NEW
YORK, Feb. 22, 2024 /PRNewswire/ -- Standard
Motor Products, Inc. (NYSE: SMP), a leading automotive parts
manufacturer and distributor, reported today its consolidated
financial results for the three and twelve months ended
December 31, 2023.
Net sales for the fourth quarter of 2023 were $290.8 million, compared to consolidated net
sales of $308.2 million during the
same quarter in 2022. Earnings from continuing operations for the
fourth quarter of 2023 were $7.2
million or $0.32 per diluted
share, compared to $8.5 million
or $0.39 per diluted share in the
fourth quarter of 2022. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the fourth
quarter of 2023 were $8.2
million or $0.37 per diluted
share, compared to $15.1 million
or $0.69 per diluted share in the
fourth quarter of 2022.
Consolidated net sales for the twelve months ended December 31, 2023, were $1.36 billion, compared to consolidated net sales
of $1.37 billion during the
comparable period in 2022. Earnings from continuing operations for
the twelve months ended December 31,
2023, were $63.1 million or
$2.85 per diluted share, compared to
$73.0 million or $3.30 per diluted share in the comparable period
of 2022. Excluding non-operational gains and losses identified on
the attached reconciliation of GAAP and non-GAAP measures, earnings
from continuing operations for the twelve months ended December 31, 2023 and 2022 were $64.8 million or $2.92 per diluted share and $79.4 million or $3.59 per diluted share, respectively.
Mr. Eric Sills, Standard Motor
Products' Chairman and Chief Executive Officer stated, "Overall we
were disappointed in our results. Sales were down 1% in 2023, with
the fourth quarter finishing softer than expected, down 5.7% from
last year. As we look at our two end markets, we were very pleased
with the continued solid performance in our Engineered Solutions
business as we experienced strong growth with both new and existing
customers. Meanwhile our aftermarket business experienced a
challenging quarter, impacting our full-year performance especially
when compared to records we set in 2022."
By segment, Vehicle Control sales declined 5.9% in the fourth
quarter, bringing full-year performance down 1.7% compared to 2022.
The sales results in the quarter were due to a combination of
modest changes to customer order patterns as well as general
softness in the marketplace. While large customer POS trends were
slightly positive early in the quarter, they weakened in December
finishing roughly flat overall.
Turning to Temperature Control, weather patterns throughout the
year created challenges for this highly seasonal category, with
full-year sales down 3.8%. 2022 was the longest and hottest season
on record, with full-year sales up 8.4% over the previous year,
making for a difficult comparison. The first half of 2023 was
unseasonably cool, and while it got quite hot across much of the
country in the third quarter, it tends to be difficult to recover
from a late start to the selling season. The fourth quarter itself
was light, down 19.0%, though it is important to note with the
seasonal demand over, it is always far and away our lowest sales
quarter and can therefore be quite volatile.
Our Engineered Solutions segment continues to post strong
numbers as sales increased 6.7% in the fourth quarter and 4.7% for
the year. After several years of building out this new business, we
officially launched it as its own operating segment at the start of
2023, and we are delighted to see the ongoing momentum. We are
pleased with the overall traction to date in this segment and
continue to believe we will be able to capitalize on new awards as
well as introduce new products over time to broaden both new and
existing customer opportunities.
Consolidated operating profit for the full year, excluding
non-operational gains and losses, finished at 7.0%, vs. 8.2% in
2022, and adjusted EBITDA was 9.3% for the year compared to our
guidance of approximately 9.5%. Lower sales volumes resulted in
lower leverage of fixed costs, even though our pricing actions
along with cost reduction initiatives have started to offset
lingering inflationary pressures. Customer factoring program
expense at $46.0 million was
$14.0 million (110 basis points)
higher in 2023. And while interest rates remain high, the general
consensus is that they will begin to decline later in 2024.
