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): July 9, 2003

Motorcar Parts & Accessories, Inc.

(Exact name of registrant as specified in its charter)

New York	0-23538	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

TABLE OF CONTENTS

	Item 5. Other Events and Regulation FD Disclosure.
	Item 7. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT 99.1

Item 5. Other Events and Regulation FD Disclosure.

     Attached hereto as Exhibit 99.1 is a press release issued by Motorcar Parts & Accessories, Inc. on July 9, 2003, which is incorporated by reference herein.

Item 7. Financial Statements and Exhibits.

(c) Exhibits

Exhibit No.	Description
99.1	Press Release, dated July 9, 2003.

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 & ACCESSORIES, INC.
	/s/ Charles Yeagley
Date: July 9, 2003	Charles Yeagley Chief Financial Officer

EX-99.1 3 v91407exv99w1.htm EXHIBIT 99.1

Exhibit 99.1

MOTORCAR PARTS & ACCESSORIES, INC
2929 California Street
Torrance, California 90503

Contact: Selwyn Joffe
Chairman of the Board, President and
Chief Executive Officer
Motorcar Parts & Accessories, Inc.
(310) 972-4005 For Immediate Release

MPA ANNOUNCES STOCK REPURCHASE PROGRAM

Torrance, California, July 9, 2003 – Motorcar Parts & Accessories, Inc. (MPAA – Internet Billboard) announced today that its Board of Directors has authorized the repurchase of up to $300,000 of the Company’s common stock. The Company will begin implementing this program immediately and expects it to be completed by December 31, 2003.

“Despite a challenging economic and competitive environment, we believe that investing some of our cash flow in our own equity is an excellent use of capital. It is exciting to continue to deploy capital to help enhance our shareholder value,” said Selwyn Joffe, Chairman, President and CEO. “We will relentlessly pursue building value for our shareholders.”

The timing of share purchases, the actual number of shares purchased and the price to be paid will depend on the availability of shares, the prevailing market prices and other considerations which may affect the purchase of Company shares. Based on the closing price of the Company’s stock on July 8, 2003, of $3.65 per share, the number of shares authorized for repurchase represents slightly more than 1% of the outstanding common stock.

The repurchases generally will be effected through broker-assisted open market transactions, although the possibility of unsolicited negotiated transactions or other types of repurchases are not ruled out. No shares will be repurchased directly from directors, officers or affiliates of the Company.

MPA is a leading remanufacturer of replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. MPA also assembles and distributes ignition wire sets for imported and domestic cars and light trucks. MPA has facilities in the United States in Torrance, California and Nashville, Tennessee, as well as overseas in Singapore and Malaysia.

DISCLOSURE REGARDING PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press release may contain certain forward-looking statements with respect to the future performance of the Company that involve risks and uncertainties. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to: concentration of sales to certain customers, changes in the Company’s relationship with any of its customers, including the increasing customer pressure for lower prices and more favorable payment terms, the Company’s failure to meet the financial covenants or the other obligations set forth in its bank credit agreement or the bank’s refusal to waive any such defaults, the potential for changes in consumer spending, consumer preferences and general economic conditions, increased competition in the automotive parts remanufacturing industry, unforeseen increases in operating costs and other factors discussed herein and in the Company’s filings with the Securities and Exchange Commission.

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EX-99.1

Motorcar Parts & Accessories Inc Exhibit 99.1