NEW
YORK, Aug. 1, 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 six months ended
June 30, 2024.
Net sales for the second quarter of 2024 were $389.8 million, compared to consolidated net
sales of $353.1 million during the
comparable quarter in 2023. Earnings from continuing operations for
the second quarter of 2024 were $18.0
million or $0.81 per diluted
share, compared to $18.4 million
or $0.83 per diluted share in the
second quarter of 2023. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the
second quarter of 2024 were $21.7
million or $0.98 per diluted
share, compared to $18.6 million
or $0.84 per diluted share in the
second quarter of 2023.
Consolidated net sales for the six months ended June 30, 2024, were $721.2
million, compared to consolidated net sales of $681.1 million during the comparable period in
2023. Earnings from continuing operations for the six months
ended June 30, 2024, were
$27.8 million or $1.25 per diluted share, compared to $31.1 million or $1.40 per diluted share in the comparable period
of 2023. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the six months
ended June 30, 2024 and 2023 were
$31.7 million or $1.42 per diluted share and $31.9 million or $1.44 per diluted share, respectively.
Mr. Eric Sills, Standard Motor
Products' Chairman and Chief Executive Officer stated, "We are
pleased with our second quarter results as sales increased 10.4%
versus last year's second quarter, while year-to-date sales are up
nearly 6% relative to 2023. We experienced solid top line
results in all segments, setting records across the board, most
notably within Temperature Control."
By segment, Vehicle Control sales improved 2.7% in the quarter,
accelerating from the more modest growth seen in our first
quarter. Year-to-date sales are up 1.6%, and we are pleased
with the trajectory.
Temperature Control sales increased 28.2% versus last year's
second quarter, representing an all-time quarterly sales record, as
elevated heat persisted across much of the country.
Year-to-date we are up nearly 16%, and temperatures remain hot,
which should be positive for the third quarter.
Our Engineered Solutions segment sales increased 6.1% in the
quarter and 5.3% for the year, attributable to strong demand from
our existing customers as well as new business wins. We continue to
see positive results from our cross-selling efforts, and the
pipeline of opportunities remains healthy.
Looking at profitability, our Adjusted EBITDA margin was 10.1%
in the quarter vs. 10.0% last year. Excluding $1.3 million of start-up costs related to our new
distribution center in Shawnee,
KS, Adjusted EBITDA was 10.4% in the quarter.
During the quarter, our operating income was impacted by a roughly
$1.0 million increase in customer
factoring program expense over last year mainly due to higher sales
volumes, although it appears we are finally starting to see a
leveling off from the impact of elevated interest rates.
Mr. Sills commented, "While we are pleased with our sales
results, we continue to work on our profitability, as cost
pressures persist. To address this, we chose to implement an
early retirement program launched in the second quarter.
Benefits of this program will phase in over the next few quarters,
and once fully realized, we anticipate achieving an estimated
$10 million of annualized savings. We
expect one-time severance costs of approximately $6 million related to this program, of which
$2.6 million was incurred in the
second quarter, and an additional $3.1
million is expected to be incurred in the second half of
2024 as people retire."
During the quarter, we announced a definitive agreement to
acquire AX V Nissens III APS ("Nissens"), a leading European
manufacturer and distributor of aftermarket engine cooling and air
conditioning products with a growing array of vehicle control
technologies, for approximately $388
million (€360 million) in cash. Nissens has annual revenues
of approximately $260 million with a
mid-teens EBITDA margin rate. The transaction is expected to
be completed before the end of 2024, and is subject to certain
closing conditions, including receipt of applicable antitrust and
other regulatory approvals. We are extremely excited about this
major step forward for our company. For more details, please see
our July 10, 2024 press release and
investor presentation related to the Nissens acquisition located on
our website www.smpcorp.com.
As part of our commitment to return value to shareholders, the
Board of Directors has approved payment of a quarterly dividend of
29 cents per share on the common
stock outstanding, which will be paid on September 3, 2024 to stockholders of record on
August 15, 2024. Additionally,
we purchased $7.8 million of common
stock under our existing share repurchase authorization during the
quarter, leaving our remaining authorization under the current
program at $19.6 million.
Regarding our sales and profit expectations for the full year of
2024, and excluding any impact from the Nissens acquisition, we
anticipate sales growth will be in the low- to mid-single digits,
up from prior projections, and Adjusted EBITDA will be in a range
of 9.0-9.5%, consistent with what we noted previously. We
expect to incur roughly $3-4 million
of additional start-up costs in 2024 as compared to 2023 for our
new distribution center in Shawnee,
KS, related to increased rent as well as duplicate expenses
as we transition away from our Edwardsville, KS distribution
center.
In closing, Mr. Sills commented "As we look towards the second
half of the year, we are encouraged with the demand seen so far
across all our segments. Aftermarket fundamentals remain
positive, and our Engineered Solutions business is performing well.
