Motorcar Parts of America Reports Fiscal 2020 Third Quarter Results

--Strong Positive Cash Flow Highlights the Quarter; Sales up 12 Percent for Nine Months--

LOS ANGELES--()--Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2020 third quarter ended December 31, 2019 -- reflecting profitability, generation of cash flow from operations of $22 million during the fiscal third quarter and margin improvement.

Net sales for the fiscal 2020 third quarter increased to $125.6 million for a record third quarter from $124.1 million for the same period a year earlier.

Adjusted net sales for the fiscal 2020 third quarter increased to $127.7 million for a record third quarter from $119.6 million a year earlier.

“Notwithstanding industry sales softness and the deferral of certain product orders late in the quarter, we achieved record sales and generated record cash flow from operations and improved margins. Our strategic investments are creating a transformative platform for growth, as we expand our position within the $125 billion aftermarket hard parts industry,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.

Net income for the fiscal 2020 third quarter was $865,000, or $0.04 per diluted share, compared with net loss of $3.1 million, or $0.16 per share, a year ago.

Adjusted net income for the fiscal 2020 third quarter was $5.5 million, or $0.28 per diluted share, compared with $6.7 million, or $0.35 per diluted share, a year earlier.

Gross profit for the fiscal 2020 third quarter was $27.7 million compared with $21.2 million a year earlier. Gross profit as a percentage of net sales for the fiscal 2020 third quarter was 22.0 percent compared with 17.0 percent a year earlier.

Adjusted gross profit for the fiscal 2020 third quarter was $34.3 million compared with $30.9 million a year ago. Adjusted gross profit as a percentage of adjusted net sales for the three months was 26.9 percent compared with 25.8 percent a year earlier.

The results for the fiscal 2020 third quarter gross margin were primarily impacted by two items totaling $5.8 million.

  • Non-cash expenses of $3.7 million, including a write-down of $2.4 million associated with the quarterly revaluation for cores on customers' shelves, and $1.3 million of amortization related to the premium for core buy backs.
  • Transition costs of $2.1 million associated with the move into the company’s new facilities in Mexico to support the growth in sales.

“Our footprint of the future is rapidly evolving and we expect to realize incremental benefits from our investments as we reach our target completion by the end of the second quarter of our new fiscal year,” Joffe added.

Nine-Month Results

Net sales for the fiscal 2020 nine-month period increased 12.0 percent to a record $385.1 million from $343.7 million a year earlier.

Adjusted net sales for the fiscal 2020 nine-month period increased 12.8 percent to a record $387.7 million from $343.6 million last year.

Net income for the fiscal 2020 nine-month period was $903,000, or $0.05 per diluted share, compared with net loss of $5.1 million, or $0.27 per share, in fiscal 2019.

Adjusted net income for the fiscal 2020 nine-month period was $20.1 million, or $1.05 per diluted share, compared with $21.2 million, or $1.10 per diluted share, in fiscal 2019.

Gross profit for the fiscal 2020 nine-month period was $81.8 million compared with $63.2 million a year earlier. Gross profit as a percentage of net sales for the fiscal 2020 nine-month period was 21.2 percent compared with 18.4 percent a year earlier.

Adjusted gross profit for the fiscal 2020 nine-month period was $103.4 million compared with $89.8 million a year ago. Adjusted gross profit as a percentage of adjusted net sales for the nine months was 26.7 percent compared with 26.1 percent a year earlier.

UPDATED FISCAL 2020 SALES GUIDANCE

Due to the factors impacting the fiscal third quarter noted above, Motorcar Parts of America now believes net sales for its fiscal year 2020 ending March 31 should be approximately $534 million and adjusted net sales for its fiscal year 2020 ending March 31 should be approximately $539 million, representing 13 percent growth year-over-year on both a GAAP and non-GAAP basis, with sales momentum improving in the current fiscal fourth quarter.

Use of Non-GAAP Measures

This press release includes the following non-GAAP measures - adjusted net sales, adjusted net income (loss), adjusted EBITDA, adjusted gross profit and adjusted gross margin, which are not measures of financial performance under GAAP, and should not be considered as alternatives to net sales, net income (loss), income from operations, gross profit or gross profit margin as a measure of financial performance. The Company believes these non-GAAP measures, when considered together with the corresponding GAAP measures, provide useful information to investors and management regarding financial and business trends relating to the company’s results of operations. However, these non-GAAP measures have significant limitations in that they do not reflect all of the costs associated with the operations of the company’s business as determined in accordance with GAAP. 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 reconciliation of adjusted net sales, adjusted net income (loss), adjusted EBITDA, adjusted gross profit and adjusted gross margin to their corresponding GAAP measures, 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 these adjustments.

