In the news release, U.S. Auto Parts Network, Inc. (NASDAQ:PRTS) Reports Full Year 2007 Results, issued earlier today by U.S. Auto Parts Network, Inc. over PR Newswire, the Consolidated Statements of Income table should read, (in thousands) Total share-based compensation expense for Three Months Ended December 31, 2006 is $349 and $612 for Three Months Ended December 31, 2007, (in thousands) rather than Total share-based compensation expense for Three Months Ended December 31, 2006 is $612 and $349 for Three Months Ended December 31, 2007, as incorrectly transmitted by PR Newswire.
The corrected table follows: U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data) Three Months Ended Year Ended
December 31, December 31,
2006 2007 2006 2007 Net sales $36,765 $37,315 $120,060 $160,957
Cost of sales 24,794 24,635 78,573 107,132
Gross profit 11,971 12,680 41,487 53,825 Operating expenses:
General and
administrative 2,581 8,872 9,594 18,587
Marketing 4,968 5,813 15,102 21,551 Fulfillment 1,374 2,058 4,963 7,557 Technology 434 593 1,332 1,987
Amortization of
intangibles 2,055 2,099 5,092 8,350
Total operating
expenses 11,412 19,435 36,083 58,032 Income (loss) from
operations 559 (6,755) 5,404 (4,207) Other income (expense):
Loss from disposition of
assets -- -- (5) --
Other income 2 3 157 11
Interest income 13 561 95 1,677
Interest expense (573) (78) (1,605) (540)
Total other
income (expense),
net (558) 486 (1,358) 1,148
Income (loss) before
income taxes 1 (6,269) 4,046 (3,059)
Income tax provision
(benefit) 23 (771) 550 538
Net income (loss. $(22) $(5,498) $3,496 $(3,597) Basic net income (loss)
per share $0.00 $(0.18) $0.24 $(0.13)
Diluted net income
(loss) per share $0.00 $(0.18) $0.17 $(0.13) Shares used in
computation of
basic net (loss)
income per share 15,199,672 29,846,757 14,437,657 28,274,022 Shares used in
computation of
diluted net income
(loss) per share 21,976,510 29,846,757 19,990,431 28,274,022 The Consolidated Statements of Income above includes share-based compensation expense related to option grants, as follows: Three Months Ended Year Ended
December 31, December 31,
2006 2007 2006 2007 General and administrative
expense $246 $450 $582 $1,645
Marketing expense 64 111 171 359
Fulfillment expense 9 32 25 103
Technology expense 30 19 78 67
Total share-based
compensation expense $349 $612 $856 $2,174
DATASOURCE: U.S. Auto Parts Network, Inc.
Web site: http://www.usautoparts.net/ http://www.partstrain.com/ http://www.autopartswarehouse.com/
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