Business
Motorcar Parts of America Reports Fiscal 2021 Fourth Quarter and Year-End Results
-- Record Sales for Quarter and Fiscal Year with Strong Profitability -- LOS ANGELES--(BUSINESS WIRE)-- Motorcar Parts of America, Inc. (Nasdaq: MPAA) today
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":"\n-- Record Sales for Quarter and Fiscal Year with Strong Profitability --\n\n LOS ANGELES--(BUSINESS WIRE)--\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2021 fourth quarter and year ended March 31, 2021 – reflecting record sales for the quarter and fiscal year with strong profitability.\n\nFiscal 2021 Fourth Quarter Results\n\nNet sales for the fiscal 2021 fourth quarter increased 11.5 percent to a record $168.1 million from $150.7 million, which was a record a year ago.\n\nNet income for the fiscal 2021 fourth quarter was $835,000, or $0.04 per diluted share, compared with a net loss of $8.2 million, or $0.43 per share, a year ago. Details of items impacting net income are shown in Exhibit 1.\n\n“Despite the significant impact of the COVID-19 global pandemic, we achieved record sales and strong profitability for the fourth quarter and for fiscal 2021. The company is well-positioned across multiple non-discretionary product lines and we remain focused on leveraging our strength as consumer demand for automotive aftermarket parts continues to gain momentum. This is supported by vaccination availability, a return to more normal patterns in our daily lives and strong demand for used vehicles,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.\n\n“In addition, as the electric vehicle market evolves, we anticipate increasing demand for the technology offered by our wholly owned D&V subsidiary – benefitting from our ability to support the development of the electric vehicle, including battery power emulation, and the testing and development of inverters, electric motors, and high-speed battery-charging station applications,” Joffe added.\n\nResults for the fiscal fourth quarter were impacted by COVID-19 expenses related to safety, health initiatives and incrementally higher freight costs, reflecting approximately $2.8 million on a pre-tax basis, or $0.11 per share on a tax-effected basis, for cost of goods sold and operating expenses. Approximately $603,000 of the $2.8 million was due to incremental bonuses and wages paid to the company’s dedicated operating employees on the front line. The balance reflects costs for personal protection equipment (PPE), social distancing initiatives and higher freight costs.\n\nNet cash used in operating activiti...