is excellent at streamlining operations and we will apply this expertise at Lerado. Going forward, we will control our own destiny, allowing us to be more flexible in an increasingly changing competitive landscape. We ll also be able to deliver our products to market faster. Lerado Juvenile will complement our existing facilities worldwide and we will look at the possibility of these facilities serving our other businesses in addition to Juvenile. During the third quarter, Juvenile s two biggest trade shows in Cologne, Germany and in Las Vegas, were held and we were pleased, both with attendance the positive customer feedback. Tiny Love, our Israeli-based division, won Cologne s prestigious Innovation Award in the World of Baby Toys category for its new double-sided crib toys. Maxi-Cosi, currently celebrating its 30 th anniversary, launched the industry s first infant car seat carrier which meets the European Union s i-size safety standards. Known as the Pebble Plus, it is now available in select European stores and is an important advancement in car seat safety. By the way, Maxi-Cosi has been a Dorel brand for 20 of those 30 years and we are proud of the innovation we have brought to the market. Safety 1 st is also celebrating its 30 th anniversary in child safety leadership and a year-long program of activities was showcased at the ABC Show in Las Vegas. 6

7 As you know, we bought the rights to the Infanti brand earlier this year in Brazil, and this has proven to be sound investment as the brand has given us significant lift in that country. Recently, the first products have been shipped from Dorel s start-up in Mexico. This new division holds promise going forward with the organization supported by Dorel brands which are already known in the Mexican market. The Recreation/Leisure segment had another good quarter. Globally, the Cannondale Sports Group had a solid quarter of sales fueled by strong performance at Cannondale Sports Europe, UK and Japan, as those regions benefited from a robust bicycle market, good weather and growth in their markets at the expense of competitors. Growth was also driven by the E-bike and mountain bike categories. CSG s profitability was affected by the one-time costs associated with merging the Cannondale Pro Cycling and Slipstream racing team. Caloi s operating profit was positive after losses during the first half and we still expect the bulk of Caloi s earnings to come during the current fourth quarter. On the mass side, Pacific Cycle s bike sales to most customers saw healthy year-over-year increases and the electric ride-on business also did well as an important program was picked up by a major big box retailer. As in Juvenile, the year s two major bicycle trade shows were held during the third quarter. At both Eurobike and Interbike, our brands received strong dealer and consumer attention. New product lines and technologies were showcased, with Cannondale highlighting exciting new road, urban and triathlon models. 7

8 One example was the introduction of the Contro 1, the Cannondale s urban line of bikes, its newest commuting machine. It is available as an E-bike, an increasingly important category for us in Europe and will be in stores this month, with up to four models available, primarily in Europe. The Contro 1 won a Eurobike design award, one of the most prestigious design awards in the cycling industry. GT also had a strong showing at both shows, with a Eurobike award for the new adventure road bike, the GT Grade. Cannondale Sports Store in Carle Place, New York has received a Hub Magazine award for excellence in brand and retail experience. Hub is a leading provider of marketing news and analysis by industry leaders. This is a significant distinction as the mission of our three retail stores is to provide retail options and intelligence for Cannondale dealers across the country. Our UK Cycling Sports Group won the prestigious Bike Distributor of the Year award presented by BikeBiz, a prominent UK industry publication. The award is given to a distributor of brands who has performed best during the year in terms of delivery, sales, marketing and customer service and is judged by a random panel of UK industry figures. As announced in August, Cannondale Pro Cycling and Slipstream Sports are joining forces in Cannondale will become a title and technical bike sponsor and will take an ownership stake in the management, organization of Slipstream Sports, a top American professional cycling organization. Things are coming together nicely and the final team roster will be announced later this month. 8

9 Home Furnishings top line grew 7 percent, with Internet, Dorel Home Products and Costco Home and Office sales driving the quarter. Internet sales represented an increasing proportion of segment sales as growth continues through our customers online channels, as well as through other e- commerce sites. We have added a number of senior people at Ameriwood during the last few months and have created a couple of new positions to help strengthen that business. We re-entered the crib and wooden nursery furniture sector less than two years ago after waiting for the government to finalize new standards. There has been rejuvenated growth in this area and we are seeing increased sales in the mid to high-end range of these products. Jeffrey will now provide the financial perspective. Jeffrey? Jeffrey Schwartz Chief Financial Officer, Dorel Industries Thank you, Martin, and as always, I ll concentrate on the quarter results rather than year-todate. Our revenue increased 10.8 percent to $673 million. The organic revenue increase, removing the impact of foreign exchange and new businesses, was approximately 6 percent. Our pre-tax earnings increased percent to $24.2 million, and net income was $19.5 million, an increase of 75.4 percent. The diluted earnings per share basis, that equates to $0.60 for the quarter versus $0.34 the year before. We ve had a significant amount of either non-reoccurring or one-time items in our Q3 results, so I d just like to go through them so people understand what we ve done. The appreciation of the US 9

