Local commission looking for input on major road in Bloomington-Normal
BLOOMINGTON-NORMAL, Ill. (WMBD) — The McLean County Regional Planning Commission is asking for users of Veteran's Parkway to give feedback on their experience of the road.
The commission is leading a planning effort to re-invent the 'auto-centric' road that was developed back in 1942 and it is one of the most dangerous roadways, said Jennifer Sicks, Senior Transportation Planner for the commission.
They are looking for input from people who use the road to help target concerns and evaluate solutions, improvements and impacts. This information will help local and state government agencies to respond to the needs of the road, Sicks said.
There are other tools on the website including an interactive map allowing the user to make comments on specific locations, a BIG IDEA forum and additional information about the corridor study, Sicks said.
From now until Feb. 28 users of the road can describe their experiences on the Veterans Parkway Public Survey's website.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment 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, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company's electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at 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 2025 and in its Forms 10-Q filed with the SEC 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. MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES Consolidated Statements of Operations Three Months Ended March 31, Year Ended March 31, 2025 2024 2025 2024 (Unaudited) Net sales $ 193,105,000 $ 189,478,000 $ 757,354,000 $ 717,684,000 Cost of goods sold 154,610,000 154,685,000 603,526,000 585,133,000 Gross profit 38,495,000 34,793,000 153,828,000 132,551,000 Operating expenses: General and administrative 16,113,000 15,644,000 64,047,000 57,769,000 Sales and marketing 5,657,000 5,443,000 22,561,000 22,481,000 Research and development 3,521,000 2,643,000 11,405,000 9,995,000 Foreign exchange impact of lease liabilities and forward contracts (3,074,000 ) (1,155,000 ) 15,892,000 (3,814,000 ) Total operating expenses 22,217,000 22,575,000 113,905,000 86,431,000 Operating income 16,278,000 12,218,000 39,923,000 46,120,000 Other expenses: Interest expense, net 12,546,000 14,640,000 55,550,000 60,040,000 Change in fair value of compound net derivative liability 2,520,000 (2,710,000 ) 60,000 (1,020,000 ) Loss on extinguishment of debt - - - 168,000 Total other expenses 15,066,000 11,930,000 55,610,000 59,188,000 Income (loss) before income tax expense (benefit) 1,212,000 288,000 (15,687,000 ) (13,068,000 ) Income tax expense (benefit) 1,934,000 (1,050,000 ) 3,783,000 36,176,000 Net (loss) income $ (722,000 ) $ 1,338,000 $ (19,470,000 ) $ (49,244,000 ) Basic net (loss) income per share $ (0.04 ) $ 0.07 $ (0.99 ) $ (2.51 ) Diluted net loss per share $ (0.04 ) $ (0.03 ) $ (0.99 ) $ (2.51 ) Weighted average number of shares outstanding: Basic 19,519,836 19,662,380 19,685,322 19,601,204 Diluted 19,519,836 22,085,292 19,685,322 19,601,204 MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES Consolidated Balance Sheets March 31, 2025 March 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 9,429,000 $ 13,974,000 Short-term investments 1,881,000 1,837,000 Accounts receivable — net 91,064,000 96,296,000 Inventory — net 341,209,000 377,040,000 Inventory unreturned 18,460,000 20,288,000 Contract assets 29,606,000 27,139,000 Income tax receivable 4,208,000 5,683,000 Prepaid expenses and other current assets 15,614,000 18,202,000 Total current assets 511,471,000 560,459,000 Plant and equipment — net 31,990,000 38,338,000 Operating lease assets 66,603,000 83,973,000 Deferred income taxes 4,569,000 2,976,000 Long-term contract assets 336,268,000 320,282,000 Goodwill 3,205,000 3,205,000 Intangible assets — net 552,000 1,069,000 Other assets 2,978,000 1,700,000 TOTAL ASSETS $ 957,636,000 $ 1,012,002,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 141,906,000 $ 154,977,000 Accrued liabilities 30,211,000 30,205,000 Customer finished goods returns accrual 34,411,000 38,312,000 Contract liabilities 38,158,000 37,591,000 Revolving loan 90,787,000 128,000,000 Other current liabilities 5,570,000 7,021,000 Operating lease liabilities 9,982,000 