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Motorcar Parts Of America Reports Fiscal 2013 Third Quarter

He noted that during the quarter and subsequent to December 31, 2012, the company repurchased an aggregate 154,447 shares and vested options at an average price of $4.89 for $754,670.

Use of Adjusted EBITDA

We defined Adjusted EBITDA as net income (loss), adjusted for various items relating to discontinued customer, share-based compensation and other matters, plus interest expense, income tax expense and depreciation and amortization. Adjusted EBITDA does not reflect the impact of a number of items that affect the company's net income, including financing, transition and acquisition-related costs. Adjusted EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income or income from operations as a measure of performance, nor as alternative to net cash from operating activities as a measure of liquidity. Adjusted EBITDA has significant limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the company's results as reported under GAAP.  For a reconciliation of net income (loss) to Adjusted EBITDA, see the financial tables included in this press release.

Management will revise the guidance for the company's rotating electrical and undercar business segments during its scheduled conference call later today.

Teleconference and Web Cast

Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific time to discuss the company's financial results and operations.

The call will be open to all interested investors either through a live audio Web broadcast at or live by calling (877)-776-4016 (domestic) or (973)-638-3231 (international). For those who are not available to listen to the live broadcast, the call will be archived for seven days on Motorcar Parts of America's website . A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time today through 8:59 p.m. Pacific time on Thursday, February 21, 2013 by calling (855)-859-2056 (domestic) or (404)-537-3406 (international) and using access code: 99149942.

About Motorcar Parts of America

Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. The company also offers a broad line of under-the-car products – including brake, steering and clutch components. Motorcar Parts of America's products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with remanufacturing facilities located in California, Mexico and Malaysia, and administrative offices located in California, Tennessee, Mexico, Canada, Singapore and Malaysia. Additional information is available at .

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in September 2012 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

(Financial tables follow)
Consolidated Statements of Income
  Three Months Ended Nine Months Ended
  December 31,  December 31, 
  2012 2011 2012 2011
Net sales  $ 116,275,000  $ 84,097,000  $ 316,930,000  $ 262,223,000
Cost of goods sold  92,232,000  85,678,000  264,052,000  241,792,000
Gross profit (loss)  24,043,000  (1,581,000)  52,878,000  20,431,000
Operating expenses:        
General and administrative  12,779,000  10,155,000  35,536,000  29,773,000
Sales and marketing  2,687,000  3,369,000  10,130,000  9,019,000
Research and development  807,000  453,000  1,704,000  1,270,000
Impairment of plant and equipment  --   1,031,000  --   1,031,000
Acquisition costs  --   --   --   713,000
Total operating expenses  16,273,000  15,008,000  47,370,000  41,806,000
Operating income (loss)  7,770,000  (16,589,000)  5,508,000  (21,375,000)
Interest expense, net  5,889,000  3,262,000  17,135,000  8,565,000
Income (loss) before income tax expense  1,881,000  (19,851,000)  (11,627,000)  (29,940,000)
Income tax expense  946,000  1,976,000  6,233,000  5,631,000
Net income (loss)  $ 935,000  $ (21,827,000)  $ (17,860,000)  $ (35,571,000)
Basic net income (loss) per share  $ 0.06  $ (1.74)  $ (1.25)  $ (2.86)
Diluted net income (loss) per share  $ 0.06  $ (1.74)  $ (1.25)  $ (2.86)
Weighted average number of shares outstanding:        
Basic 14,463,782 12,517,269 14,283,080 12,417,292
Diluted 14,525,613 12,517,269 14,283,080 12,417,292
Consolidated Balance Sheets
  December 31, 2012 March 31, 2012
ASSETS (Unaudited)  
Current assets:    
Cash   $ 25,070,000  $ 32,617,000
Short-term investments   383,000  342,000
Accounts receivable — net   5,171,000  20,036,000
Inventory— net   85,822,000  95,071,000
Inventory unreturned  14,127,000  9,819,000
Deferred income taxes   3,834,000  3,793,000
Prepaid expenses and other current assets   6,942,000  6,553,000
Total current assets   141,349,000  168,231,000
Plant and equipment — net   13,484,000  12,738,000
Long-term core inventory — net   160,862,000  194,406,000
Long-term core inventory deposits   27,610,000  26,939,000
Long-term deferred income taxes   2,151,000  1,857,000
Goodwill   68,356,000  68,356,000
Intangible assets — net   20,856,000  22,484,000
Other assets   7,974,000  6,887,000
TOTAL ASSETS   $ 442,642,000  $ 501,898,000
Current liabilities:     
Accounts payable   $ 118,716,000  $ 126,100,000
Accrued liabilities   12,836,000  19,379,000
Customer finished goods returns accrual   30,164,000  21,695,000
Other current liabilities   2,493,000  2,331,000
Current portion of term loan   4,800,000  500,000
Current portion of capital lease obligations  287,000  414,000
Total current liabilities   169,296,000  170,419,000
Term loan, less current portion   89,428,000  84,500,000
Revolving loan   49,729,000  48,884,000
Deferred core revenue  10,357,000  9,775,000
Customer core returns accrual   49,739,000  113,702,000
Other liabilities  3,748,000  751,000
Capital lease obligations, less current portion  61,000  248,000
Total liabilities  372,358,000  428,279,000
Commitments and contingencies     
Shareholders' equity:     
Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued   --  --
Series A junior participating preferred stock; par value $.01 per share, 20,000 shares authorized; none issued  --  --
Common stock; par value $.01 per share, 20,000,000 shares authorized;   
14,526,717 and 12,533,821 shares issued; 14,493,197 and 12,519,421 outstanding at December 31, 2012 and March 31, 2012, respectively   145,000  125,000
Treasury stock, at cost, 33,520 and 14,400 shares of common stock at December 31, 2012 and March 31, 2012, respectively   (189,000)  (89,000)
Additional paid-in capital   115,355,000  98,627,000
Additional paid-in capital-warrant   --   1,879,000
Accumulated other comprehensive loss   (1,128,000)  (884,000)
Accumulated deficit   (43,899,000)  (26,039,000)
Total shareholders' equity   70,284,000  73,619,000

Reconciliation of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company has included the following non-GAAP adjusted financial measures in this press release and in the webcast to discuss the Company's financial results for the fiscal year 2013 and fiscal 2012 third quarter and nine-month period. Each of these non-GAAP adjusted financial measures is adjusted from results based on GAAP to exclude certain expenses and gains.  Among other things, the Company uses such non-GAAP adjusted financial measures in addition to and in conjunction with corresponding GAAP measures to help analyze the performance of its business. 

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