Motorcar Parts & Accessories Releases Their Third Quarter Earnings

    TORRANCE, Calif.--Feb. 11, 2002--Motorcar Parts & Accessories, Inc. (Internet Billboard:MPAA) announced today that its net income for the three months ended December 31, 2001 was $1,300,000 or $.15 per share (fully diluted). This compares to a net loss of $1,524,000 or ($.24) per fully diluted share for the three months ended December 31, 2000. (During the three months ended December 31, 2000, the Company accrued a $1,500,000 expense in connection with settlement of a class action lawsuit.) Revenues for this most recent three-month period equaled $38,837,000, as compared to revenues of $38,969,000 for the three months ended December 31, 2000.
    MPA also announced that its net income for the nine months ended December 31, 2001 was $5,008,000 or $.67 per share (fully diluted) as compared to a net loss of $680,000 or ($.11) per fully diluted share for the nine months ended December 31, 2000. Revenues for this most recent nine-month period equaled $130,317,000, as compared to revenues of $124,334,000 for the nine months ended December 31, 2000.
    Anthony Souza, President and CEO of MPA, stated, "Our on-going efforts to control our costs and increase efficiencies throughout our operations are having a positive effect."
    MPA is a leading remanufacturer of replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. MPA also assembles and distributes ignition wire sets for imported and domestic cars and light trucks. MPA has facilities in the United States in Torrance, California and Nashville, Tennessee, as well as overseas in Singapore and Malaysia.