Business
CORRECTING and REPLACING Motorcar Parts of America Reports Fiscal 2021 Second Quarter
-- Record Sales and Profitability with Continuing Positive Cash Flow From Operations -- LOS ANGELES--(BUSINESS WIRE)-- Some row headers in Exhibit 1 in the
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":"\n-- Record Sales and Profitability with Continuing Positive Cash Flow From Operations -- \n\n LOS ANGELES--(BUSINESS WIRE)--\nSome row headers in Exhibit 1 in the release dated Nov. 9, 2020 were inadvertently duplicated by Business Wire. The updated release reads:\n\nMOTORCAR PARTS OF AMERICA REPORTS FISCAL 2021 SECOND QUARTER\n\n-- Record Sales and Profitability with Continuing Positive Cash Flow From Operations -- \n\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2021 second quarter ended September 30, 2020 -- reflecting continued favorable sales momentum with increased profitability and positive cash flow from operations.\n\nNet sales for the fiscal 2021 second quarter were $154.7 million compared with $150.4 million for the same period a year earlier. Net sales for the quarter include $12.8 million in core revenue due to a realignment of inventory at two customer distribution centers with expected future sales benefits as product mix changes.\n\nNet income for the fiscal 2021 second quarter was $15.2 million, or $0.78 per diluted share, compared with net income of $6.2 million, or $0.32 per diluted share, a year ago. Additional details of items impacting net income are shown in Exhibit 1.\n\n“Notwithstanding the continued impact of global pandemic challenges, we reported solid results for the quarter and six-month period. The company’s strategic growth initiatives are proceeding as planned – including the launch of our brake caliper production facility, as detailed in a recent announcement – and we are well-positioned in the industry,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.\n\n“In today’s COVID environment, the automobile, more than ever, is the preferable mode of transportation for activities such as work, shopping, appointments, and family vacations. As a consequence, maintenance and repair activities are even more essential. The products we provide are critical to the automobile and the demand for our offerings continue to expand,” Joffe added.\n\nResults for the fiscal second quarter were impacted by approximately $2.0 million on a pre-tax basis, or $0.08 per share on a tax-effected basis, for cost of goods sold and operating expenses related to safety and health initiatives associated with COVID-19. Approximately $1.3 milli...