CARSON, Calif. — U.S. Auto Parts Network, an online provider of automotive aftermarket parts and accessories, has reported record net sales of $45.8 million for the fourth quarter ended Jan. 2, an increase of $12 million or 35.5 percent over fourth quarter 2008 net sales of $33.8 million. Fourth quarter 2009 net income was $0.6 million or 2 cents per diluted share, an increase of $4.1 million over fourth quarter 2008.
For the year, net sales for 2009 were $176.3 million, an increase of 14.9 percent from $153.4 million for 2008. Net income for the year 2009 was $1.3 million, or 4 cents per diluted share which includes a non-cash charge for stock option forfeitures of $1.3 million net of tax or 4 cents per diluted share. This compares to a net loss of $16.9 million, or 57 cents per diluted share for 2008 which includes a non-cash impairment charge for goodwill and intangibles of $14 million or 47 cents per diluted share.
"We are pleased to report our second consecutive quarter of strong double-digit growth and even more excited that our sales growth percentage continued to accelerate in our seasonally weakest quarter," said Shane Evangelist, chief executive officer. "We completed the year with quarterly EBITDA of at least $3 million in every quarter and added to our cash despite investing to overhaul our back office systems; launch an upgraded order management platform; and open a new East Coast distribution facility. We also made great progress with our strategic growth initiatives: private label parts and AutoMD. At year end, we had approximately 1,800 private label hard parts in our warehouse with another 2,200 SKUs on order and we continue to be pleased with the results so far.
"Last month, we officially launched AutoMD.com (www.AutoMD.com) with the objective to become the most complete and unbiased free online automotive repair resource designed to empower car owners with the best and most affordable way to repair their vehicles.
"Looking forward, we expect to see more people going online to research and purchase auto parts and DIY market growth trends to continue. We made great progress in 2009 improving our customer experience and from this foundation we will look to leverage our operating results in 2010," continued Evangelist.
