Semi crashes into construction zone on New Circle Road
LEXINGTON, Ky. (FOX 56) — An early Monday morning semi crash caused the shutdown of part of New Circle Road near Georgetown Road.
According to Lexington police, around 1:30 a.m., a semi-truck drove into the barrier of a construction zone. Construction crews were not working at the site at the time of the crash.
Frankfort to host flood recovery town hall: What to know
Star Wars fans at McConnell Springs celebrate 'May the Fourth' in style
Nicholasville Fire Department pays tribute to fallen former chief on International Firefighters' Day
The police said no injuries were reported, and the right lane was closed until the truck was cleared. By 6:05 a.m., the road was reopened.
The cause of the crash is under investigation.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Man taken into custody following wrong-way pursuit on I-264 in Virginia Beach
VIRGINIA BEACH, Va. (WAVY) — An unidentified man has been taken into custody following a pursuit with Virginia State Police Sunday night. According to state police, troopers attempted to stop a dark blue Cadillac at 9 p.m. in the westbound lanes of Interstate 264 for reckless driving. The driver refused to stop, causing a traffic pursuit to begin. During the pursuit, the Cadillac exited the interstate at Birdneck Road and entered the city of Virginia Beach, where the driver traveled into the opposite travel lanes against the flow of traffic. The driver continued traveling in the wrong direction until troopers struck the vehicle at the off ramp of I-264 east, disabling the vehicle. Police said the driver barricaded himself in the vehicle and refused to exit. Virginia Beach Police, K-9 and tactical units assisted with the barricade. Shortly after, the unknown male driver was taken into custody without incident. Both east and west lanes were shut down on I-264 while police investigated. Traffic was detoured to Laskin Road. All lanes have since reopened. The driver had no positive identification and refused to identify himself. He has been taken to Virginia Beach city jail to have fingerprints scanned for identification. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
2 hours ago
- Yahoo
Motorcar Parts of America Reports Fiscal Year Results
- Record Sales and Gross Profit with Strong Cash Flow Generation - LOS ANGELES, June 09, 2025--(BUSINESS WIRE)--Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported strong results for its fiscal 2025 fourth quarter, with record net sales and gross profit, and strong cash flow generation for the year ended March 31, 2025. Key highlights for the fiscal year Net sales increased 5.5 percent to a record $757.4 million. Gross profit increased 16.1 percent to a record $153.8 million. Generated cash from operating activities of $45.5 million and reduced net bank debt by $32.6 million to $81.4 million. Repurchased 542,134 shares for $4.8 million. Fiscal 2025 Fourth Quarter Results Net sales for the fiscal 2025 fourth quarter increased 1.9 percent to $193.1 million from $189.5 million in the prior year. Gross profit for the fiscal 2025 fourth quarter increased 10.6 percent to a fourth quarter record $38.5 million from $34.8 million a year earlier. Gross margin for the fiscal 2025 fourth quarter was 19.9 percent compared with 18.4 percent a year earlier. Gross margin for the fiscal 2025 fourth quarter was impacted by $3.2 million, or 1.7 percent, of non-cash expenses, and $4.6 million, or 2.4 percent, for certain tariffs costs paid for products sold before price increases were effective, as detailed in Exhibit 3. Interest expense for the fiscal fourth quarter decreased by $2.1 million to $12.5 million from $14.6 million a year ago, impacted by lower average outstanding balances under the company's credit facility and lower interest rates. Net loss for the fiscal 2025 fourth quarter was $722,000, or $0.04 per share, reflecting the impact of $4.6 million, or $0.24 per share pre-tax, for certain tariffs costs paid for products sold before price increases were effective, as mentioned above. Net loss was also impacted by certain non-cash items of $2.6 million, or $0.14 per share, as detailed in Exhibit 1. Net income for the prior year was $1.3 million, including the impact of non-cash expenses and cash expenses as detailed in Exhibit 1. "We remain focused on continuing to execute and capitalize on our leadership position within the non-discretionary automotive aftermarket business, following a solid fiscal year," said Selwyn Joffe, chairman, president, and chief executive officer. He noted that the company is working with its suppliers and customers to address the current geopolitical environment and related challenges -- specifically tariffs and pricing. The company's solid financial position and cash flow generation support its competitive position and anticipated future growth. Joffe noted that over the last several years, the company proactively has focused on significantly reducing its reliance on Chinese suppliers, which today represents less than 25 percent, and has an established footprint in North America that could be utilized to further reduce this reliance going forward. Joffe highlighted that the company generated cash of approximately $45.5 million from operating activities during fiscal 2025, reduced net bank debt by $32.6 million for the fiscal year to $81.4 million from $114.0 million and also utilized $4.8 million for share repurchases. Twelve-Month Results Net sales for fiscal 2025 increased 5.5 percent to a record $757.4 million from $717.7 million a year ago. Gross profit for fiscal 2025 increased 16.1 percent to a record $153.8 million from $132.6 million a year earlier. Gross margin for fiscal 2025 was 20.3 percent compared with 18.5 percent a year earlier. Gross margin for fiscal 2025 was impacted by $13.5 million, or 1.8 percent, of non-cash expenses, and $5.9 million, or 0.8 percent, of one-time cash expenses, as detailed in Exhibit 4. Interest expense decreased by $4.5 million for fiscal 2025 to $55.6 million from $60.0 million a year ago, impacted by lower average outstanding balances under the company's credit facility and lower interest rates. Net loss for fiscal 2025 was $19.5 million, or $0.99 per share, including the impact of non-cash expenses of $25.0 million, or $1.27 per share, and one-time cash expenses of $6.9 million, or $0.35 per share, as detailed in Exhibit 2. Net loss for the prior fiscal year was $49.2 million, or $2.51 per share, including the impact of non-cash expenses of $50.3 million, or $2.56 per share, and cash expenses of $7.0 million, or $0.36 per share, as detailed in Exhibit 2. Share Repurchase During fiscal 2025 fourth quarter, the company repurchased 274,004 shares for $2.7 million at an average share price of $9.98, and for the full fiscal year, the company repurchased 542,134 shares for $4.8 million at an average share price of $8.91 under its current authorization program, supported by solid cash generation from operating activities. The company anticipates further opportunities to build shareholder value through enhanced profitability and strong cash generation. Fiscal 2026 Guidance Motorcar Parts of America expects net sales for the fiscal year ending March 31, 2026 to be between $780 million to $800 million, representing between 3.0 percent and 5.6 percent year-over-year growth. Operating income is expected to be between $86 million and $91 million, representing between 4.3 percent and 10.4 percent year-over-year growth. The company estimates depreciation and amortization will be approximately $11 million. These estimates do not include certain non-cash items and one-time expenses and exclude the impact of tariffs recently enacted due to the uncertainty and continuing changes. Use of Non-GAAP Measure This press release includes the following non-GAAP measure – EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company's results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company's business as determined 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. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding GAAP measure, see the financial tables included in this press release. Also, refer to our Form 8-K to which this release is attached, and other filings we make with the SEC, for further information regarding this measure. Earnings Conference Call and Webcast 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. The call will be open to all interested investors either through a live audio webcast at or live by calling (888) 440-5584 (domestic) or (646) 960-0457 (international). For those who are not available to listen to the live broadcast, the call will be archived 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 on June 9, 2025 through 8:59 p.m. Pacific time on June 16, 2025 by calling (800) 770-2030 (domestic) or (609) 800-9909 (toll) and using access code: 1545314. About Motorcar Parts of America, Inc. 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
Business Wire
2 hours ago
- Business Wire
Motorcar Parts of America Reports Fiscal Year Results
LOS ANGELES--(BUSINESS WIRE)--Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported strong results for its fiscal 2025 fourth quarter, with record net sales and gross profit, and strong cash flow generation for the year ended March 31, 2025. Key highlights for the fiscal year Net sales increased 5.5 percent to a record $757.4 million. Gross profit increased 16.1 percent to a record $153.8 million. Generated cash from operating activities of $45.5 million and reduced net bank debt by $32.6 million to $81.4 million. Repurchased 542,134 shares for $4.8 million. Fiscal 2025 Fourth Quarter Results Net sales for the fiscal 2025 fourth quarter increased 1.9 percent to $193.1 million from $189.5 million in the prior year. Gross profit for the fiscal 2025 fourth quarter increased 10.6 percent to a fourth quarter record $38.5 million from $34.8 million a year earlier. Gross margin for the fiscal 2025 fourth quarter was 19.9 percent compared with 18.4 percent a year earlier. Gross margin for the fiscal 2025 fourth quarter was impacted by $3.2 million, or 1.7 percent, of non-cash expenses, and $4.6 million, or 2.4 percent, for certain tariffs costs paid for products sold before price increases were effective, as detailed in Exhibit 3. Interest expense for the fiscal fourth quarter decreased by $2.1 million to $12.5 million from $14.6 million a year ago, impacted by lower average outstanding balances under the company's credit facility and lower interest rates. Net loss for the fiscal 2025 fourth quarter was $722,000, or $0.04 per share, reflecting the impact of $4.6 million, or $0.24 per share pre-tax, for certain tariffs costs paid for products sold before price increases were effective, as mentioned above. Net loss was also impacted by certain non-cash items of $2.6 million, or $0.14 per share, as detailed in Exhibit 1. Net income for the prior year was $1.3 million, including the impact of non-cash expenses and cash expenses as detailed in Exhibit 1. 