Solid Results for MPA, Fenwick Acquisition Nears

Motorcar Parts of America, Inc. today reported solid results for its fiscal 2011 third quarter and nine months ended December 31, 2010.
Net income for the fiscal 2011 third quarter increased 75.3% to $3.8 million, or $0.30 per diluted share, from net income of $2.1 million, or $0.18 per diluted share, for the comparable period a year earlier. Net sales for the fiscal 2011 third quarter increased 13.2% to $41.3 million from $36.5 million for the same period last year. All figures in U.S. dollars.
“The company’s record results for the fiscal third quarter reflect continued solid growth and strong operating performance in our base business. It is a great tribute to an excellent team of people working passionately to build value for our shareholders. We look forward to expanding the company’s product line to include fast-growing under-the-car products through our anticipated acquisition of Fenwick Automotive early in the upcoming fiscal year,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts.
Gross profit for the fiscal 2011 third quarter was $13.2 million compared with $10.9 million for the same period a year ago. Gross profit as a percentage of net sales for the fiscal 2011 third quarter was 31.9% compared with 29.8% in the same quarter a year ago.
Operating income for the fiscal 2011 third quarter increased 27.6% to $6.6 million from $5.2 million in the same period a year ago.
Net income for the fiscal 2011 nine-month period increased 44.4% to $9.8 million, or $0.80 per diluted share, from $6.8 million, or $0.56 per diluted share, a year earlier. Net sales for the nine months increased 9.1% to $118.5 million from $108.6 million in the corresponding period a year ago.
Gross profit for the fiscal 2011 nine-month period was $37.4 million compared with $28.9 million in the same period in fiscal 2010. Gross profit as a percentage of net sales for the same period was 31.6% compared with 26.6% a year earlier.
Operating income for the nine months increased 44.4% to $19.5 million from $13.5 million for the same period in fiscal 2010.

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