|
|
|||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
, , |
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.l4a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Item 2.02.
|
Results of Operations and Financial Condition
|
Item 9.01.
|
Financial Statements and Exhibits.
|
Exhibit No.
|
Description
|
|
99.1 |
Press Release, dated February 9, 2021
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
MOTORCAR PARTS OF AMERICA, INC.
|
||
Date: February 9, 2021
|
/s/ David Lee
|
|
David Lee
|
||
Chief Financial Officer
|
NEWS RELEASE
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Net sales
|
$
|
122,568,000
|
$
|
125,574,000
|
$
|
372,654,000
|
$
|
385,096,000
|
||||||||
Cost of goods sold
|
98,327,000
|
97,913,000
|
295,300,000
|
303,279,000
|
||||||||||||
Gross profit
|
24,241,000
|
27,661,000
|
77,354,000
|
81,817,000
|
||||||||||||
Operating expenses:
|
||||||||||||||||
General and administrative
|
14,005,000
|
14,390,000
|
38,210,000
|
39,410,000
|
||||||||||||
Sales and marketing
|
4,698,000
|
5,623,000
|
13,224,000
|
15,990,000
|
||||||||||||
Research and development
|
2,100,000
|
2,174,000
|
6,014,000
|
6,694,000
|
||||||||||||
Foreign exchange impact of lease liabilities and forward contracts
|
(12,455,000
|
)
|
(3,772,000
|
)
|
(21,257,000
|
)
|
(2,507,000
|
)
|
||||||||
Total operating expenses
|
8,348,000
|
18,415,000
|
36,191,000
|
59,587,000
|
||||||||||||
Operating income
|
15,893,000
|
9,246,000
|
41,163,000
|
22,230,000
|
||||||||||||
Interest expense, net
|
4,051,000
|
6,879,000
|
12,074,000
|
19,575,000
|
||||||||||||
Income before income tax expense
|
11,842,000
|
2,367,000
|
29,089,000
|
2,655,000
|
||||||||||||
Income tax expense
|
3,373,000
|
1,502,000
|
8,448,000
|
1,752,000
|
||||||||||||
Net income
|
$
|
8,469,000
|
$
|
865,000
|
$
|
20,641,000
|
$
|
903,000
|
||||||||
Basic net income per share
|
$
|
0.44
|
$
|
0.05
|
$
|
1.09
|
$
|
0.05
|
||||||||
Diluted net income per share
|
$
|
0.44
|
$
|
0.04
|
$
|
1.07
|
$
|
0.05
|
||||||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
19,053,232
|
18,961,517
|
19,016,302
|
18,895,893
|
||||||||||||
Diluted
|
19,436,793
|
19,305,805
|
19,333,758
|
19,263,114
|
December 31, 2020
|
March 31, 2020
|
|||||||
ASSETS
|
(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
12,800,000
|
$
|
49,616,000
|
||||
Short-term investments
|
1,508,000
|
850,000
|
||||||
Accounts receivable — net
|
45,271,000
|
91,748,000
|
||||||
Inventory
|
296,281,000
|
234,680,000
|
||||||
Contract assets
|
25,382,000
|
20,332,000
|
||||||
Prepaid expenses and other current assets
|
13,866,000
|
11,890,000
|
||||||
Total current assets
|
395,108,000
|
409,116,000
|
||||||
Plant and equipment — net
|
54,464,000
|
44,957,000
|
||||||
Operating lease assets
|
74,685,000
|
53,029,000
|
||||||
Long-term deferred income taxes
|
16,603,000
|
18,950,000
|
||||||
Long-term contract assets
|
248,544,000
|
239,540,000
|
||||||
Goodwill and intangible assets — net
|
8,876,000
|
9,598,000
|
||||||
Other assets
|
956,000
|
1,839,000
|
||||||
TOTAL ASSETS
|
$
|
799,236,000
|
$
|
777,029,000