Teleconference and Web Cast

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 Web broadcast at www.motorcarparts.com or live by calling (877)-776-4016 (domestic) or (973)-638-3231 (international). For those who are not available to listen to the live broadcast, the call will be archived for seven days on Motorcar Parts of America’s website www.motorcarparts.com. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time on February 10, 2020 through 8:59 p.m. Pacific time on February 17, 2020 by calling (855)-859-2056 (domestic) or (404)-537-3406 (international) and using access code: 3748079.

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 bearing and hub assemblies, brake calipers, brake master cylinders, brake power boosters, rotors, brake pads and turbochargers utilized in imported and domestic passenger vehicles, light trucks and heavy-duty applications. In addition, the company designs and manufactures test solutions for performance, endurance and production testing of electric motors, inverters, alternators, starters, and belt starter generators for the OE, aerospace and aftermarket. Motorcar Parts of America’s products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in New York, California, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia and Canada. Additional information is available at www.motorcarparts.com.

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 2019 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

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

December 31,

 

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

Note: The Company revised its financial statements for each of the three years in the period ended March 31, 2018 and for the three months ended June 30, 2018. As of June 30, 2018, the cumulative error for all periods previously reported was an understatement of net income of $2,938,000. Additional information is available in the company's September 30, 2018 Form 10-Q.

 

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

 

 

 

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

Reconciliation of 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 non-GAAP adjusted financial measures in this press release and in the webcast to discuss the Company's financial results for the three and nine months ended December 31, 2019 and 2018. Each of these non-GAAP adjusted financial measures is adjusted from results based on GAAP to exclude certain expenses and gains. Among other things, the Company uses such non-GAAP adjusted financial measures in addition to and in conjunction with corresponding GAAP measures to help analyze the performance of its business.

These non-GAAP adjusted financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company's results of operations and the factors and trends affecting the Company's business. However, these non-GAAP adjusted financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Income statement information for the three and nine months ended December 31, 2019 and 2018 are as follows:

Reconciliation of Non-GAAP Financial Measures

Exhibit 1

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

2019

 

2018

 

2019

 

2018

GAAP Results:
Net sales

$

125,574,000

$

124,113,000

$

385,096,000

$

343,720,000

Net income (loss)

 

865,000

 

(3,102,000)

 

903,000

 

(5,084,000)

Income (loss) per share (EPS)

 

0.04

 

(0.16)

 

0.05

 

(0.27)

Gross margin

 

22.0%

 

17.0%

 

21.2%

 

18.4%

Non-GAAP Adjusted Results:
Non-GAAP adjusted net sales

$

127,677,000

$

119,630,000

$

387,670,000

$

343,592,000

Non-GAAP adjusted net income

 

5,467,000

 

6,683,000

 

20,143,000

 

21,240,000

Non-GAAP adjusted diluted income per share (EPS)

 

0.28

 

0.35

 

1.05

 

1.10

Non-GAAP adjusted gross margin

 

26.9%

 

25.8%

 

26.7%

 

26.1%

Non-GAAP adjusted EBITDA

$

16,486,000

$

16,190,000

$

53,233,000

$

48,961,000

Note: The Company had revised its financial statements for each of the three years in the period ended March 31, 2018 and for the three months ended June 30, 2018. As of June 30, 2018, the cumulative error for all periods previously reported was an understatement of net income of $2,938,000. For further information, please see the Company's September 30, 2018 Form 10-Q. As of June 30, 2018, the cumulative impact to non-GAAP adjusted net income for all periods previously reported was an understatement of $1,220,000.

Reconciliation of Non-GAAP Financial Measures

Exhibit 2

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

2019

 

2018

 

2019

 

2018

GAAP net sales

$

125,574,000

$

124,113,000

$

385,096,000

$

343,720,000

Adjustments:
Return and stock adjustment accruals related to new business and product line expansion

 

-

 

673,000

 

159,000

 

673,000

Customer allowances related to new business

 

2,103,000

 

2,139,000

 

4,562,000

 

6,494,000

Impact of sales price increases related to tariffs

 

-

 

(309,000)

 

(2,280,000)

 

(309,000)

Core sales and cost in connection with a cancelled contract

 

-

 

(6,986,000)

 

133,000

 

(6,986,000)

Adjusted net sales

$

127,677,000

$

119,630,000

$

387,670,000

$

343,592,000

Reconciliation of Non-GAAP Financial Measures

 

Exhibit 3

 

Three Months Ended December 31,

2019

 

2018

$

 

Per Diluted
Share

 

$

 

Per Diluted
Share

GAAP net income (loss)

$

865,000

$

0.04

$

(3,102,000)

$

(0.16)

