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Motorcar Parts Of America Reports Fiscal 2013 Second Quarter

Stocks in this article: MPAA

These non-GAAP adjusted financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company's results of operations and the factors and trends affecting the Company's business. However, these non-GAAP adjusted financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Beginning with the first quarter of fiscal year 2012, the Company has begun providing segment information. The two segments are defined as rotating electrical and acquired Fenco products now referred to as the undercar segment. Currently all corporate expenses are included under the rotating electrical segment.  Income statement information relating to the Company's reportable segments for the three months and six months ended September 30, 2012 is as follows:

Reconciliation of Non-GAAP Financial Measures                 Exhibit 1  
                   
  Three months ended September 30, 2012 (Unaudited)
                Adjusted  
  Rotating Undercar     As Reported  Adjustment    Consolidated  
Income statement Electrical Product Line  (1)  Eliminations Consolidated  (Non-GAAP)   (3)   (Non-GAAP)   
Net sales  $ 57,652,000  $ 53,980,000    $ --   $ 111,632,000  $ 1,317,000  (4)   $ 112,949,000  
Cost of goods sold  37,556,000  57,355,000    --   94,911,000  (2,754,000)  (5)   92,157,000  
Gross profit (loss)  20,096,000  (3,375,000)    --   16,721,000  4,071,000    20,792,000  
Gross margin 34.9% -6.3%  (2)    15.0%     18.4%  
Operating expenses:                  
General and administrative  4,392,000  6,801,000    --   11,193,000  (3,247,000)  (6)   7,946,000  
Sales and marketing  1,724,000  2,180,000    --   3,904,000  (747,000)  (7)   3,157,000  
Research and development  461,000  --     --   461,000      461,000  
Total operating expenses  6,577,000  8,981,000    --   15,558,000  (3,994,000)    11,564,000  
Operating income (loss)  13,519,000  (12,356,000)    --   1,163,000  8,065,000    9,228,000  
Interest expense  3,093,000  3,069,000    --   6,162,000  --   (8)   6,162,000 (B)
Income (loss) before income tax expense  10,426,000  (15,425,000)    --   (4,999,000)  8,065,000    3,066,000  
Income tax expense  3,923,000  11,000    --   3,934,000  (431,000)  (9)   3,503,000 (B)
Net income (loss)  $ 6,503,000  $ (15,436,000)    $ --   $ (8,933,000)  $ 8,496,000    $ (437,000) (A)
Undercar product lines not supported           795,000  (10)  795,000  
Net income (loss) - Adjusted            $ 9,291,000    $ 358,000  
                   
Diluted net income (loss) per share          $ (0.62)  $ 0.59    $ (0.03)  
Undercar product lines not supported            $ 0.05  (10)   $ 0.05  
Diluted net income (loss) per share - Adjusted            $ 0.64    $ 0.02  
Weighted average number of shares outstanding:                  
Diluted         14,456,921 14,456,921   14,456,921  
Depreciation and amortization                1,342,000 (B)
Adjusted EBITDA - Sum of (A) and (B)                $ 10,570,000  
Undercar product lines not supported                795,000  
Adjusted EBITDA total                $ 11,365,000  
                   
(1) The total of contractual customer penalties/unique customer allowances, third-party warehouse exit termination fees, severance, unusual freight expenses, acquisition-related general and administrative expenses including financing and other professional fees, intersegment interest expense and product lines not supported has an EPS impact of $0.71 for the Undercar product line segment.
(2) The total of contractual customer penalties/unique customer allowances, third-party warehouse exit termination fees, severance and unusual freight expenses has a gross profit margin impact of 7.6% for the Undercar product line segment. Adjusted further for the impact on gross margins from the loss from Undercar product lines not supported of 1.5%, total gross margin would have been 2.8% for the Undercar product line segment.
(3) See following Exhibits for detailed segment analysis of results of operations.
                   
