Motorcar Parts & Accessories Announces 2nd Quarter Earnings

    TORRANCE, Calif.--Nov. 14, 2002--Motorcar Parts & Accessories, Inc. (Internet billboard:MPAA) announced today that its net income for the three months ended September 30, 2002 was $1,544,000 or $.18 per share (fully diluted). This compares to net income of $2,800,000 or $.40 per fully diluted share for the three months ended September 30, 2001. Revenues for this most recent three-month period equaled $44,456,000, as compared to revenues of $49,229,000 for the three months ended September 30, 2001.
    MPA also announced that its net income for the six months ended September 30, 2002 was $3,515,000 or $.41 per share (fully diluted) as compared to net income of $3,708,000 or $.53 per fully diluted share for the six months ended September 30, 2001. Revenues for this most recent six-month period equaled $92,861,000, as compared to revenues of $91,480,000 for the six months ended September 30, 2001. In addition, the Company reduced its debt by $6,639,000 from its fiscal year-ended March 31, 2002. For additional information, please see the Company's Form 10-Q Report for the six months ended September 30, 2002 which was filed earlier today with the SEC.
    Anthony Souza, President and CEO of MPA, stated, "I am pleased that our debt outstanding is decreasing, that cash flow from operations has improved and that the Company's commitment to continuous improvement is making strides with respect to improving our efficiencies."
    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.