MPAA 8-K
Motorcar Parts Of America Inc (MPAA)
8-K
2020-08-10
For: 2020-08-10
View Original
Added on
April 05, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2020
Motorcar Parts of America, Inc.
(Exact name of registrant as specified in its charter)
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New York
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001-33861
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11-2153962
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||
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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2929 California Street, Torrance, CA
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90503
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (310) 212-7910
N/A
(Former name, former address and former fiscal year, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.l4a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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MPAA
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The Nasdaq Global Select Market
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| Item 2.02. |
Results of Operations and Financial Condition
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On August 10, 2020, Motorcar Parts of America, Inc. (the “Company”) issued a press release announcing its earnings for the fiscal quarter ended June 30, 2020 which is being furnished as Exhibit 99.1.
The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing,
unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
The attached exhibit includes non-GAAP adjusted gross profit and non-GAAP adjusted gross margin. The Company believes that these supplemental non- GAAP financial measures, when
presented together with the corresponding GAAP financial measures, provide useful information to investors and management regarding financial and business trends relating to its business. However, non-GAAP financial measures have certain 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 financial measures as a supplement to, and not as a substitute
for, or as superior to, measures of financial performance prepared in accordance with GAAP.
The Company makes adjustments to the following items to calculate its non-GAAP financial measures:
New product line start-up costs and transition expenses. These are start-up costs incurred prior to recognizing sales for the launch of
new product lines and costs of ramping up production. Transition expenses are costs incurred in connection with the expansion of the Company’s operations in Mexico. The Company excluded start-up and ramp-up costs, and transition expenses because they
do not reflect the Company’s operations on an ongoing basis and excluding such costs enables period-over period comparability.
Revaluation - cores on customers’ shelves. On a quarterly basis, the Company revalues cores on customers’ shelves, which are included as
part of contract assets on the balance sheet. The revaluation is in accordance with the Company’s accounting policies on contract assets. The impact of this revaluation is reflected in cost of goods sold. The Company excluded the revaluation for
cores on customers’ shelves because the core inventory on the customers’ shelves is not consumed or realized in cash during the Company’s normal operating cycle, and is not used by management to assess the profitability of its business operations.
(Income) loss related to under return of cores. The Remanufactured Core value is recorded as a net revenue based upon the estimate of
Used Cores that will not be returned by the customer for credit. The Company excluded this (income) loss related to under return of cores to be consistent with the Company’s exclusion for the revaluation of cores on customers’ shelves, as explained
above.
| Item 9.01. |
Financial Statements and Exhibits.
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The following exhibit is furnished with this Current Report pursuant to Item 2.02:
(d) Exhibits
| Exhibit No. | Description | ||
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Press Release, dated August 10, 2020
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MOTORCAR PARTS OF AMERICA, INC.
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Date: August 10, 2020
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/s/ David Lee
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David Lee
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Chief Financial Officer
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Exhibit 99.1
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NEWS RELEASE
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CONTACT:
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Gary S. Maier
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(310) 972-5124
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MOTORCAR PARTS OF AMERICA REPORTS FISCAL 2021
FIRST QUARTER
-- Monthly Sequential Sales Increases Following Extremely Weak April --
LOS ANGELES, CA – August 10, 2020 – Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal
2021 first quarter ended June 30, 2020 -- reflecting the impact of industry softness in April with subsequent month-over-month increases in sales for the quarter, and extending into July.
Net sales for the fiscal 2021 first quarter were $95.4 million compared with $109.1 million for the same period a year earlier.
Net loss for the fiscal 2021 first quarter was $3.0 million, or $0.16 per share, compared with a net loss of $6.2 million, or $0.33 per share, a year ago. Results for the fiscal 2021 first quarter
were impacted by expenses of approximately $9.8 million consisting primarily of non-cash expenses totaling $3.7 million for revaluation of cores on customer’s shelves, core buy-back premium amortization, and share-based compensation, transition
expenses of $3.6 million related to the expansion of the company’s footprint in Mexico, and COVID-related expenses of $2.3 million further explained below. These expenses were partially offset by $4.8 million of gains in connection with the
re-measurement of the company’s Mexico lease liabilities and forward foreign exchange contracts due to the strengthening of the Mexican Peso, resulting in a net negative impact of $5.0 million on a pre-tax basis, or $0.20 per share on a tax-effected
basis, as detailed in Exhibit 1.
