Motorcar Parts & Accessories, Inc. Releases Its First Quarter Earnings

    TORRANCE, Calif.--Aug. 20, 2002--Motorcar Parts & Accessories, Inc. (Internet billboard:MPAA) filed its 10-Q on August 12, 2002 stating that its net income for the three months ended June 30, 2002 was $1,971,000 or $.23 per share (fully diluted). This compares to net income of $908,000 or $.13 per fully diluted share for the three months ended June 30, 2001. Net sales for this most recent three-month period equaled $48,405,000, as compared to revenues of $42,251,000 for the three months ended June 30, 2001. Of this increase in net sales, $1,572,000 was due to the Company's expansion into new product lines and $4,582,000 was the result of increased sales to existing customers.
    Anthony Souza, the Company's President, stated "we are pleased with our continued sales growth and the success we have had in controlling our expenses."
    MPAA is a leading manufacturer of replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. MPAA's full line of alternators and starters are remanufactured for import and domestic vehicles.