$MPAA | #MotorcarPartsOfAmerica Risky Long



Possible earnings trade setup.
Stock has reclaimed the 200ma as support.
50MA is also rising as support.
Major downtrend break possible.
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News: $MPAA Motorcar Parts of America Reports Record Sales for Quarter and Fiscal Year

-- Fiscal 2020 Expected to Benefit from Multi-Product Line Expansion and  Investment Initiatives from Past Few Years -- LOS ANGELES, June 28, 2019 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. ( Nasdaq: MPAA ) today announced fiscal 2019 fourth quarter and year-end results, ...

Find out more https://marketwirenews.com/news-releases/motorcar-parts-of-america-reports-record-sales-for-quarter-and--8429804.html

5 Manufacturing Stocks with 25% Upside Potential: MPAA

Full Analysis

Value investors may want to grab Motocar $MPAA while at 52-week low. Almost 30% upside here: analysis

Looks bottomed IMO. Started a position today.

~ $MPAA ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $MPAA ~ Earnings expected on Wednesday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=MPAA&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=MPAA&p=W&b=3&g=0&id=p54550695994



~ Barchart: http://barchart.com/quotes/stocks/MPAA?
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~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=MPAA
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~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=MPAA&exchange=US
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~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=MPAA
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MPAA
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MPAA&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MPAA&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=MPAA&size=l&frequency=60&color=g


http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

I agree it is getting down there in price. Starting to look like they overspent by a fair margin making the acquisition. Like you, I'm just watching.

I hate rentals but when you can get 10% or so+ return from rents (and that's at 10 months a year) when paying 100% for home, I tend to put up with the headaches. Only looking at foreclosures around here (very competitive bTW, lots of buyers out there last few months). The other stuff is too high priced to make the #s work well as rnetals.
Any appreciation is great, but in the meantime it is a cash generator at 10%+ annually. If you get leverage with home loan 20% or more down, the leverage numbers get better % return on up front money but you lose some money from fees and such with a loan origination, appraisal, etc.
If homes go up in price it's great, if they go down then I hope they go down less than 8% or so a year to keep the net worth level. Anyhow, I'm tolerant enough to do something I don't like if it pays well enough (at least for a little while)

Give it a year or two and I will probably be complaining loudly about rentals and wanting to go back to microcap/stock investing cuz less headache LOL. Good luck!

Yeah I am just watching it for now too. The price caught my eye and I started looking and realized there are enough issues to keep on the sidelines for now. At the right price (much lower) though I think I'd be tempted of course it depends on what the company looks like at that price .

My wife and I are looking to buy real estate too but not primarily for investment. I've noticed a mix of deals and unrealistic sellers. Don't know that I would want the headaches of rental property, I'm sure with your value approach you should do well in it.

Best, m

The deal certainly increased their footprint but looked like they sorely underestimated the inherent probs that may come from a merger/buyout short term and overestimated the revs.
CEO mentioned all the 'synergies' they should enjoy going forward but I am pretty cautious on this one at this point mainly because of the revs shortfall (not to mention margins deterioration).

The recent financing on the surface doesn't look like they got the best interest rates in the world on the term loan given great interest rate environment and maybe hints at some of the risk to their model with the acquisition weight on the balance sheet. but at least interest rates remain low for now.

I haven't dug into it in awhile though and don't have a position right now.

Mostly concentrating on rental real estate right now. Good luck!

Saw they are having problems with their acquisition getting the accounting to US standards. Looks like delisting and always a worry if hiding something. They always seemed to be building inventory instead of cash flow. Saw Royce was over 10% just few months ago and quickly dropped to around 5%. My guess it could get a lot lower still.

I am thinking to start looking at the company again. Anyone keep up with them and the deal they did? Have to see how much Marks owns too.

4 or 5 months? Been almost a year for me :) Maybe that conference thing went well or something (darn coulda listened to it live oh well), I'll have to look but didn't see any specific news on this nice breakout.

Hope you are doing well, I spend less time posting these days but doing well.
Still holding some cuz I didn't sell any of the shares in the taxable account. Just sold the last in tax free account yesterday (oops- only a few shares though).
Tomorrow is one year for half those taxable shares, long term gains yay. They'll be sold if this is over $14 :) The other shares come available over next couple weeks and will probably sell some of those too but keep a little to follow the progress of company.

Looks like I actually prognosticated correctly on MPAA for 2010 (oh, and EGMI too doh):

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45805587

BTW, I did not make it to 20% return last year for the first time (even with the nice market) thanks mostly to AYSI but managed a gain so won't compalin. But I broke the 'make 20% per year' rule so as one 'penalty' don't get to spend as much time playing on the message boards. Not a bad thing really. Get more time with the little one :) Maybe miss a few opportunities, oh well.

Send an E-Mail some time and hope you and your family have a great 2011!

Don't know if anyone is here these days but if anyone is interested the company has a presentation today

http://www.wsw.com/webcast/cowen/mpaa

The shareholder meeting is also scheduled for Friday.


