Motorcar Parts of America, Inc. (MPAA) reported a consolidated net loss for the fiscal 2013 fourth quarter of $73.7 million, or $5.09 per share, compared with a net loss of $12.9 million, or $1.03 per share, a year earlier.
Consolidated results include specific charge-off accruals related to the company's investment in its former undercar business segment, and the required impairment of all intangible assets on Fenco's balance sheet as a result of its pending liquidation.
Excluding certain undercar-related costs and non-cash expenses, adjusted net income was $3.6 million, or $0.26 per share, compared with $3.7 million, or $0.30 per share, for the same period a year earlier.
On a non-GAAP adjusted basis, consolidated net loss was $2.1 million, or $0.14 per share compared with a net loss of $4.0 million, or $0.32 per share, a year ago.
Rotating electrical net sales for the fiscal 2013 fourth quarter increased 11.8 percent to $58.0 million from $51.9 million for the same period last year.
Net sales for the quarter declined to $89.34 million from $101.46 million in the same quarter last year.
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