Posted: May 9, 2008
CARSON, Calif — U.S. Auto Parts Network has reported financial results for the first quarter ended March 31.
Net sales for first quarter were $40 million, a decrease of 8.5 percent from $43.7 million in the prior year period and an increase of 7.2 percent from the fourth quarter of 2007. Net loss for the first quarter of 2008 was $0.9 million, or 3 cents per diluted share, compared to a net profit of $0.2 million, or 1 cent per diluted share for the prior year period. Diluted EPS for the quarters ended March 31 and 2007 included amortization expense related to intangibles of $2.1 million or 7 cents per diluted share and $2.1 million or 8 cents per diluted share, respectively.
"We are pleased with the early improvement in our key business metrics and are encouraged to have finished the quarter with positive momentum in our online business," said Shane Evangelist, chief executive officer. "With the recent additions to our management team, I am confident we have the necessary capabilities to execute our plan and capture market share."
The company generated adjusted EBITDA of $1.8 million in the first quarter of 2008 compared to $3.4 million in the prior year period. Adjusted EBITDA is a non-GAAP financial measure that further adjusts EBITDA to exclude share-based compensation expense of $0.6 million in the first quarter of 2008 and $0.4 million in the prior year period.