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
146,073,000
|
$
|
95,083,000
|
||||
Customer finished goods returns accrual
|
34,267,000
|
25,326,000
|
||||||
Contract liabilities
|
44,778,000
|
27,911,000
|
||||||
Revolving loan
|
59,000,000
|
152,000,000
|
||||||
Other current liabilities
|
4,798,000
|
9,390,000
|
||||||
Operating lease liabilities
|
6,232,000
|
5,104,000
|
||||||
Current portion of term loan
|
3,678,000
|
3,678,000
|
||||||
Total current liabilities
|
298,826,000
|
318,492,000
|
||||||
Term loan, less current portion
|
17,705,000
|
20,462,000
|
||||||
Long-term contract liabilities
|
104,583,000
|
92,101,000
|
||||||
Long-term deferred income taxes
|
73,000
|
79,000
|
||||||
Long-term operating lease liabilities
|
71,569,000
|
61,425,000
|
||||||
Other liabilities
|
6,796,000
|
8,950,000
|
||||||
Total liabilities
|
499,552,000
|
501,509,000
|
||||||
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, 50,000,000 shares authorized;
19,056,292 and 18,969,380 shares issued and outstanding at December 31, 2020 and
March 31, 2020, respectively
|
191,000
|
190,000
|
||||||
Additional paid-in capital
|
222,193,000
|
218,581,000
|
||||||
Retained earnings
|
84,758,000
|
64,117,000
|
||||||
Accumulated other comprehensive loss
|
(7,458,000
|
)
|
(7,368,000
|
)
|
||||
Total shareholders’ equity
|
299,684,000
|
275,520,000
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
799,236,000
|
$
|
777,029,000
|
Items Impacting Net Income for the Three Months Ended December 31, 2020 and 2019 | Exhibit 1 |
Three Months Ended December 31,
|
||||||||||||||||
2020
|
2019
|
|||||||||||||||
$ |
Per Share
|
$ |
Per Share
|
|||||||||||||
GAAP net income
|
$
|
8,469,000
|
$
|
0.44
|
$
|
865,000
|
$
|
0.04
|
||||||||
Items impacting net income
|
||||||||||||||||
Customer allowances related to new business
|
-
|
-
|
777,000
|
0.04
|
||||||||||||
Core buy-back premium amortization impacting net sales
|
1,528,000
|
0.08
|
1,326,000
|
0.07
|
||||||||||||
Impact of tariffs
|
(688,000
|
)
|
(0.04
|
)
|
-
|
-
|
||||||||||
New product line start-up costs and transition expenses (a)
|
4,550,000
|
0.23
|
2,815,000
|
0.15
|
||||||||||||
Revaluation - cores on customers’ shelves
|
1,304,000
|
0.07
|
2,395,000
|
0.12
|
||||||||||||
COVID-related expenses (b)
|
1,610,000
|
0.08
|
-
|
-
|
||||||||||||
Earn-out accruals and severance
|
44,000
|
0.00
|
310,000
|
0.02
|
||||||||||||
Share-based compensation expenses
|
1,498,000
|
0.08
|
1,071,000
|
0.06
|
||||||||||||
Foreign exchange impact of lease liabilities and forward contracts
|
(12,455,000
|
)
|
(0.64
|
)
|
(3,772,000
|
)
|
(0.20
|
)
|
||||||||
Tax effect (c)
|
652,000
|
0.03
|
(1,231,000
|
)
|
(0.06
|
)
|
Items Impacting Net Income for the Nine Months Ended December 31, 2020 and 2019 |
Exhibit 2 |
Nine Months Ended December 31,
|
||||||||||||||||
2020
|
2019
|
|||||||||||||||
$
|
Per Share
|
$
|
Per Share
|
|||||||||||||
GAAP net income
|
$
|
20,641,000
|
$
|
1.07
|
$
|
903,000
|
$
|
0.05
|
||||||||
Items impacting net income
|
||||||||||||||||
Customer allowances, return accruals and changeover costs (a) related to new business, net of costs