The net loss for the prior-year period was impacted by items totaling approximately $10.1 million on a pre-tax basis, or $0.41 per share on a tax-effected basis, as detailed in
Exhibit 1. As previously announced, the company has decided to eliminate its reporting of certain non-GAAP financial measures. For information about items that impacted the results for the fiscal first quarter, see Exhibits 1 through 3.
(more)
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Motorcar Parts of America, Inc.
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2-2-2
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“Notwithstanding the sharp drop in demand in April due to the global pandemic, the rebound of demand for our products for the balance of the quarter was better than expected -- reflecting sequential gains
in monthly sales, with June exceeding the prior year,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.
In addition to the extraordinary decline in April sales, he emphasized results for the fiscal first quarter were also impacted by increases for cost of goods sold and operating expenses related to safety
and health initiatives associated with COVID-19 – including incremental costs for personal protection equipment (PPE), increased disinfecting procedures, extraordinary payroll expenses, special work bonuses and non-work payments to vulnerable
personnel. These items impacted results for the quarter by approximately $2.3 million on a pre-tax basis, or $0.09 per share on a tax-effected basis. In addition, results for the first fiscal quarter were further impacted by higher costs of
production due to lower production volumes.
Notwithstanding lower year-over year sales for the quarter, cash generated from operating activities was $22.4 million during the three months ended June 30, 2020.
Gross profit for the fiscal 2021 first quarter was $13.4 million compared with $17.6 million a year earlier. Gross profit as a percentage of net sales for the fiscal 2021 first quarter was 14.0
percent compared with 16.1 percent a year earlier.
Adjusted gross profit for the fiscal 2021 first quarter was $17.5 million compared with $22.6 million a year ago. Adjusted gross profit as a percentage of net sales for the three months was 18.4
percent compared with 20.7 percent a year earlier, as detailed in Exhibit 2.
Gross profit and adjusted gross profit as a percentage of net sales for the fiscal 2021 first quarter were further negatively impacted by 3.5 percent, comprised of COVID-19-related expenses impacting cost
of goods sold of $1.8 million or 1.9 percent as described above, and 1.6 percent due to non-cash core buyback premium amortization and return accruals related to new business as detailed in Exhibit 2. Additionally, gross profit and adjusted gross
profit for the fiscal 2021 first quarter were impacted by higher costs of production due to lower production volumes.
Gross profit and adjusted gross profit as a percentage of net sales for the prior-year period were also impacted by several items as detailed in Exhibit 2, totaling 2.5 percent.
FISCAL 2021 OUTLOOK
After record sales and a strong end to fiscal 2020, April brought a sharp decrease in demand, as home sheltering took effect across the country. As previously reported, the company implemented a variety
of safety and cost-savings initiatives commencing in March to proactively address the crisis without compromising its position when demand resumed.
(more)
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Motorcar Parts of America, Inc.
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3-3-3
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“Despite strong sales activity in June and July, and favorable industry reports indicating that sales of hard parts are gaining momentum, the company believes it is still not prudent to provide annual
sales and gross margin guidance for fiscal 2021.
“As I stated in our fiscal year-end release, our industry is resilient, and we are continuing to execute our strategic plans for growth and profitability. We are guardedly optimistic about the near- and
long-term opportunities as an essential supplier in the $125 billion hard parts industry and look forward to a recovery from this global crisis,” Joffe said.
Use of Non-GAAP Measures
This press release includes the following non-GAAP measures - adjusted gross profit, adjusted gross margin and EBITDA, which are not measures of financial performance under GAAP, and should not be
considered as alternatives to gross profit, gross profit margin or net loss 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 the costs and other items
associated with the operation of the company’s business as determined in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies.
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 gross profit, adjusted gross margin and
EBITDA 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
measures.