After all my complaining about Joffe the past 4-5 months or so the stock has been on a tear so I've kept my mouth shut . I do want to thank Gilead for pointing this one out and wish i-hub didn't offend him so he'd still post some ideas. Oh and I wish I would have felt better about things to buy more a year ago .

Motorcar Parts of America Reports Record Fiscal 2011 Second Quarter Results
Operating Income Jumps 42 Percent on Strong Sales
On Monday November 8, 2010, 8:00 am EST

LOS ANGELES, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA - News) today reported record results for its fiscal 2011 second quarter and six months ended September 30, 2010.

Net income for the fiscal 2011 second quarter increased to $3.5 million, or $0.29 per diluted share, compared with net income of $3.4 million, or $0.28 per diluted share, for the comparable period a year earlier. Results for the same period a year earlier included a $1.3 million, or $0.07 per diluted share, gain related to the company's acquisition of certain assets of Reliance Automotive in August 2009.

Net sales for the fiscal 2011 second quarter increased to $41.0 million from $39.4 million for the same period last year.

Gross profit for the fiscal 2011 second quarter was $12.7 million compared with $10.8 million for the same period a year ago. Gross profit as a percentage of net sales for the fiscal 2011 second quarter was 30.9 percent compared with 27.4 percent in the same quarter a year ago.

Operating income for the fiscal second quarter increased 42 percent to $7.5 million from $5.3 million in the same period a year ago.

Net income for the fiscal 2011 six-month period increased 30.0 percent to $6.0 million, or $0.49 per diluted share, from $4.6 million, or $0.38 per diluted share, a year earlier. Net sales increased seven percent to $77.2 million from $72.1 million in the corresponding period a year ago.

Gross profit for the fiscal 2011 six-months was $24.2 million compared with $18.0 million in the same period in fiscal 2011. Gross profit as a percentage of net sales for the same period was 31.4 percent compared with 24.9 percent a year earlier.

Operating income for the six months was $12.9 million compared with $8.3 million for the same period in fiscal 2010.

"The company's fiscal second quarter results reflect continued solid growth in our business and strong operating performance, supported by positive automotive aftermarket dynamics and strong industry momentum. Equally important, our team has been able to capitalize on these positive trends and execute on the company's healthy business model to achieve our goals," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts.

Teleconference and Web Cast

Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific time to discuss the company's financial results and operations for its fiscal 2011 second quarter. The call will be open to all interested investors either through a live audio Web broadcast at www.motorcarparts.com or live by calling (877)-776-4016 (domestic) or (973)-638-3231 (international). For those who are not available to listen to the live broadcast, the call will be archived for seven days on Motorcar Parts of America's website. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time on Monday, November 8, 2010 through 8:59 p.m. Pacific time on Sunday, November 14, 2010 by calling (800)-642-1687 (domestic) or (706)-645-9291 (international) and using access code: 16370843.

About Motorcar Parts of America

Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with remanufacturing facilities located in California, Mexico and Malaysia, and administrative offices located in California, Tennessee, Mexico, Singapore and Malaysia. Additional information is available at www.motorcarparts.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2010 and in its Form 10-Q filed with the SEC thereafter for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

(Financial tables follow) 
  
 MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES 
 Consolidated Statements of Income 
 (Unaudited) 
  
 	 
 	 
 	 
 	 
  
 	Three Months Ended 
 September 30, 	Six Months Ended 
 September 30, 
 	2010 	2009 	2010 	2009 
  
 	 
 	 
 	 
 	 
 Net sales 	$ 40,977,000 	$ 39,437,000 	$ 77,211,000 	$ 72,127,000 
 Cost of goods sold 	28,295,000 	28,621,000 	52,984,000 	54,140,000 
 Gross profit 	12,682,000 	10,816,000 	24,227,000 	17,987,000 
 Operating expenses: 	 
 	 
 	 
 	 
 General and administrative 	3,571,000 	3,653,000 	7,595,000 	6,165,000 
 Sales and marketing 	1,201,000 	1,535,000 	2,941,000 	2,807,000 
 Research and development 	396,000 	334,000 	762,000 	668,000 
 Total operating expenses 	5,168,000 	5,522,000 	11,298,000 	9,640,000 
 Operating income 	7,514,000 	5,294,000 	12,929,000 	8,347,000 
 Other expense (income): 	 
 	 
 	 
 	 
 Gain on acquisition 	-- 	(1,331,000) 	-- 	(1,331,000) 
 Interest expense -- net 	1,701,000 	974,000 	3,303,000 	1,970,000 
 Income before income tax expense 	5,813,000 	5,651,000 	9,626,000 	7,708,000 
 Income tax expense 	2,312,000 	2,216,000 	3,605,000 	3,078,000 
  
 	 
 	 
 	 
 	 
 Net income 	$ 3,501,000 	$ 3,435,000 	$ 6,021,000 	$ 4,630,000 
  
 	 
 	 
 	 
 	 
 Basic net income per share 	$ 0.29 	$ 0.29 	$ 0.50 	$ 0.39 
  
 	 
 	 