8,319,000 Total current liabilities 351,025,000 404,425,000 Convertible notes, related party 35,207,000 30,776,000 Contract liabilities, less current portion 241,404,000 212,068,000 Deferred income taxes 362,000 511,000 Operating lease liabilities, less current portion 65,308,000 72,240,000 Other liabilities 6,631,000 6,872,000 Total liabilities 699,937,000 726,892,000 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; 19,435,706 and 19,662,380 shares issued and outstanding at March 31, 2025 and 2024, respectively 194,000 197,000 Additional paid-in capital 234,413,000 236,255,000 Retained earnings 20,033,000 39,503,000 Accumulated other comprehensive income 3,059,000 9,155,000 Total shareholders' equity 257,699,000 285,110,000 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 957,636,000 $ 1,012,002,000 Additional Information and Non-GAAP Financial Measures To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the company has included the following additional information and non-GAAP financial measures for the three and twelve months ended March 31, 2025 and 2024. Among other things, the company uses such additional information and non-GAAP adjusted financial measures in addition to and together with corresponding GAAP measures to help analyze the performance of its business. The company believes this information helps provide a more complete understanding of the company's results of operations and the factors and trends affecting the company's business. However, this information should be considered as a supplement to, and not as a substitute for, or superior to, information contained in the company's financial statements prepared in accordance with GAAP. In addition, the company's non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. The company defines EBITDA as earnings before interest, taxes, depreciation, and amortization. A reconciliation of EBITDA to net income is provided below along with information regarding such items. Items Impacting Net Income for the Three Months Ended March 31, 2025 and 2024 Exhibit 1 Three Months Ended March 31, 2025 2024 $ Per DilutedShare $ Per DilutedShare GAAP net (loss) income $ (722,000 ) $ (0.04 ) $ 1,338,000 $ (0.03 ) Non-cash items impacting net income Core and finished goods premium amortization $ 2,725,000 $ 0.14 $ 2,761,000 $ 0.13 Revaluation - cores on customers' shelves 489,000 0.03 973,000 0.04 Share-based compensation expenses 868,000 0.04 432,000 0.02 Foreign exchange impact of lease liabilities and forward contracts (3,074,000 ) (0.16 ) (1,155,000 ) (0.05 ) Change in fair value of compound net derivative liability 2,520,000 0.13 (2,710,000 ) (0.12 ) Tax effect (a) (882,000 ) (0.05 ) (75,000 ) (0.00 ) Tax valuation allowance - - 548,000 0.02 Total non-cash items impacting net income $ 2,646,000 $ 0.14 $ 774,000 $ 0.04 Cash items impacting net income Supply chain disruptions and related costs (b) $ - $ - $ 734,000 $ 0.03 New product line start-up costs and transition expenses, and severance and other (c) 160,000 0.01 840,000 0.04 Tariff costs paid for products sold before price increases were effective 4,607,000 0.24 - - Tax effect (a) (1,192,000 ) (0.06 ) (394,000 ) (0.02 ) Total cash items impacting net income $ 3,575,000 $ 0.18 $ 1,180,000 $ 0.05 (a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period's actual income tax rate. (b) For the three months ended March 31, 2024, consists of $734,000 impacting gross profit. (c) For the three months ended March 31, 2025, consists of $160,000 included in operating expenses. For the three months ended March 31, 2024, consists of $840,000 included in operating expenses. Items Impacting Net Income for the Twelve Months Ended March 31, 2025 and 2024 Exhibit 2 Twelve Months Ended March 31, 2025 2024 $ Per DilutedShare $ Per DilutedShare GAAP net loss $ (19,470,000 ) $ (0.99 ) $ (49,244,000 ) $ (2.51 ) Non-cash items impacting net income Core and finished goods premium amortization $ 10,738,000 $ 0.55 $ 10,963,000 $ 0.56 Revaluation - cores on customers' shelves 2,805,000 0.14 5,353,000 0.27 Share-based compensation expenses 3,877,000 0.20 4,700,000 0.24 Foreign exchange impact of lease liabilities and forward contracts 15,892,000 0.81 (3,814,000 ) (0.19 ) Change in fair value of compound net derivative liability and loss on