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Motorcar Parts Of America Reports Fiscal 2012 Fourth Quarter And Year-End Results

LOS ANGELES, Sept. 28, 2012 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today reported results for its fiscal fourth quarter and year ended March 31, 2012 – reflecting record operating results in its rotating electrical business and continued progress in the undercar product line turnaround.

Net sales for the fiscal 2012 fourth quarter increased to $101.5 million from $42.8 million for the same period last year. The company reported a net loss for the fiscal 2012 fourth quarter of $12.9 million, or $1.03 per share, compared with net income of $2.4 million, or $0.19 per diluted share, for the comparable period a year earlier due to the operating losses of the company's undercar product segment as the transition and turnaround of Fenco continues. Excluding certain Fenco-related and non-cash expenses noted in the Reconciliation of Non-GAAP Financial Measures tables below, results for the 2012 fourth quarter on a consolidated basis would have been a loss of $4.0 million, or $0.32 per share. Earnings for the rotating electrical segment would have been $3.7 million, or $0.30 per diluted share, compared with $2.4 million, or $0.19 per diluted share, a year earlier adjusted for a stand-alone tax rate and foreign exchange gains.

Gross profit for the fiscal 2012 fourth quarter was $7.3 million compared with $14.0 million for the same period a year ago -- reflecting the impact of Fenco. Gross profit as a percentage of net sales for the fiscal 2012 fourth quarter was 7.2 percent compared with 32.7 percent in the same quarter a year ago.

Net sales for the full fiscal year increased to $363.7 million from $161.3 million in fiscal 2011. For the same period, the company reported a net loss of $48.5 million, or $3.90 per share, compared with net income of $12.2 million, or $0.99 per diluted share, a year earlier. Excluding certain Fenco-related and non-cash expenses noted in the Reconciliation of Non-GAAP Financial Measures tables below, results for the full fiscal year on a consolidated basis would have been a loss of $10.4 million, or $0.84 per share. Earnings for the rotating electrical segment would have been $13.0 million, or $1.04 per diluted share, compared with $12.2 million, or $0.99 per diluted share, a year earlier adjusted for a stand-alone tax rate and foreign exchange losses.

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