 	 
 	 
 Diluted net income per share 	$ 0.29 	$ 0.28 	$ 0.49 	$ 0.38 
  
 	 
 	 
 	 
 	 
 Weighted average number of shares outstanding: 	 
 	 
 	 
 	 
 Basic 	12,038,636 	11,973,510 	12,043,818 	11,967,797 
  
 	 
 	 
 	 
 	 
 Diluted 	12,202,507 	12,101,997 	12,220,257 	12,086,298 
  
  
 MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES 
 Consolidated Balance Sheets 
  
 	 
 	 
  
 	September 30, 2010 	March 31, 2010 
 ASSETS 	(Unaudited) 	 
 Current assets: 	 
 	 
 Cash 	$ 5,815,000 	$ 1,210,000 
 Short-term investments 	265,000 	451,000 
 Accounts receivable -- net 	-- 	5,553,000 
 Inventory-- net 	27,773,000 	31,547,000 
 Inventory unreturned 	4,366,000 	3,924,000 
 Deferred income taxes 	8,455,000 	8,391,000 
 Prepaid expenses and other current assets 	1,928,000 	2,735,000 
 Total current assets 	48,602,000 	53,811,000 
 Plant and equipment -- net 	11,563,000 	12,693,000 
 Long-term core inventory -- net 	76,302,000 	67,957,000 
 Long-term core inventory deposit 	25,984,000 	25,768,000 
 Long-term deferred income taxes 	722,000 	951,000 
 Long-term note receivable 	1,894,000 	-- 
 Intangible assets -- net 	5,917,000 	6,304,000 
 Other assets 	1,660,000 	1,549,000 
 TOTAL ASSETS 	$ 172,644,000 	$ 169,033,000 
 LIABILITIES AND SHAREHOLDERS' EQUITY 	 
 	 
 Current liabilities: 	 
 	 
 Accounts payable 	$ 30,190,000 	$ 31,603,000 
 Accrued liabilities 	3,134,000 	1,863,000 
 Accrued salaries and wages 	2,574,000 	3,590,000 
 Accrued workers' compensation claims 	1,350,000 	1,574,000 
 Customer finished goods returns accrual 	6,696,000 	7,454,000 
 Income tax payable 	535,000 	678,000 
 Other current liabilities 	478,000 	697,000 
 Current portion of term loan 	2,000,000 	2,000,000 
 Current portion of capital lease obligations 	308,000 	953,000 
 Total current liabilities 	47,265,000 	50,412,000 
 Term loan, less current portion 	6,500,000 	7,500,000 
 Deferred core revenue 	7,738,000 	6,061,000 
 Deferred gain on sale-leaseback 	58,000 	319,000 
 Other liabilities 	639,000 	676,000 
 Capital lease obligations, less current portion 	304,000 	445,000 
 Total liabilities 	62,504,000 	65,413,000 
 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, 20,000,000 shares authorized; 12,052,271 and 12,026,021 shares issued and outstanding at September 30, 2010 and March 31, 2010, respectively 	121,000 	120,000 
 Treasury stock, at cost, 14,400 shares of common stock at September 30, 2010 and none at March 31, 2010 	(89,000) 	-- 
 Additional paid-in capital 	92,934,000 	92,792,000 
 Additional paid-in capital-warrant 	1,879,000 	1,879,000 
 Accumulated other comprehensive loss 	(981,000) 	(1,426,000) 
 Retained earnings 	16,276,000 	10,255,000 
 Total shareholders' equity 	110,140,000 	103,620,000 
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 	$ 172,644,000 	$ 169,033,000 

Bullish report by MPAA customer...

ORLY had a very good report last night and is up $2.60 to $57 today. They reported adjusted EPS of $0.86 vs. expectations of $0.74. Also, they guided for FY10 adjusted EPS of $2.94-$2.98 vs. a consensus of $2.87. O'Reilly Automotive is a customer of MPAA.

MPAA is flirting with a new two year high at the current price of $9.85. The two year high is $9.89.

MPAA is printing fresh 2 year highs as I type, WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE!!!

Very cool!

MPAA - Roth Capital made some comments on the Fenwick Acquisition regarding the potential to double MPAA revenue if Fenwick is acquired by MPAA. That isn't anything new but I find it interesting that Roth Capital is commenting now. Roth is maintaining their buy rating. I don't have a copy of the Roth comments but my news service had a short blurb about it.

MPAA printing fresh, 2 year highs as I type, WEEEEEEEEEEEEEEEEEEEEEEEEEEE!!!!

MPAA printed a new 52 week high of $7.96!

MPAA was upgraded to Buy from Hold by BB&T. They have a price target of $12.

must have had a commish free trade and needed a pack of smokes

weeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!!!

nice 1 share trade went off at 7.07...lol

Motorcar Parts of America Announces Strategic Investment in Toronto-Based Automotive Parts Supplier
Opportunity for Future Acquisition and Product-Line Expansion
On Monday August 30, 2010, 1:07 pm

LOS ANGELES, Aug. 30, 2010 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA - News) today announced it has made a US$1.9 million (CDN$2.0 million) strategic investment in Fenwick Automotive Products Limited structured as a secured loan with an option to acquire substantial ownership of the company.