  Rotating Undercar              
  Electrical Product Line   Total          
(4) Contractual customer penalties/unique customer allowances     1,317,000    1,317,000          
(5) Third-party warehouse exit termination fees    1,402,000    1,402,000          
Severance    1,272,000    1,272,000          
Unusual freight expenses    80,000    80,000          
Total    2,754,000    2,754,000          
(6) Financing, severance, professional and other fees  300,000  3,445,000    3,745,000          
Mark-to-market (gain)/loss  (498,000)      (498,000)          
Total  (198,000)  3,445,000    3,247,000          
(7) Severance    747,000    747,000          
(8) Intersegment interest income for the rotating electrical segment and intersegment interest expense for the Undercar product line segment is $1,273,000.
(9) Tax effected for Rotating Electrical at 39% tax rate and Undercar product line at 0% tax rate after further adjusting for intercompany interest income and expense.
(10) Certain Undercar product lines not supported resulted in a loss for the period from July 1, 2012 to September 30, 2012 of $795,000 - ($0.05) per share.
                   
                   
Reconciliation of Non-GAAP Financial Measures               Exhibit 2  
                   
  Six months ended September 30, 2012 (Unaudited)
                Adjusted  
  Rotating Undercar     As Reported  Adjustment    Consolidated  
Income statement Electrical Product Line  (1)  Eliminations Consolidated  (Non-GAAP)   (3)   (Non-GAAP)   
Net sales  $ 104,451,000  $ 96,204,000    $ --   $ 200,655,000  $ 3,382,000  (4)   $ 204,037,000  
Cost of goods sold  69,536,000  102,284,000    --   171,820,000  (2,799,000)  (5)   169,021,000  
Gross profit (loss)  34,915,000  (6,080,000)    --   28,835,000  6,181,000    35,016,000  
Gross margin 33.4% -6.3%  (2)    14.4%     17.2%  
Operating expenses:                  
General and administrative  10,306,000  12,451,000    --   22,757,000  (5,972,000)  (6)   16,785,000  
Sales and marketing  3,496,000  3,947,000    --   7,443,000  (747,000)  (7)   6,696,000  
Research and development  897,000  --     --   897,000  --     897,000  
Total operating expenses  14,699,000  16,398,000    --   31,097,000  (6,719,000)    24,378,000  
Operating income (loss)  20,216,000  (22,478,000)    --   (2,262,000)  12,900,000    10,638,000  
Interest expense  5,989,000  5,257,000    --   11,246,000  --   (8)   11,246,000 (B)
Income (loss) before income tax expense  14,227,000  (27,735,000)    --   (13,508,000)  12,900,000    (608,000)  
Income tax expense  5,357,000  (70,000)    --   5,287,000  (599,000)  (9)   4,688,000 (B)
Net income (loss)  $ 8,870,000  $ (27,665,000)    $ --   $ (18,795,000)  $ 13,499,000    $ (5,296,000) (A)
Undercar product lines not supported            1,506,000  (10)  1,506,000  
Net income (loss) - Adjusted            $ 15,005,000    $ (3,790,000)  
                   
Diluted net income (loss) per share          $ (1.32)  $ 0.95    $ (0.37)  
Undercar product lines not supported            $ 0.11  (10)   $ 0.11  
Diluted net income (loss) per share - Adjusted            $ 1.06    $ (0.27)  
Weighted average number of shares outstanding:                  
Diluted         14,192,235 14,192,235   14,192,235  
Depreciation and amortization.                2,728,000 (B)
Adjusted EBITDA - Sum of (A) and (B)                $ 13,366,000  
Undercar product lines not supported                1,506,000  
Adjusted EBITDA total                $ 14,872,000  
                   
(1) The total of contractual customer penalties/unique customer allowances, third-party warehouse exit termination fees, severance, unusual freight expenses, acquisition-related general and administrative expenses including financing and other professional fees, intersegment interest expense and product lines not supported has an EPS impact of $1.16 for the Undercar product line segment.
(2) The total of contractual customer penalties/unique customer allowances, third-party warehouse exit termination fees, severance and unusual freight expenses has a gross profit margin impact of 6.4% for the Undercar product line segment. Adjusted further for the impact on gross margins from the loss from Undercar product lines not supported of 1.5%, total gross margin would have been 1.6% for the Undercar product line segment.
(3) See following Exhibits for detailed segment analysis of results of operations.
                   