10 dollar has had a negative effect on both the Juvenile and Recreation and Leisure segments because we are a global company. That number versus the same quarter in 2013 was about $5 million of cost to us. This was offset by the effect of the exchange rate on the revaluation of the put option liabilities, which represented a swing of about $6.6 million versus the previous year. However, for the quarter, our gain was only $3,100,000 this year, and last year, we had a $3.5 million loss in the time period. Total expenses related to the Cannondale Pro Cycling teams, non-reoccurring cost and the restructuring in the Recreation/Leisure segment was $5.4 million, and just to remind everybody, last year in the quarter, we had a pre-tax expense of $8 million related to an unfavourable car seat product liability case. So those are all kind of the large non-reoccurring or one-time charges that we had, or the effect of the exchange rate on our numbers. Now I ll get into some detail about the numbers. Gross profit for the Company as a percent of sales increased 30 basis points to 22.5 from 22.2 last year. Gross profit increases were in the Juvenile segment, partially offset by decreases in the Recreation/Leisure and Home Furnishing. Selling expenses increased by 6.8 percent or 12 $6.8 million, sorry, or 12.4 percent, so that includes the $4.5 million related to the changes in the Cannondale Pro Cycling team. What s happened there is the signature of a new agreement with Slipstream Sports has led to a non-cash write-off of the equity investment we had in the Brixia associated team of $3.4 million. In addition to that, we had to fund the current Brixia team by an additional $1.1 million because of a 10

11 shortfall from sponsorship, which occurred basically because we knew once we knew we were getting out of the team for next year, there was no point trying to increase the sponsorship on the old team. So that number ended up being about 1.1 which won t recur with the new team next year. So excluding these amounts, as well as the impact of the acquisition of Tiny Love and Caloi, selling expenses actually decreased by 0.8 percent. General and administrative expenses decreased by $9.4 million; however, in there, we ve got a gain of $3.1 million related to the unrealized foreign exchange loss or, sorry, an unrealized foreign exchange gain on the put option, and last year, we had a loss in that area of $3.5 million, and again, last year included the $8 million car seat charge that we had in the third quarter of So excluding all of those amounts, as well as the impact of acquired companies, general and administrative expenses increased by $1.9 million, representing 7.4 percent of revenue, and last year, they were 7.6 percent of revenue in Finance expenses increased by $4 million to $9.5 million from $5.5 million last year. Included in the finance expense is the amount of $1.8 million related to accretion interest on the put option liabilities compared to $1.1 million that we had in that area last year. Tax rate, 19.4 percent versus with a recovery last year of 8.6 percent. Main causes of the variation, again, are changes in jurisdictions in which we generated our income and the recognition in 2013 of a tax benefit pertaining to the adjustment of tax balances following a foreign reorganization. 11

12 As we look over just to the Juvenile business now, revenue was $260.7 million, an increase of 9.1 percent. Organic revenue increased by about 5 percent for the Juvenile business. Organic revenue growth for the segment overall was driven by Latin America, Europe and Australia. Gross profits increased by 90 basis points to 28.1 percent. Operating profit for the quarter was $16.1 million, an increase of from the $5 million in 2013, but again, 2013 included an $8 million charge related to the car seat case. So excluding the impact of the acquisition of Tiny Love in 14 and the charge, our operating profit increased by 13.1 percent. Dorel Juvenile Europe was the main driver of the increased operating profit due to improved gross margins and operating costs that were well contained. With the exception of Dorel USA, operating profits in all our divisions were impacted negatively due to the weakening of their foreign exchange currency versus the US, reducing the segment s operating profit by about $4 million versus last year same time. We move over to Recreational and Leisure, revenue increased by 34.9 percent $34.9 million, sorry, or 15.1 percent to $256.5 million. Again, from an organic standpoint, revenue increased by about 6 percent. The increase in revenue for the segment was driven partially by the improved weather conditions when compared to last year. Overall markets in the IBD channels, particularly Europe and Japan, as well as sales to the North American mass market channel are also contributed to the organic growth. 12