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 (833)-968-1924 (domestic) or (825)-312-2355
(international). For those who are not available to listen to the live broadcast, the call will be archived 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 August 10, 2020 through 8:59 p.m. Pacific time on August 17, 2020 by calling (800)-585-8367 (domestic) or (416)-621-4642 (international) and using access code: 4547117.
(more)
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Motorcar Parts of America, Inc.
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4-4-4
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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, Canada and Mexico, with facilities located in California, New York, 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 2020 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.
# # #
(Financial tables follow)
(more)
MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
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Three Months Ended
June 30,
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||||||||
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2020
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2019
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|||||||
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Net sales
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$
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95,356,000
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$
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109,148,000
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Cost of goods sold
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81,969,000
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91,565,000
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Gross profit
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13,387,000
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17,583,000
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Operating expenses:
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||||||||
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General and administrative
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6,870,000
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12,000,000
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Sales and marketing
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4,200,000
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4,919,000
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Research and development
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1,942,000
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2,372,000
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Total operating expenses
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13,012,000
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19,291,000
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Operating income (loss)
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375,000
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(1,708,000
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)
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Interest expense, net
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4,409,000
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6,173,000
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Loss before income tax benefit
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(4,034,000
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)
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(7,881,000
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)
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Income tax benefit
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(1,022,000
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)
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(1,730,000
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)
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Net loss
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$
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(3,012,000
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)
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$
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(6,151,000
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)
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Basic net loss per share
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$
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(0.16
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)
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$
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(0.33
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)
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Diluted net loss per share
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$
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(0.16
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)
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$
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(0.33
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)
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||
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Weighted average number of shares outstanding:
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||||||||
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Basic
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18,976,178
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18,822,178
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||||||
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Diluted
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18,976,178
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18,822,178
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MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
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June 30, 2020
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March 31, 2020
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ASSETS
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(Unaudited)
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|||||||
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Current assets:
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||||||||
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Cash and cash equivalents
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$
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27,464,000
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$
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49,616,000
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||||
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Short-term investments
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1,061,000
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850,000
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||||||
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Accounts receivable — net
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66,138,000
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91,748,000
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||||||
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Inventory
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241,253,000
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234,680,000
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||||||
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Contract assets
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30,024,000
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20,332,000
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||||||
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Prepaid expenses and other current assets
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14,658,000
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11,890,000
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Total current assets
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380,598,000
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409,116,000
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Plant and equipment — net
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46,311,000
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44,957,000
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Operating lease assets
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68,729,000
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53,029,000
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Long-term deferred income taxes
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18,578,000
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18,950,000
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Long-term contract assets
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234,735,000
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239,540,000
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||||||
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Goodwill and intangible assets — net
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9,373,000
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9,598,000
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||||||
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Other assets
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1,676,000
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1,839,000
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||||||
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TOTAL ASSETS
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$
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760,000,000
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$
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777,029,000
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||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
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Current liabilities:
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||||||||
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Accounts payable and accrued liabilities
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$
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101,901,000
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$
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95,083,000
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||||
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Customer finished goods returns accrual
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27,595,000
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25,326,000
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Contract liabilities
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34,718,000
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27,911,000
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||||||
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Revolving loan
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112,000,000
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152,000,000
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||||||
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Other current liabilities
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7,047,000
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9,390,000
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||||||
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Operating lease liabilities
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6,249,000
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5,104,000
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||||||
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Current portion of term loan
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3,678,000
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3,678,000
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||||||
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Total current liabilities
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293,188,000
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318,492,000
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||||||
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Term loan, less current portion
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19,543,000
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20,462,000
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||||||
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Long-term contract liabilities
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90,125,000
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92,101,000
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||||||
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Long-term deferred income taxes
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73,000
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79,000
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||||||
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Long-term operating lease liabilities
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74,426,000
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61,425,000
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||||||
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Other liabilities
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10,544,000
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8,950,000
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||||||
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Total liabilities
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487,899,000
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501,509,000
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||||||
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Commitments and contingencies
|
||||||||
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Shareholders’ equity:
|
||||||||
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Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued
|
-
|
-
|
||||||
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Series A junior participating preferred stock; par value $.01 per share, 20,000 shares authorized; none issued
|
-
|
-
|
||||||
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Common stock; par value $.01 per share, 50,000,000 shares authorized;19,002,333 and 18,969,380 shares issued and outstanding at June 30, 2020 and March 31, 2020,
respectively
|
190,000
|
190,000
|
||||||
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Additional paid-in capital
|
219,437,000
|
218,581,000
|
||||||
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Retained earnings
|
61,105,000
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64,117,000
|
||||||
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Accumulated other comprehensive loss
|
(8,631,000
|
)
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(7,368,000
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)
|
||||
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Total shareholders’ equity
|
272,101,000
|
275,520,000
|
||||||
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$
|
760,000,000
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$
|
777,029,000
|
||||
Additional Information and 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 additional information and non-GAAP financial
measures for the three months ended June 30, 2020 and 2019. Among other things, the company uses such additional information and non-GAAP adjusted financial measures in addition to and together with corresponding GAAP measures to help analyze the
performance of its business.
