☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
New York
|
11-2153962
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
2929 California Street, Torrance, California
|
90503
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
MPAA
|
The Nasdaq Global Select Market
|
Large accelerated filer ☐
|
Accelerated filer ☑
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
PART I — FINANCIAL INFORMATION
|
||
4
|
||
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
9
|
||
24
|
||
33
|
||
33
|
||
PART II — OTHER INFORMATION
|
||
36
|
||
36
|
||
36
|
||
36
|
||
37
|
||
39
|
December 31, 2019
|
March 31, 2019
|
|||||||
ASSETS
|
(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
9,458,000
|
$
|
9,911,000
|
||||
Short-term investments
|
2,382,000
|
3,273,000
|
||||||
Accounts receivable — net
|
52,930,000
|
56,015,000
|
||||||
Inventory— net
|
256,482,000
|
233,726,000
|
||||||
Inventory unreturned
|
8,266,000
|
8,469,000
|
||||||
Contract assets
|
22,616,000
|
22,183,000
|
||||||
Income tax receivable
|
10,952,000
|
10,009,000
|
||||||
Prepaid expenses and other current assets
|
10,332,000
|
9,296,000
|
||||||
Total current assets
|
373,418,000
|
352,882,000
|
||||||
Plant and equipment — net
|
43,314,000
|
35,151,000
|
||||||
Operating lease assets
|
65,652,000
|
-
|
||||||
Long-term deferred income taxes
|
8,722,000
|
9,746,000
|
||||||
Long-term contract assets
|
224,569,000
|
221,876,000
|
||||||
Goodwill
|
3,205,000
|
3,205,000
|
||||||
Intangible assets — net
|
7,183,000
|
8,431,000
|
||||||
Other assets
|
679,000
|
1,071,000
|
||||||
TOTAL ASSETS
|
$
|
726,742,000
|
$
|
632,362,000
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
79,820,000
|
$
|
92,461,000
|
||||
Accrued liabilities
|
17,008,000
|
14,604,000
|
||||||
Customer finished goods returns accrual
|
25,223,000
|
22,615,000
|
||||||
Contract liabilities
|
32,953,000
|
30,599,000
|
||||||
Revolving loan
|
130,000,000
|
110,400,000
|
||||||
Other current liabilities
|
4,651,000
|
4,990,000
|
||||||
Operating lease liabilities
|
4,991,000
|
-
|
||||||
Current portion of term loan
|
3,678,000
|
3,685,000
|
||||||
Total current liabilities
|
298,324,000
|
279,354,000
|
||||||
Term loan, less current portion
|
21,380,000
|
24,187,000
|
||||||
Long-term contract liabilities
|
55,476,000
|
40,889,000
|
||||||
Long-term deferred income taxes
|
302,000
|
257,000
|
||||||
Long-term operating lease liabilities
|
61,805,000
|
-
|
||||||
Other liabilities
|
5,129,000
|
7,920,000
|
||||||
Total liabilities
|
442,416,000
|
352,607,000
|
||||||
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, 50,000,000 shares authorized; 18,965,030 and 18,817,400 shares issued and outstanding at December 31, 2019 and March 31, 2019, respectively
|
190,000
|
188,000
|
||||||
Additional paid-in capital
|
217,530,000
|
215,047,000
|
||||||
Retained earnings
|
72,310,000
|
71,407,000
|
||||||
Accumulated other comprehensive loss
|
(5,704,000
|
)
|
(6,887,000
|
)
|
||||
Total shareholders' equity
|
284,326,000
|
279,755,000
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
726,742,000
|
$
|
632,362,000
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net sales
|
$
|
125,574,000
|
$
|
124,113,000
|
$
|
385,096,000
|
$
|
343,720,000
|
||||||||
Cost of goods sold
|
97,913,000
|
102,952,000
|
303,279,000
|
280,496,000
|
||||||||||||
Gross profit
|
27,661,000
|
21,161,000
|
81,817,000
|
63,224,000
|
||||||||||||
Operating expenses:
|
||||||||||||||||
General and administrative
|
10,618,000
|
12,331,000
|
36,903,000
|
33,419,000
|
||||||||||||
Sales and marketing
|
5,623,000
|
5,149,000
|
15,990,000
|
14,078,000
|
||||||||||||
Research and development
|
2,174,000
|
2,054,000
|
6,694,000
|
5,574,000
|
||||||||||||
Total operating expenses
|
18,415,000
|
19,534,000
|
59,587,000
|
53,071,000
|
||||||||||||
Operating income
|
9,246,000
|
1,627,000
|
22,230,000
|
10,153,000
|
||||||||||||
Interest expense, net
|
6,879,000
|
5,764,000
|
19,575,000
|
16,538,000
|
||||||||||||
Income (loss) before income tax expense (benefit)
|
2,367,000
|
(4,137,000
|
)
|
2,655,000
|
(6,385,000
|
)
|
||||||||||
Income tax expense (benefit)
|
1,502,000
|
(1,035,000
|
)
|
1,752,000
|
(1,301,000
|
)
|
||||||||||
Net income (loss)
|
$
|
865,000
|
$
|
(3,102,000
|
)
|
$
|
903,000
|
$
|
(5,084,000
|
)
|
||||||
Basic net income (loss) per share
|
$
|
0.05
|
$
|
(0.16
|
)
|
$
|
0.05
|
$
|
(0.27
|
)
|
||||||
Diluted net income (loss) per share
|
$
|
0.04
|
$
|
(0.16
|
)
|
$
|