  Rotating Undercar              
  Electrical Product Line   Total          
(4) Contractual customer penalties/unique customer allowances   --   3,382,000    3,382,000          
(5) Third-party warehouse exit termination fees  --   1,402,000    1,402,000          
Severance  --   1,272,000    1,272,000          
Unusual freight expenses  --   125,000    125,000          
Total  --   2,799,000    2,799,000          
(6) Financing, severance, professional and other fees  539,000  5,831,000    6,370,000          
Mark-to-market (gain)/loss  (398,000)  --     (398,000)          
Total  141,000  5,831,000    5,972,000          
(7) Severance  --   747,000    747,000          
(8) Intersegment interest income for the rotating electrical segment and intersegment interest expense for the Undercar product line segment is $2,168,000.
(9) Tax effected for Rotating Electrical at 39% tax rate and Undercar product line at 0% tax rate after further adjusting for intercompany interest income and expense.
(10) Certain Undercar product lines not supported resulted in a loss for the period from April 1, 2012 to September 30, 2012 of $1,506,000 - ($0.11) per share.
           
Reconciliation of Non-GAAP Financial Measures       Exhibit 3  
           
  Three months ended September 30, 2012 (Unaudited)
        Adjusted  
  As Reported     Undercar  
  Undercar Adjustment   Product Line  
Income statement Product Line (Non-GAAP)  (1)  (Non-GAAP)  
Net sales  $ 53,980,000  $ 1,317,000  (3)   $ 55,297,000  
Cost of goods sold  57,355,000  (2,754,000)  (4)   54,601,000  
Gross profit (loss)  (3,375,000)  4,071,000    696,000  
Gross margin -6.3%     1.3% (2) 
Operating expenses:          
General and administrative  6,801,000  (3,445,000)  (5)   3,356,000  
Sales and marketing  2,180,000  (747,000)  (6)   1,433,000  
Total operating expenses  8,981,000  (4,192,000)    4,789,000  
Operating income (loss)  (12,356,000)  8,263,000    (4,093,000)  
Interest expense  3,069,000  (1,273,000)  (7)   1,796,000 (B)
Income (loss) before income tax expense  (15,425,000)  9,536,000    (5,889,000)  
Income tax expense  11,000  --   (8)   11,000 (B)
Net income (loss)  $ (15,436,000)  $ 9,536,000    $ (5,900,000) (A)
Undercar product lines not supported        795,000 (9) 
Net income (loss) - Adjusted        $ (5,105,000)  
           
Diluted net income (loss) per share        $ (0.41)  
Undercar product lines not supported        $ 0.05 (9) 
Diluted net income (loss) per share - Adjusted        $ (0.35)  
Weighted average number of shares outstanding:          
Diluted       14,456,921  
Depreciation and amortization        638,000 (B)
Adjusted EBITDA - Sum of (A) and (B)        $ (3,455,000)  
Undercar product lines not supported        795,000  
Adjusted EBITDA total        $ (2,660,000)  
           
