Motorcar Parts of America Announces Fiscal Year 2004 Results

Motorcar Parts of America (MPA) has reported financial and operating results for the fourth quarter, which ended on March 31. MPA reported that operating income increased to $11 million in fiscal 2004, compared with $6.9 million in fiscal 2003. Net income was $6.5 million in fiscal 2004 compared to $10.6 million in fiscal 2003. Operating cash flow was $15.2 million during the twelve months, which ended on March 31. And, total debt declined by $6.3 million from March 31, 2003.

LOS ANGELES — Motorcar Parts of America (MPA) has reported financial and operating results for the fourth quarter, which ended on March 31.

MPA reported that operating income increased to $11 million in fiscal 2004, compared with $6.9 million in fiscal 2003. Net income was $6.5 million in fiscal 2004 compared to $10.6 million in fiscal 2003. Operating cash flow was $15.2 million during the twelve months, which ended on March 31. And, total debt declined by $6.3 million from March 31, 2003.

“Fiscal 2004 was marked by many operational and strategic accomplishments, and we began to see the fruits of the strategic initiatives we put in place over the past year,” said Selwyn Joffe, chairman and CEO “Productivity and gross margins improved, reflecting lower return rates of our cores and further implementation of our lean operating principles. We launched our QB line and since quarter’s end have gained our first meaningful customer in the professional installer segment of the market. In addition, we signed a multi-year supply agreement with our largest customer, which we expect will generate significant incremental revenues from that customer in the coming years.”

For more information about MPA, go to: www.motorcarparts.com.

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