0.05
|
$
|
(0.27
|
)
|
||||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
18,961,517
|
18,810,702
|
18,895,893
|
18,861,617
|
||||||||||||
Diluted
|
19,305,805
|
18,810,702
|
19,263,114
|
18,861,617
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net income (loss)
|
$
|
865,000
|
$
|
(3,102,000
|
)
|
$
|
903,000
|
$
|
(5,084,000
|
)
|
||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Foreign currency translation gain (loss)
|
1,015,000
|
(302,000
|
)
|
1,183,000
|
(1,019,000
|
)
|
||||||||||
Total other comprehensive income (loss), net of tax
|
1,015,000
|
(302,000
|
)
|
1,183,000
|
(1,019,000
|
)
|
||||||||||
Comprehensive income (loss)
|
$
|
1,880,000
|
$
|
(3,404,000
|
)
|
$
|
2,086,000
|
$
|
(6,103,000
|
)
|
Common Stock
|
||||||||||||||||||||||||
Shares
|
Amount
|
Additional
Paid-in
Capital
Common
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
|
|||||||||||||||||||
Balance at March 31, 2019
|
18,817,400
|
$
|
188,000
|
$
|
215,047,000
|
$
|
71,407,000
|
$
|
(6,887,000
|
)
|
$
|
279,755,000
|
||||||||||||
Compensation recognized under employee stock plans
|
-
|
-
|
988,000
|
-
|
-
|
988,000
|
||||||||||||||||||
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes
|
36,872
|
1,000
|
(363,000
|
)
|
-
|
-
|
(362,000
|
)
|
||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
-
|
599,000
|
599,000
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
(6,151,000
|
)
|
-
|
(6,151,000
|
)
|
||||||||||||||||
Balance at June 30, 2019
|
18,854,272
|
$
|
189,000
|
$
|
215,672,000
|
$
|
65,256,000
|
$
|
(6,288,000
|
)
|
$
|
274,829,000
|
||||||||||||
Compensation recognized under employee stock plans
|
-
|
-
|
1,053,000
|
-
|
-
|
1,053,000
|
||||||||||||||||||
Exercise of stock options
|
52,800
|
-
|
405,000
|
-
|
-
|
405,000
|
||||||||||||||||||
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes
|
37,814
|
-
|
(700,000
|
)
|
-
|
-
|
(700,000
|
)
|
||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
-
|
(431,000
|
)
|
(431,000
|
)
|
||||||||||||||||
Net income
|
-
|
-
|
-
|
6,189,000
|
-
|
6,189,000
|
||||||||||||||||||
Balance at September 30, 2019
|
18,944,886
|
$
|
189,000
|
$
|
216,430,000
|
$
|
71,445,000
|
$
|
(6,719,000
|
)
|
$
|
281,345,000
|
||||||||||||
Compensation recognized under employee stock plans
|
-
|
-
|
1,071,000
|
-
|
-
|
1,071,000
|
||||||||||||||||||
Exercise of stock options
|
3,600
|
1,000
|
29,000
|
-
|
-
|
30,000
|
||||||||||||||||||
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes
|
16,544
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
-
|
1,015,000
|
1,015,000
|
||||||||||||||||||
Net income
|
-
|
-
|
-
|
865,000
|
-
|
865,000
|
||||||||||||||||||
Balance at December 31, 2019
|
18,965,030
|
$
|
190,000
|
$
|
217,530,000
|
$
|
72,310,000
|
$
|
(5,704,000
|
)
|
$
|
284,326,000
|
Common Stock
|
||||||||||||||||||||||||
Shares
|
Amount
|
Additional
Paid-in
Capital
Common
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
|
|||||||||||||||||||
Balance at March 31, 2018
|
18,893,102
|
$
|
189,000
|
$
|
213,609,000
|
$
|
78,510,000
|
$
|
(5,428,000
|
)
|
$
|
286,880,000
|
||||||||||||
Cumulative-effect adjustment for the adoption of ASU 2016-01
|
-
|
-
|
-
|
746,000
|
(746,000
|
)
|
-
|
|||||||||||||||||
Balance at April 1, 2018
|
18,893,102
|
$
|
189,000
|
$
|
213,609,000
|
$
|
79,256,000
|
$
|
(6,174,000
|
)
|
$
|
286,880,000
|
||||||||||||
Compensation recognized under employee stock plans
|
-
|
-
|
941,000
|
-
|
-
|
941,000
|
||||||||||||||||||
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes
|
23,006
|
-
|
(192,000
|
)
|
-
|
-
|
(192,000
|
)
|
||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
-
|
(715,000
|
)
|
(715,000
|
)
|
||||||||||||||||
Net loss
|
-
|
-
|
-
|
(5,495,000
|
)
|
-
|
(5,495,000
|
)
|
||||||||||||||||
Balance at June 30, 2018
|
18,916,108
|
$
|
189,000
|
$
|
214,358,000
|
$
|
73,761,000
|
$
|
(6,889,000
|
)
|
$
|
281,419,000
|
||||||||||||
Compensation recognized under employee stock plans
|
-
|
-
|
1,180,000
|
-
|
-
|
1,180,000
|
||||||||||||||||||
Exercise of stock options
|
39,032
|
1,000
|
243,000
|
-
|
-
|
244,000
|
||||||||||||||||||
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes
|
8,152
|
-
|
(128,000
|
)
|
-
|
-
|
(128,000
|
)
|
||||||||||||||||
Repurchase and cancellation of treasury stock, including fees
|
(163,815
|
)
|
(2,000
|
)
|
(4,060,000
|
)
|
-
|
-
|
(4,062,000
|
)
|
||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
-
|
(2,000
|
)
|
(2,000
|
)
|
||||||||||||||||