13 Adjusted operating profit excluding restructuring costs increased by $1.6 million or 11 percent to $15.7 million. Excluding restructuring costs, adjusted gross margins increased 10 basis points to 23.5 percent from 23.4 percent. Gross margins improved due to higher volume and favourable sales mix in the mass market. The improvement was reduced by the weakening of the foreign exchange currencies, as I talked about before, but the net impact on the Recreational and Leisure was only $1 million versus the quarter last year. Selling expenses increased by 24.5 percent; however, if you take out the impact of Caloi that we bought last year, as well as the costs related to the Pro Cycling team, selling expenses actually declined by 2.3 percent. General and administrative expenses were up by 4.1 percent but excluding the expenses of Caloi, the actual increase an actual number was a decrease of 10.4 percent. Then restructuring costs in the quarter were $0.9 million this year and nothing last year. In Home Furnishings, revenue increased by $9 million or 6.6 percent. Operating profit was $5.5 million versus $5.8 million, a decrease of $0.4 million. Gross profit, 11.2 percent versus a decrease which is a decrease of 20 basis points from the 11.4 last year. We had some input costs rising slightly versus last year, particularly particle board, but gross profits deteriorated due to the impact of a higher proportion of sales of lower margin product. Not a lot to say in that area. We re looking for a better Q4, which will make up for any shortfall we had in Q3, for sure. 13

14 Liquidity, from that point of view, a few items. You know, our financial statement shows inventory of $583 million, an increase of 5 percent from December of The increase is mainly in Recreational and Leisure due to both the acquisition of Caloi, of course, which represents more than half the increase, as well as an increase in a number of toy-related items that will be shipped in the fourth quarter to our mass market business. With that, I ll pass it back to you, Martin. Martin Schwartz President and Chief Executive Officer, Dorel Industries Okay, thank you, Jeffrey. For our outlook, we are on-track for a much improved year in Recreation/Leisure. With improved earnings at Cannondale Sports Group and Pacific Cycle, we fully expect to deliver much better results for the fourth quarter versus last year. Both CSG and Pacific Cycle will build on 2014 s solid year-to-date gains, while Caloi will benefit from the addition of the Cannondale GT and Schwinn brands in the Brazilian markets. In Juvenile, based on current levels, the strength of the US dollar against our operating currencies in other geographies will also impact the fourth quarter, but despite this, and though fourth quarter Juvenile results will be below last year, full year earnings are expected to exceed Excluded is the impact of the costs associated with integrating the Lerado operations and transitioning supply to our newly-owned Asian-based facilities. Home Furnishings should maintain this year s steady performance and we anticipate the fourth quarter will be better than last year. I am pleased that our teams have worked diligently through the 14

15 nine months of 2014 to rebuild after a difficult Not only have we posted significantly improved results, in addition, many projects have been launched to position us for an even better We are conscious of the macro challenges such as an uncertain economy and fluctuating exchange rates in many markets, but with Dorel s broadened geographic footprint and diversified product line, we remain confident about I ll now ask the operator to open the lines for your questions, but please remember, limit your questions to only two on the first round. Operator, please. Q & A Operator Thank you. Ladies and gentlemen, we will now conduct the question and answer session. If you have a question, please press the star, followed by the one, on your touchtone phone. You will hear a tone acknowledging your request. Your questions will be polled in the order they are received. Please ensure you lift the handset if you are using a speakerphone before pressing any keys. One moment, please, for your first question. Your first question comes from Derek Lessard with TD Securities. Please go ahead. Derek Lessard Analyst, TD Securities 15