From a cash flow perspective, we were pleased with the impact of
our initiatives on reducing both our inventory and borrowing
levels. At year-end, our inventory was $507.1 million, down from $528.7 million at year-end 2022. Additionally,
our total debt at year-end stood at $156.2
million as we paid down $83.6
million in the full year of 2023, ending with a net leverage
ratio of 1.0X.
As we head into 2024, our outlook for the full year includes an
expectation that sales growth will be flat to low single digits and
Adjusted EBITDA will be in a range of 9.0% to 9.5%. We remind
investors that as part of our distribution center expansion into
Shawnee, KS, we will incur roughly
$7-8 million of added costs in 2024
related to increased rent as well as redundancy expenses as we
transition away from our Edwardsville, KS distribution center.
Additionally, we anticipate approximately $25 million in capital expenditures related to
the implementation of upgraded automation capabilities, as well as
other equipment and racking, as we outfit the new DC.
In closing, Mr. Sills commented, "Although the economic backdrop
and various geopolitical risks may continue to create volatility in
2024, we are confident in the resiliency of our end markets. We are
excited about the partial opening of our new distribution center in
just a few months and full opening in 2025 that will expand our
capacity and provide additional risk avoidance to our overall
distribution footprint. We look to continue to find ways to even
better service our customers as well as explore opportunities to
partner together for growth in 2024 and well into the future. We
thank our employees that make all of this
possible."
Conference Call
Standard Motor Products, Inc. will hold a conference call at
11:00 AM, Eastern Time, on
Thursday, February 22, 2024. This
call will be webcast and can be accessed on our website
at www.smpcorp.com and clicking on the SMP Q4'23 Earnings Call
Earnings Webcast link. Investors may also listen to the call by
dialing 800-245-3047 (domestic) or 203-518-9765 (international).
Our playback will be made available for dial in immediately
following the call. For those choosing to listen to the
replay by webcast, the link should be active on our website within
24 hours after the call. The playback number is 888-566-0878
(domestic) or 402-220-6925 (international).
Under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, Standard Motor Products cautions
investors that any forward-looking statements made by the company,
including those that may be made in this press release, are based
on management's expectations at the time they are made, but they
are subject to risks and uncertainties that may cause actual
results, events or performance to differ materially from those
contemplated by such forward looking statements. Among the factors
that could cause actual results, events or performance to differ
materially from those risks and uncertainties discussed in this
press release are those detailed from time-to-time in prior press
releases and in the company's filings with the Securities and
Exchange Commission, including the company's annual report on Form
10-K and quarterly reports on Form 10-Q. By making these
forward-looking statements, Standard Motor Products undertakes no
obligation or intention to update these statements after the date
of this release.
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Consolidated
