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U.S. Auto Parts Network Reports First Quarter Results
May 3, 2011
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By aftermarketNews staff
CARSON, Calif. -- U.S. Auto Parts Network has reported net sales for the first quarter ended April 2 of $87 million, compared with first quarter 2010 net sales of $56.3 million.

Excluding $23.2 million of revenues from the acquisition of J.C. Whitney, net sales were $63.8 million, an increase of 13.3 percent over first quarter 2010 net sales. First quarter 2011 net loss was $0.2 million or 1 cent per share, compared with first quarter 2010 net income of $1.5 million or 5 cents per diluted share.

The net loss in the first quarter of 2011 includes a net loss of $3.2 million or 10 cents per diluted share related to J.C. Whitney, of which $1.2 million of the loss, net of tax, was attributable to restructuring and acquisition expenses. The company generated adjusted EBITDA of $6.7 million for the quarter compared to $6.1 million for the first quarter of 2010.

Excluding J.C. Whitney's adjusted EBITDA of $0.2 million and related $0.8 million of restructuring and acquisition expenses as well as $0.1 million of legal fees to protect intellectual property, adjusted EBITDA was $6.5 million, an increase of 6.5 percent over first quarter 2010 results.

"We are extremely pleased to report the company's strongest ever quarterly adjusted EBITDA results, especially given the aggressive rate of investment we make in the business. Our earnings performance metrics are really starting to show good results," said CEO Shane Evangelist. "For example, our legacy business produced $6.5 million in adjusted EBITDA and a 10 percent adjusted EBITDA margin flow through. While I'd like our growth rate to match or exceed the growth rate results of previous quarters, I expect that over the long-term it will."