"This transaction represents a potential opportunity to expand beyond Motorcar Parts of America's alternator and starter business and leverage our company's existing manufacturing expertise and distribution channels with a broad array of automotive products. A major benefit of the transaction is the option to acquire a substantial portion of Fenwick Automotive and likely more than double Motorcar Parts of America's annual revenues with expected accretive earnings," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, Inc.

"We are proud to be associated with Fenwick Automotive, a company that has been one of the finest and most respected suppliers to the aftermarket industry for more than sixty years," Joffe added.

He noted that the two organizations serve all of the major automotive aftermarket sales channels.

"We are pleased to be working with an organization with the market presence and reputation of Motorcar Parts and look forward to working with the company's team," said Gordon Fenwick, chief executive officer of Fenwick Automotive Products.

He noted that Motorcar Parts and Fenwick are both customer-centric organizations, ISO/TS16949 registered, and recognized for the highest level of quality and service.

About Fenwick Automotive Products Limited

Based in Toronto, Canada, Fenwick Automotive Products Limited is a manufacturer and distributor of new and remanufactured aftermarket auto parts -- including steering components (pumps, gears and racks), brake calipers, master cylinders, hub assembly and bearings, clutches and clutch hydraulics, constant velocity drive shafts, water pumps, control arms and loaded struts for the full range of passenger and truck vehicles in use in the markets it serves. Its products are sold through all major distribution channels of the automotive aftermarket throughout the United States, Canada and Mexico. The company's facilities are located in Pennsylvania, New Hampshire, Toronto and Mexico. Additional information is available at www.fencoparts.com

About Motorcar Parts of America

Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters for imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada. The company's facilities are located in California, Tennessee, Mexico, Malaysia and Singapore. Additional information is available at www.motorcarparts.com

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2010 and in its Form 10-Q filed with the SEC thereafter for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

Contact:

Maier & Company, Inc.
Gary S. Maier
(310) 442-9852

MPAA is mentioned in this article...

http://seekingalpha.com/article/221118-top-10-stock-dividend-yields-lowest-price-to-sales-and-price-to-book-ratios?source=feed

Nice move today!

Greenage.

Mike- I'm sure you'll do good job as mod, you'll probably spruce up the place. I don't know how to resign as assistant but feel free to do it for me I'm not active here.
Good luck.

I added more shares today.

Motorcar Parts of America Reports Fiscal 2010 Fourth Quarter/Year-End Results
Sales Climb 29 Percent for Quarter; Net Income Up Sharply for Year
On Monday June 14, 2010, 8:00 am EDT

LOS ANGELES, June 14, 2010 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA - News) today reported strong results for its year ended March 31, 2010, reflecting record fourth quarter and full-year sales and a significant jump in net income for fiscal 2010.

Net sales for the fiscal 2010 fourth quarter were $38.6 million, compared with $29.9 million for the same period last year.

Gross profit for the fiscal 2010 fourth quarter was $12.5 million (or 32% gross margin), compared with $6.0 million (or 20% gross margin) for the same period a year ago.

Operating income for the fiscal fourth quarter climbed to $4.8 million, from an operating loss of $680,000 in the same period a year ago.

Net income for the fiscal 2010 fourth quarter was $2.9 million, or $0.24 per diluted share, compared with a net loss of $1.2 million, or $0.10 per share, for the comparable period a year earlier.

Net sales for fiscal 2010 climbed 9.2 percent to a record $147.2 million, compared with $134.9 million a year ago. Gross profit for fiscal 2010 was $41.3 million, compared with $39.5 million a year earlier, with a gross margin of 28 percent compared with 29 percent in fiscal 2009.

Operating income for fiscal 2010 was $18.3 million, compared with $10.6 million a year earlier.

Net income for fiscal 2010 climbed to $9.6 million, or $0.80 per diluted share, compared with $3.9 million, or $0.32 per diluted share, a year ago.

"Our record sales for fiscal 2010 reflect our ability to build strong long-term relationships with leading automotive retailers and the professional market," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts.

Joffe noted that "our performance for the quarter validates our belief that as we continue to grow market share, operating performance is enhanced with very little incremental expenditure. As we enter a new fiscal year, operating leverage and increased usage of available production capacity continue to be important strategic components of the company's year-over-year growth plans -- supported by organic sales increases and acquisitions at appropriate valuations," Joffe added.

Teleconference and Web Cast

Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific Time to discuss the company's financial results and operations for fiscal 2010. The call will be open to all interested investors either through a live audio Web broadcast at www.motorcarparts.com or live by calling (877)-776-4016 (domestic) or (973)-638-3231 (international). For those who are not available to listen to the live broadcast, the call will be archived for seven days on Motorcar Parts of America's website. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific Time today through 8:59 p.m. Pacific Time on Monday, June 21, 2010 by calling (800)-642-1687 (domestic) or (706)-645-9291 (international) and using access code: 75655489.

