MPA Reports Says First Quarter 2009 Earnings
Motorcar Parts of America, Inc. (MPA) has reported sharply improved earnings for its fiscal 2009 first quarter. The company said the strong earnings are the result of the continued benefits of its off-shore initiatives combined with a focus on more efficient manufacturing and supply chain management and the benefit of a $1.3 million accrual reversal. Net income for the fiscal 2009 first quarter ended June 30, climbed 90.5 percent to $3 million, or 25 cents per diluted share, from $1.6 million, or 16 cents per diluted share, a year earlier.
Retired GM Exec Appointed to MPA Board
Motorcar Parts of America has appointed Duane F. Miller to its board of directors, expanding the board to seven members. Duane Miller, 60, retired in April 2008 after a 37-year career with General Motors Corporation. He most recently served as executive director for General Motor’s Service and Parts Operation, responsible for all field activities, GM Parts (original equipment), AC Delco (aftermarket), GM Accessories business channels and the Global Independent Aftermarket business. His career with General Motors included numerous assignments and increasing responsibilities, commencing as a merchandising representative for the former AC Spark Plug division.
MPA Completes its Acquisition of AIM
Motorcar Parts of America (MPA) has completed its acquisition of certain assets of Automotive Importing Manufacturing, Inc. (AIM), a privately held company based in Rancho Cordova, Calif. Specifically, MPA is buying AIM’s operation that produces new and remanufactured alternators and starters. Terms were not disclosed.
MPA to Acquire Automotive Importing Manufacturing, Inc.
Motorcar Parts of America (MPA) has signed a definitive purchase agreement to acquire certain assets of Automotive Importing Manufacturing, Inc. (AIM), a privately held company based in Rancho Cordova, Calif. Specifically, MPA will acquire AIM’s operation that produces new and remanufactured alternators and starters.
MPA Gets Vendor Approval from the Alliance
Motorcar Parts of America (MPA) has received certification as an approved vendor by Aftermarket Auto Parts Alliance. MPA’s starters and alternators will be offered to the Alliance’s members, which operate more than 5,000 stores and certified service centers under the Auto Value and Bumper to Bumper names.
MPA Receives Supply Contract Extension Worth Approximately $50 Million
Motorcar Parts of America (MPA) has received an exclusive three-year extension of a supply contract for new and remanufactured alternators and starters from a major automotive retailer, with estimated aggregate sales of approximately $50 million. Terms were not disclosed.
MPA Announces Strong Second Quarter Fiscal 2008 Results
Motorcar Parts of America, Inc. (MPA) has announced its financial results for the quarter ended Sept. 30. Net sales for the quarter ending Sept. 30, were $33.8 million, down 23.4 percent from $44.2 million in the second quarter of fiscal 2007. The decrease in net sales was primarily due to the termination of the pay-on-scan (POS) arrangement with the company’s largest customer in the year ago period, which increased net sales by $11.7 million. Excluding the impact of the termination of the POS arrangement, net sales increased 4.3 percent in the second quarter of fiscal 2008.
MPA Announces Fourth Quarter, Fiscal Year 2007 Results
Motorcar Parts of America (MPA) has announced its financial results for the fourth quarter and fiscal year ended March 31. Net sales for the quarter ending March 31 were $31.4 million, up 11.6 percent from $28.1 million in the same quarter last year. The company said this increase was primarily due to additional sales to new and existing customers. Gross profit and gross margin were $3.3 million and 10.6 percent, respectively, as compared to $7.5 million and 26.8 percent, respectively, in the fourth quarter of fiscal 2006.
MPA Announces Third Quarter, Fiscal Year 2006 Results
Motorcar Parts of America, Inc. (MPA) has announced its financial results for the third quarter and nine months ended Dec. 31, 2006. "The first nine months of this fiscal year have been very significant for MPA," said MPA’s chairman, president and CEO, Selwyn Joffe. "The company has successfully transitioned approximately two- thirds of its production to off-shore facilities. These include our newly established facility in Mexico and a ramped up Malaysian facility. While we incurred substantial related costs during the year, the transition of our production is now substantially completed and is currently on track to meet our expectation of approximately 90 percent total off-shore production by March 31."
MPA Reports Fourth Quarter, Full Year Results
Motorcar Parts of America, Inc. (MPA) has announced financial results for the fourth quarter and fiscal year, which ended March 31. MPA announced last month that it expected to restate financial statements for the year, due to certain processing errors that resulted in understated revenue from core sales, an over-statement of the related cost of goods sold, an understatement of the stock adjustment allowance and an overstatement of expected core returns from POS sales.