Motorcar Parts of America, Inc. Awarded New Supply Contract From Pep Boys
Motorcar Parts of America, Inc. ("MPA") , a leading provider of remanufactured alternators and starters for the automotive aftermarket, announced today that it was awarded a supply contract from The Pep Boys -- Manny, Moe & Jack ("Pep Boys") (NYSE:PBY) , the nation's leading automotive aftermarket retail and service chain.
Selwyn Joffe, Chairman, President and Chief Executive Officer of MPA commented, "We are very excited to be chosen by Pep Boys as the predominant supplier of alternators and starters for its nationwide network of stores."
Robert Sammons, Vice President - Parts at Pep Boys said, "We are pleased to partner with MPA to supply our ProStart and ProStart Platinum line of starters and alternators. MPA's commitment to quality products, lean production processes and superior customer service complements Pep Boys' dedication to deliver outstanding value to its customers."
"MPA is very proud to add this exceptional and established chain of stores to our customer base. We look forward to a lengthy, healthy business relationship where both companies will prosper under this agreement. MPA continues to be committed to the finest product and service that the industry can offer," concluded Mr. Joffe.
About Pep Boys
Pep Boys has 593 stores and over 6,000 service bays in 36 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting pepboys.com.
About MPA
Motorcar Parts of America, Inc. is a leading remanufacturer of replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. MPA has facilities in the United States in Torrance, California, and Nashville, Tennessee, as well as in Mexico, Singapore and Malaysia. MPA's websites are located at www.motorcarparts.com and www.quality-built.com.
Disclosure Regarding Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking statements with respect to our future performance that involve risks and uncertainties. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to: concentration of sales to certain customers, changes in our relationship with any of our customers, including the increasing customer pressure for lower prices and more favorable payment and other terms, the increasing strain on our cash position, our ability to achieve positive cash flows from operations, potential future changes in our accounting policies that may be made as a result of an SEC review of our previously filed public reports, lower revenues than anticipated from new and existing contracts, our failure to meet the financial covenants or the other obligations set forth in our bank credit agreement and the bank's refusal to waive any such defaults, any meaningful difference between projected production needs and ultimate sales to our customers, increases in interest rates, changes in the financial condition of any of our major customers, the impact of high gasoline prices, the potential for changes in consumer spending, consumer preferences and general economic conditions, increased competition in the automotive parts industry, difficulty in obtaining component parts or increases in the costs of those parts, political or economic instability in any of the foreign countries where we conduct operations, unforeseen increases in operating costs and other factors discussed herein and in our other filings with the SEC