|
307,000
|
0.02
|
1,231,000
|
0.06
|
||||||||||||
Core buy-back premium amortization impacting net sales
|
4,269,000
|
0.22
|
3,543,000
|
0.18
|
||||||||||||
Impact of tariffs
|
(3,535,000
|
)
|
(0.18
|
)
|
1,067,000
|
0.06
|
||||||||||
Cost in connection with a cancelled contract
|
-
|
133,000
|
0.01
|
|||||||||||||
New product line start-up costs and transition expenses (b)
|
12,564,000
|
0.65
|
7,465,000
|
0.39
|
||||||||||||
Revaluation - cores on customers’ shelves, and gain due to realignment of inventory at two customer distribution
centers
|
(811,000
|
)
|
(0.04
|
)
|
9,867,000
|
0.51
|
||||||||||
COVID-related expenses (c)
|
5,953,000
|
0.31
|
-
|
-
|
||||||||||||
Acquisition costs, earn-out accruals, severance and restatement-related fees
|
19,000
|
0.00
|
292,000
|
0.02
|
||||||||||||
Share-based compensation expenses
|
3,759,000
|
0.19
|
3,112,000
|
0.16
|
||||||||||||
Foreign exchange impact of lease liabilities and forward contracts
|
(21,257,000
|
)
|
(1.10
|
)
|
(2,507,000
|
)
|
(0.13
|
)
|
||||||||
Tax effect (d)
|
(317,000
|
)
|
(0.02
|
)
|
(6,051,000
|
)
|
(0.31
|
)
|
Items Impacting Gross Profit for the Three Months Ended December 31, 2020 and 2019 | Exhibit 3 |
Three Months Ended December 31,
|
||||||||||||||||
2020
|
2019
|
|||||||||||||||
$
|
Gross
Margin
|
$
|
Gross
Margin
|
|||||||||||||
GAAP gross profit
|
$
|
24,241,000
|
19.8
|
%
|
$
|
27,661,000
|
22.0
|
%
|
||||||||
Items impacting gross profit
|
||||||||||||||||
Customer allowances related to new business
|
-
|
-
|
777,000
|
0.6
|
%
|
|||||||||||
Core buy-back premium amortization impacting net sales
|
1,528,000
|
1.2
|
%
|
1,326,000
|
1.1
|
%
|
||||||||||
Impact of tariffs
|
(688,000
|
)
|
-0.6
|
%
|
-
|
-
|
||||||||||
New product line start-up costs and transition expenses
|
4,217,000
|
3.4
|
%
|
2,148,000
|
1.7
|
%
|
||||||||||
Revaluation - cores on customers’ shelves
|
1,304,000
|
1.1
|
%
|
2,395,000
|
1.9
|
%
|
||||||||||
COVID-related expenses
|
1,052,000
|
0.9
|
%
|
-
|
-
|
Items Impacting Gross Profit for the Nine Months Ended December 31, 2020 and 2019 | Exhibit 4 |
Nine Months Ended December 31,
|
||||||||||||||||
2020
|
2019
|
|||||||||||||||
$
|
Gross
Margin
|
$
|
Gross
Margin
|
|||||||||||||
GAAP gross profit
|
$
|
77,354,000
|
20.8
|
%
|
$
|
81,817,000
|
21.2
|
%
|
||||||||
Items impacting gross profit
|
||||||||||||||||
Customer allowances and return accruals related to new business, net of costs
|
307,000
|
0.1
|
%
|
1,119,000
|
0.3
|
%
|
||||||||||
Core buy-back premium amortization impacting net sales
|
4,269,000
|
1.1
|
%
|
3,543,000
|
0.9
|
%
|
||||||||||
Impact of tariffs
|
(3,535,000
|
)
|
-0.9
|
%
|
1,067,000
|
0.3
|
%
|
|||||||||
Cost in connection with a cancelled contract
|
-
|
-
|
133,000
|
0.0
|
%
|
|||||||||||
New product line start-up costs and transition expenses
|
11,572,000
|
3.1
|
%
|
5,829,000
|
1.5
|
%
|
||||||||||
Revaluation - cores on customers’ shelves, and gain due to realignment of
inventory at two customer distribution centers (a)
|
(811,000
|
)
|
0.5
|
%
|
9,867,000
|
2.6
|
%
|
|||||||||
COVID-related expenses