extinguishment of debt 60,000 0.00 (852,000 ) (0.04 ) Tax effect (a) (8,343,000 ) (0.42 ) (4,088,000 ) (0.21 ) Tax valuation allowance - - 38,009,000 1.94 Total non-cash items impacting net income $ 25,029,000 $ 1.27 $ 50,271,000 $ 2.56 Cash items impacting net income Supply chain disruptions and related costs (b) $ - $ - $ 7,472,000 $ 0.38 New product line start-up costs and transition expenses, and severance and other (c) 4,598,000 0.23 1,820,000 0.09 Tariff costs paid for products sold before price increases were effective 4,607,000 0.23 - - Tax effect (a) (2,301,000 ) (0.12 ) (2,323,000 ) (0.12 ) Total cash items impacting net income $ 6,904,000 $ 0.35 $ 6,969,000 $ 0.36 (a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period's actual income tax rate. (b) For the twelve months ended March 31, 2024, consists of $7,472,000 impacting gross profit. (c) For the twelve months ended March 31, 2025, consists of $1,298,000 impacting gross profit and $3,300,000 included in operating expenses. For the twelve months ended March 31, 2024, consists of $1,820,000 included in operating expenses. Items Impacting Gross Profit for the Three Months Ended March 31, 2025 and 2024 Exhibit 3 Three Months Ended March 31, 2025 2024 $ Gross Margin $ Gross Margin GAAP gross profit $ 38,495,000 19.9% $ 34,793,000 18.4% Non-cash items impacting gross profit Core and finished goods premium amortization $ 2,725,000 1.4% $ 2,761,000 1.5% Revaluation - cores on customers' shelves 489,000 0.3% 973,000 0.5% Total non-cash items impacting gross profit $ 3,214,000 1.7% $ 3,734,000 2.0% Cash items impacting gross profit Supply chain disruptions and related costs $ - - $ 734,000 0.4% Tariff costs paid for products sold before price increases were effective 4,607,000 2.4% - - Total cash items impacting gross profit $ 4,607,000 2.4% $ 734,000 0.4% Items Impacting Gross Profit for the Twelve Months Ended March 31, 2025 and 2024 Exhibit 4 Twelve Months Ended March 31, 2025 2024 $ Gross Margin $ Gross Margin GAAP gross profit $ 153,828,000 20.3% $ 132,551,000 18.5% Non-cash items impacting gross profit Core and finished goods premium amortization $ 10,738,000 1.4% $ 10,963,000 1.5% Revaluation - cores on customers' shelves 2,805,000 0.4% 5,353,000 0.7% Total non-cash items impacting gross profit $ 13,543,000 1.8% $ 16,316,000 2.3% Cash items impacting gross profit Supply chain disruptions and related costs $ - - $ 7,472,000 1.0% New product line start-up costs and transition expenses 1,298,000 0.2% - - Tariff costs paid for products sold before price increases were effective 4,607,000 0.6% - - Total cash items impacting gross profit $ 5,905,000 0.8% $ 7,472,000 1.0% Items Impacting EBITDA for the Three and Twelve Months Ended March 31, 2025 and 2024 Exhibit 5 Three Months Ended March 31, Twelve Months Ended March 31, 2025 2024 2025 2024 GAAP net (loss) income $ (722,000 ) $ 1,338,000 $ (19,470,000 ) $ (49,244,000 ) Interest expense, net 12,546,000 14,640,000 55,550,000 60,040,000 Income tax expense (benefit) 1,934,000 (1,050,000 ) 3,783,000 36,176,000 Depreciation and amortization 2,538,000 2,775,000 10,400,000 11,619,000 EBITDA $ 16,296,000 $ 17,703,000 $ 50,263,000 $ 58,591,000 Non-cash items impacting EBITDA Core and finished goods premium amortization $ 2,725,000 $ 2,761,000 $ 10,738,000 $ 10,963,000 Revaluation - cores on customers' shelves 489,000 973,000 2,805,000 5,353,000 Share-based compensation expenses 868,000 432,000 3,877,000 4,700,000 Foreign exchange impact of lease liabilities and forward contracts (3,074,000 ) (1,155,000 ) 15,892,000 (3,814,000 ) Change in fair value of compound net derivative liability and loss on extinguishment of debt 2,520,000 (2,710,000 ) 60,000 (852,000 ) Total non-cash items impacting EBITDA $ 3,528,000 $ 301,000 $ 33,372,000 $ 16,350,000 Cash items impacting EBITDA Supply chain disruptions and related costs $ - $ 734,000 $ - $ 7,472,000 New product line start-up costs and transition expenses, and severance and other 160,000 840,000 4,598,000 1,820,000 Tariff costs paid for products sold before price increases were effective 4,607,000 - 4,607,000 - Total cash items impacting EBITDA $ 4,767,000 $ 1,574,000 $ 9,205,000 $ 9,292,000 View source version on Contacts Gary S. MaierVice President, Corporate Communications & IR(310) 972-5124