About Motorcar Parts of America

Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with remanufacturing facilities located in California, Mexico and Malaysia, and administrative offices located in California, Tennessee, Mexico, Singapore and Malaysia. Additional information is available at www.motorcarparts.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2010 and in its Form 10-Qs filed with the SEC thereafter for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

(Financial tables follow) 
  
  
 MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES 
 Consolidated Statements of Operations 
  
 	 
 	 
 	 
 	 
  
 	Three Months Ended 
 March 31, 	Year Ended 
 March 31, 
 	2010 	2009 	2010 	2009 
  
 	(Unaudited) 	(Unaudited) 	 
 	 
  
 	 
 	 
 	 
 	 
 Net sales 	$ 38,616,000 	$ 29,922,000 	$ 147,225,000 	$ 134,866,000 
 Cost of goods sold 	26,153,000 	23,891,000 	105,898,000 	95,319,000 
 Gross profit 	12,463,000 	6,031,000 	41,327,000 	39,547,000 
 Operating expenses: 	 
 	 
 	 
 	 
 General and administrative 	5,614,000 	4,845,000 	15,580,000 	19,479,000 
 Sales and marketing 	1,664,000 	1,331,000 	6,019,000 	5,242,000 
 Research and development 	398,000 	435,000 	1,421,000 	1,993,000 
 Impairment of goodwill 	-- 	100,000 	-- 	2,191,000 
 Total operating expenses 	7,676,000 	6,711,000 	23,020,000 	28,905,000 
 Operating income (loss) 	4,787,000 	(680,000) 	18,307,000 	10,642,000 
 Other expense (income): 	 
 	 
 	 
 	 
 Gain on acquisition 	-- 	-- 	(1,331,000) 	-- 
 Interest expense 	964,000 	1,027,000 	4,710,000 	4,215,000 
 Interest income 	-- 	-- 	-- 	(19,000) 
 Income (loss) before income tax expense (benefit) 	3,823,000 	(1,707,000) 	14,928,000 	6,446,000 
 Income tax expense (benefit) 	952,000 	(526,000) 	5,282,000 	2,589,000 
  
 	 
 	 
 	 
 	 
 Net income (loss) 	$ 2,871,000 	$ (1,181,000) 	$ 9,646,000 	$ 3,857,000 
 Basic net income (loss) per share 	$ 0.24 	$ (0.10) 	$ 0.80 	$ 0.32 
 Diluted net income (loss) per share 	$ 0.24 	$ (0.10) 	$ 0.80 	$ 0.32 
  
 	 
 	 
 	 
 	 
 Weighted average number of shares outstanding: 	 
 	 
 	 
 	 
 Basic 	12,023,688 	11,962,021 	11,988,692 	11,995,622 
 Diluted 	12,156,354 	11,962,021 	12,116,615 	12,086,126 
  
  
  
 MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES 
 Consolidated Balance Sheets 
 March 31, 
  
 	2010 	2009 
 ASSETS 	 
 	 
 Current assets: 	 
 	 
 Cash 	$ 1,210,000 	$ 452,000 
 Short-term investments 	451,000 	335,000 
 Accounts receivable -- net 	-- 	11,121,000 
 Inventory-- net 	31,547,000 	27,923,000 
 Inventory unreturned 	3,924,000 	4,708,000 
 Deferred income taxes 	8,391,000 	8,277,000 
 Prepaid expenses and other current assets 	2,735,000 	1,355,000 
 Total current assets 	48,258,000 	54,171,000 
 Plant and equipment -- net 	12,693,000 	13,997,000 
 Long-term core inventory 	67,957,000 	62,821,000 
 Long-term core inventory deposit 	25,768,000 	24,451,000 
 Long-term deferred income taxes 	951,000 	989,000 
 Intangible assets -- net 	6,304,000 	2,564,000 
 Other assets 	1,549,000 	595,000 
 TOTAL ASSETS 	$ 163,480,000 	$ 159,588,000 
 LIABILITIES AND SHAREHOLDERS' EQUITY 	 
 	 
 Current liabilities: 	 
 	 
