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U.S. Auto Parts Network Reports First Quarter Results

Net sales were $56.3 million, up 41.8 percent year-over-year.

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CARSON, Calif. — U.S. Auto Parts Network has reported record net sales of $56.3 million for the first quarter ended April 3, an increase of $16.6 million or 41.8 percent over the first quarter of 2009 net sales of $39.7 million.

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First quarter 2010 net income was $1.5 million or 5 cents per diluted share, an increase of $2.2 million over first quarter 2009.

Gross profit for the first quarter of 2010 was $19.8 million up 35.6 percent from the first quarter 2009’s gross profit of $14.6 million.

"We are proud to report the highest quarterly sales in the company’s history and our third consecutive quarter of strong double digit growth," said Shane Evangelist, CEO. "However, we are even more excited about the nearly 20 percent EBITDA flow through on the incremental $10.5 million sequential increase in sales from the fourth quarter of 2009. We also increased our cash and securities by nearly $4 million while continuing to invest in our infrastructure and strategic growth initiatives.

Evangelist continued, "Our AutoMD.com initiative to become the destination site for the most complete and unbiased free online automotive repair information, made substantial progress during the quarter. Since its January launch, AutoMD.com’s traffic has ramped to over 200,000 unique monthly visitors. Clearly, there is a demand for transparency in the auto repair industry and we believe that AutoMD is providing the tools and information to empower car owners with the best and most affordable ways to repair their vehicles."

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"Looking forward, we expect to see a continuation of growth in the DIY market and expanding Internet penetration of that market. However, the seasonal demand surge for crash parts, more pronounced this year due to an abundance of bad weather, will diminish in the coming quarters. Longer-term, we believe maniacal focus on improving customer experience, driving prices down and increasing product selection will enable us to grow faster than the overall market and we hope to benefit from what we believe is a cost -efficient model as we grow."

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