Net income
|
-
|
-
|
-
|
3,513,000
|
-
|
3,513,000
|
||||||||||||||||||
Balance at September 30, 2018
|
18,799,477
|
$
|
188,000
|
$
|
211,593,000
|
$
|
77,274,000
|
$
|
(6,891,000
|
)
|
$
|
282,164,000
|
||||||||||||
Compensation recognized under employee stock plans
|
-
|
-
|
1,030,000
|
-
|
-
|
1,030,000
|
||||||||||||||||||
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes
|
12,625
|
-
|
(2,000
|
)
|
-
|
-
|
(2,000
|
)
|
||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
-
|
(302,000
|
)
|
(302,000
|
)
|
||||||||||||||||
Net loss
|
-
|
-
|
-
|
(3,102,000
|
)
|
-
|
(3,102,000
|
)
|
||||||||||||||||
Balance at December 31, 2018
|
18,812,102
|
$
|
188,000
|
$
|
212,621,000
|
$
|
74,172,000
|
$
|
(7,193,000
|
)
|
$
|
279,788,000
|
Nine Months Ended
December 31, |
||||||||
2019
|
2018
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
903,000
|
$
|
(5,084,000
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
5,629,000
|
4,313,000
|
||||||
Amortization of intangible assets
|
1,390,000
|
620,000
|
||||||
Amortization and write-off of debt issuance costs
|
604,000
|
798,000
|
||||||
Amortization of interest on contract liabilities, net
|
603,000
|
725,000
|
||||||
Noncash lease expense
|
3,977,000
|
-
|
||||||
Loss due to the change in the fair value of the contingent consideration
|
419,000
|
-
|
||||||
Gain due to the remeasurement of lease liabilities
|
(1,491,000
|
)
|
-
|
|||||
(Gain) loss on short-term investments
|
(264,000
|
)
|
240,000
|
|||||
Net provision for inventory reserves
|
10,104,000
|
6,997,000
|
||||||
Net provision for customer payment discrepancies
|
1,427,000
|
602,000
|
||||||
Net provision for doubtful accounts
|
431,000
|
221,000
|
||||||
Deferred income taxes
|
1,104,000
|
(962,000
|
)
|
|||||
Share-based compensation expense
|
3,112,000
|
3,151,000
|
||||||
Loss on disposal of plant and equipment
|
1,000
|
24,000
|
||||||
Changes in operating assets and liabilities, net of effects of acquisitions:
|
||||||||
Accounts receivable
|
1,353,000
|
8,432,000
|
||||||
Inventory
|
(32,388,000
|
)
|
(49,431,000
|
)
|
||||
Inventory unreturned
|
203,000
|
(3,238,000
|
)
|
|||||
Income tax receivable
|
(945,000
|
)
|
(4,921,000
|
)
|
||||
Prepaid expenses and other current assets
|
(1,180,000
|
)
|
1,398,000
|
|||||
Other assets
|
399,000
|
(129,000
|
)
|
|||||
Accounts payable and accrued liabilities
|
(11,405,000
|
)
|
27,968,000
|
|||||
Customer finished goods returns accrual
|
2,602,000
|
1,431,000
|
||||||
Contract assets, net
|
(3,115,000
|
)
|
(4,027,000
|
)
|
||||
Contract liabilities, net
|
16,275,000
|
(10,794,000
|
)
|
|||||
Operating lease liabilities
|
(3,402,000
|
)
|
-
|
|||||
Other liabilities
|
(756,000
|
)
|
1,338,000
|
|||||
Net cash used in operating activities
|
(4,410,000
|
)
|
(20,328,000
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Purchase of plant and equipment
|
(10,846,000
|
)
|
(8,548,000
|
)
|
||||
Proceeds from sale of plant and equipment
|
41,000
|
-
|
||||||
Purchase of business, net of cash acquired
|
-
|
(4,417,000
|
)
|
|||||
Change in short-term investments
|
1,155,000
|
(279,000
|
)
|
|||||
Net cash used in investing activities
|
(9,650,000
|
)
|
(13,244,000
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Borrowings under revolving loan
|
48,000,000
|
64,900,000
|
||||||
Repayments of revolving loan
|
(28,400,000
|
)
|
(40,494,000
|
)
|
||||
Borrowings under term loan
|
-
|
13,594,000
|
||||||
Repayments of term loan
|
(2,813,000
|
)
|
(1,719,000
|
)
|
||||
Payments for debt issuance costs
|
(973,000
|
)
|
(1,780,000
|
)
|
||||
Payments on finance lease obligations
|
(1,641,000
|
)
|
(1,071,000
|
)
|
||||
Exercise of stock options
|
435,000
|
244,000
|
||||||
Cash used to net share settle equity awards
|
(1,062,000
|
)
|
(322,000
|
)
|
||||
Repurchase of common stock, including fees
|
-
|
(4,062,000
|
)
|
|||||
Net cash provided by financing activities
|
13,546,000
|
29,290,000
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
61,000
|
(176,000
|
)
|
|||||
Net decrease in cash and cash equivalents
|
(453,000
|
)
|
(4,458,000
|
)
|
||||
Cash and cash equivalents — Beginning of period
|
9,911,000
|
13,049,000
|
||||||
Cash and cash equivalents — End of period
|
$
|
9,458,000
|
$
|
8,591,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest, net
|
$
|
18,375,000
|
$
|
14,846,000
|
||||
Cash paid for income taxes, net of refunds
|
-
|
3,263,000
|
||||||
Cash paid for operating leases
|
5,906,000
|
-
|
||||||
