LOS ANGELES – Motorcar Parts of America (MPA) has reported results for its fiscal 2015 third quarter ended Dec. 31, 2014, reflecting continued sales growth and profitability.
Net sales for the fiscal 2015 third quarter increased 28.1 percent to $84 million from $65.6 million for the same period a year earlier. On an adjusted basis, net sales climbed 29.7 percent to $85 million from $65.6 million in fiscal 2014. The company’s sales performance for the fiscal 2015 third quarter and year-to-date period reflects the benefits of recognizing net core revenue of $12.6 million that was previously deferred, as well as increased contributions from wheel hubs and the company’s emerging master cylinder business that commenced in late July 2014.
Net income for the quarter was $2.9 million, or 16 cents per diluted share, compared with net income of $1.1 million, or 7 cents per diluted share, a year ago – reflecting a 22 percent increase in the diluted weighted average number of shares outstanding in the fiscal 2015 period.
Adjusted net income for the fiscal 2015 third quarter increased 36.1 percent to $8.0 million, or 43 cents per diluted share, from $5.9 million, or 38 cents per diluted share, the same period a year earlier – excluding certain expenses.
Gross profit was $24.4 million compared with $21.9 million a year earlier. Gross profit as a percentage of sales for the fiscal 2015 third quarter was 29.1 percent compared with 33.4 percent a year earlier, primarily due to changes in the mix of products sold and ramp-up and related costs associated with new business that commenced in the fiscal 2015 fourth quarter.
Adjusted gross profit was $25.3 million compared with $21.9 million a year ago, representing a 15.2 percent increase. Adjusted gross profit as a percentage of sales for the three months was 29.7 percent compared with 33.4 percent a year earlier.
Net sales for the fiscal 2015 nine-month period increased 19.7 percent to $217.8 million from $182 million for the same period a year earlier. On an adjusted basis, net sales increased 25.3 percent to $229.8 million from $183.4 million in fiscal 2014.
Net income for the nine months was $8.4 million, or 49 cents per diluted share, compared with net income of $104.3 million, or $6.98 per diluted share, a year ago – reflecting the fiscal 2014 period impact of $100.9 million income from discontinued operations, as well as a 15.1 percent increase in the diluted weighted average number of shares outstanding in the fiscal 2015 nine-month period.
Adjusted net income for the fiscal 2015 nine-month period increased 58.4 percent to $22.9 million, or $1.33 per diluted share, from $14.5 million, or 97 cents per diluted share, for the same period a year earlier – excluding certain expenses.
Gross profit was $60.7 million compared with $57.6 million a year earlier. Gross profit as a percentage of sales for the fiscal 2015 nine-month period was 27.9 percent compared with 31.7 percent a year earlier.
Adjusted gross profit as a percentage of sales for the nine months was 31.7 percent compared with 32.2 percent a year earlier. Adjusted gross profit was $72.9 million compared with $59.0 million a year ago, representing a 23.6 percent increase.
“Results for the quarter, while strong, were impacted by expenses related to the ramp-up for new business that commenced in the current fourth quarter,” said Selwyn Joffe, chairman, president and CEO of Motorcar Parts of America. “We are well-positioned across expanding product lines, supported by new business wins, an aging vehicle population, lower fuel costs and positive operating synergies, as we complete our fiscal year and begin another. Our team is passionate about building shareholder value through superior product quality and exemplary customer service levels.”