(1) The total of contractual customer penalties/unique customer allowances, third-party warehouse exit termination fees, severance, unusual freight expenses, acquisition-related general and administrative expenses including financing and other professional fees, intersegment interest expense and product lines not supported has an EPS impact of $0.71 for the Undercar product line segment.
(2) The total of contractual customer penalties/unique customer allowances, third-party warehouse exit termination fees, severance and unusual freight expenses has a gross profit margin impact of 7.6% for the Undercar product line segment. Adjusted further for the impact on gross margins from the loss from Undercar product lines not supported of 1.5%, total gross margin would have been 2.8% for the Undercar product line segment.
(3) Contractual customer penalties/unique customer allowances   1,317,000        
(4) Third-party warehouse exit termination fees  1,402,000        
Severance  1,272,000        
Unusual freight expenses  80,000        
Total  2,754,000        
(5) Financing, severance, professional and other fees  3,445,000        
(6) Severance  747,000        
(7) Intersegment interest expense for the Undercar product line segment is $1,273,000.
(8) Tax effected for Undercar product line at 0% tax rate.
(9) Certain Undercar product lines not supported resulted in a loss for the period from July 1, 2012 to September 30, 2012 of $795,000 - ($0.05) per share.
           
Reconciliation of Non-GAAP Financial Measures       Exhibit 4  
           
  Six months ended September 30, 2012 (Unaudited)
        Adjusted  
  As Reported     Undercar  
  Undercar Adjustment   Product Line  
Income statement Product Line (Non-GAAP)  (1)  (Non-GAAP)  
Net sales  $ 96,204,000  $ 3,382,000  (3)   $ 99,586,000  
Cost of goods sold  102,284,000  (2,799,000)  (4)   99,485,000  
Gross profit (loss)  (6,080,000)  6,181,000    101,000  
Gross margin -6.3%     0.1% (2) 
Operating expenses:          
General and administrative  12,451,000  (5,831,000)  (5)   6,620,000  
Sales and marketing  3,947,000  (747,000)  (6)   3,200,000  
Total operating expenses  16,398,000  (6,578,000)    9,820,000  
Operating income (loss)  (22,478,000)  12,759,000    (9,719,000)  
Interest expense  5,257,000  (2,168,000)  (7)   3,089,000 (B)
Income (loss) before income tax expense  (27,735,000)  14,927,000    (12,808,000)  
Income tax expense  (70,000)  --   (8)   (70,000) (B)
Net income (loss)  $ (27,665,000)  $ 14,927,000    $ (12,738,000) (A)
Undercar product lines not supported        1,506,000 (9) 
Net income (loss) - Adjusted        $ (11,232,000)  
           
Diluted net income (loss) per share        $ (0.90)  
Undercar product lines not supported        $ 0.11 (9) 
Diluted net income (loss) per share - Adjusted        $ (0.79)  
Weighted average number of shares outstanding:          
Diluted       14,192,235  
Depreciation and amortization        1,289,000 (B)
Adjusted EBITDA - Sum of (A) and (B)        $ (8,430,000)  
Undercar product lines not supported        1,506,000  
Adjusted EBITDA total        $ (6,924,000)  
           
(1) The total of contractual customer penalties/unique customer allowances, third-party warehouse exit termination fees, severance, unusual freight expenses, acquisition-related general and administrative expenses including financing and other professional fees, intersegment interest expense and product lines not supported has an EPS impact of $1.16 for the Undercar product line segment.
(2) The total of contractual customer penalties/unique customer allowances, third-party warehouse exit termination fees, severance and unusual freight expenses has a gross profit margin impact of 6.4% for the Undercar product line segment. Adjusted further for the impact on gross margins from the loss from Undercar product lines not supported of 1.5%, total gross margin would have been 1.6% for the Undercar product line segment.
(3) Contractual customer penalties/unique customer allowances   3,382,000        
(4) Third-party warehouse exit termination fees  1,402,000        
Severance  1,272,000        
Unusual freight expenses  125,000        
Total  2,799,000        
(5) Financing, severance, professional and other fees  5,813,000        
(6) Severance  747,000        
(7) Intersegment interest expense for the Undercar product line segment is $2,168,000.
(8) Tax effected for Undercar product line at 0% tax rate.
(9) Certain Undercar product lines not supported resulted in a loss for the period from April 1, 2012 to September 30, 2012 of $1,506,000 - ($0.11) per share.
           
