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): June 14, 2010

Motorcar Parts of America, Inc.

(Exact name of registrant as specified in its charter)

New York	001-33861	11-2153962
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2929 California Street, Torrance, CA	90503
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (310) 212-7910

N/A

(Former name, former address and former fiscal year, 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:

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

o Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.l4a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

     On June 14, 2010, Motorcar Parts of America, Inc. issued a press release announcing its earnings for the fiscal quarter and fiscal year ended March 31, 2010 which is being furnished as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

     The following exhibit is furnished with this Current Report pursuant to Item 2.02:

(d) Exhibits

Exhibit No.		Description
	99.1	Press Release, dated June 14, 2010

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.

	MOTORCAR PARTS OF AMERICA, INC.
Date: June 14, 2010	/s/ Michael M. Umansky
	Michael M. Umansky
	Vice President and General Counsel

EX-99.1

Exhibit 99.1

NEWS RELEASE

CONTACT:	Gary S. Maier
	Maier & Company, Inc.
	(310) 442-9852

MOTORCAR PARTS OF AMERICA REPORTS FISCAL 2010
FOURTH QUARTER/YEAR-END RESULTS

—Sales Climb 29 Percent for Quarter; Net Income Up Sharply For Year —

     LOS ANGELES, CA — June 14, 2010 — Motorcar Parts of America, Inc. (NasdaqGM: MPAA) today reported strong results for its year ended March 31, 2010, reflecting record fourth quarter and full-year sales and a significant jump in net income for fiscal 2010.

     Net sales for the fiscal 2010 fourth quarter were $38.6 million, compared with $29.9 million for the same period last year.

     Gross profit for the fiscal 2010 fourth quarter was $12.5 million (or 32% gross margin), compared with $6.0 million (or 20% gross margin) for the same period a year ago.

     Operating income for the fiscal fourth quarter climbed to $4.8 million, from an operating loss of $680,000 in the same period a year ago.

     Net income for the fiscal 2010 fourth quarter was $2.9 million, or $0.24 per diluted share, compared with a net loss of $1.2 million, or $0.10 per share, for the comparable period a year earlier.

     Net sales for fiscal 2010 climbed 9.2 percent to a record $147.2 million, compared with $134.9 million a year ago. Gross profit for fiscal 2010 was $41.3 million, compared with $39.5 million a year earlier, with a gross margin of 28 percent compared with 29 percent in fiscal 2009.

     Operating income for fiscal 2010 was $18.3 million, compared with $10.6 million a year earlier.

     Net income for fiscal 2010 climbed to $9.6 million, or $0.80 per diluted share, compared with $3.9 million, or $0.32 per diluted share, a year ago.

     “Our record sales for fiscal 2010 reflect our ability to build strong long-term relationships with leading automotive retailers and the professional market,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts.

     Joffe noted that “our performance for the quarter validates our belief that as we continue to grow market share, operating performance is enhanced with very little incremental expenditure. As we enter a new fiscal year, operating leverage and increased usage of available production capacity

Tribecca Plaza • 12233 West Olympic Boulevard Suite 258 • Los Angeles, California 90064

TELEPHONE 310.442.9852

FACSIMILE 310.442.9855

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Motorcar Parts of America, Inc.
2-2-2

continue to be important strategic components of the company’s year-over-year growth plans — supported by organic sales increases and acquisitions at appropriate valuations,” Joffe added.

Teleconference and Web Cast

     Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific Time to discuss the company’s financial results and operations for fiscal 2010. The call will be open to all interested investors either through a live audio Web broadcast at www.motorcarparts.com or live by calling (877)-776-4016 (domestic) or (973)-638-3231 (international). For those who are not available to listen to the live broadcast, the call will be archived for seven days on Motorcar Parts of America’s website. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific Time today through 8:59 p.m. Pacific Time on Monday, June 21, 2010 by calling (800)-642-1687 (domestic) or (706)-645-9291 (international) and using access code: 75655489.

About Motorcar Parts of America

     Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with remanufacturing facilities located in California, Mexico and Malaysia, and administrative offices located in California, Tennessee, Mexico, Singapore and Malaysia. Additional information is available at www.motorcarparts.com.

