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Motorcar Parts Of America Reports Fiscal 2013 Third Quarter

Stocks in this article: MPAA

Net sales for the fiscal 2013 nine-month period increased to $316.9 million from $262.2 million for the same period last year. Results for the nine-month period 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. As anticipated due to the impact of the company's undercar product line segment transition and turnaround, the company reported a consolidated net loss for the fiscal 2013 nine-month period of $17.9 million, or $1.25 per share, compared with a consolidated net loss of $35.6 million, or $2.86 per share, for the comparable period a year earlier.

Net sales for fiscal 2013 nine-month period for the rotating electrical segment increased 20.7 percent to $155.1 million from $128.5 million for the same period last year. Gross profit for rotating electrical was $51.2 million compared with $40.5 million a year earlier. Gross profit as a percentage of sales for the rotating electrical segment for the nine months increased to 33.0 percent from 31.5 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 for the nine months was $30.8 million compared with $21.9 million for the same period a year earlier.

Consolidated gross profit for the fiscal 2013 nine months was $52.9 million compared with $20.4 million for the same period a year ago. Gross profit as a percentage of net sales for the same period was 16.7 percent compared with 7.8 percent in the same period last year.

"Results for the quarter and nine months reflect continued positive momentum in our rotating electrical segment. We have made continued progress in our transition of the company's undercar segment -- highlighted by the commencement of new undercar product shipments from Torrance, California; exiting the third-party operated distribution in Pennsylvania; the identification of further cost-reductions and streamlining opportunities; and, the relocation of accounting personnel to Torrance from Toronto along with the implementation of our new ERP system. While the transition is progressing well, we are adapting to the new challenges of a downsized Fenco," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts.

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