Reconciliation of Non-GAAP Financial Measures       Exhibit 5  
           
  Three months ended September 30, 2012 (Unaudited)
        Adjusted  
  As Reported     Rotating  
  Rotating Adjustment   Electrical  
Income statement Electrical (Non-GAAP)   (Non-GAAP)  
           
Net sales  $ 57,652,000  $ --     $ 57,652,000  
Cost of goods sold  37,556,000  --     37,556,000  
Gross profit  20,096,000  --     20,096,000  
Gross margin 34.9%     34.9%  
Operating expenses:          
General and administrative  4,392,000  198,000  (1)   4,590,000  
Sales and marketing  1,724,000  --     1,724,000  
Research and development  461,000  --     461,000  
Total operating expenses  6,577,000  198,000    6,775,000  
Operating income  13,519,000  (198,000)    13,321,000  
Interest expense  3,093,000  1,273,000  (2)   4,366,000 (B)
Income before income tax expense  10,426,000  (1,471,000)    8,955,000  
Income tax expense  3,923,000  (431,000)  (3)   3,492,000 (B)
Net income  $ 6,503,000  $ (1,040,000)    $ 5,463,000 (A)
           
Diluted net income per share      $ 0.39  
Weighted average number of shares outstanding:          
Diluted     14,139,628 (4) 
Depreciation and amortization    704,000 (B)
Adjusted EBITDA - Sum of (A) and (B)        $ 14,025,000  
           
(1) Financing and other fees  300,000        
Mark-to-market (gain)/loss  (498,000)        
Total  (198,000)        
(2) Intersegment interest expense for the Undercar product line segment is $1,273,000.
(3) Tax effected for Rotating Electrical at 39% tax rate.
(4) Excludes the impact of 360,000 shares in connection with the consideration for the May 6, 2011 Fenco acquisition.
           
           
Reconciliation of Non-GAAP Financial Measures       Exhibit 6  
           
  Six months ended September 30, 2012 (Unaudited)
        Adjusted  
  As Reported     Rotating  
  Rotating Adjustment   Electrical  
Income statement Electrical (Non-GAAP)   (Non-GAAP)  
Net sales  $ 104,451,000  $ --     $ 104,451,000  
Cost of goods sold  69,536,000  --     69,536,000  
Gross profit  34,915,000  --     34,915,000  
Gross margin 33.4%     33.4%  
Operating expenses:          
General and administrative  10,306,000  (141,000)  (1)   10,165,000  
Sales and marketing  3,496,000  --     3,496,000  
Research and development  897,000  --     897,000  
Total operating expenses  14,699,000  (141,000)    14,558,000  
Operating income  20,216,000  141,000    20,357,000  
Interest expense  5,989,000  2,168,000  (2)   8,157,000 (B)
Income before income tax expense  14,227,000  (2,027,000)    12,200,000  
Income tax expense  5,357,000  (599,000)  (3)   4,758,000 (B)
Net income  $ 8,870,000  $ (1,428,000)    $ 7,442,000 (A)
           
Diluted net income per share        $ 0.54  
Weighted average number of shares outstanding:          
Diluted       13,888,715 (4) 
Depreciation and amortization        1,439,000 (B)
Adjusted EBITDA - Sum of (A) and (B)        $ 21,796,000  
           
(1) Financing and other fees  539,000        
Mark-to-market (gain)/loss  (398,000)        
Total  141,000        
(2) Intersegment interest expense for the Undercar product line segment is $2,168,000.      
(3) Tax effected for Rotating Electrical at 39% tax rate.          
(4) Excludes the impact of 360,000 shares in connection with the consideration for the May 6, 2011 Fenco acquisition.  
           
