Motorcar Parts of America, Inc. (MPAA) Comments on Second Quarter Results and Favorable Market Conditions for Second Half
Source: http://Blog.QualityStocks.net/?p=13802Posted on Wednesday, November 12th, 2008 | In Small & Micro Cap
Motorcar Parts of America, Inc. (NASD: MPAA), a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles and light trucks, recently reported its financial results for the second quarter ended September 30, 2008. Quarterly net sales totaled $36.4 million compared with $33.8 million for the corresponding period last year. Net income for the quarter climbed to $2.3 million, or $0.19 per diluted share, from $466,000, or $0.04 per diluted share, for the second quarter of fiscal 2008.
The company’s net sales for the fiscal 2009 second quarter totaled $36.4 million compared with $33.8 million for the same period last year. Although operating expenses for the second quarter increased year-over-year from $2.4 million to $5.0 million, Motorcar Parts of America’s positive financial results reflect the company’s continued success at controlling costs and improving efficiency.
Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, recently commented, “We had record revenues and a substantial increase in profitability. Prospects look good for the second half of the year with consumers returning to more normal driving patterns due to declining fuel prices.” He added, “We are actively seeking new business and growth opportunities. We remain optimistic about expanding the company’s presence. Our expectations for new customer revenue growth, which are based on current commitments, should increase our annual revenue run rate by approximately $20 million. Long term market statistics for our industry are very favorable.”
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