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
TWELVE MONTHS
ENDED
|
|
|
|
DECEMBER 31,
|
|
|
DECEMBER 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
NET SALES
|
|
$
290,756
|
|
|
$
308,199
|
|
|
$
1,358,272
|
|
|
$
1,371,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
SALES
|
|
209,226
|
|
|
218,635
|
|
|
969,446
|
|
|
989,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
81,530
|
|
|
89,564
|
|
|
388,826
|
|
|
382,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES
|
|
70,326
|
|
|
72,075
|
|
|
293,583
|
|
|
276,626
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,259
|
|
|
1,847
|
|
|
2,642
|
|
|
1,891
|
|
|
OTHER INCOME,
NET
|
|
2
|
|
|
70
|
|
|
76
|
|
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
9,947
|
|
|
15,712
|
|
|
92,677
|
|
|
104,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER NON-OPERATING
INCOME (EXPENSE), NET
|
|
(433)
|
|
|
(75)
|
|
|
2,326
|
|
|
4,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
2,521
|
|
|
4,335
|
|
|
13,287
|
|
|
10,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
6,993
|
|
|
11,302
|
|
|
81,716
|
|
|
98,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR (BENEFIT
FROM) INCOME TAXES
|
|
(288)
|
|
|
2,799
|
|
|
18,368
|
|
|
25,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
7,281
|
|
|
8,503
|
|
|
63,348
|
|
|
73,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(795)
|
|
|
(615)
|
|
|
(28,996)
|
|
|
(17,691)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
|
|
6,486
|
|
|
7,888
|
|
|
34,352
|
|
|
55,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS)
ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
52
|
|
|
(45)
|
|
|
204
|
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
ATTRIBUTABLE TO SMP (a)
|
|
$
6,434
|
|
|
$
7,933
|
|
|
$
34,148
|
|
|
$
55,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
7,229
|
|
|
$
8,548
|
|
|
$
63,144
|
|
|
$
73,042
|
|
|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(795)
|
|
|
(615)
|
|
|
(28,996)
|
|
|
(17,691)
|
|
|
TOTAL
|
|
$
6,434
|
|
|
$
7,933
|
|
|
$
34,148
|
|
|
$
55,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS PER COMMON
SHARE ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
0.33
|
|
|
$
0.40
|
|
|
$
2.91
|
|
|
$
3.37
|
|
|
DISCONTINUED OPERATION
|
|
(0.04)
|
|
|
(0.03)
|
|
|
(1.34)
|
|
|
(0.82)
|
|
|
NET
EARNINGS PER COMMON SHARE - BASIC
|
|
$
0.29
|
|
|
$
0.37
|
|
|
$
1.57
|
|
|
$
2.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
0.32
|
|
|
$
0.39
|
|
|
$
2.85
|
|
|
$
3.30
|
|
|
DISCONTINUED OPERATION
|
|
(0.03)
|
|
|
(0.03)
|
|
|
(1.31)
|
|
|
(0.80)
|
|
|
NET
EARNINGS PER COMMON SHARE - DILUTED
|
|
$
0.29
|
|
|
$
0.36
|
|
|
$
1.54
|
|
|
$
2.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
|
|
21,836,293
|
|
|
21,578,194
|
|
|
21,716,177
|
|
|
21,683,719
|
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON AND DILUTIVE SHARES
|
|
22,310,085
|
|
|
22,030,263
|
|
|
22,161,341
|
|
|
22,139,981
|
|
|
|
|
(a)
|
"SMP" refers to
Standard Motor Products, Inc. and subsidiaries.
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Segment Revenues and
Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
TWELVE MONTHS
ENDED
|
|
|
|
DECEMBER 31,
|
|
|
DECEMBER 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine Management
(Ignition, Emissions and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
Delivery)
|
|
$
107,320
|
|
|
$
116,091
|
|
|
$
450,180
|
|
|
$
454,571
|
|
|
Electrical and