Cash paid for finance leases
|
1,855,000
|
-
|
||||||
Plant and equipment acquired under finance leases
|
2,385,000
|
|
207,000
|
|||||
Assets acquired under operating leases
|
17,295,000
|
-
|
||||||
Contingent consideration
|
-
|
3,560,000
|
December 31, 2019
|
March 31, 2019
|
|||||||
Accounts receivable — trade
|
$
|
66,514,000
|
$
|
75,847,000
|
||||
Less: total accounts receivable offset accounts
|
||||||||
Allowance for bad debts
|
(4,485,000
|
)
|
(4,100,000
|
)
|
||||
Customer payment discrepancies
|
(1,127,000
|
)
|
(854,000
|
)
|
||||
Customer returns RGAs issued
|
(7,972,000
|
)
|
(14,878,000
|
)
|
||||
Total accounts receivable — net
|
$
|
52,930,000
|
$
|
56,015,000
|
December 31, 2019
|
March 31, 2019
|
|||||||
Inventory — net
|
||||||||
Raw materials
|
$
|
98,404,000
|
$
|
95,757,000
|
||||
Work-in-process
|
5,985,000
|
3,502,000
|
||||||
Finished goods
|
165,289,000
|
146,366,000
|
||||||
|
269,678,000
|
245,625,000
|
||||||
Less allowance for excess and obsolete inventory
|
(13,196,000
|
)
|
(11,899,000
|
)
|
||||
Total inventory — net
|
$
|
256,482,000
|
$
|
233,726,000
|
||||
Inventory unreturned
|
$
|
8,266,000
|
$
|
8,469,000
|
December 31, 2019
|
March 31, 2019
|
|||||||
Short-term contract assets
|
||||||||
Cores expected to be returned by customers
|
$
|
14,473,000
|
$
|
14,671,000
|
||||
Upfront payments to customers
|
3,254,000
|
3,101,000
|
||||||
Core premiums paid to customers
|
4,889,000
|
4,411,000
|
||||||
Total short-term contract assets
|
$
|
22,616,000
|
$
|
22,183,000
|
||||
Long-term contract assets
|
||||||||
Remanufactured cores held at customers' locations
|
$
|
202,537,000
|
$
|
196,914,000
|
||||
Upfront payments to customers
|
463,000
|
2,775,000
|
||||||
Core premiums paid to customers
|
16,000,000
|
16,618,000
|
||||||
Long-term core inventory deposits
|
5,569,000
|
5,569,000
|
||||||
Total long-term contract assets
|
$
|
224,569,000
|
$
|
221,876,000
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net sales
|
||||||||||||||||
Customer A
|
38
|
%
|
33
|
%
|
39
|
%
|
36
|
%
|
||||||||
Customer B
|
22
|
%
|
20
|
%
|
21
|
%
|
23
|
%
|
||||||||
Customer C
|
25
|
%
|
26
|
%
|
23
|
%
|
23
|
%
|
December 31, 2019
|
March 31, 2019
|
|||||||
Accounts receivable - trade
|
||||||||
Customer A
|
31
|
%
|
34
|
%
|
||||
Customer B
|
16
|
%
|
18
|
%
|
||||
Customer C
|
16
|
%
|
16
|
%
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Rotating electrical products
|
75
|
%
|
81
|
%
|
76
|
%
|
79
|
%
|
||||||||
Wheel hub products
|
14
|
%
|
14
|
%
|
15
|
%
|
15
|
%
|
||||||||
Brake caliper products
|
5
|
%
|
-
|
%
|
3
|
%
|
-
|
%
|
||||||||
Brake master cylinders products
|
2
|
%
|
1
|
%
|
2
|
%
|
2
|
%
|
||||||||
Other products
|
4
|
%
|
4
|
%
|
4
|
%
|
4
|
%
|
||||||||
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
December 31, 2019
|
March 31, 2019
|
|||||||
Principal amount of term loan
|
$
|
25,312,000
|
$
|
28,125,000
|
||||
Unamortized financing fees
|
(254,000
|
)
|
(253,000
|
)
|
||||
Net carrying amount of term loan
|
25,058,000
|
27,872,000
|
||||||
Less current portion of term loan
|
(3,678,000
|
)
|
(3,685,000
|
)
|
||||
Long-term portion of term loan
|
$
|
21,380,000
|
$
|
24,187,000
|
Year Ending March 31,
|
||||
2020 - remaining three months
|
$
|
937,000
|
||
2021
|
3,750,000
|
|||
2022
|
3,750,000
|
|||
2023
|
3,750,000
|
|||
2024
|
13,125,000
|
|||
Total payments
|
$
|
25,312,000
|
December 31, 2019
|
March 31, 2019
|
|||||||
Short-term contract liabilities
|
||||||||
Customer allowances earned
|
$
|
10,570,000
|
$
|
12,755,000
|
||||
Customer core returns accruals
|
13,088,000
|
3,933,000
|
||||||
Customer deposits
|
1,359,000
|
2,674,000
|
||||||
Accrued core payment, net
|
7,936,000
|
11,237,000
|
||||||
Total short-term contract liabilities
|
$
|
32,953,000
|
$
|
30,599,000
|
||||
Long-term contract liabilities
|
||||||||
Customer core returns accruals
|
$
|
46,467,000
|
$
|
25,722,000
|
||||
Accrued core payment, net
|
9,009,000
|
15,167,000
|
||||||
Total long-term contract liabilities
|
$
|
55,476,000
|
$
|
40,889,000
|
December 31, 2019
|
|||||
Leases
|
Classification
|
||||
Assets:
|
|||||
Operating
|
Operating lease assets
|
$
|
65,652,000
|
||
Finance
|
Plant and equipment
|
6,718,000
|
|||
Total leased assets
|
$
|
72,370,000
|
|||
Liabilities:
|
|||||
Current
|
|||||
Operating
|
Operating lease liabilities
|
$
|
4,991,000
|
||
Finance
|
Other current liabilities
|
1,965,000
|
|||
Long-term
|
|||||
Operating
|
