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U.S. Auto Parts Network Reports Fourth Quarter Results

Company reports net sales of $77.2 million.

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CARSON, Calif. – U.S. Auto Parts Network has reported net sales for the fourth quarter ended Dec. 31, 2011, of $77.2 million compared with fourth quarter 2010 net sales of $80.5 million.
 
Fourth quarter 2011 net loss was $7 million or 23 cents per share, compared with fourth quarter 2010 net loss of $2.9 million or 10 cents per share. Excluding a non-cash write-down of intangibles related to the J.C. Whitney trade name of $3.4 million (net of a $1.7 million tax benefit), the net loss for the fourth quarter of 2011 was $3.6 million or 12 cents per share.
 
For the fiscal year 2011, the company generated net sales of $327.1 million, compared with $262.3 million for fiscal 2010, representing an increase of 25 percent. Excluding $83.4 million and $39.1 million of net sales from J.C. Whitney in fiscal 2011 and 2010, respectively, net sales for fiscal 2011 and 2010 were $243.7 million and $223.2 million, respectively, for an increase of 9 percent over the prior year.
 
Net loss for fiscal 2011 was $15.1 million, or 50 cents per share, which included a non-cash write-down of intangibles and restructuring charges related to J.C. Whitney of $3.4 million (net of a $1.7 million tax benefit) and $7.4 million, respectively, and $0.5 million of legal expenses to protect the company’s intellectual property. This compares to a net loss of $13.9 million, or 46 cents per share for fiscal 2010, which includes $3.1 million of restructuring charges related to J.C. Whitney, and $2.3 million of legal expenses to protect intellectual property.
 
Earnings per share for fiscal 2011 and 2010 also includes amortization expense related to intangibles of $3.7 million or 12 cents per share and $2.8 million or 9 cents per share, respectively.
 
"Although 2011 was a challenging year, we believe the foundation laid during this period will set U.S. Auto Parts up to compete in 2012 and beyond," said CEO Shane Evangelist.
 
 

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U.S. Auto Parts Network Reports Fourth Quarter Results

Excluding $25.5 million of revenues from the acquisition of J.C. Whitney, net sales were $55 million, an increase of 20 percent over fourth quarter 2009 net sales.

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CARSON, Calif. — U.S. Auto Parts Network has reported net sales of $80.5 million for the fourth quarter ended Jan. 1, compared with fourth quarter 2009 net sales of $45.8 million.  

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Excluding $25.5 million of revenues from the acquisition of J.C. Whitney, net sales were $55 million, an increase of 20 percent over fourth quarter 2009 net sales.

Fourth quarter 2010 net loss was $2.9 million or 10 cents per share, compared with fourth quarter 2009 net income of $0.6 million or 2 cents per diluted share. The fourth quarter 2010 net loss includes net loss of $3.1 million or 10 cents per share related to J.C. Whitney, of which $1.5 million of the loss, net of tax, was attributable to restructuring and acquisition expenses.

For the year, net sales were $262.3 million, compared with $176.3 million for 2009. Excluding $39.1 of sales from J.C. Whitney, net sales for 2010 were $223.2 million, an increase of 27 percent over 2009 net sales.

Net loss for the year 2010 was $13.9 million, or 46 cents per share, which includes a non-cash deferred income tax asset valuation reserve of $11.4 million or 38 cents per share, $3.1 million or 10 cents per share of restructuring charges related to J.C. Whitney and $2.3 million or 8 cents per share of legal expenses to protect intellectual property. This compares to net income of $1.3 million, or 4 cents per diluted share for 2009, which includes $0.4 million or 1 cent per share of legal expenses to protect intellectual property.

"We are pleased to report our sixth consecutive quarter of 20 percent plus organic sales growth,” said CEO Shane Evangelist. “Additionally, we continue to be on track with the integration of our recent acquisition, Whitney Automotive Group. We have successfully converted the catalog, cut over StylinTruck and CarParts to our platform and are on track to cut over JC Whitney by the end of the second quarter of 2011."

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