Safety
|
|
55,062
|
|
|
57,309
|
|
|
221,782
|
|
|
230,487
|
|
|
Wire sets and
other
|
|
16,247
|
|
|
16,437
|
|
|
65,970
|
|
|
65,513
|
|
|
Vehicle
Control
|
|
178,629
|
|
|
189,837
|
|
|
737,932
|
|
|
750,571
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
AC System
Components
|
|
19,843
|
|
|
26,161
|
|
|
237,756
|
|
|
245,484
|
|
|
Other Thermal
Components
|
|
24,788
|
|
|
28,960
|
|
|
99,998
|
|
|
105,753
|
|
|
Temperature Control
|
|
44,631
|
|
|
55,121
|
|
|
337,754
|
|
|
351,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Vehicle
|
|
20,218
|
|
|
20,022
|
|
|
83,025
|
|
|
80,275
|
|
|
Construction /
Agriculture
|
|
8,861
|
|
|
9,208
|
|
|
43,402
|
|
|
42,385
|
|
|
Light
Vehicle
|
|
21,578
|
|
|
21,010
|
|
|
92,759
|
|
|
91,533
|
|
|
All Other
|
|
16,839
|
|
|
13,001
|
|
|
63,400
|
|
|
55,814
|
|
|
Engineered Solutions
|
|
67,496
|
|
|
63,241
|
|
|
282,586
|
|
|
270,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
290,756
|
|
|
$
308,199
|
|
|
$
1,358,272
|
|
|
$
1,371,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
58,769
|
32.9 %
|
|
$
62,765
|
33.1 %
|
|
$
238,215
|
32.3 %
|
|
$
232,267
|
30.9 %
|
|
Temperature
Control
|
|
12,375
|
27.7 %
|
|
15,005
|
27.2 %
|
|
95,827
|
28.4 %
|
|
98,913
|
28.2 %
|
|
Engineered
Solutions
|
|
10,386
|
15.4 %
|
|
11,794
|
18.6 %
|
|
54,784
|
19.4 %
|
|
51,359
|
19.0 %
|
|
All Other
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Gross
Margin
|
|
$
81,530
|
28.0 %
|
|
$
89,564
|
29.1 %
|
|
$
388,826
|
28.6 %
|
|
$
382,539
|
27.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General
& Administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
41,397
|
23.2 %
|
|
$
39,649
|
20.9 %
|
|
$
165,705
|
22.5 %
|
|
$
151,596
|
20.2 %
|
|
Temperature
Control
|
|
15,640
|
35.0 %
|
|
14,358
|
26.0 %
|
|
77,376
|
22.9 %
|
|
70,192
|
20.0 %
|
|
Engineered
Solutions
|
|
9,343
|
13.8 %
|
|
7,780
|
12.3 %
|
|
34,565
|
12.2 %
|
|
32,646
|
12.1 %
|
|
All Other
|
|
3,946
|
|
|
3,286
|
|
|
15,937
|
|
|
15,190
|
|
|
Subtotal
|
|
70,326
|
24.2 %
|
|
65,073
|
21.1 %
|
|
293,583
|
21.6 %
|
|
269,624
|
19.7 %
|
|
Customer Bankruptcy
Charge
|
|
-
|
0.0 %
|
|
7,002
|
2.3 %
|
|
-
|
0.0 %
|
|
7,002
|
0.5 %
|
|
Selling, General & Administrative
|
|
$
70,326
|
24.2 %
|
|
$
72,075
|
23.4 %
|
|
$
293,583
|
21.6 %
|
|
$
276,626
|
20.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
17,372
|
9.7 %
|
|
$
23,116
|
12.2 %
|
|
$
72,510
|
9.8 %
|
|
$
80,671
|
10.7 %
|
|
Temperature
Control
|
|
(3,265)
|
-7.3 %
|
|
647
|
1.2 %
|
|
18,451
|
5.5 %
|
|
28,721
|
8.2 %
|
|
Engineered
Solutions
|
|
1,043
|
1.5 %
|
|
4,014
|
6.3 %
|
|
20,219
|
7.2 %
|
|
18,713
|
6.9 %
|
|
All Other
|
|
(3,946)
|
|
|
(3,286)
|
|
|
(15,937)
|
|
|
(15,190)
|
|
|
Subtotal
|
|
$
11,204
|
3.9 %
|
|
$
24,491
|
7.9 %
|
|
$
95,243
|
7.0 %
|
|
$
112,915
|
8.2 %
|
|
Restructuring &
Integration
|
|
(1,259)
|
-0.4 %
|
|
(1,847)
|
-0.6 %
|
|
(2,642)
|
-0.2 %
|
|
(1,891)
|
-0.1 %
|
|
Customer Bankruptcy
Charge
|
|
-
|
0.0 %
|
|
(7,002)
|
-2.3 %
|
|
-
|
0.0 %
|
|
(7,002)
|
-0.5 %
|
|
Other Income,
Net
|
|
2
|
0.0 %
|
|
70
|
0.0 %
|
|
76
|
0.0 %
|
|
113
|
0.0 %
|
|
Operating Income
|
|
$
9,947
|
3.4 %
|
|
$
15,712
|
5.1 %
|
|
$
92,677
|
6.8 %
|
|
$
104,135
|
7.6 %
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Reconciliation of
GAAP and Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
TWELVE MONTHS
ENDED
|
|
|
|
DECEMBER
31,
|
|
DECEMBER
31,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
