Motorcar Parts and Accessories, Inc. Reports Fiscal 1999 Q1 Results
10 August 1998
Motorcar Parts and Accessories, Inc. Reports Fiscal 1999 First Quarter Results; Top Line Growth Continues, 42% Increase for the Quarter
Business Editors
TORRANCE, Calif.--Aug. 10, 1998--Motorcar Parts &
Accessories, Inc. , North America's fastest growing
remanufacturer and distributor of replacement alternators and
starters, today reported results for the three months ended June 30,
1998.
For the three months ended June 30, 1998, net sales increased 42%
to $31.0 million, from $21.8 million during the comparable period last
year. Net income increased 38% to $1.6 million, or $0.25 per diluted
share, compared to $1.2 million, or $0.23 per diluted share, during
the same period last year. Weighted average shares outstanding for the
three-month period increased 27% to 6,556,000 shares from 5,152,000
shares the prior year period.
On November 19, 1997, the Company announced it had completed a
$19.8 million public equity offering, after expenses, selling 1.3
million shares of its common stock.
Richard Marks, President and Chief Operating Officer, stated, "We
are extremely pleased with the excellent performance on both top-line
and bottom-line growth the Company has achieved during this period."
Motorcar Parts and Accessories, Inc. is a leading remanufacturer
and distributor of replacement alternators and starters for passenger
cars and light trucks.
This press release contains certain forward-looking statements
with respect to the future performance of Motorcar Parts and
Accessories, Inc. that involve risks and uncertainties. Various
factors could cause actual results to differ materially from those
projected in such statements. These factors include, but are not
limited to, the potential for changes in consumer spending, consumer
preferences and general economic conditions, increased competition in
the remanufacturing industry, unforeseen increases in operating costs,
and other factors discussed in Motorcar Parts and Accessories filings
with the Securities and Exchange Commission.
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MOTORCAR PARTS & ACCESSORIES, INC.
STATEMENT OF OPERATIONS
(Dollars in thousands except per share data)
Three Months Ended
June 30,
1998 1997
Net sales $ 31,022 $ 21,784
Operating expenses:
Cost of goods sold 25,362 17,504
Research and development 257 145
Selling expenses 567 621
General and
administrative expenses 1,853 1,215
Total operating expenses 28,039 19,485
Operating income 2,983 2,299
Interest expense-net 323 396
Income before income taxes 2,660 1,903
Provision for Income taxes 1,041 732
Net income 1,619 1,171
Basic income per share $ 0.25 $ 0.23
Diluted income per share $ 0.25 $ 0.23
Weighted average common shares
outstanding-basic income
per share 6,429 5,010
Weighted average common shares
outstanding- dilutive income
per share 6,556 5,152
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MOTORCAR PARTS & ACCESSORIES, INC.
BALANCE SHEETS
(Dollars in thousands)
June 30, 1998 March 31, 1998
ASSETS
Cash and cash equivalents $ 3,053 $ 3,108
Accounts receivable - net of allowance 32,241 29,591
Inventory 60,905 54,736
Plant and equipment - net 8,332 7,141
Other assets 3,578 3,669
Total assets $ 108,109 $ 98,245
LIABILITIES
Current liabilities $ 18,379 $ 13,964
Long-term debt 17,135 13,983
Other liabilities 2,809 2,171
Total liabilities $ 38,323 $ 30,118
Total shareholders' equity 69,786 68,127
Total liabilities and
shareholders' equity $ 108,109 $ 98,245
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