Motorcar Parts of America, Inc. (NASDAQ:MPAA) Q4 2018 Earnings Conference Call - Preliminary Transcript
Jun 14, 2018 • 01:00 pm ET
Good day, ladies and gentlemen. And welcome to the Motorcar Parts of America Fiscal 2018 Fourth Quarter Results Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time (Operator Instructions). As a reminder, today's program is being recorded.
And now, I'd like to introduce your host for today's program, Gary Maier, Investor Relations. Please go ahead.
Thank you, Jonathan, and thanks everyone for joining us. Before we begin and I turn the call over so Selwyn Joffe, Chairman, President and Chief Executive Officer, and David Lee the company's Chief Financial Officer. Let me remind everyone of the Safe Harbor statement included in today's press release. Private Securities and Litigation Reform Act of 1995 provides the Safe Harbor for certain forward-looking statements, including statements made during today's conference call.
Such forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by Motorcar Parts of America. Actual results may differ from those projected in these forward-looking statements.
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. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For a more detailed discussion of some of these ongoing risks and uncertainties of the Company's business, I refer you to the various filings with the Securities and Exchange Commission.
With that said, I would like to begin the call and turn it over to Selwyn Joffe to begin.
Thank you, Gary. I appreciate everyone joining us today. Let me begin by highlighting that we achieved record sales for the fiscal fourth quarter and the full year. Despite industry softness and a disappointing fiscal third quarter, which was due to factors explained during last quarter's call, and commentary provided by industry followers.
Let me be clear, while we are encouraged by the results for the fourth quarter, we are not satisfied with our year end profitability. While our results have suffered this last year from events, which we believe are predominantly industry driven, we have been focused on continuing our philosophy of aggressive, but controlled growth. I can assure you that the statistics for our business indicate reason for optimism, and we as a company, are embracing every opportunity to be ready for additional top and bottom line growth, both organically and through acquisitions.
To mention a few notable accomplishments during the past fiscal year, we increased market share in all of our product lines, including our rotating electrical market share to an industry-leading 45%. We opened a new state-of-the-art 410,000 square-foot distribution facility to consolidate shipping and enhanced capacity to handle our new business wins, which bodes well for operating