7,229
|
|
$
8,548
|
|
$
63,144
|
|
$
73,042
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,259
|
|
1,847
|
|
2,642
|
|
1,891
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
7,002
|
|
-
|
|
7,002
|
|
|
CERTAIN TAX CREDITS AND
PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
|
-
|
|
-
|
|
(312)
|
|
(249)
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
(327)
|
|
(2,301)
|
|
(687)
|
|
(2,312)
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
8,161
|
|
$
15,096
|
|
$
64,787
|
|
$
79,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER
SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS
PER SHARE FROM CONTINUING OPERATIONS
|
|
$
0.32
|
|
$
0.39
|
|
$
2.85
|
|
$
3.30
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
0.06
|
|
0.08
|
|
0.12
|
|
0.08
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
0.32
|
|
-
|
|
0.32
|
|
|
CERTAIN TAX CREDITS AND
PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
|
-
|
|
-
|
|
(0.01)
|
|
(0.01)
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
(0.01)
|
|
(0.10)
|
|
(0.04)
|
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP DILUTED
EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
|
$
0.37
|
|
$
0.69
|
|
$
2.92
|
|
$
3.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
9,947
|
|
$
15,712
|
|
$
92,677
|
|
$
104,135
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,259
|
|
1,847
|
|
2,642
|
|
1,891
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
7,002
|
|
-
|
|
7,002
|
|
|
OTHER INCOME,
NET
|
|
(2)
|
|
(70)
|
|
(76)
|
|
(113)
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
11,204
|
|
$
24,491
|
|
$
95,243
|
|
$
112,915
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT
SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
6,993
|
|
$
11,302
|
|
$
81,716
|
|
$
98,332
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
7,561
|
|
7,403
|
|
29,022
|
|
28,298
|
|
|
INTEREST
EXPENSE
|
|
2,521
|
|
4,335
|
|
13,287
|
|
10,617
|
|
|
EBITDA
|
|
17,075
|
|
23,040
|
|
124,025
|
|
137,247
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,259
|
|
1,847
|
|
2,642
|
|
1,891
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
7,002
|
|
-
|
|
7,002
|
|
|
SPECIAL ITEMS
|
|
1,259
|
|
8,849
|
|
2,642
|
|
8,893
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
18,334
|
|
$
31,889
|
|
$
126,667
|
|
$
146,140
|
|
|
|
|
MANAGEMENT BELIEVES
THAT NON-GAAP EARNINGS FROM CONTINUING OPERATIONS AND NON-GAAP
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE
ATTRIBUTABLE TO SMP, AND NON-GAAP OPERATING INCOME AND EBITDA
WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND
ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE
THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING
OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT
CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE
COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH
NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED
AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Reconciliation of
GAAP and Non-GAAP Measures by Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
THREE MONTHS ENDED
DECEMBER 31, 2023
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
16,608
|
|
$
(3,595)
|
|
$
880
|
|
$
(3,946)
|
|
$
9,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
792
|
|
330
|
|
137
|
|
-
|
|
1,259
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
OTHER (INCOME) EXPENSE,
NET
|
|
(28)
|
|