Adjustments:
Net sales
Return and stock adjustment accruals related to new business and product line expansion

 

-

 

-

 

673,000

 

0.04

Customer allowances related to new business

 

2,103,000

 

0.11

 

2,139,000

 

0.11

Impact of sales price increases related to tariffs

 

-

 

-

 

(309,000)

 

(0.02)

Core sales and cost in connection with a cancelled contract

 

-

 

-

 

(6,986,000)

 

(0.36)

Cost of goods sold
New product line start-up and ramp-up costs, and transition expenses

 

2,148,000

 

0.11

 

2,078,000

 

0.11

Revaluation - cores on customers' shelves

 

2,395,000

 

0.12

 

2,619,000

 

0.14

Cost of customer allowances and stock adjustment accruals related to new business and product line expansion

 

-

 

-

 

(51,000)

 

(0.00)

Tariff costs paid for products sold before price increases were effective

 

-

 

-

 

1,835,000

 

0.10

Cost of goods sold for cores recorded in connection with a cancelled contract

 

-

 

-

 

7,750,000

 

0.40

Operating expenses
Acquisition, financing, transition, severance, new business, earn-out accruals from acquisitions, restatement-related fees and other costs

 

977,000

 

0.05

 

1,410,000

 

0.07

Share-based compensation expenses

 

1,071,000

 

0.06

 

1,030,000

 

0.05

Mark-to-market losses (gains)

 

(3,772,000)

 

(0.20)

 

860,000

 

0.04

Tax effected (a)

 

(320,000)

 

(0.02)

 

(3,263,000)

 

(0.17)

Adjusted net income

$

5,467,000

$

0.28

$

6,683,000

$

0.35

(a) Adjusted net income is calculated by applying an income tax rate of 25.0% to adjusted pre-tax income for the three months ended December 31, 2019 and 2018; this rate may differ from the period's actual income tax rate

Reconciliation of Non-GAAP Financial Measures

 

Exhibit 4

 

 

 

 

 

 

 

Nine Months Ended December 31,

 

 

2019

 

2018

 

 

$

 

Per Diluted
Share

 

$

 

Per Diluted
Share

GAAP net income (loss)

$

903,000

$

0.05

$

(5,084,000)

$

(0.27)

Adjustments:
Net sales
Return and stock adjustment accruals related to new business and product line expansion

 

159,000

 

0.01

 

673,000

 

0.03

Customer allowances related to new business

 

4,562,000

 

0.24

 

6,494,000

 

0.34

Impact of sales price increases related to tariffs

 

(2,280,000)

 

(0.12)

 

(309,000)

 

(0.02)

Core sales and cost in connection with a cancelled contract

 

133,000

 

0.01

 

(6,986,000)

 

(0.36)

Cost of goods sold
New product line start-up and ramp-up costs, and transition expenses

 

5,829,000

 

0.30

 

5,666,000

 

0.29

Revaluation - cores on customers' shelves

 

9,867,000

 

0.51

 

11,466,000

 

0.60

Cost of customer allowances and stock adjustment accruals related to new business and product line expansion

 

(59,000)

 

(0.00)

 

(51,000)

 

(0.00)

Tariff costs paid for products sold before price increases were effective

 

3,347,000

 

0.17

 

1,835,000

 

0.10

Cost of goods sold for cores recorded in connection with a cancelled contract

 

-

 

-

 

7,750,000

 

0.40

Operating expenses
Acquisition, financing, transition, severance, new business, earn-out accruals from acquisitions, restatement-related fees and other costs

 

2,040,000

 

0.11

 

3,085,000

 

0.16

Share-based compensation expenses

 

3,112,000

 

0.16

 

3,151,000

 

0.16

Mark-to-market losses (gains)

 

(2,507,000)

 

(0.13)

 

1,628,000

 

0.08

Interest
Write-off of debt issuance costs

 

-

 

303,000

 

0.02

Tax effected (a)

 

(4,963,000)

 

(0.26)

 

(8,381,000)

 

(0.44)

Adjusted net income

$

20,143,000

$

1.05

$

21,240,000

$

1.10

(a) Adjusted net income is calculated by applying an income tax rate of 25.0% to adjusted pre-tax income for the nine months ended December 31, 2019 and 2018; this rate may differ from the period's actual income tax rate

Reconciliation of Non-GAAP Financial Measures

 

 

Exhibit 5

 

 

 

Three Months Ended December 31,

2019

 

2018

$

 

Gross
Margin

 

$

 

Gross
Margin

GAAP gross profit

$

27,661,000

22.0%

$

21,161,000

17.0%

Adjustments:
Net sales
Return and stock adjustment accruals related to new business and product line expansion

 

-

 

673,000

Customer allowances related to new business

 

2,103,000

 

