Motorcar Parts of America, Inc. (NASDAQ:MPAA) found its stock somewhat static Monday on releasing its latest figures.
The Los Angeles-based association revealed results reflecting generation of cash flow from operations of $18.8 million for the fiscal year and gross margin improvement.
Net sales for the fiscal 2020 fourth quarter increased 16.8 percent to a record $150.7 million from $129.1 million for the same period a year earlier.
Net loss for the fiscal 2020 fourth quarter was $8.2 million, or $0.43 per share, compared with a net loss of $2.8 million, or $0.15 per share, a year ago. Results for the fiscal 2020 fourth quarter were impacted by items totaling approximately $25.8 million on a pre-tax basis, or $1.02 per share on a tax-effected basis.
The $25.8 million includes non-cash items of $23.0 million, primarily consisting of the re-measurement of the company’s Mexico lease liabilities and its forward foreign exchange contracts due to the significant devaluation in the Mexican Peso, and transition expenses of $2.8 million related to the expansion of the company’s footprint in Mexico.
The net loss for the prior-year period was impacted by items totaling approximately $17.2 million on a pre-tax basis, or $0.70 per share on a tax-effected basis. The company has decided to eliminate its reporting of certain non-GAAP financial measures.
Said CEO Selwyn Joffe, "Notwithstanding the global pandemic, which began to impact the automotive aftermarket in mid-March, we achieved record sales and generated strong cash flow from operations."
MPAA shares inched ahead seven cents to $15.96.
