Auto Service World
News   June 13, 2011   by Auto Service World

MPA Reports Strong Quarterly and Year End Results


Motorcar Parts of America, Inc. today reported strong results for its fiscal 2011 fourth quarter and year ended March 31, 2011.
Net sales for the fiscal 2011 fourth quarter increased 10.8% to $42.8 million from $38.6 million for the same period last year. Net income for the fiscal 2011 fourth quarter was $2.4 million, or $0.19 per diluted share, compared with $2.9 million, or $0.24 per diluted share, for the comparable period a year earlier. All figures in U.S. dollars.
Net income for the fourth quarter was impacted by costs related to the company’s Fenco acquisition of approximately $1.0 million, or $0.05 per diluted share, including $879,000 of professional fees. Additionally, as a result of the decrease in the domestic effective tax rate, the company revalued the deferred tax assets to reflect the lower value of deductions taken for book purposes, but not yet allowed for tax purposes. The change in the deferred tax rate resulted in a reduction of the net deferred tax assets and increased the charge to income tax expense of $558,000, or $0.04 per diluted share. Net income before acquisition costs and the higher income tax expense for the fourth quarter was $0.28 per diluted share.
Gross profit for the fiscal 2011 fourth quarter was $14.0 million compared with $12.5 million for the same period a year ago. Gross profit as a percentage of net sales for the fiscal 2011 fourth quarter was 32.7% compared with 32.3% in the same quarter a year ago.
Operating income for the fiscal 2011 fourth quarter increased 22.3% to $5.9 million from $4.8 million a year earlier.
Net sales for the full fiscal year increased 9.6% to $161.3 million from $147.2 million in fiscal 2010. Net income for fiscal 2011 increased 26.7% to $12.2 million, or $0.99 per diluted share, from $9.6 million, or $0.80 per diluted share, a year earlier.
Net income for the full year was affected by costs related to the company’s Fenco acquisition of approximately $1.0 million, or $0.05 per diluted share, including $879,000 of professional fees. Net income before acquisition costs was $1.04 per diluted share.
Gross profit for fiscal 2011 was $51.4 million compared with $41.3 million in fiscal 2010. Gross profit as a percentage of net sales for the same period was 31.9% compared with 28.1% a year earlier.
Operating income for the full fiscal year increased 38.7% to $25.4 million from $18.3 million in fiscal 2010.
“The company’s strong results for the year underscore the success of our offshore business model in rotating electrical. We look forward to applying this model to the multiple product lines we acquired from Fenco,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts.

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