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Motorcar Parts has a market cap of $104 million; its shares were traded at around $9.08 with a P/E ratio of 8.2 and P/S ratio of 0.6.
Highlight of Business Operations:Net Sales. Our consolidated net sales for the three months ended September 30, 2011 increased by $66,639,000, or 162.6%, to $107,616,000 compared to net sales for the three months ended September 30, 2010 of $40,977,000. The increase in net sales was due primarily to (i) our May 6, 2011 acquisition of Fenco which resulted in additional net sales of $61,879,000 or 151.0%, and (ii) increase in net sales to customers of $4,760,000 or 11.6%, primarily to the existing customers in our rotating electrical segment.
Cost of Goods Sold/Gross Profit. Our consolidated cost of goods sold as a percentage of net sales increased during the three months ended September 30, 2011 to 85.8% from 69.1% for the three months ended September 30, 2010, resulting in a corresponding decrease in our gross profit percentage of 16.7% to 14.2% for the three months ended September 30, 2011 from 30.9% for the three months ended September 30, 2010. The gross profit percentage in our rotating electrical segment increased to 32.4% from 30.9% during the three months ended September 30, 2010 due primarily to lower per unit manufacturing costs.
Sales and Marketing. Our consolidated sales and marketing expenses for the three months ended September 30, 2011 increased $1,996,000, or 166.2%, to $3,197,000 from $1,201,000 for the three months ended September 30, 2010. The increase of $696,000 for our rotating electrical business was due primarily to (i) the reversal of commission expenses during the prior year in connection with our acquisition of Reliance Automotive, Inc. as certain sales thresholds were not met, (ii) increased employee-related expenses, and (iii) increased travel incurred in connection with our Fenco operations.
Net Sales. Our consolidated net sales for the six months ended September 30, 2011 increased by $100,915,000, or 130.7%, to $178,126,000 compared to net sales for the six months ended September 30, 2010 of $77,211,000. The increase in net sales was due primarily to (i) our May 6, 2011 acquisition of Fenco which resulted in additional net sales of $93,373,000 or 120.9%, and (ii) an increase in sales to customers of $7,542,000 or 9.8%, primarily to the existing customers in our rotating electrical segment.
Cost of Goods Sold/Gross Profit. Our consolidated cost of goods sold as a percentage of net sales increased during the six months ended September 30, 2011 to 86.2% from 68.6% for the six months ended September 30, 2010, resulting in a corresponding decrease in our gross profit percentage of 17.6% to 13.8% for the six months ended September 30, 2011 from 31.4% for the six months ended September 30, 2010. The gross profit percentage in our rotating electrical segment increased to 32.2% from 31.4% during the six months ended September 30, 2011 due primarily to lower per unit manufacturing costs.
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