16 Yes, good afternoon everyone, and congratulations on a good quarter. You pointed to strong overseas growth in the IBD channel. Maybe just wonder if you could add some colour as to what you re seeing in the US, how the trends are, how 2015 is shaping up early in the selling season? Jeffrey Schwartz Chief Financial Officer, Dorel Industries I mean, the US is still much more sluggish for us at least than it is in Europe and some of the overseas markets. It s good. You know, it s good. It s just we re not seeing the same level of growth, and again, people I think are still (inaudible) a cautious 14 because of what happened in 2013, and I think dealers are still relatively cautious, so you know, we have a cautious outlook as well for the US market. Derek Lessard Analyst, TD Securities Okay. Can you talk maybe about what it means for you guys to have exited the Brixia partnership and what we should expect in terms of sponsorship of the pro team level next year and, you know, the potential cost savings, if there are any? Jeffrey Schwartz Chief Financial Officer, Dorel Industries Yes. Well, first I mean, there was a Brixia partnership at one point until our partner pulled out, so we were kind of forced to buy the rest of Brixia as we still wanted to have any type of sponsorship, and that s kind of where we got stuck owning all of Brixia. So there wasn t much of a it wasn t a partnership anymore, and we decided that it s more efficient for us to be a sponsor of a team unless, 16

17 what I ll say, professional team owners manage the team, run the team. We ll focus on the marketing end of it. We ll have our brand exposed, and we don t have any sort of downside like we ve had here. I mean, this cost us money that we didn t want to spend and going forward and, you know, we know what our commitment is and we don t have to go out and live beyond that commitment, which we had to do this year and fund the team s shortfalls for any type of sponsorship. So we are expecting to spend less money and have what I think is going to be a better team next year and a more competitive team, and I think it s going to help us. I think we re going to get a lot of a lot more sort of marketing exposure next year than we did in Derek Lessard Analyst, TD Securities Okay, and just a follow-up on that. Does it preclude you guys from sponsoring anybody else at that level, or even lower than the World Tour? Jeffrey Schwartz Chief Financial Officer, Dorel Industries We do have other teams. We have mountain bike teams, we have downhill teams. We have other teams, we have other individual athletes that we sponsor, but we re only going to sponsor one pro team, like one, you know, (inaudible) team, yes. Martin Schwartz President and Chief Executive Officer, Dorel Industries 17

18 The other ones, the downhill, the mountain, they re all pro teams and we ve got teams, you know, in those events as well. Derek Lessard Analyst, TD Securities Okay. Thanks. Operator Your next question comes from Anthony Zicha with Scotiabank. Your line is now open. Anthony Zicha Analyst, Scotiabank Yes, hi. Good afternoon gentlemen. Martin, with reference to the transition to Lerado, is there a potential of a restructuring charge that could occur this year or next year, and when do you think the deal would be accretive? Jeffrey Schwartz Chief Financial Officer, Dorel Industries I ll answer that, Tony. Yes, there probably will be some restructurings again, probably Q4 as we go through. I mean, we ve had to, you know, move product over from other factories to Lerado. There s going to be write-offs on moulds and tooling, as an example. There s a number of stuff. We have to go in and see if there s anything we re going to do different. I mean, we re restructuring the way we do our business, so is it possible? Yes, it s probably possible. We don t have the number, certainly today, so you 18

19 know, that s not going to be something we can talk about, and even the exact timing on it is you know, we closed on it a couple of days ago. But it would make sense that something some assets that we were using in the past aren t going to be needed anymore. Anthony Zicha Analyst, Scotiabank Mm-hmm. Jeffrey Schwartz Chief Financial Officer, Dorel Industries So that s possible, and from accretion, it s just early. It s just early to let you know you know, we re making our changes. We re we well, I think what people need to understand is we bought a factory. It used to operate as a company doing one set of things, and today, it s going to do (cross talking). Anthony Zicha Analyst, Scotiabank Okay, and there ll be more employees in the same factory? Martin Schwartz President and Chief Executive Officer, Dorel Industries More employees? Well, not you know, factory employees, no, but management, yes. We ve brought in some you know, several new people, filled up some spots that were vacant. You know, we 19

20 feel to make that place very efficient and cost effective, we need the proper people, and this is what we re working on now. Anthony Zicha Analyst, Scotiabank Okay. Then, Martin, knowing that you re one of the biggest users of the Ports of Los Angeles with trans-pacific shipments, we ve been reading and researching at the Port of Los Angeles and Long Beach, there are severe log jams, as containership mentions certain manufacturers are getting delays. Is there any impact for your merchant deliveries, or have you re-routed cargo? Martin Schwartz President and Chief Executive Officer, Dorel Industries Well, no, let me explain how we ve been doing our container imports. You know, a while ago, okay, we started moving containers to different ports along the West Coast, whether it be in Oakland, Vancouver, Prince Rupert, okay, and we ve done a lot of all-water containers and bringing them around through Panama to Savannah and to Eastern Canada, so we re very spread out. Anthony Zicha Analyst, Scotiabank Mm-hmm. Martin Schwartz President and Chief Executive Officer, Dorel Industries 20