     The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2010 and in its Form 10-Qs filed with the SEC thereafter for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

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(Financial tables follow)

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MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Statements of Operations

	Three Months Ended					Year Ended
	March 31,					March 31,
	2010		2009			2010			2009
	(Unaudited)		(Unaudited)
Net sales	$	38,616,000	$	29,922,000		$	147,225,000		$	134,866,000
Cost of goods sold		26,153,000		23,891,000			105,898,000			95,319,000
Gross profit		12,463,000		6,031,000			41,327,000			39,547,000
Operating expenses:
General and administrative		5,614,000		4,845,000			15,580,000			19,479,000
Sales and marketing		1,664,000		1,331,000			6,019,000			5,242,000
Research and development		398,000		435,000			1,421,000			1,993,000
Impairment of goodwill		—		100,000			—			2,191,000
Total operating expenses		7,676,000		6,711,000			23,020,000			28,905,000
Operating income (loss)		4,787,000		(680,000	)		18,307,000			10,642,000
Other expense (income):
Gain on acquisition		—		—			(1,331,000	)		—
Interest expense		964,000		1,027,000			4,710,000			4,215,000
Interest income		—		—			—			(19,000	)
Income (loss) before income tax expense (benefit)		3,823,000		(1,707,000	)		14,928,000			6,446,000
Income tax expense (benefit)		952,000		(526,000	)		5,282,000			2,589,000
Net income (loss)	$	2,871,000	$	(1,181,000	)	$	9,646,000		$	3,857,000
Basic net income (loss) per share	$	0.24	$	(0.10	)	$	0.80		$	0.32
Diluted net income (loss) per share	$	0.24	$	(0.10	)	$	0.80		$	0.32
Weighted average number of shares outstanding:
Basic		12,023,688		11,962,021			11,988,692			11,995,622
Diluted		12,156,354		11,962,021			12,116,615			12,086,126

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
March 31,

	2010			2009
ASSETS
Current assets:
Cash	$	1,210,000		$	452,000
Short-term investments		451,000			335,000
Accounts receivable — net		—			11,121,000
Inventory— net		31,547,000			27,923,000
Inventory unreturned		3,924,000			4,708,000
Deferred income taxes		8,391,000			8,277,000
Prepaid expenses and other current assets		2,735,000			1,355,000
Total current assets		48,258,000			54,171,000
Plant and equipment — net		12,693,000			13,997,000
Long-term core inventory		67,957,000			62,821,000
Long-term core inventory deposit		25,768,000			24,451,000
Long-term deferred income taxes		951,000			989,000
Intangible assets — net		6,304,000			2,564,000
Other assets		1,549,000			595,000
TOTAL ASSETS	$	163,480,000		$	159,588,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	31,603,000		$	24,507,000
Accrued liabilities		3,764,000			1,451,000
Accrued salaries and wages		3,590,000			3,162,000
Accrued workers’ compensation claims		1,574,000			1,895,000
Income tax payable		678,000			1,158,000
Note payable		—			722,000
Revolving loan		—			21,600,000
Other current liabilities		697,000			1,624,000
Current portion of term loan		2,000,000			—
Current portion of capital lease obligations		953,000			1,621,000
Total current liabilities		44,859,000			57,740,000
Term loan, less current portion		7,500,000			—
Deferred core revenue		6,061,000			5,934,000
Deferred gain on sale-leaseback		319,000			843,000
Other liabilities		676,000			587,000
Capital lease obligations, less current portion		445,000			1,401,000
Total liabilities		59,860,000			66,505,000
Commitments and contingencies
Shareholders’ equity:
Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued		—			—
Series A junior participating preferred stock; par value $.01 per share, 20,000 shares authorized; none issued		—			—
Common stock; par value $.01 per share, 20,000,000 shares authorized; 12,026,021 and 11,962,021 shares issued and outstanding at March 31, 2010 and 2009, respectively		120,000			120,000
Additional paid-in capital		92,792,000			92,459,000
Additional paid-in capital-warrant		1,879,000			1,879,000
Accumulated other comprehensive loss		(1,426,000	)		(1,984,000	)
Retained earnings		10,255,000			609,000
Total shareholders’ equity		103,620,000			93,083,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	163,480,000		$	159,588,000