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): May 1, 2012

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 May 1, 2012, Dorman Products, Inc. (the “Company”) issued a press release announcing its operating results for the first quarter ended March 31, 2012. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Certain statements in this document 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: (i) competition in the automotive aftermarket; (ii) unfavorable economic conditions; (iii) the loss or decrease in sales among one of our top customers; (iv) customer consolidation in the automotive aftermarket leading to less favorable customer contract terms; (v) the cancellation or rescheduling of orders; (vi) foreign currency fluctuations and our dependence on foreign suppliers; (vi) extended credit to customers who may be unable to pay; (vii) the loss of a key vendor; (viii) limited customer shelf space; (ix) reliance on new product development; (x) patent filings made by original equipment manufacturers continuing to increase; (xi) quality problems with product after their production and sale to customers; (xii) loss of third party transportation providers on whom we depend; (xiii) improperly executed, or unrealized cost savings from, our on-going information technology initiatives; (xiv) unfavorable results of legal proceedings; (xv) dependence on senior management and control by officers, directors, and family members; (xvi) exposure to certain regulatory and financial risks related to climate change; and (xvii) healthcare reform legislation. 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 31, 2011. 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 statement, regardless of future developments or availability of new information.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number	Description
99.1	Press Release dated May 1, 2012

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: May 1, 2012	By:	/s/ Matthew Kohnke
		Name: Matthew Kohnke
		Title: Chief Financial Officer

Exhibit Index

Exhibit Number	Description
99.1	Press Release dated May 1, 2012

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 Record Sales and Earnings for the First Quarter Ended March 31, 2012

Colmar, Pennsylvania (May 1, 2012) – Dorman Products, Inc. (NASDAQ:DORM) today announced financial results for the first quarter ended March 31, 2012.

Revenues for the first quarter ended March 31, 2012 increased 10% over the prior year to $137.0 million from $124.4 million. Reported net income in the first quarter increased 26% to $15.6 million from $12.4 million. Reported diluted earnings per share increased 25% to $0.85 in 2012 from $0.68 in the prior year.

Excluding the favorable impact of $0.9 million in reductions to certain reserves associated with the exit of our Swedish business as shown in the reconciliation of non-GAAP measures below, adjusted net income increased 19% to $14.7 million in 2012 from $12.4 million last year. Adjusted diluted earnings per share increased 19% to $0.81 in 2012 from $0.68 in 2011. The exit is expected to be completed in the second quarter.

For the thirteen weeks ended March 31, 2012 and March 26, 2011:

• Gross profit margin was 37.5% in 2012 compared to 36.5% in 2011. Adjusted gross profit margin excluding 0.6%, or $0.8 million, in favorable reductions of certain inventory reserves associated with the exit of our Swedish business was 36.9%. The increase in the gross profit margin in 2012 is primarily related to lower provisions for excess and obsolete inventory.

• Selling, general and administrative expenses increased 3% to $26.9 million from $26.2 million, but declined to 19.6% of sales from 21.1% last year.

• Operating cash flow for 2012 increased to $14.0 million from $9.2 million in 2011.

Mr. Steven Berman, Chairman and Chief Executive Officer, said, “We continue to be pleased with our reported results. Strong demand for our hard parts product lines along with revenues from

new products resulted in a double-digit sales increase over the first quarter of 2011. We are pleased with this result in light of the fact that our revenue for the first quarter of 2011 was 26% greater than our revenue for the first quarter of 2010. A strong focus on expense control despite continued investment in our new product development capabilities enabled us to further leverage our sales growth as well in the first quarter.”

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), Dorman HD Solutions (TM) and Symmetry (R) brand names.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “demonstrate,” “expect,” “estimate,” “forecast,” “anticipate,” “should” and “likely” and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These factors 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 detailed in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The Company is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.

DORMAN PRODUCTS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except per-share amounts)

	13 Weeks				13 Weeks
First Quarter (unaudited)	3/31/12		Pct.		3/26/11		Pct.
Net sales	$	137,036		100.0	$	124,374		100.0
Cost of goods sold		85,630		62.5		78,962		63.5
Gross profit		51,406		37.5		45,412		36.5
Selling, general and administrative expenses		26,914		19.6		26,222		21.1
Income from operations		24,492		17.9		19,190		15.4
Interest expense, net		32		0.1		70		—
Income before income taxes		24,460		17.8		19,120		15.4
Provision for income taxes		8,882		6.4		6,734		5.4
Net income	$	15,578		11.4	$	12,386		10.0
Earnings per share:
Basic	$	0.87		—	$	0.69		—
Diluted	$	0.85		—	$	0.68		—
Average shares outstanding:
Basic		17,978		—		17,891		—
Diluted		18,250		—		18,227		—

DORMAN PRODUCTS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)

	3/31/12		12/31/11
Assets:
Cash and cash equivalents	$	59,808	$	50,196
Accounts receivable		140,141		124,324
Inventories		117,751		115,845
Deferred income taxes		17,332		17,127
Prepaid expenses		2,518		2,661
Total current assets		337,550		310,153
Property & equipment		41,448		38,904
Goodwill		26,553		26,553
Other assets		1,188		1,083
Total assets	$	406,739	$	376,693
Liabilities & Shareholders’ Equity:
Accounts payable	$	42,968	$	31,646
Accrued expenses and other		15,710		12,907
Total current liabilities		58,678		44,553
Other long-term liabilities		3,461		3,406
Deferred income taxes		11,551		11,631
Shareholders’ equity		333,049		317,103
Total Liabilities and Equity	$	406,739	$	376,693

Selected Cash Flow Information (unaudited):

(in thousands)	13 Weeks Ended 3/31/12		13 Weeks Ended 3/26/11
Depreciation and amortization	$	1,953	$	1,859
Capital Expenditures	$	4,495	$	5,154

DORMAN PRODUCTS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Measures

(in thousands, except per-share amounts)

This press release contains non-GAAP measures which adjust net income and diluted earnings per share to exclude the impact of the following items:

• Results for the thirteen weeks ended March 31, 2012 include a $0.9 million reduction in certain charges recorded in the third quarter of 2011 related to asset impairment and employee-related costs associated with our previously-announced decision to exit our Swedish business.

The presentation of these non-GAAP measures is intended to enhance the usefulness of the financial information by providing measures which the Company’s management uses internally to evaluate the Company’s baseline performance. A reconciliation of net income and diluted earnings per share follows:

	(unaudited)
	13 Weeks Ended 3/31/12			13 Weeks Ended 3/26/11		% Change
Net income, as reported	$	15,578		$	12,386		26	%
Less: Reductions in costs recorded in connection with our exit of our Swedish subsidiary		(856	)		—		N/A
Net income, as adjusted	$	14,722		$	12,386		19	%
Diluted EPS, as reported	$	0.85		$	0.68		25	%
Less: Reductions in costs recorded in connection with our exit of our Swedish subsidiary		(0.04	)		—		N/A
Diluted EPS, as adjusted	$	0.81		$	0.68		19	%