LOS ANGELES — Motorcar Parts of America has reported strong results for its fiscal year ended March 31, reflecting record fourth quarter and full year sales and a significant jump in net income for fiscal 2010.
Net sales for the fiscal 2010 fourth quarter were $38.6 million, compared with $29.9 million for the same period last year.
Gross profit for the fiscal 2010 fourth quarter was $12.5 million (or 32 percent gross margin), compared with $6 million (or 20 percent gross margin) for the same period a year ago.
Operating income for the fiscal fourth quarter climbed to $4.8 million, from an operating loss of $680,000 in the same period a year ago.
Net income for the fiscal 2010 fourth quarter was $2.9 million, or 24 cents per diluted share, compared with a net loss of $1.2 million, or 10 cents per share, for the comparable period a year earlier.
Net sales for fiscal 2010 climbed 9.2 percent to a record $147.2 million, compared with $134.9 million a year ago.
Gross profit for fiscal 2010 was $41.3 million, compared with $39.5 million a year earlier, with a gross margin of 28 percent compared with 29 percent in fiscal 2009.
Operating income for fiscal 2010 was $18.3 million, compared with $10.6 million a year earlier.
Net income for fiscal 2010 climbed to $9.6 million, or 80 cents per diluted share, compared with $3.9 million, or 32 cents per diluted share, a year ago.
"Our record sales for fiscal 2010 reflect our ability to build strong long-term relationships with leading automotive retailers and the professional market," said Selwyn Joffe, chairman, president and CEO. "Our performance for the quarter validates our belief that as we continue to grow market share, operating performance is enhanced with very little incremental expenditure. As we enter a new fiscal year, operating leverage and increased usage of available production capacity continue to be important strategic components of the company’s year-over-year growth plans – supported by organic sales increases and acquisitions at appropriate valuations.”