-
|
|
26
|
|
-
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
17,372
|
|
$
(3,265)
|
|
$
1,043
|
|
$
(3,946)
|
|
$
11,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT
SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
14,862
|
|
$
(4,466)
|
|
$
395
|
|
$
(3,798)
|
|
$
6,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
3,610
|
|
985
|
|
2,549
|
|
417
|
|
7,561
|
|
|
INTEREST
EXPENSE
|
|
1,737
|
|
602
|
|
690
|
|
(508)
|
|
2,521
|
|
|
EBITDA
|
|
20,209
|
|
(2,879)
|
|
3,634
|
|
(3,889)
|
|
17,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
792
|
|
330
|
|
137
|
|
-
|
|
1,259
|
|
|
SPECIAL ITEMS
|
|
792
|
|
330
|
|
137
|
|
-
|
|
1,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
21,001
|
|
$
(2,549)
|
|
$
3,771
|
|
$
(3,889)
|
|
$
18,334
|
|
|
% of Net
Sales
|
|
11.8 %
|
|
-5.7 %
|
|
5.6 %
|
|
|
|
6.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
THREE MONTHS ENDED
DECEMBER 31, 2022
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
16,599
|
|
$
(1,615)
|
|
$
4,014
|
|
$
(3,286)
|
|
$
15,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,452
|
|
395
|
|
-
|
|
-
|
|
1,847
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
5,135
|
|
1,867
|
|
-
|
|
-
|
|
7,002
|
|
|
OTHER INCOME,
NET
|
|
(70)
|
|
-
|
|
-
|
|
-
|
|
(70)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
23,116
|
|
$
647
|
|
$
4,014
|
|
$
(3,286)
|
|
$
24,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT
SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
13,400
|
|
$
(2,848)
|
|
$
3,925
|
|
$
(3,175)
|
|
$
11,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
3,656
|
|
890
|
|
2,380
|
|
477
|
|
7,403
|
|
|
INTEREST
EXPENSE
|
|
3,140
|
|
958
|
|
317
|
|
(80)
|
|
4,335
|
|
|
EBITDA
|
|
20,196
|
|
(1,000)
|
|
6,622
|
|
(2,778)
|
|
23,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,452
|
|
395
|
|
-
|
|
-
|
|
1,847
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
5,135
|
|
1,867
|
|
-
|
|
-
|
|
7,002
|
|
|
SPECIAL ITEMS
|
|
6,587
|
|
2,262
|
|
-
|
|
-
|
|
8,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
26,783
|
|
$
1,262
|
|
$
6,622
|
|
$
(2,778)
|
|
$
31,889
|
|
|
% of Net
Sales
|
|
14.1 %
|
|
2.3 %
|
|
10.5 %
|
|
|
|
10.3 %
|
|
|
|
|
MANAGEMENT BELIEVES
THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS,
EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR
SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A
VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS.
SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT
ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL
OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP
MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN
ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Reconciliation of
GAAP and Non-GAAP Measures by Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
TWELVE MONTHS ENDED
DECEMBER 31, 2023
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
71,327
|
|
$
17,343
|
|
$
19,944
|
|
$
(15,937)
|
|
$
92,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,276
|
|
1,108
|
|
258
|
|
-
|
|
2,642
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
OTHER (INCOME) EXPENSE,
NET
|
|
(93)
|
|
-
|
|
17
|
|
-
|
|
(76)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
72,510
|
|
$
18,451
|
|
$
20,219
|
|
$
(15,937)
|
|
$
95,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT
SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
62,856
|
|
$
14,678
|
|
$
20,006
|
