XML 51 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:    
Net income $ 8,351,000us-gaap_NetIncomeLoss $ 104,292,000us-gaap_NetIncomeLoss
Less income from discontinued operations 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 100,877,000us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Income from continuing operations 8,351,000us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 3,415,000us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:    
Depreciation 1,355,000us-gaap_Depreciation 1,533,000us-gaap_Depreciation
Amortization of intangible assets 510,000us-gaap_AmortizationOfIntangibleAssets 558,000us-gaap_AmortizationOfIntangibleAssets
Amortization of debt issuance costs 1,274,000us-gaap_AmortizationOfFinancingCosts 4,157,000us-gaap_AmortizationOfFinancingCosts
Loss due to change in fair value of warrant liability 2,199,000us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings 6,881,000us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
Gain on extinguishment of warrant liability 0us-gaap_GainsLossesOnExtinguishmentOfDebt (216,000)us-gaap_GainsLossesOnExtinguishmentOfDebt
Gain on redemption of short term investment (4,000)us-gaap_GainLossOnSaleOfInvestments 0us-gaap_GainLossOnSaleOfInvestments
Provision for inventory reserves 839,000us-gaap_InventoryWriteDown 1,062,000us-gaap_InventoryWriteDown
Net recovery of customer payment discrepancies (292,000)us-gaap_ProvisionForOtherLosses (210,000)us-gaap_ProvisionForOtherLosses
Provision for (net recovery of) doubtful accounts 178,000us-gaap_ProvisionForDoubtfulAccounts (47,000)us-gaap_ProvisionForDoubtfulAccounts
Deferred income taxes (1,067,000)us-gaap_DeferredIncomeTaxExpenseBenefit 14,220,000us-gaap_DeferredIncomeTaxExpenseBenefit
Share-based compensation expense 1,697,000us-gaap_ShareBasedCompensation 549,000us-gaap_ShareBasedCompensation
Impact of tax benefit on APIC pool from stock options exercised 90,000mpaa_ImpactOfTaxBenefitOnApicPoolFromStockOptionsExercisedOperatingActivities 717,000mpaa_ImpactOfTaxBenefitOnApicPoolFromStockOptionsExercisedOperatingActivities
Loss on disposals of plant and equipment 1,000us-gaap_GainLossOnDispositionOfAssets 8,000us-gaap_GainLossOnDispositionOfAssets
Changes in current assets and liabilities:    
Accounts receivable 22,398,000us-gaap_IncreaseDecreaseInAccountsReceivable 1,507,000us-gaap_IncreaseDecreaseInAccountsReceivable
Inventory (11,576,000)mpaa_IncreaseDecreaseInInventory (10,210,000)mpaa_IncreaseDecreaseInInventory
Inventory unreturned (512,000)mpaa_IncreaseDecreaseInInventoryUnreturned (218,000)mpaa_IncreaseDecreaseInInventoryUnreturned
Prepaid expenses and other current assets 427,000us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 5,689,000us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Other assets (378,000)us-gaap_IncreaseDecreaseInOtherOperatingAssets (353,000)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable and accrued liabilities 1,740,000us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 8,876,000us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Customer finished goods returns accrual 722,000mpaa_IncreaseDecreaseInCustomerFinishedGoodsReturnsAccrual (1,359,000)mpaa_IncreaseDecreaseInCustomerFinishedGoodsReturnsAccrual
Deferred core revenue (15,065,000)us-gaap_DeferredRevenuePeriodIncreaseDecrease 1,395,000us-gaap_DeferredRevenuePeriodIncreaseDecrease
Long-term core inventory (10,728,000)mpaa_IncreaseDecreaseInLong-TermCoreInventory (17,244,000)mpaa_IncreaseDecreaseInLong-TermCoreInventory
Long-term core inventory deposits (2,196,000)mpaa_IncreaseDecreaseInLong-TermCoreInventoryDeposits (1,247,000)mpaa_IncreaseDecreaseInLong-TermCoreInventoryDeposits
Other liabilities 2,963,000us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 262,000us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash provided by operating activities from continuing operations 2,926,000us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 19,725,000us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Net cash provided by operating activities from discontinued operations 0us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations 979,000us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
Net cash provided by operating activities 2,926,000us-gaap_NetCashProvidedByUsedInOperatingActivities 20,704,000us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Purchase of plant and equipment (2,551,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (2,154,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Change in short term investments (77,000)us-gaap_PaymentsForProceedsFromShortTermInvestments (35,000)us-gaap_PaymentsForProceedsFromShortTermInvestments
