CARSON, Calif. – U.S. Auto Parts Network has reported net sales for the first quarter ended March 31, 2012, of $87.4 million, compared with the first quarter ended April 2, 2011, net sales of $87 million, an increase of 0.5 percent over Q1 2011 net sales.
First quarter 2012 net loss was $0.8 million or 3 cents per share, compared with a first quarter 2011 net loss of $0.2 million or 1 cent per share.
The company said its online sales were moderately higher primarily due to an increase in visitors and orders, partially offset by lower conversion, revenue capture and average order value. Offline net sales increased by 8.1 percent compared to last year.
On April 26, the company entered into a new credit agreement with JPMorgan Chase, N.A., which provides for a revolving commitment in an aggregate principal amount of up to $40 million with an option to increase the line up to $60 million. The credit agreement is subject to a borrowing base derived from certain receivables, inventory, property and pledged cash. The credit agreement obligations will mature on April 26, 2017. The company used the proceeds of the loans borrowed to repay in full its existing credit facility with Silicon Valley Bank. U.S. Auto Parts says the new arrangement has increased the company’s available liquidity.
