MPA Announces Fiscal Year Earnings

    TORRANCE, Calif.--June 25, 2002--Motorcar Parts & Accessories, Inc. (Internet billboard:MPAA) announced today that its net income for the fiscal year ended March 31, 2002 will be $11,689,000 or $1.51 per share (fully diluted).
    This compares to a net loss of ($4,102,000) or ($.63) per fully diluted share for the fiscal year ended March 31, 2001. Revenues for this most recent fiscal year will be $172,040,000, as compared to revenues of $160,699,000 for the fiscal year ended March 31, 2001.
    The Company's operating results for the year ended March 31, 2002 reflect increased revenues, improved gross margins and reductions in general and administrative expenses, including those expenses and liabilities associated with the class action lawsuit against the Company that was settled during fiscal year 2002. The Company's fiscal year 2002 operating results were also impacted by the Company's recording of a $4,000,000 tax benefit in the fourth quarter of fiscal 2002 associated with its net operating losses in prior years and the passage of the Job Creation and Work Assistance Act of 2002.
    MPA is a leading manufacturer of replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. MPA's full line of alternators and starters are remanufactured for import and domestic vehicles.