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 30, 2013

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 30, 2013, Dorman Products, Inc. (the “Company”) issued a press release announcing its operating results for the first quarter ended March 30, 2013. 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) operations may be subject to quarter fluctuations and disruptions from events beyond our control. 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 29, 2012. 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 April 30, 2013

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 30, 2013	By:	/s/ Matthew Kohnke
		Name:	Matthew Kohnke
		Title:	Chief Financial Officer

Exhibit Index

Exhibit Number	Description
99.1	Press Release dated April 30, 2013

EX-99.1

Exhibit 99.1

Contact: Matthew Kohnke, CFO, mkohnke@dormanproducts.com, (215) 997-1800. Visit our website at www.dormanproducts.com

Dorman Products, Inc. Reports Sales and Earnings

For the First Quarter Ended March 30, 2013

FIRST QUARTER HIGHLIGHTS

• Sales increased 15% to $154.4 million

• Net income from continuing operations increased 25% to $19.1 million, or $0.52 per diluted share.

• Operating margin increased to 19.4% from 18.1% during the same period last year

COLMAR, PENNSYLVANIA (April 30, 2013) – Dorman Products, Inc. (NASDAQ:DORM) today announced sales for the first quarter ended March 30, 2013 of $154.4 million, up 15% from $134.8 million in the first quarter of 2012. Revenue growth was driven primarily by strong overall demand for our new products, especially those introduced in the last 24 months. The Company also announced net income from continuing operations of $19.1 million, or $0.52 per diluted share, for the first quarter ended March 30, 2013, up 25% from the prior year’s net income from continuing operations of $15.3 million, or $0.42 per diluted share.

“We are pleased that the operating results of the Company have returned to levels more in line with our expectations after the flat fourth quarter of 2012. Our growth continues to be fueled by recently introduced new products developed as a result of past investments,” said Mr. Steven Berman, Chairman and Chief Executive Officer.

Gross profit margin was 39.4% for the first quarter ended March 30, 2013 compared to 37.4% for the same period last year. The increase in margin percent was primarily the result of a favorable change in sales mix toward higher margin new product, and lower product and transportation costs. Selling, general and administrative expenses increased 19% in 2013 to $30.9 million from $26.1 million in 2012. Cost increases were primarily the result of higher variable costs associated with the 15% sales growth, additional product development and selling expenses, and depreciation and other related support costs associated with our recent enterprise reporting system implementation.

“Our Dorman HD Solutions™ initiative continues to gain traction. We currently have over 250 parts available, including 37 new parts released in 2013. In addition, we have approximately 200 new parts in various stages of development, approximately 50 of which should be released by the end of the year. These new product releases and further penetration of existing SKU’s with our customers will allow this initiative to be a meaningful contributor to the overall business in the next few years,” said Mr. Berman.

During 2012, we liquidated our Swedish business, the results of which are presented as discontinued operations.

Prior year earnings per share and weighted average share information have been adjusted to reflect the 2-for-1 stock split paid on June 25, 2012.

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®, OE Solutions™, HELP!®, AutoGrade™, First Stop™, Conduct-Tite®, renew™, TECHoice™, Dorman HD Solutions™ and Symmetry® 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 29, 2012. 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)	3/30/13		Pct.		3/31/12		Pct.
Net sales	$	154,443		100.0	$	134,823		100.0
Cost of goods sold		93,619		60.6		84,347		62.6
Gross profit		60,824		39.4		50,476		37.4
Selling, general and administrative expenses		30,916		20.0		26,069		19.3
Income from operations		29,908		19.4		24,407		18.1
Interest expense, net		48		0.1		14		—
Income from continuing operations before income taxes		29,860		19.3		24,393		18.1
Provision for income taxes		10,788		7.0		9,099		6.8
Net income from continuing operations		19,072		12.3		15,294		11.3
Net income from discontinued operations		—		—		284		0.3
Net income	$	19,072		12.3	$	15,578		11.6
Diluted earnings per share:
Continuing operations	$	0.52		—	$	0.42		—
Discontinued operations		—		—		0.01		—
Diluted earnings per share	$	0.52		—	$	0.43		—
Weighted average dilutedshares outstanding		36,627		—		36,501		—

DORMAN PRODUCTS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)

	3/30/13		12/29/12
Assets:
Cash and cash equivalents	$	35,149	$	27,708
Accounts receivable		146,009		133,806
Inventories		141,872		145,270
Deferred income taxes		20,799		20,559
Prepaid expenses		1,830		2,332
Total current assets		345,659		329,675
Property & equipment		49,336		48,758
Goodwill		26,553		26,553
Other assets		1,399		1,323
Total assets	$	422,947	$	406,309
Liabilities & Shareholders’ Equity:
Accounts payable	$	37,835	$	42,387
Accrued expenses and other		16,602		14,924
Total current liabilities		54,437		57,311
Other long-term liabilities		4,074		3,447
Deferred income taxes		12,539		12,679
Shareholders’ equity		351,897		332,872
Total liabilities and equity	$	422,947	$	406,309

Selected Cash Flow Information (unaudited):
(in thousands)	13 Weeks		13 Weeks
	3/30/13		3/31/12
Depreciation and amortization	$	2,268	$	1,953
Capital expenditures	$	2,846	$	4,495