LOS ANGELES, Feb. 15, 2013 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today reported results for its fiscal 2013 third quarter ended December 31, 2012 – reflecting record sales for its rotating electrical business and the continued impact of the undercar product line transition.
Net sales for the fiscal 2013 third quarter increased to $116.3 million from $84.1 million for the same period last year. Results for the quarter include revenue of approximately $50.8 million that was recognized as a result of the elimination of the company's obligation to accept core returns from a customer, previously accrued for in the undercar segment. Net income for the same period was $935,000 or $0.06 per diluted share, compared with a net loss of $21.8 million, or $1.74 per share, a year earlier – reflecting gross profit recognition of $19.1 million in fiscal 2013 related to the elimination of the remanufactured core liability noted above net of recognition of related core inventory costs.
Net sales for the rotating electrical segment increased 20.2 percent to $50.7 million from $42.1 million for the prior year third quarter. Gross profit for rotating electrical was $16.3 million compared with $12.6 million a year earlier. Gross profit as a percentage of sales for the rotating electrical segment increased to 32.2 percent from 30.0 percent last year, reflecting higher sales and better absorption of manufacturing overhead. On a non-GAAP basis, Adjusted EBITDA for the company's rotating electrical segment was $9.0 million compared with $6.5 million for the same period a year earlier.Consolidated gross profit for the fiscal 2013 third quarter was $24.0 million compared with negative gross profit of $1.6 million for the same period a year ago. Gross profit as a percentage of net sales for the fiscal 2013 third quarter was 20.7 percent compared with a negative 1.9 percent in the same quarter a year ago.