21 Okay, so now that, you know, it s not the bulk of our containers going into Long Beach and it has slowed a little bit. We re watching it carefully. What we re doing is we re loading containers quicker in Asia, okay, you know, earlier than we normally would to offset whatever delay we face in California. So it s affecting a little bit but it s not it s far from critical. Anthony Zicha Analyst, Scotiabank Okay, and any impact on cost? Martin Schwartz President and Chief Executive Officer, Dorel Industries Not really, no. Anthony Zicha Analyst, Scotiabank No? Jeffrey Schwartz Chief Financial Officer, Dorel Industries I mean it s not a material number. I mean, it s there s no question we ve had a number of containers delayed, but I think other companies have had a lot worse problems than we ve had. Anthony Zicha Analyst, Scotiabank Okay. Thank you. 21

22 Operator Your next question comes from Dave King with Roth Capital. Please go ahead. Joe Bess Analyst, Roth Capital Good afternoon guys. This is Joe Bess on for Dave. My first question is regarding the Juvenile business and thinking a little bit more about your guidance. It looks like for the year you re forecasting an improvement year-over-year, both on an operating and EPS basis, but looking at it on the low end, it still kind of implies that it could be down fairly significantly in Q4. Just trying to get a better sense on what the currency impact of that is, and just maybe a little bit more colour on how you see that trending year-over-year or sequentially? Jeffrey Schwartz Chief Financial Officer, Dorel Industries Yes, I mean I think we ve said that we re probably going to be down in the quarter, but we re still maintaining that we re going to be ahead of last year. The quarter, no, it s not a significant reduction. It s a small it s not significant. There is some currency but there s a couple of other things, particularly in Europe, where Martin talked about some new products, some major new products being introduced that were introduced at the last show. The timing on those products for sales is probably December/January/February shipping and we re in Q4, we re laying out the marketing plan and the on the launch of those products. So we ve got a little disconnect on the spend versus the revenue 22

23 recognition on when those products are going to come in, so we re expecting Europe, even though the trends are good, to actually to be down a little bit because of, you know, the marketing launches. Joe Bess Analyst, Roth Capital Okay, great. Thanks for that. Then can I get little bit more about the Lerado acquisition? On the call, you mentioned that you think that you ll be able to get products out the door a little bit faster through the acquisition. Just trying to get a better sense on what you think working capital could be associated with that and what maybe inventory turns would change how inventory turns would change. Jeffrey Schwartz Chief Financial Officer, Dorel Industries I guess what I m going to use this time because I think I ve had and rightfully so, every analyst has asked for a little more help in trying to build a model with Lerado inside, and they ve looked at historical numbers and they ve asked us, and I think, you know, the challenge that we ve got from building that model as well, internally, and that you ve got is that, you know, the company that we look at, the old Lerado company, sold to customers that, in the mid to long-term, won t be there anymore. They made products for those customers that we re not going to make anymore. The factory is going to be reconfigured for our needs, making new products that have never been made in the past. 23

24 You know, we re going to have a different management team than before, a different purchasing group than in the past and even the SG&A profile will be very different as we move from getting businesses from an external customer base to inter-company sales. So we re really changing everything that kind of, you know, occurred in the past. I mean, in addition, they were a public company and had other expenses that we don t need any more. They had you know, and I ll give another (audio interference). They had factories set up like, on their main campus, there s 18 buildings. They would have a building just for Dorel and then another building just for another customer and another building for another customer, and all that was set up for marketing purposes, so that, you know, you could tell Dorel that, Don t worry; you have your own building and you have your own employees on our campus building stuff just for you. The problem with that is it s extremely inefficient. You d be running different products down assembly lines with the only thing that was in common was who the customer was going to be. So, you know, moving forward, we re going to be much more efficient, and it s difficult because of these changes that we re doing to estimate the impact, you know, today to estimate the impact on inventories, on margins, on all of that, and we think everything is going to be a positive impact but it s too early at this stage given that it was closed a few days ago to anticipate exactly what the financial impact s going to be, other than we re all convinced it s going to be better. Joe Bess Analyst, Roth Capital 24

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