|
$
(15,824)
|
|
$
81,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
13,877
|
|
3,424
|
|
9,966
|
|
1,755
|
|
29,022
|
|
|
INTEREST
EXPENSE
|
|
9,345
|
|
3,279
|
|
2,306
|
|
(1,643)
|
|
13,287
|
|
|
EBITDA
|
|
86,078
|
|
21,381
|
|
32,278
|
|
(15,712)
|
|
124,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,276
|
|
1,108
|
|
258
|
|
-
|
|
2,642
|
|
|
SPECIAL ITEMS
|
|
1,276
|
|
1,108
|
|
258
|
|
-
|
|
2,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
87,354
|
|
$
22,489
|
|
$
32,536
|
|
$
(15,712)
|
|
$
126,667
|
|
|
% of Net
Sales
|
|
11.8 %
|
|
6.7 %
|
|
11.5 %
|
|
|
|
9.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
TWELVE MONTHS ENDED
DECEMBER 31, 2022
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
74,153
|
|
$
26,459
|
|
$
18,713
|
|
$
(15,190)
|
|
$
104,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,496
|
|
395
|
|
-
|
|
-
|
|
1,891
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
5,135
|
|
1,867
|
|
-
|
|
-
|
|
7,002
|
|
|
OTHER INCOME,
NET
|
|
(113)
|
|
-
|
|
-
|
|
-
|
|
(113)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
80,671
|
|
$
28,721
|
|
$
18,713
|
|
$
(15,190)
|
|
$
112,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT
SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
67,439
|
|
$
26,047
|
|
$
20,103
|
|
$
(15,257)
|
|
$
98,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
14,075
|
|
2,973
|
|
9,557
|
|
1,693
|
|
28,298
|
|
|
INTEREST
EXPENSE
|
|
7,816
|
|
2,312
|
|
804
|
|
(315)
|
|
10,617
|
|
|
EBITDA
|
|
89,330
|
|
31,332
|
|
30,464
|
|
(13,879)
|
|
137,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,496
|
|
395
|
|
-
|
|
-
|
|
1,891
|
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
5,135
|
|
1,867
|
|
-
|
|
-
|
|
7,002
|
|
|
SPECIAL ITEMS
|
|
6,631
|
|
2,262
|
|
-
|
|
-
|
|
8,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
95,961
|
|
$
33,594
|
|
$
30,464
|
|
$
(13,879)
|
|
$
146,140
|
|
|
% of Net
Sales
|
|
12.8 %
|
|
9.6 %
|
|
11.3 %
|
|
|
|
10.7 %
|
|
|
|
|
MANAGEMENT BELIEVES
THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS,
EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR
SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A
VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS.
SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT
ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL
OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP
MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN
ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
DECEMBER
|
|
|
|
DECEMBER
|
|
|
2023
|
|
|
|
2022
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS
|
|
$
32,526
|
|
|
|
$
21,150
|
|
|
|
|
|
|
|
|
ACCOUNTS RECEIVABLE,
GROSS
|
|
168,327
|
|
|
|
173,013
|
|
ALLOWANCE FOR EXPECTED
CREDIT LOSSES
|
|
8,045
|
|
|
|
5,375
|
|
ACCOUNTS RECEIVABLE,
NET
|
|
160,282
|
|
|
|
167,638
|
|
|
|
|
|
|
|
|
INVENTORIES
|
|
507,075
|
|
|
|
528,715
|
|
UNRETURNED CUSTOMER
INVENTORY
|
|
18,240
|
|
|
|
19,695
|
|
OTHER CURRENT
ASSETS
|
|
26,100
|
|
|
|
25,241
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
744,223
|
|
|
|
762,439
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
|
121,872
|
|
|
|
107,148
|
|
OPERATING LEASE
RIGHT-OF-USE ASSETS
|
|
100,065
|
|
|
|
49,838
|
|
GOODWILL
|
|
134,729
|
|
|
|
132,087
|
|
OTHER INTANGIBLES,
NET
|
|
92,308
|
|
|
|
100,504
|
|
DEFERRED INCOME
TAXES
|
|
40,533
|
|
|
|
33,658
|
|
INVESTMENT IN
UNCONSOLIDATED AFFILIATES
|
|
24,050
|
|
