Motorcar Parts of America Inc. (MPAA)

[littlefish]

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.