8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 26, 2011

Dorman Products, Inc.

(Exact name of Registrant as Specified in Charter)

Pennsylvania	000-18914	23-2078856
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3400 East Walnut Street, Colmar, Pennsylvania 18915

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (215) 997-1800

Not Applicable 

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-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))

Item 2.02. Results of Operation and Financial Condition.

The information being furnished in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.

On April 26, 2011, Dorman Products, Inc. (the “Company”) issued a press release announcing its operating results for the second quarter ended March 26, 2011. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Certain statements in this report constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. While forward-looking statements sometimes are presented with numerical specificity, they are based on various assumptions made by management regarding future circumstances over many of which the Company has little or no control. Forward-looking statements may be identified by words including “anticipate,” “believe,” “estimate,” “expect,” and similar expressions. The Company cautions readers that forward-looking statements, including, without limitation, those relating to future business prospects, revenues, working capital, liquidity, and income, are subject to certain risks and uncertainties that would cause actual results to differ materially from those indicated in the forward-looking statements. Factors that could cause actual results to differ from forward-looking statements include but are not limited to competition in the automotive aftermarket industry, concentration of the Company’s sales and accounts receivable among a small number of customers, the impact of consolidation in the automotive aftermarket industry, foreign currency fluctuations, dependence on senior management and other risks and factors identified from time to time in the reports the Company files with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. For additional information concerning factors that could cause actual results to differ materially from the information contained in this report, reference is made to the information in Part I, “Item 1A Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 25, 2010. You should not place undue reliance on forward-looking statements. Such statements speak only as to the date on which they are made, and we undertake no obligation to update publicly or revise any forward-looking statements, regardless of future developments or availability of new information.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number	Description
99.1	Press Release dated April 26, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DORMAN PRODUCTS, INC.
Date: April 26, 2011	By:	/s/ Matthew Kohnke
		Name: Matthew Kohnke
		Title: Chief Financial Officer

Exhibit Index

Exhibit Number	Description
99.1	Press Release dated April 26, 2011

EX-99.1

Exhibit 99.1

NEWS RELEASE

Corporate Headquarters:

Dorman Products, Inc.

3400 East Walnut Street

Colmar, Pennsylvania 18915

Fax: (215) 997-8577

For Further Information Contact:	Visit our Home Page:
Matthew S. Kohnke, CFO	www.dormanproducts.com
(215) 997-1800 x 5182
E-mail: MKohnke@dormanproducts.com

Dorman Products, Inc. Reports Sales and Earnings for the First Quarter Ended March 26, 2011

Colmar, Pennsylvania (April 26, 2011) – Dorman Products, Inc. (NASDAQ:DORM) today announced financial results for the first quarter ended March 26, 2011.

Revenues for the three months ended March 26, 2011 increased 26% over the prior year to $124.4 million from $99.0 million last year. Revenue growth was driven primarily by strong overall demand for our products and higher new product sales.

Net income in the first quarter of 2011 was up 29% to $12.4 million from $9.6 million in the same period last year. Diluted earnings per share in the first quarter of 2011 rose 28% to $0.68 from $0.53 in the same period last year.

For the thirteen weeks ended March 26, 2011 and March 27, 2010:

• Gross profit margin was 36.5% in 2011 compared to 38.2% in 2010. The decrease in margin percent is the result of an increase in transportation costs and higher provisions for excess inventory.

• Selling, general and administrative expenses increased 19% in 2011 to $26.2 million from $22.1 million in 2010, but were down as a percentage of sales from 22.3% in 2010 to 21.1% in 2011. The spending increase was the result of higher variable costs related to our sales increase, increased new product development spending and inflationary cost increases.

• Our effective tax rate decreased to 35.2% from 38.5% in the prior year. The decrease is primarily the result of the 2011 receipt of tax-exempt life insurance proceeds used to fund an officer’s death benefit.

• Operating cash flow for 2011 was $9.2 million compared to $7.1 million in 2010.

Mr. Steven Berman, Chairman and Chief Executive Officer, said, “Our strong first quarter sales growth was driven by the continued success of our new product development efforts.

Revenues from products introduced in the last two years topped 20% for the quarter. This is a direct result of our continued investments and the efforts from our dedicated, enthusiastic and knowledgeable contributors. We continue to commit additional resources to our New to the Aftermarket initiative – during 2010 we increased the number of Dorman sales, engineering and product development professionals by 30%.”

Dorman Products, Inc. is a leading supplier of Dealer “Exclusive” automotive replacement parts, automotive hardware, brake products, and household hardware to the Automotive Aftermarket and Mass Merchandise markets. Dorman products are marketed under the Dorman (R), OE Solutions (TM), HELP! (R), AutoGrade (TM), First Stop (TM), Conduct-Tite (R), renew (TM), TECHoice (TM), Symmetry (R) and Scan-Tech (R) brand names.

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Factors that could cause actual results to differ materially include, but are not limited to, those factors discussed in the Company’s 2010 Annual Report on Form 10-K under Item 1A - Risk Factors.

DORMAN PRODUCTS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except per-share amounts)

	13 Weeks				13 Weeks
First Quarter (unaudited)	3/26/11		Pct.		3/27/10		Pct.
Net sales	$	124,374		100.0	$	98,976		100.0
Cost of goods sold		78,962		63.5		61,199		61.8
Gross profit		45,412		36.5		37,777		38.2
Selling, general and administrative expenses		26,222		21.1		22,078		22.3
Income from operations		19,190		15.4		15,699		15.9
Interest expense, net		70		—		65		0.1
Income before income taxes		19,120		15.4		15,634		15.8
Provision for income taxes		6,734		5.4		6,019		6.1
Net income	$	12,386		10.0	$	9,615		9.7
Earnings per share:
Basic	$	0.69		—	$	0.54		—
Diluted	$	0.68		—	$	0.53		—
Average shares outstanding:
Basic		17,891		—		17,689		—
Diluted		18,227		—		18,061		—

DORMAN PRODUCTS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)

	3/26/11		12/25/10
Assets:
Cash and cash equivalents	$	34,139	$	30,463
Accounts receivable		103,929		101,851
Inventories		124,900		120,433
Deferred income taxes		12,514		12,135
Prepaid expenses		2,261		2,213
Total current assets		277,743		267,095
Property & equipment		32,122		28,790
Goodwill		26,553		26,553
Other assets		705		721
Total assets	$	337,123	$	323,159
Liability & Shareholders’ Equity:
Accounts payable	$	31,984	$	33,978
Accrued expenses and other		16,003		14,182
Total current liabilities		47,987		48,160
Other long-term liabilities		4,232		3,210
Deferred income taxes		8,892		8,636
Shareholders’ equity		276,012		263,153
Total Liabilities and Equity	$	337,123	$	323,159
Selected Cash Flow Information:
(in thousands)	13 Weeks (unaudited)
	3/26/11		3/27/10
Depreciation and amortization	$	1,859	$	1,924
Capital Expenditures	$	5,154	$	1,994