'We remain focused on continuing to execute and capitalize on our leadership position within the non-discretionary automotive aftermarket business, following a solid fiscal year,' said Selwyn Joffe, chairman, president, and chief executive officer. He noted that the company is working with its suppliers and customers to address the current geopolitical environment and related challenges -- specifically tariffs and pricing. The company's solid financial position and cash flow generation support its competitive position and anticipated future growth. Joffe noted that over the last several years, the company proactively has focused on significantly reducing its reliance on Chinese suppliers, which today represents less than 25 percent, and has an established footprint in North America that could be utilized to further reduce this reliance going forward. Joffe highlighted that the company generated cash of approximately $45.5 million from operating activities during fiscal 2025, reduced net bank debt by $32.6 million for the fiscal year to $81.4 million from $114.0 million and also utilized $4.8 million for share repurchases. Twelve-Month Results Net sales for fiscal 2025 increased 5.5 percent to a record $757.4 million from $717.7 million a year ago. Gross profit for fiscal 2025 increased 16.1 percent to a record $153.8 million from $132.6 million a year earlier. Gross margin for fiscal 2025 was 20.3 percent compared with 18.5 percent a year earlier. Gross margin for fiscal 2025 was impacted by $13.5 million, or 1.8 percent, of non-cash expenses, and $5.9 million, or 0.8 percent, of one-time cash expenses, as detailed in Exhibit 4. Interest expense decreased by $4.5 million for fiscal 2025 to $55.6 million from $60.0 million a year ago, impacted by lower average outstanding balances under the company's credit facility and lower interest rates. Net loss for fiscal 2025 was $19.5 million, or $0.99 per share, including the impact of non-cash expenses of $25.0 million, or $1.27 per share, and one-time cash expenses of $6.9 million, or $0.35 per share, as detailed in Exhibit 2. Net loss for the prior fiscal year was $49.2 million, or $2.51 per share, including the impact of non-cash expenses of $50.3 million, or $2.56 per share, and cash expenses of $7.0 million, or $0.36 per share, as detailed in Exhibit 2. Share Repurchase During fiscal 2025 fourth quarter, the company repurchased 274,004 shares for $2.7 million at an average share price of $9.98, and for the full fiscal year, the company repurchased 542,134 shares for $4.8 million at an average share price of $8.91 under its current authorization program, supported by solid cash generation from operating activities. The company anticipates further opportunities to build shareholder value through enhanced profitability and strong cash generation. Fiscal 2026 Guidance Motorcar Parts of America expects net sales for the fiscal year ending March 31, 2026 to be between $780 million to $800 million, representing between 3.0 percent and 5.6 percent year-over-year growth. Operating income is expected to be between $86 million and $91 million, representing between 4.3 percent and 10.4 percent year-over-year growth. The company estimates depreciation and amortization will be approximately $11 million. These estimates do not include certain non-cash items and one-time expenses and exclude the impact of tariffs recently enacted due to the uncertainty and continuing changes. Use of Non-GAAP Measure This press release includes the following non-GAAP measure – EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company's results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company's business as determined 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. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding GAAP measure, see the financial tables included in this press release. Also, refer to our Form 8-K to which this release is attached, and other filings we make with the SEC, for further information regarding this measure. Earnings Conference Call and Webcast 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. The call will be open to all interested investors either through a live audio webcast at or live by calling (888) 440-5584 (domestic) or (646) 960-0457 (international). For those who are not available to listen to the live broadcast, the call will be archived 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 on June 9, 2025 through 8:59 p.m. Pacific time on June 16, 2025 by calling (800) 770-2030 (domestic) or (609) 800-9909 (toll) and using access code: 1545314. About Motorcar Parts of America, Inc. 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 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 $ Expand 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 Expand Three Months Ended March 31, 2025 2024 $ Per Diluted Share $ Per Diluted Share 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. Expand Items Impacting Net Income for the Twelve Months Ended March 31, 2025 and 2024 Exhibit 2 Expand Twelve Months Ended March 31, 2025 2024 $ Per Diluted Share $ Per Diluted Share 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. Expand Items Impacting Gross Profit for the Three Months Ended March 31, 2025 and 2024 Exhibit 3 Expand Items Impacting Gross Profit for the Twelve Months Ended March 31, 2025 and 2024 Exhibit 4 Expand Items Impacting EBITDA for the Three and Twelve Months Ended March 31, 2025 and 2024 Exhibit 5 Expand 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 Expand
