Motorcar Parts of America reported results for its fiscal 2016 fourth quarter and year ended March 31, 2016 reflecting record sales for a fourth quarter and year, supported by strong growth across all product categories.
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Net sales for the fiscal 2016 fourth quarter increased to $97.4 million from $83.9 million for the same period a year earlier. The company's sales performance for the fiscal 2016 fourth quarter reflects continued strength of its rotating electrical and wheel hub business, as well as increased contributions from the company's emerging master cylinder product line.
All results labeled as adjusted in this press release are non-GAAP measures as discussed more fully below under the heading "Use of Non-GAAP Measures."
Adjusted net sales for the fiscal fourth quarter increased to $100.9 million from $90.9 million a year earlier.
Net income for the fiscal 2016 fourth quarter was $2.3 million, or $0.12 per diluted share, compared with net income of $3.1 million, or $0.16 per diluted share, a year ago.
Adjusted net income for the fiscal 2016 fourth quarter was $9.5 million, or $0.50 per diluted share, compared with $9.9 million, or $0.53 per diluted share, in the same period a year earlier.
Gross profit for the fiscal 2016 fourth quarter increased to $24.2 million from $20.9 million a year earlier. Gross profit as a percentage of sales for the fiscal 2016 fourth quarter was 24.8 percent compared with 24.9 percent a year earlier.
Adjusted gross profit increased to $29.8 million from $28.2 million a year ago. Adjusted gross profit as a percentage of sales for the three months was 29.6 percent compared with 31.1 percent a year earlier, impacted by product mix and lower metal prices resulting in lower scrap revenue.
Net sales for fiscal 2016 increased to $369.0 million from $301.7 million for the same period a year earlier. The same period a year earlier included the benefits of recognizing net core revenue of $12.6 million in the third quarter that was previously deferred.
Adjusted net sales for fiscal 2016 increased to $383.3 million from $320.7 million a year earlier.
Net income for fiscal 2016 was $10.6 million, or $0.55 per diluted share, compared with net income of $11.5 million, or $0.65 per diluted share, a year ago.
Adjusted net income for fiscal 2016 was $39.6 million, or $2.08 per diluted share, compared with $32.9 million, or $1.87 per diluted share, in the same period a year earlier.
Gross profit for fiscal 2016 increased to $100.9 million from $81.6 million a year ago. Gross profit as a percentage of sales for the same period was 27.4 percent compared with 27.0 percent a year earlier.
Adjusted gross profit increased to $117.7 million from $101.2 million last year. Adjusted gross profit as a percentage of sales was 30.7 percent compared with 31.5 percent a year earlier, impacted by product mix and lower metal prices resulting in lower scrap revenue. ■