 Accounts payable 	$ 31,603,000 	$ 24,507,000 
 Accrued liabilities 	3,764,000 	1,451,000 
 Accrued salaries and wages 	3,590,000 	3,162,000 
 Accrued workers' compensation claims 	1,574,000 	1,895,000 
 Income tax payable 	678,000 	1,158,000 
 Note payable 	-- 	722,000 
 Revolving loan 	-- 	21,600,000 
 Other current liabilities 	697,000 	1,624,000 
 Current portion of term loan 	2,000,000 	-- 
 Current portion of capital lease obligations 	953,000 	1,621,000 
 Total current liabilities 	44,859,000 	57,740,000 
 Term loan, less current portion 	7,500,000 	-- 
 Deferred core revenue 	6,061,000 	5,934,000 
 Deferred gain on sale-leaseback 	319,000 	843,000 
 Other liabilities 	676,000 	587,000 
 Capital lease obligations, less current portion 	445,000 	1,401,000 
 Total liabilities 	59,860,000 	66,505,000 
 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, 20,000,000 shares authorized; 12,026,021 and 11,962,021 shares issued and outstanding at March 31, 2010 and 2009, respectively 	120,000 	120,000 
 Additional paid-in capital 	92,792,000 	92,459,000 
 Additional paid-in capital-warrant 	1,879,000 	1,879,000 
 Accumulated other comprehensive loss 	(1,426,000) 	(1,984,000) 
 Retained earnings 	10,255,000 	609,000 
 Total shareholders' equity 	103,620,000 	93,083,000 
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 	$ 163,480,000 	$ 159,588,000 

Motorcar Parts of America Reports Strong Fiscal 2011 First Quarter Results
Net Income More Than Doubles; Sales Climb
On Monday August 9, 2010, 8:00 am EDT

LOS ANGELES, Aug. 9, 2010 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA - News) today reported strong results for its fiscal 2011 first quarter ended June 30, 2010, reflecting increased sales and improved productivity.

Net income for the fiscal 2011 first quarter climbed sharply to $2.5 million, or $0.21 per diluted share, compared with net income of $1.2 million, or $0.10 per diluted share, for the comparable period a year earlier.

Net sales for the fiscal 2011 first quarter increased 10.8 percent to $36.2 million from $32.7 million for the same period last year.

Gross profit for the fiscal 2011 first quarter was $11.5 million compared with $7.2 million for the same period a year ago.

Operating income for the fiscal first quarter climbed 77.4 percent to $5.4 million from $3.1 million in the same period a year ago.

General and administrative expenses were negatively impacted by a $471,000 non-cash loss as a result of negative foreign currency fluctuations in the fiscal 2011 first quarter. The company benefitted in the same period a year earlier as a result of a non-cash gain in foreign currency fluctuations of $964,000.

"The 2011 fiscal year is off to an excellent start, with strong sales momentum and solid profitability as the company continues to focus on operating leverage and increased usage of available capacity," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts.

Teleconference and Web Cast

Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 9:00 a.m. Pacific time to discuss the company's financial results and operations for its fiscal 2011 first quarter. The call will be open to all interested investors either through a live audio Web broadcast at www.motorcarparts.com or live by calling (877)-776-4016 (domestic) or (973)-638-3231 (international). For those who are not available to listen to the live broadcast, the call will be archived for seven days on Motorcar Parts of America's website. A telephone playback of the conference call will also be available from approximately 12:00 noon Pacific time today through 8:59 p.m. Pacific time on Monday, August 16, 2010 by calling (800)-642-1687 (domestic) or (706)-645-9291 (international) and using access code: 90707301.

About Motorcar Parts of America

Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with remanufacturing facilities located in California, Mexico and Malaysia, and administrative offices located in California, Tennessee, Mexico, Singapore and Malaysia. Additional information is available at www.motorcarparts.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2010 and in its Form 10-Q filed with the SEC thereafter for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES 
 Consolidated Statements of Income 
 (Unaudited) 	 
 	 
  
 	 
 	 
  
 	Three Months Ended 
  
 	June 30, 
 	2010 	2009 
  
 	 
 	 
 Net sales 	$ 36,234,000 	$ 32,690,000 
 Cost of goods sold 	24,689,000 	25,519,000 
 Gross profit 	11,545,000 	7,171,000 
 Operating expenses: 	 
 	 
 General and administrative 	4,024,000 	2,512,000 
 Sales and marketing 	1,740,000 	1,272,000 
 Research and development 	366,000 	334,000 
 Total operating expenses 	6,130,000 	4,118,000 
 Operating income 	5,415,000 	3,053,000 
 Other expense: 	 
 	 
 Interest expense 	1,602,000 	996,000 
 Income before income tax expense 	3,813,000 	2,057,000 
 Income tax expense 	1,293,000 	862,000 
 Net income 	$ 2,520,000 	$ 1,195,000 
 Basic net income per share 	$ 0.21 	$ 0.10 
 Diluted net income per share 	$ 0.21 	$ 0.10 
 Weighted average number of shares outstanding: 	 
 	 
 Basic 	12,049,057 	11,962,021 
 Diluted 	12,204,319 	12,071,451 
  
 	 
 	 
  
  
 	 
 	 
 MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES 
 Consolidated Balance Sheets 	 
 	 
  
 	 
 	 
  
 	June 30, 2010 	March 31, 2010 
 ASSETS 	(Unaudited) 	 
 Current assets: 	 
 	 