|
4,425,000
|
1.2
|
%
|
-
|
-
|
Items Impacting EBITDA for the Three and Nine Months Ended December 31, 2020 and 2019 | Exhibit 5 |
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
GAAP net income
|
$
|
8,469,000
|
$
|
865,000
|
$
|
20,641,000
|
$
|
903,000
|
||||||||
Interest expense, net
|
4,051,000
|
6,879,000
|
12,074,000
|
19,575,000
|
||||||||||||
Income tax expense
|
3,373,000
|
1,502,000
|
8,448,000
|
1,752,000
|
||||||||||||
Depreciation and amortization
|
2,857,000
|
2,400,000
|
8,090,000
|
7,019,000
|
||||||||||||
EBITDA
|
$
|
18,750,000
|
$
|
11,646,000
|
$
|
49,253,000
|
$
|
29,249,000
|
||||||||
Items impacting EBITDA
|
||||||||||||||||
Customer allowances, return accruals and changeover costs related to new business, net of costs
|
-
|
777,000
|
307,000
|
1,231,000
|
||||||||||||
Core buy-back premium amortization impacting net sales
|
1,528,000
|
1,326,000
|
4,269,000
|
3,543,000
|
||||||||||||
Impact of tariffs
|
(688,000
|
)
|
-
|
(3,535,000
|
)
|
1,067,000
|
||||||||||
Cost in connection with a cancelled contract
|
-
|
-
|
-
|
133,000
|
||||||||||||
New product line start-up costs and transition expenses (a)
|
4,421,000
|
2,733,000
|
12,235,000
|
7,246,000
|
||||||||||||
Revaluation - cores on customers’ shelves, and gain due to realignment of inventory at two customer distribution
centers
|
1,304,000
|
2,395,000
|
(811,000
|
)
|
9,867,000
|
|||||||||||
COVID-related expenses
|
1,610,000
|
-
|
5,953,000
|
-
|
||||||||||||
Acquisition costs, earn-out accruals, severance and restatement-related fees
|
44,000
|
310,000
|
19,000
|
292,000
|
||||||||||||
Share-based compensation expenses
|
1,498,000
|
1,071,000
|
3,759,000
|
3,112,000
|
||||||||||||
Foreign exchange impact of lease liabilities and forward contracts
|
(12,455,000
|
)
|
(3,772,000
|
)
|
(21,257,000
|
)
|
(2,507,000
|
)
|
Document and Entity Information |
Feb. 09, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 09, 2021 |
Entity Registrant Name | MOTORCAR PARTS AMERICA INC |
Entity Incorporation, State or Country Code | NY |
Entity File Number | 001-33861 |
Entity Tax Identification Number | 11-2153962 |
Entity Address, Address Line One | 2929 CALIFORNIA STREET |
Entity Address, City or Town | TORRANCE |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90503 |
City Area Code | 310 |
Local Phone Number | 212-7910 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000918251 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | MPAA |
Security Exchange Name | NASDAQ |
-8?20$3;8T.P6BP^0"X99K>]9!:G
7XV$1'8
M(XU=!DZ;G:[>X)F$?^6QR__SAGVY.CO+B7H-'KG+[UDDIF$D'>Y(Q*D/CQ^%
M$?/DWUX,%C$;3S+V(I?]!\8(T&8")L8%I#AB,H2W'4.-6@=LP$U&O@#H &"]
M0+KRTO6?EJ&KE0W9-(R]Q+L%5T9B=B0QJR :+D+4F4'4E?","GBVU[A8U4-K
MR0U MVN%=PHA^\[
M(%*Y,1#)3YD;A5.I$_)L"[PZFT:>_XA>+'3092!S+DK_:$6B?V9C5HIW"^6S
M/-TYT[0/*6 2K[_.7+,H=.U!G9W(*RAT8=+;;MBPIH\SU_%3*4#P&N=:6!#R8C4-Y&_VNK4%<5]Q!
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M9I_"\^6' 7 __YG$>H'SKV$BI29.X,= /1 DYBY<#)/LCXUQ7'?&TG$)6D$SCE ?Q*"
M+ 0A3(X4L 1@%,0*E9E\L)&$O(A*X4!)VD$>YO.4:X-XA@,U]XR[$&T[BR^KW?-V0Q"O6T0NMF&Y5@T4\O)G\K!75JF)IE
M8^T