Long-term operating lease liabilities
|
61,805,000
|
|||
Finance
|
Other liabilities
|
3,766,000
|
|||
Total lease liabilities
|
$
|
72,527,000
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||
2019
|
2019
|
|||||||
Lease cost
|
||||||||
Operating lease cost
|
$
|
2,402,000
|
$
|
6,287,000
|
||||
Short-term lease cost
|
278,000
|
976,000
|
||||||
Variable lease cost
|
133,000
|
420,000
|
||||||
Finance lease cost:
|
||||||||
Amortization of finance lease assets
|
448,000
|
1,178,000
|
||||||
Interest on finance lease liabilities
|
73,000
|
214,000
|
||||||
Total lease cost
|
$
|
3,334,000
|
$
|
9,075,000
|
Maturity of lease liabilities
|
Operating Leases
|
Finance Leases
|
Total
|
|||||||||
2020 - remaining three months
|
$
|
2,273,000
|
$
|
584,000
|
$
|
2,857,000
|
||||||
2021
|
8,472,000
|
2,095,000
|
10,567,000
|
|||||||||
2022
|
7,711,000
|
1,760,000
|
9,471,000
|
|||||||||
2023
|
6,544,000
|
1,149,000
|
7,693,000
|
|||||||||
2024
|
6,479,000
|
481,000
|
6,960,000
|
|||||||||
Thereafter
|
63,306,000
|
113,000
|
63,419,000
|
|||||||||
Total lease payments
|
94,785,000
|
6,182,000
|
100,967,000
|
|||||||||
Less amount representing interest
|
(27,989,000
|
)
|
(451,000
|
)
|
(28,440,000
|
)
|
||||||
Present value of lease liabilities
|
$
|
66,796,000
|
$
|
5,731,000
|
$
|
72,527,000
|
Nine Months Ended
December 31, |
||||
2019
|
||||
Lease term and discount rate
|
||||
Weighted-average remaining lease term (years):
|
||||
Finance leases
|
3.2
|
|||
Operating leases
|
12.2
|
|||
Weighted-average discount rate:
|
||||
Finance leases
|
4.8
|
%
|
||
Operating leases
|
5.7
|
%
|
Nine Months Ended
December 31, |
||||||||
2019
|
2018
|
|||||||
Receivables discounted
|
$
|
341,339,000
|
$
|
287,206,000
|
||||
Weighted average days
|
347
|
340
|
||||||
Annualized weighted average discount rate
|
3.5
|
%
|
4.2
|
%
|
||||
Amount of discount recognized as interest expense
|
$
|
11,570,000
|
$
|
11,377,000
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net income (loss)
|
$
|
865,000
|
$
|
(3,102,000
|
)
|
$
|
903,000
|
$
|
(5,084,000
|
)
|
||||||
Basic shares
|
18,961,517
|
18,810,702
|
18,895,893
|
18,861,617
|
||||||||||||
Effect of potentially dilutive securities
|
344,288
|
-
|
367,221
|
-
|
||||||||||||
Diluted shares
|
19,305,805
|
18,810,702
|
19,263,114
|
18,861,617
|
||||||||||||
Net income (loss) per share:
|
||||||||||||||||
Basic net income (loss) per share
|
$
|
0.05
|
$
|
(0.16
|
)
|
$
|
0.05
|
$
|
(0.27
|
)
|
||||||
Diluted net income (loss) per share
|
$
|
0.04
|
$
|
(0.16
|
)
|
$
|
0.05
|
$
|
(0.27
|
)
|
Gain (Loss) Recognized within General and Administrative Expenses
|
||||||||||||||||
Derivatives Not Designated as
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
||||||||||||||
Hedging Instruments
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Forward foreign currency exchange contracts
|
$
|
1,644,000
|
$
|
(860,000
|
)
|
$
|
1,016,000
|
$
|
(1,628,000
|
)
|
December 31, 2019
|
March 31, 2019
|
|||||||||||||||||||||||||||||||
Fair Value Measurements
Using Inputs Considered as |
Fair Value Measurements
Using Inputs Considered as |
|||||||||||||||||||||||||||||||
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||
Short-term investments
|
||||||||||||||||||||||||||||||||
Mutual funds
|
$
|
2,382,000
|
$
|
2,382,000
|
-
|
-
|
$
|
3,273,000
|
$
|
3,273,000
|
-
|
-
|
||||||||||||||||||||
Prepaid expenses and other current assets
|
||||||||||||||||||||||||||||||||
Forward foreign currency exchange contracts
|
1,223,000
|
-
|
$
|
1,223,000
|
-
|
207,000
|
-
|
$
|
207,000
|
-
|
||||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||||||||||
Accrued liabilities
|
||||||||||||||||||||||||||||||||
Short-term contingent consideration
|
4,659,000
|
-
|
-
|
$
|
4,659,000
|
2,816,000
|
-
|
-
|
$
|
2,816,000
|
||||||||||||||||||||||
Other current liabilities
|
||||||||||||||||||||||||||||||||
Deferred compensation
|
2,382,000
|
2,382,000
|
-
|
-
|
3,273,000
|
3,273,000
|
-
|
-
|
||||||||||||||||||||||||
Other liabilities
|
||||||||||||||||||||||||||||||||
Long-term contingent consideration
|
502,000
|
-
|
-
|
502,000
|
1,905,000
|
-
|
-
|
1,905,000
|
December 31, 2019
|
||||
Risk free interest rate
|
1.59
|
%
|
||
Counter party rate
|
5.59
|
%
|
||
Probability
|
100.00
|
%
|
December 31, 2019
|
||||
Risk free interest rate
|
1.58
|
%
|
||
Counter party rate
|
5.58
|
%
|
||
Expected volatility
|
30.00
|
%
|
||
Weighted average cost of capital
|
15.75
|
%
|
Dixie Revenue Earnout