 Cash 	$ 1,759,000 	$ 1,210,000 
 Short-term investments 	232,000 	451,000 
 Accounts receivable -- net 	3,267,000 	5,553,000 
 Inventory-- net 	30,018,000 	31,547,000 
 Inventory unreturned 	4,664,000 	3,924,000 
 Deferred income taxes 	8,436,000 	8,391,000 
 Prepaid expenses and other current assets 	1,906,000 	2,735,000 
 Total current assets 	50,282,000 	53,811,000 
 Plant and equipment -- net 	11,879,000 	12,693,000 
 Long-term core inventory 	70,646,000 	67,957,000 
 Long-term core inventory deposit 	25,768,000 	25,768,000 
 Long-term deferred income taxes 	720,000 	951,000 
 Intangible assets -- net 	6,110,000 	6,304,000 
 Other assets 	1,604,000 	1,549,000 
 TOTAL ASSETS 	$ 167,009,000 	$ 169,033,000 
 LIABILITIES AND SHAREHOLDERS' EQUITY 	 
 	 
 Current liabilities: 	 
 	 
 Accounts payable 	$ 27,185,000 	$ 31,603,000 
 Accrued liabilities 	1,377,000 	1,863,000 
 Accrued salaries and wages 	2,423,000 	3,590,000 
 Accrued workers' compensation claims 	1,435,000 	1,574,000 
 Customer finished goods returns accrual 	7,481,000 	7,454,000 
 Income tax payable 	1,624,000 	678,000 
 Revolving loan 	1,800,000 	-- 
 Other current liabilities 	468,000 	697,000 
 Current portion of term loan 	2,000,000 	2,000,000 
 Current portion of capital lease obligations 	580,000 	953,000 
 Total current liabilities 	46,373,000 	50,412,000 
 Term loan, less current portion 	7,000,000 	7,500,000 
 Deferred core revenue 	6,197,000 	6,061,000 
 Deferred gain on sale-leaseback 	188,000 	319,000 
 Other liabilities 	607,000 	676,000 
 Capital lease obligations, less current portion 	365,000 	445,000 
 Total liabilities 	60,730,000 	65,413,000 
 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, 20,000,000 shares authorized; 
 12,052,271 and 12,026,021 shares issued and outstanding at June 30, 2010 
 and March, 31 2010, respectively 	121,000 	120,000 
 Additional paid-in capital 	92,926,000 	92,792,000 
 Additional paid-in capital-warrant 	1,879,000 	1,879,000 
 Accumulated other comprehensive loss 	(1,422,000) 	(1,426,000) 
 Retained earnings 	12,775,000 	10,255,000 
 Total shareholders' equity 	106,279,000 	103,620,000 
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 	$ 167,009,000 	$ 169,033,000 

I really like MPAA for the following reasons and have been accumulating:

1. MPAA is in a recession resistant business selling remanufactured starters and alternators.

2. MPAA just reported diluted EPS of $0.21 and $0.25 excluding one-time items. They also made $0.90 in the trailing 12 months. They are cheap on any metric of trailing earnings.

3. MPAA is expecting to grow revenue for the remainder of the fiscal year. They should continue to grow earnings based upon increased revenue.

4. One of their one-time items this quarter was an inventory write-down. Inventory was written down because they decreased manufacturing costs. Thus a one-time item this quarter should result in higher gross margin going forward.

5. They are trading at a discount to their book value of $8.82.

6. They are entering one of their seasonally stronger quarters.

Ah the insider bassturds. The VP guy didn't even try to keep a few of those options shares LOL.

Re Gilead actually I'm just trying to get Gilead to go 'free,' not quit.
Maybe he felt overinspired, feeling the recent freedom of quitting his 'regular' job so decided to try it on something like message board posting on IHub?

Or maybe it was just some squadoosh head pissing him off for something possibly relatively trivial that had him make a stand on principles?
He tends to stand on principles. Maybe one of them swatted him too hard in grade school so he gets back at 'em when he can?

Those insider sales the past two days don't exactly install confidence, especially a sales VP!

Hey what did you say to gilead to get him to quit . Too bad if he goes one of the better posts and a nice touch of sarcasm too.

I'm actually happy to see the more conservative stance if Joffe keeps it up and is fairly accurate with the somewhat subjective terminology often used in forecasting.
I'd rather have someone talking things down than talking them up. And of course just plain stating things as they are w/o sugar is better yet

Yeah I can't complain... Well shouldn't but I do . I think Joffee scared me from making it too big a position but agree while it may not have 10 bagger or even 5 bagger potential there is still descent upside especially if Joffee starts trying to make real money instead of build his (as gilead says F. S.) empire.

I don't know but at least we are still moving up

Not gonna set the world on fire IMO with current biz model but still think we could see some further upside here. Kinda happy to see we did not drop back after earnings (yet) with the semiconservative view Joffe had about next Q. He seems to be acting a little more conservative lately on projections and such IMO.
Now if only some of the mngmnt compensation became more conservative and tied to share price

I never do well trying to time a stock either...

I sold CTIB a bit ago thinking its getting ahead of itself that was about 30% ago.

I usually like to hold and get the lt cap gains tax rate but with the markets as they are I thought it could drop more then I could save in taxes so much for that theory

LF should be quite happy when he gets up.

