Motorcar Parts and Accessories, Inc. Reports Second Quarter Results
29 October 1997
Motorcar Parts and Accessories, Inc. Reports Second Quarter Results
TORRANCE, Calif., Oct. 29 -- Motorcar Parts & Accessories,
Inc. , today reported results for the three and six months ended
September 30, 1997.
For the six months ended September 30, 1997, net sales increased 27.0% to
$50.5 million, from $39.7 million during the comparable period last year. Net
income increased 23.9% to $3.0 million, or $0.58 per share, over $2.4 million,
or $0.49 per share, during the same period last year.
For the three months ended September 30, 1997, net sales increased
34.2% to $28.7 million form $21.4 million during the comparable period last
year. Net income increased 32.0% to $1.8 million, or $0.35 per share, over
$1.4 million, or $0.28 per share, during the same period last year.
Motorcar Parts and Accessories, Inc. is a leading remanufacturer and
distributor of replacement alternators and starters for both imported and
domestic cars and light trucks.
MOTORCAR PARTS & ACCESSORIES, INC.
STATEMENT OF OPERATIONS
(Dollars in thousands except per share data)
Three Months Ended Six Months Ended
September 30, September 30,
1997 1996 1997 1996
Net Sales $28,671 $21,365 $50,455 $39,740
Operating expenses:
Cost of goods sold 22,960 17,117 40,464 31,830
Research and
development 122 0 267 0
Selling expenses 556 511 1,177 1,051
General and administrative
expense 1,505 1,181 2,720 2,375
Total operating expenses25,143 18,809 44,628 35,256
Operating income 3,528 2,556 5,827 4,484
Interest expense-net 496 254 892 465
Income before income taxes 3,032 2,302 4,935 4,019
Provision for income taxes1,192 908 1,924 1,588
Net income $1,840 $1,394 $ 3,011 $ 2,431
Net income per common
share $ 0.35 $ 0.28 $0.58 $0.49
Weighted average number of
shares outstanding 5,305 4,993 5,224 4,993
MOTORCAR PARTS & ACCESSORIES, INC.
BALANCE SHEETS
(Dollars in thousands)
September 30, 1997 March 31, 1997
ASSETS
Current assets:
Cash and cash equivalents $ 2,408 $ 3,539
Accounts receivable - net 19,748 22,328
Inventory 58,296 41,862
Prepaid expenses and other
current assets 1,014 593
Deferred income tax 142 142
Total current assets 81,608 68,464
Long-term investments 617 1,874
Plant and equipment - net 5,576 4,291
Other assets 801 881
Total assets $88,602 $75,510
LIABILITIES
Current liabilities:
Current portion of capital lease
obligation $528 $743
Accounts payable & accrued
expenses 12,813 13,777
Income taxes payable 1,799 2,005
Current portion of credit line 2,663 0
Due to affiliate 0 139
Total current liabilities 17,803 16,664
Long-term debt 25,000 17,496
Other liabilities 804 570
Capitalized lease obligation less
current portion 150 343
Deferred income tax liability 329 329
Total liabilities 44,086 35,402
SHAREHOLDERS' EQUITY
Common stock 51 49
Additional paid-in capital 30,934 24,973
Unearned portion of compensatory
stock options (119) 0
Retained earnings 13,650 11,086
Total shareholders' equity 44,516 40,108
Total liabilities and
shareholders' equity $88,602 $75,510
SOURCE Motorcar Parts & Accessories, Inc.