PRTS » Topics » Other Income (Expense), Net

These excerpts taken from the PRTS 10-K filed Mar 26, 2009.

Other Income (Expense), Net

 

     Year Ended December 31,     $ Change     % Change  
     2007     2008      
     (in thousands)              

Other income (expense), net

   $ 1,148     $ 1,000     $ (148 )   (12.9 )%

Percent of net sales

     0.7 %     0.7 %     0.0  %

Other income (expense), net decreased $148,000, or 12.9% for the year ended December 31, 2008 compared to the prior year primarily due to $700,000 lower interest income from decreases in interest rates, which was partially offset by a $500,000 reduction of interest expense due to the repayment of approximately $28.0 million of our long-term indebtedness upon completion of our initial public offering in February 2007.

Other Income (Expense), Net

 























































































   Year Ended December 31,  $ Change  % Change 
   2007  2008   
   (in thousands)       

Other income (expense), net

  $1,148  $1,000  $(148) (12.9)%

Percent of net sales

   0.7%  0.7%  0.0 %

Other income (expense), net decreased $148,000, or 12.9% for the year ended December 31, 2008
compared to the prior year primarily due to $700,000 lower interest income from decreases in interest rates, which was partially offset by a $500,000 reduction of interest expense due to the repayment of approximately $28.0 million of our long-term
indebtedness upon completion of our initial public offering in February 2007.

Other Income (Expense), Net

 

     Year Ended December 31,             
     2006    2007     $ Change    % Change  
     (in thousands)             

Other income (expense), net

   $(1,358)    $ 1,148     $ 2,506    184.5 %

Percent of net sales

   (1.1)%      0.7 %      1.8 %

Other income (expense), net increased $2.5 million, or 184.6% for the year ended December 31, 2007 compared to the year ended December 31, 2006 primarily due to a $1.6 million increase in interest income related to higher cash balances as a result of cash proceeds from our initial public offering in February 2007 and a $1.1 million decrease in interest expense primarily due to the repayment of approximately $28.0 million of our long-term indebtedness upon completion of our initial public offering. This increase was partially offset by a $146,000 decrease in other income.

 

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Other Income
(Expense), Net

 
















































































   Year Ended December 31,       
   2006  2007  $ Change  % Change 
   (in thousands)       

Other income (expense), net

  $(1,358)  $1,148  $2,506  184.5%

Percent of net sales

  (1.1)%   0.7%   1.8%

Other income (expense), net increased $2.5 million, or 184.6% for the year ended December 31,
2007 compared to the year ended December 31, 2006 primarily due to a $1.6 million increase in interest income related to higher cash balances as a result of cash proceeds from our initial public offering in February 2007 and a $1.1 million
decrease in interest expense primarily due to the repayment of approximately $28.0 million of our long-term indebtedness upon completion of our initial public offering. This increase was partially offset by a $146,000 decrease in other income.

 


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This excerpt taken from the PRTS 10-Q filed May 13, 2008.

Other Income (Expense), Net

 

     Three Months Ended
March 31,
    $ Change    % Change  
     2008     2007       
     (in thousands)             

Other income (expense), net

   $ 272     $ (278 )   $ 550    197.9 %

Percent of net sales

     0.7 %     (0.6 )%      1.3 %

Other income (expense), net increased $550,000 or 197.9%, for the three months ended March 31, 2008 compared to the same period in the previous year primarily due to $561,000 reduction of interest expense due to the repayment of approximately $28.0 million of our long-term indebtedness upon completion of our initial public offering in February 2007 and the interest income generated from investing available cash.

 

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These excerpts taken from the PRTS 10-K filed Mar 28, 2008.

Other Income (Expense), Net

 

     Year Ended December 31,              
     2005     2006     $ Change     % Change  
     (in thousands)              

Other income (expense), net

   $ 85     $ (1,358 )   $ (1,443 )   Not meaningful  

Percent of net sales

     0.1 %     (1.1 )%     (1.2 )%

The increase in other income (expense), net in the current period was primarily due to a $1,499,000 increase in interest expense from the notes payable incurred during 2006 as part of the recapitalization and acquisition of Partsbin. This increase was partially offset by an increase in interest income during the current period as a result of generally higher cash balances. Upon completion of our initial public offering, we reduced our long-term indebtedness by approximately $28.0 million.

 

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Other Income (Expense), Net


 



























































































   Year Ended December 31,       
   2005  2006  $ Change  % Change 
   (in thousands)       

Other income (expense), net

  $85  $(1,358) $(1,443) Not meaningful 

Percent of net sales

   0.1%  (1.1)%  (1.2)%

The increase in other income (expense), net in the current period was primarily due to a
$1,499,000 increase in interest expense from the notes payable incurred during 2006 as part of the recapitalization and acquisition of Partsbin. This increase was partially offset by an increase in interest income during the current period as a
result of generally higher cash balances. Upon completion of our initial public offering, we reduced our long-term indebtedness by approximately $28.0 million.

 


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This excerpt taken from the PRTS 10-Q filed May 15, 2007.

Other Income (Expense), Net

 

     Three Months Ended
March 31,
    $ Change     % Change  
     2007     2006      
     (in thousands)              

Other income (expense), net

   $ (278 )   $ 109     $ (387 )   (355 )%

Percent of net sales

     (0.6 )%     0.6 %     (1.2 )%

The decrease in other income (expense), net in the current period was primarily due to a $524,000 increase in interest expense from notes payable. Included in interest expense during the first quarter of 2007 was $273,000 of accelerated interest expense from the write-off of the remaining debt discount. In addition, we no longer receive commission income from website licensing fees. Upon completion of our initial public offering, we reduced our long-term indebtedness by approximately $28.0 million, which will significantly decrease our interest expense incurred for the balance of 2007.

 

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This excerpt taken from the PRTS 10-K filed Apr 2, 2007.

Other Income (Expense), Net

 

     Year Ended December 31,             
     2004     2005     $ Change    % Change  
     (in thousands)             

Other income (expense), net

   $ 36     $ 85     $ 49    136.1 %

Percent of net sales

     0.1 %     0.1 %      0.0 %

The increase in other income (expense), net in 2005 primarily reflects a $111,000 increase in website rental income, which was offset by a $62,000 increase in interest expense related to higher average borrowings in 2005.

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