Motorcar Parts of America, Inc.reported results for the period ended March 31, 2016
OREANDA-NEWS. Motorcar Parts of America, Inc. (Nasdaq:MPAA) today reported results for its fiscal 2016 fourth quarter and year ended March 31, 2016 – reflecting record sales for a fourth quarter and year, supported by strong growth across all product categories.
Net sales for the fiscal 2016 fourth quarter increased to $97.4 million from $83.9 million for the same period a year earlier. The company’s sales performance for the fiscal 2016 fourth quarter reflects continued strength of its rotating electrical and wheel hub business, as well as increased contributions from the company’s emerging master cylinder product line.
All results labeled as adjusted in this press release are non-GAAP measures as discussed more fully below under the heading “Use of Non-GAAP Measures.”
Adjusted net sales for the fiscal fourth quarter increased to $100.9 million from $90.9 million a year earlier.
Net income for the fiscal 2016 fourth quarter was $2.3 million, or $0.12 per diluted share, compared with net income of $3.1 million, or $0.16 per diluted share, a year ago.
Adjusted net income for the fiscal 2016 fourth quarter was $9.5 million, or $0.50 per diluted share, compared with $9.9 million, or $0.53 per diluted share, in the same period a year earlier.
Gross profit for the fiscal 2016 fourth quarter increased to $24.2 million from $20.9 million a year earlier. Gross profit as a percentage of sales for the fiscal 2016 fourth quarter was 24.8 percent compared with 24.9 percent a year earlier.
Adjusted gross profit increased to $29.8 million from $28.2 million a year ago. Adjusted gross profit as a percentage of sales for the three months was 29.6 percent compared with 31.1 percent a year earlier, impacted by product mix and lower metal prices resulting in lower scrap revenue.
Net sales for fiscal 2016 increased to $369.0 million from $301.7 million for the same period a year earlier. The same period a year earlier included the benefits of recognizing net core revenue of $12.6 million in the third quarter that was previously deferred.
Adjusted net sales for fiscal 2016 increased to $383.3 million from $320.7 million a year earlier.
Net income for fiscal 2016 was $10.6 million, or $0.55 per diluted share, compared with net income of $11.5 million, or $0.65 per diluted share, a year ago.
Adjusted net income for fiscal 2016 was $39.6 million, or $2.08 per diluted share, compared with $32.9 million, or $1.87 per diluted share, in the same period a year earlier.
Gross profit for fiscal 2016 increased to $100.9 million from $81.6 million a year ago. Gross profit as a percentage of sales for the same period was 27.4 percent compared with 27.0 percent a year earlier.
Adjusted gross profit increased to $117.7 million from $101.2 million last year. Adjusted gross profit as a percentage of sales was 30.7 percent compared with 31.5 percent a year earlier, impacted by product mix and lower metal prices resulting in lower scrap revenue.
“Results for fiscal 2016 reflect continued strength across all product lines – supported by an aging vehicle population, increased miles driven and related factors, all of which continue to contribute to overall growth in the aftermarket industry,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.
Joffe noted that the company achieved solid market share gains in rotating electrical for the year. “Equally important, we realized strong growth from our wheel hub and brake master cylinder product offerings which impacted product mix and therefore gross margins,” Joffe said.
He noted that results for the year reflect new investments for innovation, growth and acquisitions, as well as the company’s value-added customer service programs – including Motorcar Parts of America’s industry-leading customer service, training and quality assurance initiatives.
“These investments position the company for even further success and growth. As always, we thank our entire team for their daily commitment to excellence, customer service and our company,” Joffe said.
About Motorcar Parts of America, Inc.
Motorcar Parts of America is a remanufacturer, manufacturer and distributor of automotive aftermarket parts -- including alternators, starters, wheel hub assembly products and brake master cylinders utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. Motorcar Parts of America’s products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in California, Mexico, Malaysia and China, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia and Toronto.
MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(Unaudited) | ||||||||||||||||
Net sales | $ | 97,443,000 | $ | 83,904,000 | $ | 368,970,000 | $ | 301,711,000 | ||||||||
Cost of goods sold | 73,229,000 | 62,995,000 | 268,046,000 | 220,138,000 | ||||||||||||
Gross profit | 24,214,000 | 20,909,000 | 100,924,000 | 81,573,000 | ||||||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 11,284,000 | 10,031,000 | 49,665,000 | 37,863,000 | ||||||||||||
Sales and marketing | 2,382,000 | 1,907,000 | 9,965,000 | 7,851,000 | ||||||||||||
Research and development | 915,000 | 611,000 | 3,008,000 | 2,273,000 | ||||||||||||
Total operating expenses | 14,581,000 | 12,549,000 | 62,638,000 | 47,987,000 | ||||||||||||
Operating income | 9,633,000 | 8,360,000 | 38,286,000 | 33,586,000 | ||||||||||||
Interest expense, net | 2,678,000 | 3,148,000 | 16,244,000 | 13,065,000 | ||||||||||||
Income before income tax expense | 6,955,000 | 5,212,000 | 22,042,000 | 20,521,000 | ||||||||||||
Income tax expense | 4,658,000 | 2,110,000 | 11,479,000 | 9,068,000 | ||||||||||||
Net income | $ | 2,297,000 | $ | 3,102,000 | $ | 10,563,000 | $ | 11,453,000 | ||||||||
Basic net income per share | $ | 0.12 | $ | 0.17 | $ | 0.58 | $ | 0.68 | ||||||||
Diluted net income per share | $ | 0.12 | $ | 0.16 | $ | 0.55 | $ | 0.65 | ||||||||
Weighted average number of shares outstanding: | ||||||||||||||||
Basic | 18,393,154 | 17,967,060 | 18,233,163 | 16,734,539 | ||||||||||||
Diluted | 19,165,334 | 18,815,858 | 19,066,093 | 17,605,940 | ||||||||||||
MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES | ||||||||
Consolidated Balance Sheets | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 21,897,000 | $ | 61,230,000 | ||||
Short-term investments | 1,813,000 | 699,000 | ||||||
Accounts receivable — net | 8,548,000 | 24,799,000 | ||||||
Inventory— net | 58,060,000 | 56,829,000 | ||||||
Inventory unreturned | 10,520,000 | 7,833,000 | ||||||
Deferred income taxes | 33,347,000 | 22,998,000 | ||||||
Prepaid expenses and other current assets | 5,900,000 | 7,407,000 | ||||||
Total current assets | 140,085,000 | 181,795,000 | ||||||
Plant and equipment — net | 16,099,000 | 12,535,000 | ||||||
Long-term core inventory — net | 241,100,000 | 188,950,000 | ||||||
Long-term core inventory deposits | 5,569,000 | 31,571,000 | ||||||
Long-term deferred income taxes | 236,000 | 261,000 | ||||||
Goodwill | 2,053,000 | - | ||||||
Intangible assets — net | 4,573,000 | 2,574,000 | ||||||
Other assets | 3,657,000 | 3,195,000 | ||||||
TOTAL ASSETS | $ | 413,372,000 | $ | 420,881,000 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 72,152,000 | $ | 61,893,000 | ||||
Accrued liabilities | 9,101,000 | 10,096,000 | ||||||
Customer finished goods returns accrual | 26,376,000 | 19,678,000 | ||||||
Accrued core payment | 8,989,000 | 13,190,000 | ||||||
Revolving loan | 7,000,000 | - | ||||||
Other current liabilities | 4,698,000 | 2,471,000 | ||||||
Current portion of term loan | 3,067,000 | 7,733,000 | ||||||
Total current liabilities | 131,383,000 | 115,061,000 | ||||||
Term loan, less current portion | 19,980,000 | 71,489,000 | ||||||
Long-term accrued core payment | 17,550,000 | 23,880,000 | ||||||
Long-term deferred income taxes | 14,315,000 | 7,803,000 | ||||||
Other liabilities | 19,336,000 | 12,445,000 | ||||||
Total liabilities | 202,564,000 | 230,678,000 | ||||||
Commitments and contingencies | ||||||||
Shareholders' equity: | ||||||||
Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued | - | - | ||||||
Series A junior participating preferred stock; par value $.01 per share, 20,000 shares authorized; none issued | - | - | ||||||
Common stock; par value $.01 per share, 50,000,000 shares authorized; 18,531,751 and 17,974,598 shares issued and outstanding at March 31, 2016 and 2015, respectively | 185,000 | 180,000 | ||||||
Additional paid-in capital | 203,650,000 | 191,279,000 | ||||||
Retained earnings | 11,825,000 | 1,262,000 | ||||||
Accumulated other comprehensive loss | (4,852,000 | ) | (2,518,000 | ) | ||||
Total shareholders' equity | 210,808,000 | 190,203,000 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 413,372,000 | $ | 420,881,000 | ||||
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