LOS ANGELES — Motorcar Parts of America Inc. (MPA) has reported record results for its fiscal 2011 second quarter and six months ended Sept. 30.
Net income for the fiscal 2011 second quarter increased to $3.5 million, or 29 cents per diluted share, compared with net income of $3.4 million, or 28 cents per diluted share, for the comparable period a year earlier. Results for the same period a year earlier included a $1.3 million, or 7 cents per diluted share, gain related to the company’s acquisition of certain assets of Reliance Automotive in August 2009.
Net sales for the fiscal 2011 second quarter increased to $41 million from $39.4 million for the same period last year.
Gross profit for the fiscal 2011 second quarter was $12.7 million compared with $10.8 million for the same period a year ago. Gross profit as a percentage of net sales for the fiscal 2011 second quarter was 30.9 percent compared with 27.4 percent in the same quarter a year ago.
Operating income for the fiscal second quarter increased 42 percent to $7.5 million from $5.3 million in the same period a year ago.
Net income for the fiscal 2011 six-month period increased 30 percent to $6 million, or 49 cents per diluted share, from $4.6 million, or 38 cents per diluted share, a year earlier. Net sales increased seven percent to $77.2 million from $72.1 million in the corresponding period a year ago.
Gross profit for the fiscal 2011 six-months was $24.2 million compared with $18 million in the same period in fiscal 2011. Gross profit as a percentage of net sales for the same period was 31.4 percent compared with 24.9 percent a year earlier.
Operating income for the six months was $12.9 million compared with $8.3 million for the same period in fiscal 2010.
"The company’s fiscal second quarter results reflect continued solid growth in our business and strong operating performance, supported by positive automotive aftermarket dynamics and strong industry momentum. Equally important, our team has been able to capitalize on these positive trends and execute on the company’s healthy business model to achieve our goals," said Selwyn Joffe, chairman, president and CEO of Motorcar Parts.
