Motorcar Parts & Accessories Announces 3rd Quarter Results

    TORRANCE, Calif.--Feb. 14, 2003--Motorcar Parts & Accessories, Inc. (Internet billboard:MPAA) announced today that its net income for the three months ended December 31, 2002 was $3,222,000 or $.38 per share (fully diluted). This compares to net income of $1,300,000 or $.15 per fully diluted share for the three months ended December 31, 2001. Revenues for this most recent three-month period equaled $40,115,000, as compared to revenues of $38,837,000 for the three months ended December 31, 2001.
    MPA also announced that its net income for the nine months ended December 31, 2002 was $6,738,000 or $.79 per share (fully diluted) as compared to net income of $5,008,000 or $.67 per fully diluted share for the nine months ended December 31, 2001. Revenues for this most recent nine-month period equaled $132,976,000, as compared to revenues of $130,317,000 for the nine months ended December 31, 2001. The Company's most recent operating results were positively impacted by lower interest expense resulting from the Company's reduction of its bank debt by $17,247,000 since the fiscal year-ended March 31, 2002 and by the receipt of income tax benefits totaling approximately $695,000 during the three months ended December 31, 2002. For additional information, please see the Company's Form 10-Q Report for the nine months ended December 31, 2002 which was filed earlier today with the SEC.
    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.