Motorcar Parts of America Inc. reported results for its fiscal year 2015 fourth quarter and year-end ended March 31, 2015. The company said these results reflect record sales and adjusted profitability for the year, supported by the ramp-up of new business and product-line expansion contributions.

Net sales for the fiscal year 2015 fourth quarter increased 9.4 percent to $83.9 million from $76.7 million for the same period a year earlier. On an adjusted basis, net sales climbed 18.5 percent to $90.9 million from $76.7 million in fiscal year 2014 – excluding certain customer allowances related to new business, including core purchases and return accruals. The company’s sales performance for the fiscal year 2015 fourth quarter reflects new rotating electrical business gains, as well as increased contributions from wheel hubs and the company’s master cylinder business that commenced in late July 2014.

Net income for the quarter was $3.1 million, or 16 cents per diluted share, compared with net income of $3.1 million, or 19 cents per diluted share, a year ago – reflecting an 18.9 percent increase in the diluted weighted average number of shares outstanding in the fiscal year 2015 period.

Adjusted net income for the fiscal year 2015 fourth quarter increased 39.7 percent to $9.9 million, or 53 cents per diluted share, from $7.1 million, or 45 cents per diluted share, the same period a year earlier – excluding certain expenses.

Gross profit was $20.9 million compared with $23.9 million a year earlier. Gross profit as a percentage of sales for the fiscal year 2015 fourth quarter was 24.9 percent compared with 31.2 percent a year earlier – primarily due to certain customer allowances related to new business that commenced in the fiscal year 2015 fourth quarter, including core purchases and return accruals.

Adjusted gross profit was $28.2 million compared with $23.9 million a year ago, representing an 18.1 percent increase. Adjusted gross profit as a percentage of sales for the three months was 31.1 percent compared with 31.2 percent a year earlier.

Net sales for the full fiscal year 2015 increased 16.6 percent to $301.7 million from $258.7 million for the same period a year earlier. On an adjusted basis, net sales increased 23.3 percent to $320.7 million from $260.1 million in fiscal year 2014.

Net income for the full fiscal year 2015 was $11.5 million, or 65 cents per diluted share, compared with net income of $107.4 million, or $7.01 per diluted share, a year ago – reflecting the fiscal year 2014 period impact of $100.9 million income from discontinued operations, as well as a 14.9 percent increase in the diluted weighted average number of shares outstanding in the 2015 full-year period.

Adjusted net income for the full fiscal year 2015 increased 52.3 percent to $32.9 million, or $1.87 per diluted share, from $21.6 million, or $1.41 per diluted share, a year earlier – excluding certain expenses.

Gross profit was $81.6 million compared with $81.6 million a year earlier. Gross profit as a percentage of sales for the full fiscal year 2015 period was 27 percent compared with 31.5 percent a year earlier – primarily due to factors noted above.

Adjusted gross profit for the full year was $101.2 million compared with $82.9 million a year ago, representing a 22 percent increase. Adjusted gross profit as a percentage of sales for the full fiscal year 2015 was 31.5 percent compared with 31.9 percent a year earlier.

“Results for fiscal 2015 reflect a record year for both sales and adjusted profitability. Market share gains in each of our product lines contributed to this strong performance, establishing a solid business base for future growth. We are well-positioned as we begin a new fiscal year, supported by an aging vehicle population, increased miles driven, positive operating synergies and product line expansion opportunities.  Equally important, our ongoing success was achieved through the dedication of a team that is passionate about building shareholder value through superior product quality and exemplary service levels to our valued customers,” said Selwyn Joffe, chairman, president and CEO of Motorcar Parts of America.

Separately, Joffe highlighted a successful post fiscal year-end refinancing of the company’s credit facility and continued new business momentum.