So much for my theory of the stock falling back to the low 6's

Short term prognostication is not my strong suit

Joffee buying today?

Ya fallback wouldn't surprise me unless the company feels at liberty to start buying back now that the report is out of the way. Or some fund suddenly decides to 'discover' it as a value investment. I feel pretty comfortable we are building higher-priced downside levels with time which is what I like even if upside is so-so, at least in current market conditions.

I get a little over 23 cents EPS this Q if we normalize tax rate to 40% and take out the one time charges from bad debt expense and nonpayment from renter. If any of that gets recouped we could see 1 time gains help the other way of course.

I am assuming the little verbage Joffe gave about 2011 expecting higher revs and net income YOY would NOT include buyback shares potential boost. They have yet to start buy back in the market apparently. And customers continue to do well with the macrotrends still in place (aging fleet, tuff economy so older cars likely kept on road longer and fixed instaed of replaced).
Then again, I don't rely on putting much specific weight in mangement teams giving annual guidance definitely including this team.

Considering the large sizes of accts payable, inventories, etc I still think we are a couple Qs off from seeing more cash put on the balance sheet. $500K per Q will go toward term loan repayments but beyond that could be wiggling back and forth.

In the current Q, looks like Sanford and Son would be proud.
LT inventory up $1.6 mill roughly. $500K went to pay down term loan. That's $2.1 mill of the $2.9 mill made.

Thinking we'll see lumps and bumps but the value proposition and easy understandability of the biz and what drives it is still quite apparent to me so I'll keep this as a core holding occassionally flipping a few around that probably.
OK that was pretty cheesy, even KiK is rolling his eyes.

Too bad. I need to dig through it a bit

I am assuming we see a fall back here either way. That has been the pattern on recent spikes. The sellers come out of the woodwork. That lets me lock in profits and gives me time to sit back and evaluate the results. There are some real luxuries when your positions are small enough to be tradable.

The numbers were definitely solid though.

Don't think they did. Woulda been good for them to step thru.
I haven't had a chance to look at the balance sheet much yet. I am guessing it will take another couple Qs before we start seeing cash build on the balance sheet meaningfully with the intensive inventories they carry, unless they start ramping heavy duty even more.
The plus side of that I would think would be they'd only build a substantial amount of heavy duty inv if they get some decent wins from customers for supplying. They already carry a lot of heavy duty parts but doubt they are in large quantity. Would be a good question to ask if they'd know offhand, how much of inv is segmented toward heavy duty.
Having to house all that inventory not only at their places but also at the retail chains is a capital intensive project.
It was a decent Q though. Factoring out all the 1 times on all the Qs, this Q I think was the strongest in terms of gross profit, op income, and net earnings if we apply 40% tax rate to all #s. Revs slightly lighter than the one Q but if we're getting better operational profitability, that's OK with me.

Did they talk about cash generation from ops?

I took a quick look at the balance sheet and concluded they didn't generate much. That is my lingering concern. Quality of earnings does not seem to be improving.

OK Joffe said they were somewhat restricted from buying back due to Q report but it is out now. They better get to putting some money up for shares.
So we need to start holding him accountable about buying back shares. Eliminate whatever excuses they may make.
Nice to see there was a $0.9+ mill expense explained in SGA one time that initially had me concerned on the SGA bumpup Q #s. That puts Op Income around $5.7 mill for the Q excluding charges, fairly healthy.
At same time, sounds like we may see a sequential drop next Q based on tone re revs but probably not too bad.

This is a good generic value play easy to understand biz model IMO and I am waiting for higher prices before selling esp w/company not yet buying back shares.
One thing seems like they should mention is the currency hedges tend to offset the inv writedowns I think.
They talk about improved GMs with inv writedowns but then don't mention a chunk of that increased efficiency is probably driven by currency (pay in pesos so cheaper labor) so you get increased GMs but then increased expenses in G&A thru currency hedge charge to balance it a bit IMO.

Wish the market would more fairly value their intangible side with customer relationships, brand names they've built up in the marketplace, customer lists, etc. Let alone their TANGIBLE book side LOL.

Looks like a very nice quarter. I didn't look through the K yet though to see if anything is hiding in there. Still hope the cc has the activists putting a little heat on Joffe.

If you are interested, could I get your E-Mail thru PM? I read many of your posts and you seem to have a similar appetite for companies I gravitate toward.
Agree with your comments on MPAA on VMC today. I have been adding though lately under $6.

Hoping if margins are another disappointment this Q (under 30%) that the CC gets a little more contentious toward mngmnt...

They need to start being more proactive in unlocking some of the 'value' in the company. I doubt they've done much more than buy back a token amount as you mention. Should know in next couple weeks one way or other when Q is reported.

Noticed this just now:

http://finance.yahoo.com/news/New-Light-Vehicle-Units-To-twst-2148353142.html?x=0&.v=2

Guess they are PR hungry LOL.
I would expect a CC announcement this week or early next.


Seems like the article is only modestly relating to MPAA's main industry segment (brief AZO mention). No mention of MPAA that I saw.