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U.S. Auto Parts Network Reports Third Quarter Results

Company reports net sales of $78.6 million.

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CARSON, Calif. — U.S. Auto Parts Network has reported net sales for the third quarter ended Oct. 1, 2011, of $78.6 million compared with third quarter 2010 net sales of $72.3 million.
 
Excluding $19.2 million of revenues from the acquisition of J.C. Whitney (JCW), net sales were $59.4 million, an increase of 1.2 percent over third quarter 2010 net sales. Third quarter 2011 net loss was $5.3 million or 17 cents per share, compared with third quarter 2010 net loss of $13 million or 43 cents per share. Third quarter 2011 net loss included a net loss of $5.5 million or 18 cents per share related to J.C. Whitney, of which $3.8 million of the loss, net of tax; was attributable to restructuring and acquisition expenses.
 
"The third quarter was one of transition where we made major progress against many initiatives that should be reflected in our financial results going forward," said CEO Shane Evangelist, "As of a few weeks ago, we completed the full technology integration of JCW and look forward to reversing negative trends in that business that occurred while we were focused on completing the integration. Furthermore, we announced changes made in our online marketplace business this quarter as well as search changes made the first quarter positioning the company for success in 2012."
 

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