The company believes this information helps provide a more complete understanding of the company’s results of operations and the factors and trends affecting the company’s business. However, this information should be
considered as a supplement to, and not as a substitute for, or superior to, information contained in the company’s financial statements prepared in accordance with GAAP. In addition, the company’s non-GAAP
measures may be calculated differently and are therefore not comparable to similar measures by other companies.
The company defines EBITDA as earnings before interest, taxes, depreciation, and amortization. The Company is no longer disclosing an Adjusted EBITDA financial measure and is instead providing information about items that
could affect EBITDA. A reconciliation of EBITDA to net loss is provided below along with information regarding such items.
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Items Impacting Net Loss for the Three Months Ended June 30, 2020 and 2019
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Exhibit 1
|
|
Three Months Ended June 30,
|
||||||||||||||||
|
2020
|
2019
|
|||||||||||||||
|
|
$ |
Per Share
|
|
$ |
Per Share
|
|||||||||||
|
GAAP net loss
|
$
|
(3,012,000
|
)
|
$
|
(0.16
|
)
|
$
|
(6,151,000
|
)
|
$
|
(0.33
|
)
|
||||
|
Items impacting net loss
|
||||||||||||||||
|
COVID-related expenses (a)
|
2,295,000
|
$
|
0.12
|
-
|
-
|
|||||||||||
|
Customer allowances, return accruals and changeover costs (b) related to new business, net of costs
|
307,000
|
0.02
|
212,000
|
0.01
|
||||||||||||
|
Core buy-back premium amortization
|
1,223,000
|
0.06
|
1,108,000
|
0.06
|
||||||||||||
|
Impact of tariff costs before being passed through to customers
|
-
|
-
|
1,067,000
|
0.06
|
||||||||||||
|
Loss in connection with a cancelled contract
|
-
|
-
|
426,000
|
0.02
|
||||||||||||
|
New product line start-up costs and transition expenses (c)
|
3,586,000
|
0.19
|
1,914,000
|
0.10
|
||||||||||||
|
Revaluation - cores on customers’ shelves
|
1,384,000
|
0.07
|
4,564,000
|
0.24
|
||||||||||||
|
Acquisition costs, earn-out accruals and severance
|
(7,000
|
)
|
(0.00
|
)
|
373,000
|
0.02
|
||||||||||
|
Share-based compensation expenses
|
1,043,000
|
0.05
|
988,000
|
0.05
|
||||||||||||
|
Mark-to-market gains
|
(4,817,000
|
)
|
(0.25
|
)
|
(537,000
|
)
|
(0.03
|
)
|
||||||||
|
Tax effect (d)
|
(1,254,000
|
)
|
(0.07
|
)
|
(2,529,000
|
)
|
(0.13
|
)
|
||||||||
(a) Consists of $1,840,000 included in cost of goods sold and $455,000 included in operating expenses for the three months ended June 30, 2020.
(b) Includes changeover costs related to new business of $112,000 recorded in operating expenses for the three months ended June 30, 2019.
(c) Consists of $3,301,000 included in cost of goods sold and $285,000 included in operating expenses for the three months ended June 30, 2020 and $1,354,000 included in cost of goods sold and $560,000 included in
operating expenses for the three months ended June 30, 2019.