December 31, 2019
|
||||
Risk free interest rate
|
1.59
|
%
|
||
Counter party rate
|
4.00
|
%
|
||
Revenue volatility
|
9.50
|
%
|
||
Revenue discount rate
|
5.50
|
%
|
||
Weighted average cost of capital
|
14.20
|
%
|
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Contingent
Consideration |
Contingent
Consideration |
Contingent
Consideration |
Contingent
Consideration |
|||||||||||||
Beginning balance
|
$
|
4,851,000
|
$
|
-
|
$
|
4,721,000
|
$
|
-
|
||||||||
Newly issued
|
-
|
3,560,000
|
-
|
3,560,000
|
||||||||||||
Changes in revaluations of contingent consideration included in earnings
|
310,000
|
-
|
440,000
|
-
|
||||||||||||
Ending balance
|
$
|
5,161,000
|
$
|
3,560,000
|
$
|
5,161,000
|
$
|
3,560,000
|
Nine Months Ended
December 31, |
||||||||
2019
|
2018
|
|||||||
Weighted average risk free interest rate
|
1.76
|
%
|
2.83
|
%
|
||||
Weighted average expected holding period (years)
|
5.70
|
5.94
|
||||||
Weighted average expected volatility
|
42.50
|
%
|
43.91
|
%
|
||||
Weighted average expected dividend yield
|
-
|
-
|
||||||
Weighted average fair value of options granted
|
$
|
8.27
|
$
|
8.75
|
Number of
Shares |
Weighted Average
Exercise Price |
|||||||
Outstanding at March 31, 2019
|
1,337,165
|
$
|
17.58
|
|||||
Granted
|
302,539
|
$
|
19.72
|
|||||
Exercised
|
(56,400
|
)
|
$
|
7.71
|
||||
Forfeited
|
(37,298
|
)
|
$
|
25.80
|
||||
Outstanding at December 31, 2019
|
1,546,006
|
$
|
18.16
|
Number of Shares
|
Weighted Average
Grant Date Fair
Value
|
|||||||
Outstanding at March 31, 2019
|
243,134
|
$
|
21.75
|
|||||
Granted
|
113,483
|
$
|
18.61
|
|||||
Vested
|
(150,032
|
)
|
$
|
21.61
|
||||
Forfeited
|
(1,701
|
)
|
$
|
21.53
|
||||
Outstanding at December 31, 2019
|
204,884
|
$
|
20.12
|
Three Months Ended December 31, 2019
|
Three Months Ended December 31, 2018
|
|||||||||||||||||||||||
Unrealized
Gain
on Short-Term
Investments
|
Foreign
Currency
Translation
|
Total
|
Unrealized
Gain
on Short-Term
Investments
|
Foreign
Currency
Translation
|
Total
|
|||||||||||||||||||
Balance at September 30, 2019 and 2018
|
$
|
-
|
$
|
(6,719,000
|
)
|
$
|
(6,719,000
|
)
|
$
|
-
|
$
|
(6,891,000
|
)
|
$
|
(6,891,000
|
)
|
||||||||
Other comprehensive income (loss), net of tax
|
-
|
1,015,000
|
1,015,000
|
-
|
(302,000
|
)
|
(302,000
|
)
|
||||||||||||||||
Balance at December 31, 2019 and 2018
|
$
|
-
|
$
|
(5,704,000
|
)
|
$
|
(5,704,000
|
)
|
$
|
-
|
$
|
(7,193,000
|
)
|
$
|
(7,193,000
|
)
|
Nine Months Ended December 31, 2019
|
Nine Months Ended December 31, 2018
|
|||||||||||||||||||||||
Unrealized
Gain
on Short-Term
Investments
|
Foreign
Currency
Translation
|
Total
|
Unrealized
Gain
on Short-Term
Investments
|
Foreign
Currency
Translation
|
Total
|
|||||||||||||||||||
Balance at March 31, 2019 and 2018
|
$
|
-
|
$
|
(6,887,000
|
)
|
$
|
(6,887,000
|
)
|
$
|
746,000
|
$
|
(6,174,000
|
)
|
$
|
(5,428,000
|
)
|
||||||||
Cumulative-effect adjustment
|
-
|
-
|
-
|
(746,000
|
)
|
-
|
(746,000
|
)
|
||||||||||||||||
Balance at April 1, 2019 and 2018
|
-
|
(6,887,000
|
)
|
(6,887,000
|
)
|
-
|
(6,174,000
|
)
|
(6,174,000
|
)
|
||||||||||||||
Other comprehensive income (loss), net of tax
|
-
|
1,183,000
|
1,183,000
|
-
|
(1,019,000
|
)
|
(1,019,000
|
)
|
||||||||||||||||
Balance at December 31, 2019 and 2018
|
$
|
-
|
$
|
(5,704,000
|
)
|
$
|
(5,704,000
|
)
|
$
|
-
|
$
|
(7,193,000
|
)
|
$
|
(7,193,000
|
)
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Balance at beginning of period
|
$
|
16,575,000
|
$
|
16,410,000
|
$
|
19,475,000
|
$
|
16,646,000
|
||||||||
Charged to expense/additions
|
26,637,000
|
29,655,000
|
82,353,000
|
84,408,000
|
||||||||||||
Amounts processed
|
(28,226,000
|
)
|
(26,913,000
|
)
|
(86,842,000
|
)
|
(81,902,000
|
)
|
||||||||
Balance at end of period
|
$
|
14,986,000
|
$
|
19,152,000
|
$
|
14,986,000
|
$
|
19,152,000
|
Three Months Ended
December 31,
|
||||||||
2019
|
2018
|
|||||||
Gross profit percentage
|
22.0
|
%
|
17.0
|
%
|
||||
Cash flow provided by (used in) operations
|
$
|
22,326,000
|
$
|
(13,919,000
|
)
|
|||
Finished goods turnover (annualized) (1)
|
2.4
|
3.6
|
(1) |
Annualized finished goods turnover for the fiscal quarter is calculated by multiplying cost of goods sold for the quarter by 4 and dividing the result by the average between beginning and ending finished goods inventory values,
which includes all on-hand core inventory, for the fiscal quarter. We believe this provides a useful measure of our ability to turn our inventory into revenues.
