Motorcar Parts of America Announces Share Repurchase Program Increase
March 27 2017 - 8:00AM
Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced its
board of directors has authorized a share repurchase program
increase to $15.0 million of the company’s outstanding common stock
from time to time in the open market and in private transactions at
prices deemed appropriate by management.
The company’s previous share repurchase program
was limited to $10 million. Motorcar Parts of America has
approximately 18.7 million shares outstanding.
“This share repurchase program is consistent
with our commitment to increase shareholder value. We will continue
to pursue initiatives such as complementary acquisitions and other
related activities to further the company’s sales and earnings
growth potential,” said Selwyn Joffe, chairman, president and chief
executive officer.
About Motorcar Parts of America,
Inc.
Motorcar Parts of America is a remanufacturer,
manufacturer and distributor of automotive aftermarket parts --
including alternators, starters, wheel hub assembly products, brake
master cylinders, brake power boosters and turbochargers utilized
in imported and domestic passenger vehicles, light trucks and heavy
duty applications. 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
California, Canada, Mexico, Malaysia and China, and administrative
offices located in California, Tennessee, Virginia, Mexico,
Singapore and Malaysia. 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 2016 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.
CONTACT:
Gary S. Maier
Maier & Company, Inc.
(310) 471-1288
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