Motorcar Parts Of America Releases 2009 Fiscal Projection

Motorcar Parts of America Inc. forecasts expected revenues of approximately US$135- 140 million based on projections for its 2009 fiscal year ending next March. This number is largely based upon anticipated timing of product shipments to several new customers.

“Based on current trends, we anticipate near-term sales will be somewhat weaker than anticipated due to the timing of new business shipments. Nevertheless, we anticipate favour-able fiscal year-over-year comparisons for the second half of 2009,” says Selwyn Joffe, chairman, president and chief executive officer.

The company also said it has signed a five-year agreement valued at approximately US$22 million in the aggregate with an OEM automotive parts supplier to provide remanufactured alternators and starters to dealerships and specialty import wholesale parts distributors. In addition, the company has said it has signed a new agreement with a prestigious traditional warehouse group, valued at approximately US$8 million over the next five years.