|
Three Months Ended
December 31,
|
||||||||
2019
|
2018
|
|||||||
Net sales
|
$
|
125,574,000
|
$
|
124,113,000
|
||||
Cost of goods sold
|
97,913,000
|
102,952,000
|
||||||
Gross profit
|
27,661,000
|
21,161,000
|
||||||
Gross profit percentage
|
22.0
|
%
|
17.0
|
%
|
Three Months Ended
December 31,
|
||||||||
2019
|
2018
|
|||||||
General and administrative
|
$
|
10,618,000
|
$
|
12,331,000
|
||||
Sales and marketing
|
5,623,000
|
5,149,000
|
||||||
Research and development
|
2,174,000
|
2,054,000
|
||||||
Percent of net sales
|
||||||||
General and administrative
|
8.5
|
%
|
9.9
|
%
|
||||
Sales and marketing
|
4.5
|
%
|
4.1
|
%
|
||||
Research and development
|
1.7
|
%
|
1.7
|
%
|
Nine Months Ended
December 31,
|
||||||||
2019
|
2018
|
|||||||
Gross profit percentage
|
21.2
|
%
|
18.4
|
%
|
||||
Cash flow used in operations
|
$
|
(4,410,000
|
)
|
$
|
(20,328,000
|
)
|
||
Finished goods turnover (annualized) (1)
|
2.6
|
3.5
|
(1) |
Annualized finished goods turnover for the fiscal period is calculated by multiplying cost of goods sold for the period by 1.3 and dividing the result by the average between beginning and ending finished goods inventory values,
which includes all on-hand core inventory, for the period. We believe this provides a useful measure of our ability to turn our inventory into revenues.
|
Nine Months Ended
December 31,
|
||||||||
2019
|
2018
|
|||||||
Net sales
|
$
|
385,096,000
|
$
|
343,720,000
|
||||
Cost of goods sold
|
303,279,000
|
280,496,000
|
||||||
Gross profit
|
81,817,000
|
63,224,000
|
||||||
Gross profit percentage
|
21.2
|
%
|
18.4
|
%
|
Nine Months Ended
December 31,
|
||||||||
2019
|
2018
|
|||||||
General and administrative
|
$
|
36,903,000
|
$
|
33,419,000
|
||||
Sales and marketing
|
15,990,000
|
14,078,000
|
||||||
Research and development
|
6,694,000
|
5,574,000
|
||||||
Percent of net sales
|
||||||||
General and administrative
|
9.6
|
%
|
9.7
|
%
|
||||
Sales and marketing
|
4.2
|
%
|
4.1
|
%
|
||||
Research and development
|
1.7
|
%
|
1.6
|
%
|
Nine Months Ended
December 31,
|
||||||||
2019
|
2018
|
|||||||
Cash flows provided by (used in):
|
||||||||
Operating activities
|
$
|
(4,410,000
|
)
|
$
|
(20,328,000
|
)
|
||
Investing activities
|
(9,650,000
|
)
|
(13,244,000
|
)
|
||||
Financing activities
|
13,546,000
|
29,290,000
|
||||||
Effect of exchange rates on cash and cash equivalents
|
61,000
|
(176,000
|
)
|
|||||
Net decrease in cash and cash equivalents
|
$
|
(453,000
|
)
|
$
|
(4,458,000
|
)
|
||
Additional selected cash flow data:
|
||||||||
Depreciation and amortization
|
$
|
7,019,000
|
$
|
4,933,000
|
||||
Capital expenditures
|
10,846,000
|
8,548,000
|
Calculation as of
December 31, 2019
|
Financial covenants
required under the
Credit Facility
|
|||||||
Maximum senior leverage ratio
|
2.06
|
3.00
|
||||||
Minimum fixed charge coverage ratio
|
1.37
|
1.10
|
Nine Months Ended
December 31,
|
||||||||
2019
|
2018
|
|||||||
Receivables discounted
|
$
|
341,339,000
|
$
|
287,206,000
|
||||
Weighted average days
|
347
|
340
|
||||||
Annualized weighted average discount rate
|
3.5
|
%
|
4.2
|
%
|
||||
Amount of discount recognized as interest expense
|
$
|
11,570,000
|
$
|
11,377,000
|
(1) |
We did not perform a sufficient review of certain accounting policies and lacked oversight of the compliance with those policies, which resulted in inconsistent application, inadequate analysis and deficient
documentation to support the financial statement presentation and disclosures over certain accounts, including inventory.
|
(2) |
Our lack of sufficient technical accounting resources resulted in inadequate oversight of process level controls of one of our subsidiaries.
|
1.
|
Management has hired additional finance and accounting personnel with the requisite experience and skill levels, supplemented by third-party technical accounting resources, sufficient to enable the
proper and timely review of accounting analyses and memos in various technical areas.
|
2.
|
Management will continue to formalize the assessment and documentation of the Company’s accounting and financial reporting policies and procedures and enhance controls over the monitoring of
compliance with those accounting policies and procedures.
|
3.
|
Management will enhance the accounting and internal control training program provided to staff of new and existing subsidiaries. Management will enhance its internal control processes to
continuously monitor the subsidiaries’ compliance with and documentation of the Company’s accounting and financial reporting policies and procedures, including internal control over financial reporting.