2,139,000

Impact of sales price increases related to tariffs

 

-

 

(309,000)

Core sales and cost in connection with a cancelled contract

 

-

 

(6,986,000)

Cost of goods sold
New product line start-up and ramp-up costs, and transition expenses

 

2,148,000

 

2,078,000

Revaluation - cores on customers' shelves

 

2,395,000

 

2,619,000

Cost of customer allowances and stock adjustment accruals related to new business and product line expansion

 

-

 

(51,000)

Tariff costs paid for products sold before price increases were effective

 

-

 

1,835,000

Cost of goods sold for cores recorded in connection with a cancelled contract

 

-

 

7,750,000

Total adjustments

 

6,646,000

4.9%

 

9,748,000

8.8%

Adjusted gross profit

$

34,307,000

26.9%

$

30,909,000

25.8%

Reconciliation of Non-GAAP Financial Measures

 

 

Exhibit 6

 

Nine Months Ended December 31,

2019

 

2018

$

 

Gross
Margin

 

$

 

Gross
Margin

GAAP gross profit

$

81,817,000

21.2%

$

63,224,000

18.4%

Adjustments:
Net sales
Return and stock adjustment accruals related to new business and product line expansion

 

159,000

 

673,000

Customer allowances related to new business

 

4,562,000

 

6,494,000

Impact of sales price increases related to tariffs

 

(2,280,000)

 

(309,000)

Core sales and cost in connection with a cancelled contract

 

133,000

 

(6,986,000)

Cost of goods sold
New product line start-up and ramp-up costs, and transition expenses

 

5,829,000

 

5,666,000

Revaluation - cores on customers' shelves

 

9,867,000

 

11,466,000

Cost of customer allowances and stock adjustment accruals related to new business and product line expansion

 

(59,000)

 

(51,000)

Tariff costs paid for products sold before price increases were effective

 

3,347,000

 

1,835,000

Cost of goods sold for cores recorded in connection with a cancelled contract

 

-

 

7,750,000

Total adjustments

 

21,558,000

5.5%

 

26,538,000

7.7%

Adjusted gross profit

$

103,375,000

26.7%

$

89,762,000

26.1%

Reconciliation of Non-GAAP Financial Measures

 

 

Exhibit 7

 

 

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

2019

 

2018

 

2019

 

2018

GAAP net income (loss)

$

865,000

$

(3,102,000)

$

903,000

$

(5,084,000)

Interest expense, net

 

6,879,000

 

5,764,000

 

19,575,000

 

16,538,000

Income tax expense (benefit)

 

1,502,000

 

(1,035,000)

 

1,752,000

 

(1,301,000)

Depreciation and amortization

 

2,400,000

 

1,715,000

 

7,019,000

 

4,933,000

EBITDA

$

11,646,000

$

3,342,000

$

29,249,000

$

15,086,000

 
Adjustments:
Net sales
Return and stock adjustment accruals related to new business and product line expansion

 

-

 

673,000

 

159,000

 

673,000

Customer allowances related to new business

 

2,103,000

 

2,139,000

 

4,562,000

 

6,494,000

Impact of sales price increases related to tariffs

 

-

 

(309,000)

 

(2,280,000)

 

(309,000)

Core sales and cost in connection with a cancelled contract

 

-

 

(6,986,000)

 

133,000

 

(6,986,000)

Cost of goods sold
New product line start-up and ramp-up costs, and transition expenses (a)

 

2,096,000

 

1,969,000

 

5,703,000

 

5,399,000

Revaluation - cores on customers' shelves

 

2,395,000

 

2,619,000

 

9,867,000

 

11,466,000

Cost of customer allowances and stock adjustment accruals related to new business and product line expansion

 

-

 

(51,000)

 

(59,000)

 

(51,000)

Tariff costs paid for products sold before price increases were effective

 

-

 

1,835,000

 

3,347,000

 

1,835,000

Cost of goods sold for cores recorded in connection with a cancelled contract

 

-

 

7,750,000

 

-

 

7,750,000

Operating expenses
Acquisition, financing, transition (a), severance, new business, earn-out accruals from acquisitions, restatement-related fees and other costs

 

947,000

 

1,319,000

 

1,947,000

 

2,825,000

Share-based compensation expenses

 

1,071,000

 

1,030,000

 

3,112,000

 

3,151,000

Mark-to-market losses (gains)

 

(3,772,000)

 

860,000

 

(2,507,000)

 

1,628,000

Adjusted EBITDA

$

16,486,000

$

16,190,000

$

53,233,000

$

48,961,000

(a) Excludes depreciation

Contacts

Gary S. Maier
(310) 972-5124

Contacts

Gary S. Maier
(310) 972-5124