|
|
41,745
|
|
OTHER ASSETS
|
|
35,267
|
|
|
|
27,510
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
1,293,047
|
|
|
|
$
1,254,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT PORTION OF
REVOLVING CREDIT FACILITY
|
|
$
-
|
|
|
|
$
50,000
|
|
CURRENT PORTION OF TERM
LOAN AND OTHER DEBT
|
5,029
|
|
|
|
5,031
|
|
ACCOUNTS
PAYABLE
|
|
107,455
|
|
|
|
89,247
|
|
ACCRUED CUSTOMER
RETURNS
|
|
38,238
|
|
|
|
37,169
|
|
ACCRUED CORE
LIABILITY
|
|
18,399
|
|
|
|
22,952
|
|
ACCRUED
REBATES
|
|
42,278
|
|
|
|
37,381
|
|
PAYROLL AND
COMMISSIONS
|
|
29,561
|
|
|
|
31,361
|
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
|
63,303
|
|
|
|
49,990
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
304,263
|
|
|
|
323,131
|
|
|
|
|
|
|
|
|
LONG-TERM
DEBT
|
|
151,182
|
|
|
|
184,589
|
|
NONCURRENT OPERATING
LEASE LIABILITY
|
|
88,974
|
|
|
|
40,709
|
|
ACCRUED ASBESTOS
LIABILITIES
|
|
72,013
|
|
|
|
63,305
|
|
OTHER
LIABILITIES
|
|
25,742
|
|
|
|
22,157
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
642,174
|
|
|
|
633,891
|
|
|
|
|
|
|
|
|
TOTAL SMP STOCKHOLDERS'
EQUITY
|
|
635,064
|
|
|
|
610,020
|
|
NONCONTROLLING
INTEREST
|
|
15,809
|
|
|
|
11,018
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
650,873
|
|
|
|
621,038
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
1,293,047
|
|
|
|
$
1,254,929
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS
ENDED
|
|
|
DECEMBER 31,
|
|
|
2023
|
|
|
2022
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
NET
EARNINGS
|
$
34,352
|
|
|
$
55,435
|
|
ADJUSTMENTS TO
RECONCILE NET EARNINGS TO NET CASH
|
|
|
|
|
|
PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
29,022
|
|
|
28,298
|
|
LOSS FROM DISCONTINUED
OPERATIONS, NET OF TAXES
|
28,996
|
|
|
17,691
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
-
|
|
|
7,002
|
|
OTHER
|
7,718
|
|
|
13,064
|
|
CHANGE IN ASSETS AND
LIABILITIES:
|
|
|
|
|
|
ACCOUNTS
RECEIVABLE
|
7,965
|
|
|
6,916
|
|
INVENTORY
|
29,494
|
|
|
(67,495)
|
|
ACCOUNTS
PAYABLE
|
19,645
|
|
|
(48,604)
|
|
PREPAID EXPENSES AND
OTHER CURRENT ASSETS
|
(70)
|
|
|
(5,509)
|
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
(4,284)
|
|
|
(29,089)
|
|
OTHER
|
(8,578)
|
|
|
(5,242)
|
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
144,260
|
|
|
(27,533)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITIONS OF AND
INVESTMENTS IN BUSINESSES
|
(3,954)
|
|
|
(1,934)
|
|
CASH ACQUIRED IN STEP
ACQUISITION
|
6,779
|
|
|
-
|
|
CAPITAL
EXPENDITURES
|
(28,633)
|
|
|
(25,956)
|
|
OTHER INVESTING
ACTIVITIES
|
108
|
|
|
73
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(25,700)
|
|
|
(27,817)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN
DEBT
|
(83,558)
|
|
|
111,307
|
|
PURCHASE OF TREASURY
STOCK
|
-
|
|
|
(29,656)
|
|
DIVIDENDS
PAID
|
(25,164)
|
|
|
(23,428)
|
|
DIVIDENDS PAID TO
NONCONTROLLING INTEREST
|
(700)
|
|
|
-
|
|
PAYMENTS OF DEBT
ISSUANCE COSTS
|
-
|
|
|
(2,128)
|
|
OTHER FINANCING
ACTIVITIES
|
(189)
|
|
|
(595)
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
(109,611)
|
|
|
55,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE
CHANGES ON CASH
|
2,427
|
|
|
(755)
|
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
11,376
|
|
|
(605)
|
|
CASH AND CASH
EQUIVALENTS at beginning of period
|
21,150
|
|
|
21,755
|
|
CASH AND CASH
EQUIVALENTS at end of period
|
$
32,526
|
|
|
$
21,150
|
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SOURCE Standard Motor Products, Inc.