|
4.
|
Management has enhanced and will continue to enhance the risk assessment process and design of internal control over financial reporting at its subsidiary.
|
Periods
|
Total Number of
Shares Purchased
|
Average Price
Paid Per Share
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
Approximate
Dollar Value of
Shares That May
Yet Be Purchased
Under the Plans
or Programs (1)
|
||||||||||||
October 1 - October 31, 2019:
|
||||||||||||||||
Open market and privately negotiated purchases
|
-
|
$
|
-
|
-
|
$
|
21,308,000
|
||||||||||
November 1 - November 30, 2019:
|
||||||||||||||||
Open market and privately negotiated purchases
|
-
|
$
|
-
|
-
|
21,308,000
|
|||||||||||
December 1 - December 31, 2019:
|
||||||||||||||||
Open market and privately negotiated purchases
|
-
|
$
|
-
|
-
|
21,308,000
|
|||||||||||
Total
|
0
|
0
|
$
|
21,308,000
|
(1) |
As of December 31, 2019, $15,692,000 of the $37,000,000 authorized share repurchase program had been utilized and $21,308,000 remained available to repurchase shares, subject to the limit in our Credit Facility. We retired the
675,561 shares repurchased under this program through December 31, 2019. Our share repurchase program does not obligate us to acquire any specific number of shares and shares may be repurchased in privately negotiated and/or open
market transactions.
|
(a) |
Exhibits:
|
Number
|
Description of Exhibit
|
Method of Filing
|
||
3.1
|
Certificate of Incorporation of the Company
|
Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form SB-2 declared effective on March 22, 1994 (the “1994 Registration Statement”).
|
||
3.2
|
Amendment to Certificate of Incorporation of the Company
|
Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1 (No. 33-97498) declared effective on November 14, 1995.
|
||
Amendment to Certificate of Incorporation of the Company
|
Incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 1997.
|
|||
Amendment to Certificate of Incorporation of the Company
|
Incorporated by reference to Exhibit 3.4 to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 1998 (the “1998 Form 10-K”).
|
|||
Amendment to Certificate of Incorporation of the Company
|
Incorporated by reference to Exhibit C to the Company’s proxy statement on Schedule 14A filed with the SEC on November 25, 2003.
|
|||
Amended and Restated By-Laws of Motorcar Parts of America, Inc.
|
Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on August 24, 2010.
|
|||
Certificate of Amendment of the Certificate of Incorporation of the Company
|
Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on April 17, 2014.
|
|||
Amendment to the Amended and Restated By-Laws of Motorcar Parts of America, Inc., as adopted on June 9, 2016
|
Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on June 14, 2016.
|
|||
Amendment to the Amended and Restated By-Laws of the Company
|
Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on February 22, 2017.
|
|||
2003 Long Term Incentive Plan
|
Incorporated by reference to Exhibit 4.9 to the Company’s Registration Statement on Form S-8 filed with the SEC on April 2, 2004.
|
|||
2004 Non-Employee Director Stock Option Plan
|
Incorporated by reference to Appendix A to the Proxy Statement on Schedule 14A for the 2004 Annual Shareholders Meeting.
|
|||
2010 Incentive Award Plan
|
Incorporated by reference to Appendix A to the Proxy Statement on Schedule 14A filed on December 15, 2010.
|
|||
Amended and Restated 2010 Incentive Award Plan
|
Incorporated by reference to Appendix A to the Proxy Statement on Schedule 14A filed on March 5, 2013.
|
Number
|
Description of Exhibit
|
Method of Filing
|
||
Second Amended and Restated 2010 Incentive Award Plan
|
Incorporated by reference to Appendix A to the Proxy Statement on Schedule 14A filed on March 3, 2014.
|
|||
2014 Non-Employee Director Incentive Award Plan
|
Incorporated by reference to Appendix B to the Proxy Statement on Schedule 14A filed on March 3, 2014.
|
|||
Third Amended and Restated 2010 Incentive Award Plan
|
Incorporated by reference to Appendix A to the Proxy Statement on Schedule 14A filed on November 20, 2017.
|
|||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002
|
Filed herewith.
|
|||
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002
|
Filed herewith.
|
|||
Certification of Chief Accounting Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002
|
Filed herewith.
|
|||
Certifications of Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002
|
Filed herewith.
|
|||
101.INS
|
XBRL Instance Document
|
|||
101.SCM
|
XBRL Taxonomy Extension Schema Document
|
|||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
MOTORCAR PARTS OF AMERICA, INC.
|
||
Dated: February 10, 2020
|
By:
|
/s/ David Lee
|
David Lee
|
||
Chief Financial Officer
|
||
Dated: February 10, 2020
|
By:
|
/s/ Kamlesh Shah
|
Kamlesh Shah
|
||
Chief Accounting Officer
|
Date: February 10, 2020
|
/s/ Selwyn Joffe
|
Selwyn Joffe
|
|
Chief Executive Officer
|
Date: February 10, 2020
|
/s/ David Lee
|
David Lee
|
|
Chief Financial Officer
|
Date: February 10, 2020
|
/s/ Kamlesh Shah
|
Kamlesh Shah
|
|
Chief Accounting Officer
|
1. |
The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
|
2. |
The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Selwyn Joffe
|
|
Selwyn Joffe
|
|
Chief Executive Officer
|
|
February 10, 2020
|
1. |
The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
|
2. |
The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ David Lee
|
|
David Lee
|
|
Chief Financial Officer
|
|
February 10, 2020
|
1. |
The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
|
2. |
The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Kamlesh Shah
|
|
Kamlesh Shah
|
|
Chief Accounting Officer
|
|
February 10, 2020
|
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