           
Reconciliation of Non-GAAP Financial Measures       Exhibit 7  
           
  Three months ended September 30, 2011 (Unaudited)
        Adjusted  
  As Reported     Rotating  
  Rotating Adjustment   Electrical  
Income statement Electrical (Non-GAAP)   (Non-GAAP)  
Net sales  $ 46,573,000  $ (836,000)  (1)   $ 45,737,000  
Cost of goods sold  31,482,000  --     31,482,000  
Gross profit  15,091,000  (836,000)    14,255,000  
Gross margin 32.4%     31.2%  
Operating expenses:          
General and administrative  7,004,000  (2,911,000)  (2)   4,093,000  
Sales and marketing  1,897,000  (96,000)  (3)   1,801,000  
Research and development  401,000  --     401,000  
Acquisition costs  309,000  (309,000)  (4)   --   
Total operating expenses  9,611,000  (3,316,000)    6,295,000  
Operating income  5,480,000  2,480,000    7,960,000  
Interest expense  734,000  676,000  (5)   1,410,000 (B)
Income before income tax expense  4,746,000  1,804,000    6,550,000  
Income tax expense  1,720,000  835,000  (6)   2,555,000 (B)
Net income  $ 3,026,000  $ 969,000    $ 3,995,000 (A)
           
Diluted net income per share        $ 0.32  
Weighted average number of shares outstanding:          
Diluted       12,452,770 (7) 
Depreciation and amortization        889,000 (B)
Adjusted EBITDA - Sum of (A) and (B)        $ 8,849,000  
           
(1) Intersegment revenue, net of cost of goods sold  836,000        
(2) Fenco, financing, professional and other fees  1,112,000        
Mark-to-market (gain)/loss  1,799,000        
Total  2,911,000        
(3) Fenco related sales and marketing expenses  96,000        
(4) Fenco related acquisition costs  309,000        
(5) Intersegment interest expense for the Undercar product line segment is $676,000.      
(6) Tax effected for Rotating Electrical at 39% tax rate.          
(7) Excludes the impact of 360,000 shares in connection with the consideration for the May 6, 2011 Fenco acquisition.  
           
Reconciliation of Non-GAAP Financial Measures       Exhibit 8  
           
  Six months ended September 30, 2011 (Unaudited)
        Adjusted  
  As Reported     Rotating  
  Rotating Adjustment   Electrical  
Income statement Electrical (Non-GAAP)   (Non-GAAP)  
Net sales  $ 86,365,000  $ (1,612,000)  (1)   $ 84,753,000  
Cost of goods sold  58,518,000  --     58,518,000  
Gross profit  27,847,000  (1,612,000)    26,235,000  
Gross margin 32.2%     31.0%  
Operating expenses:          
General and administrative  12,314,000  (4,087,000)  (2)   8,227,000  
Sales and marketing  3,731,000  (126,000)  (3)   3,605,000  
Research and development  817,000  --     817,000  
Acquisition costs  713,000  (713,000)  (4)   --   
Total operating expenses  17,575,000  (4,926,000)    12,649,000  
Operating income  10,272,000  3,314,000    13,586,000  
Interest expense  1,505,000  945,000  (5)   2,450,000 (B)
Income before income tax expense  8,767,000  2,369,000    11,136,000  
Income tax expense  3,515,000  829,000  (6)   4,343,000 (B)
Net income  $ 5,252,000  $ 1,540,000    $ 6,793,000 (A)
           
Diluted net income per share      $ 0.54  
Weighted average number of shares outstanding:          
Diluted     12,573,725 (7) 
Depreciation and amortization    1,777,000 (B)
Adjusted EBITDA - Sum of (A) and (B)        $ 15,363,000  
           
(1) Intersegment revenue, net of cost of goods sold  1,612,000        
(2) Fenco, financing, professional and other fees  2,200,000        
Mark-to-market (gain)/loss  1,887,000        
Total  4,087,000        
(3) Fenco related sales and marketing expenses  126,000        
(4) Fenco related acquisition costs  713,000        
(5) Intersegment interest expense for the Undercar product line segment is $945,000.      
(6) Tax effected for Rotating Electrical at 39% tax rate.          
(7) Excludes the impact of 289,180 shares in connection with the consideration for the May 6, 2011 Fenco acquisition.  
CONTACT: Gary S. Maier
         Maier & Company, Inc.
         (310) 471-1288

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