Motorcar Parts of America Reports Second Quarter Net Income of $2.3 Million - aftermarketNews

Motorcar Parts of America Reports Second Quarter Net Income of $2.3 Million

Net income for the fiscal 2009 second quarter ended Sept. 30 jumped almost five-fold to $2.3 million.

LOS ANGELES — Motorcar Parts of America has reported results for its fiscal 2009 second quarter and six-month period, which the company says reflects the its continued success at controlling costs and improving efficiency.

Net income for the fiscal 2009 second quarter ended Sept. 30 jumped almost five-fold to $2.3 million, or 19 cents per diluted share, from $466,000, or 4 cents per diluted share, for the comparable period a year earlier. Operating income for the fiscal 2009 second quarter climbed to $5 million from $2.4 million a year ago, but was impacted by a non-cash charge of $560,000, or 3 cents per diluted share, recorded in general and administrative expenses to adjust for a significant fluctuation in the value of foreign exchange contracts. Net sales for the fiscal 2009 second quarter were $36.4 million compared with $33.8 million for the same period last year.

Gross profit for the fiscal 2009 second quarter increased 44.4 percent to $11.9 million from $8.2 million for the same period a year ago. Gross margin was 32.7 percent for the fiscal 2009 second quarter compared with 24.4 percent a year earlier, due primarily to increased revenues, lower manufacturing costs and increased operating efficiencies.

Net income for the fiscal 2009 six-month period increased sharply to $5.4 million, or 44 cents per diluted share, from $2.1 million, or 18 cents per diluted share, a year ago. Operating income for the same period increased 62.5 percent to $10.8 million from $6.7 million a year earlier. Net sales for the fiscal 2009 six-month period were $69.1 million compared with $69.3 million a year ago.

Gross profit for the fiscal 2009 six months was $23.4 million compared with $18.4 million for the same period a year ago, with gross margin of 33.8 percent and 26.6 percent for the fiscal 2009 and fiscal 2008 six-month periods, respectively.

 

 

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