Net cash used in investing activities from continuing operations (2,628,000)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (2,189,000)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Net cash used in investing activities from discontinued operations 0us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations (295,000)us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
Net cash used in investing activities (2,628,000)us-gaap_NetCashProvidedByUsedInInvestingActivities (2,484,000)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Borrowings under revolving loan 0us-gaap_ProceedsFromLongTermLinesOfCredit 10,000,000us-gaap_ProceedsFromLongTermLinesOfCredit
Repayment of revolving loan (10,000,000)us-gaap_RepaymentsOfLongTermLinesOfCredit 0us-gaap_RepaymentsOfLongTermLinesOfCredit
Proceeds from term loan 0us-gaap_ProceedsFromIssuanceOfLongTermDebt 20,000,000us-gaap_ProceedsFromIssuanceOfLongTermDebt
Repayments of term loan (6,300,000)us-gaap_RepaymentsOfLongTermDebt (9,500,000)us-gaap_RepaymentsOfLongTermDebt
Debt issuance costs 0us-gaap_PaymentsOfFinancingCosts (5,221,000)us-gaap_PaymentsOfFinancingCosts
Payments on capital lease obligations (48,000)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (156,000)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations
Exercise of stock options 1,152,000us-gaap_ProceedsFromStockOptionsExercised 3,555,000us-gaap_ProceedsFromStockOptionsExercised
Excess tax benefit related to share-based compensation 925,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 491,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Cash used to net share settle equity awards (806,000)us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation 0us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation
Repurchase of common stock and options, including fees 0us-gaap_PaymentsForRepurchaseOfCommonStock (627,000)us-gaap_PaymentsForRepurchaseOfCommonStock
Repurchase of warrants 0us-gaap_PaymentsForRepurchaseOfWarrants (2,194,000)us-gaap_PaymentsForRepurchaseOfWarrants
Proceeds from issuance of common stock 71,760,000us-gaap_ProceedsFromIssuanceOfCommonStock 0us-gaap_ProceedsFromIssuanceOfCommonStock
Stock issuance costs (4,787,000)us-gaap_PaymentsOfStockIssuanceCosts 0us-gaap_PaymentsOfStockIssuanceCosts
Net cash provided by financing activities from continuing operations 51,896,000us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 16,348,000us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net cash used in financing activities from discontinued operations 0us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations (20,636,000)us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
Net cash provided by (used in) financing activities 51,896,000us-gaap_NetCashProvidedByUsedInFinancingActivities (4,288,000)us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of exchange rate changes on cash and cash equivalents (75,000)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (36,000)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net increase in cash and cash equivalents 52,119,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 13,896,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents - Beginning of period from continuing operations 24,599,000us-gaap_CashAndCashEquivalentsAtCarryingValue 19,346,000us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents - Beginning of period from discontinued operations 0us-gaap_DisposalGroupIncludingDiscontinuedOperationCash 88,000us-gaap_DisposalGroupIncludingDiscontinuedOperationCash
Cash and cash equivalents - End of period 76,718,000us-gaap_CashIncludingDiscontinuedOperations 33,330,000us-gaap_CashIncludingDiscontinuedOperations
Less Cash - End of period from discontinued operations 0us-gaap_DisposalGroupIncludingDiscontinuedOperationCash 0us-gaap_DisposalGroupIncludingDiscontinuedOperationCash
Cash and cash equivalents - End of period from continuing operations 76,718,000us-gaap_CashAndCashEquivalentsAtCarryingValue 33,330,000us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash paid during the period for:    
Interest, net 8,642,000us-gaap_InterestPaidNet 12,095,000us-gaap_InterestPaidNet
Income taxes, net of refunds 3,981,000us-gaap_IncomeTaxesPaidNet (16,472,000)us-gaap_IncomeTaxesPaidNet
Non-cash investing and financing activities:    
Property acquired under capital lease $ 6,000us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 $ 34,000us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1