(d) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period’s actual income tax rate.
Historically, the company calculated the tax impact by applying an income tax rate of 25.0% to adjusted pre-tax income; if calculated on that basis, the tax effect would have been ($2,289,000) or ($0.12) per share for
three months ended June 30, 2019.
|
Items Impacting Gross Profit for the Three Months Ended June 30, 2020 and 2019
|
Exhibit 2
|
|
Three Months Ended June 30,
|
||||||||||||||||
|
2020
|
2019
|
|||||||||||||||
|
|
$ |
Gross Margin
|
|
$ |
Gross Margin
|
|||||||||||
|
GAAP gross profit
|
$
|
13,387,000
|
14.0
|
%
|
$
|
17,583,000
|
16.1
|
%
|
||||||||
|
Adjustments:
|
||||||||||||||||
|
New product line start-up costs and transition expenses
|
3,301,000
|
3.5
|
%
|
1,354,000
|
1.2
|
%
|
||||||||||
|
Revaluation - cores on customers’ shelves
|
1,384,000
|
1.5
|
%
|
4,564,000
|
4.2
|
%
|
||||||||||
|
Income related to under return of cores
|
(550,000
|
)
|
-0.6
|
%
|
(864,000
|
)
|
-0.8
|
%
|
||||||||
|
Total adjustments
|
4,135,000
|
4.3
|
%
|
5,054,000
|
4.6
|
%
|
||||||||||
|
Adjusted gross profit
|
$
|
17,522,000
|
18.4
|
%
|
$
|
22,637,000
|
20.7
|
%
|
||||||||
|
Other items not adjusted
|
||||||||||||||||
|
COVID-related expenses
|
1,840,000
|
1.9
|
%
|
-
|
-
|
|||||||||||
|
Customer allowances, return accruals and changeover costs related to new business, net of costs
|
307,000
|
0.3
|
%
|
100,000
|
0.1
|
%
|
||||||||||
|
Core buy-back premium amortization
|
1,223,000
|
1.3
|
%
|
1,108,000
|
1.0
|
%
|
||||||||||
|
Impact of tariff costs before being passed through to customers
|
-
|
-
|
1,067,000
|
1.0
|
%
|
|||||||||||
|
Loss in connection with a cancelled contract
|
-
|
-
|
426,000
|
0.4
|
%
|
|||||||||||
|
Items Impacting EBITDA for the Three Months Ended June 30, 2020 and 2019
|
Exhibit 3 |
|
Three Months Ended June 30,
|
||||||||
|
2020
|
2019
|
|||||||
|
GAAP net loss
|
$
|
(3,012,000
|
)
|
$
|
(6,151,000
|
)
|
||
|
Interest expense, net
|
4,409,000
|
6,173,000
|
||||||
|
Income tax benefit
|
(1,022,000
|
)
|
(1,730,000
|
)
|
||||
|
Depreciation and amortization
|
2,551,000
|
2,379,000
|
||||||
|
EBITDA
|
$
|
2,926,000
|
$
|
671,000
|
||||
|
Items impacting EBITDA
|
||||||||
|
COVID-related expenses
|
2,295,000
|
-
|
||||||
|
Customer allowances, return accruals and changeover costs related to new business, net of costs
|
307,000
|
212,000
|
||||||
|
Core buy-back premium amortization
|
1,223,000
|
1,108,000
|
||||||
|
Impact of tariff costs before being passed through to customers
|
-
|
1,067,000
|
||||||
|
Loss in connection with a cancelled contract
|
-
|
426,000
|
||||||
|
New product line start-up costs and transition expenses (a)
|
3,496,000
|
1,850,000
|
||||||
|
Revaluation - cores on customers’ shelves
|
1,384,000
|
4,564,000
|
||||||
|
Acquisition costs, earn-out accruals and severance
|
(7,000
|
)
|
373,000
|
|||||
|
Share-based compensation expenses
|
1,043,000
|
988,000
|
||||||
|
Mark-to-market gains
|
(4,817,000
|
)
|
(537,000
|
)
|
||||
(a) Excludes depreciation, which is included in the depreciation and amortization line item.