Lastly, we are excited about our planned acquisition of Nissens
that expands our geographic presence, and provides a meaningful
global growth platform for many years to come. We want to
thank all our employees for our current success and helping us
achieve our goals for the future."
Conference Call
Standard Motor Products, Inc.
will hold a conference call at 11:00 AM,
Eastern Time, on Thursday, August
1, 2024. This call will be webcast and can be accessed
on the Investor Relations page of our website at www.smpcorp.com
and clicking on the SMP 2Q 2024 Earnings Webcast link.
Investors may also listen to the call by dialing 800-343-4136
(domestic) or 203-518-9843 (international) and using conference ID
SMP2Q2024. 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
800-938-2490 (domestic) or 402-220-9028 (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
|
|
SIX MONTHS
ENDED
|
|
|
JUNE 30,
|
|
JUNE 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
NET SALES
|
|
$
389,829
|
|
$
353,075
|
|
$
721,232
|
|
$
681,103
|
|
|
|
|
|
|
|
|
|
|
COST OF
SALES
|
|
278,382
|
|
251,806
|
|
520,263
|
|
488,567
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
111,447
|
|
101,269
|
|
200,969
|
|
192,536
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES
|
|
83,885
|
|
73,843
|
|
158,618
|
|
143,476
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
2,559
|
|
294
|
|
2,751
|
|
1,206
|
|
OTHER INCOME (EXPENSE),
NET
|
|
(17)
|
|
46
|
|
5
|
|
70
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
24,986
|
|
27,178
|
|
39,605
|
|
47,924
|
|
|
|
|
|
|
|
|
|
|
OTHER NON-OPERATING
INCOME, NET
|
|
2,199
|
|
802
|
|
3,018
|
|
1,027
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
2,752
|
|
3,283
|
|
4,819
|
|
7,145
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
24,433
|
|
24,697
|
|
37,804
|
|
41,806
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
|
6,109
|
|
6,289
|
|
9,451
|
|
10,661
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
18,324
|
|
18,408
|
|
28,353
|
|
31,145
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(917)
|
|
(9,221)
|
|
(1,956)
|
|
(10,001)
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
|
|
17,407
|
|
9,187
|
|
26,397
|
|
21,144
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
|
344
|
|
50
|
|
510
|
|
89
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
ATTRIBUTABLE TO SMP (a)
|
|
$
17,063
|
|
$
9,137
|
|
$
25,887
|
|
$
21,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS ATTRIBUTABLE TO
SMP
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
17,980
|
|
$
18,358
|
|
$
27,843
|
|
$
31,056
|
|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(917)
|
|
(9,221)
|
|
(1,956)
|
|
(10,001)
|
|
TOTAL
|
|
$
17,063
|
|
$
9,137
|
|
$
25,887
|
|
$
21,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
SMP
|
|
|
|
|
|
|
|
|
|
BASIC
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
0.83
|
|
$
0.85
|
|
$
1.27
|
|
$
1.43
|
|
DISCONTINUED OPERATION
|
|
(0.05)
|
|
(0.43)
|
|
(0.09)
|
|
(0.46)
|
|
NET
EARNINGS PER COMMON SHARE - BASIC
|
|
$
0.78
|
|
$
0.42
|
|
$
1.18
|
|
$
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
0.81
|
|
$
0.83
|
|
$
1.25
|
|
$
1.40
|
|
DISCONTINUED OPERATION
|
|
(0.04)
|
|
(0.42)
|
|
(0.09)
|
|
(0.45)
|
|
NET
EARNINGS PER COMMON SHARE - DILUTED
|
|
$
0.77
|
|
$
0.41
|
|
$
1.16
|
|
$
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
|
|
21,767,526
|
|
21,689,067
|
|
21,845,678
|
|
21,649,562
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON AND DILUTIVE SHARES
|
|
22,185,536
|
|
22,183,489
|
|
22,277,590
|
|
22,139,708
|
|
|
|
|
|
|
|
|
|
|
(a) "SMP"
refers to Standard Motor Products, Inc. and
subsidiaries.
|
|
|
|
|
|
|
|
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Segment Revenues and
Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
SIX MONTHS
ENDED
|
|
|
|
JUNE 30,
|
|
|
JUNE 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine Management
(Ignition, Emissions and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
Delivery)
|
|
$
115,529
|
|
|
$
113,589
|
|
|
$
231,614
|
|
|
$
229,672
|
|
|
Electrical and
Safety
|
|
57,128
|
|
|
52,867
|
|
|
109,535
|
|
|
104,671
|
|
|
Wire sets and
other
|
|
16,084
|
|
|
17,333
|
|
|
33,116
|
|
|
34,023
|
|
|
Vehicle
Control
|
|
188,741
|
|
|
183,789
|
|
|
374,265
|
|
|
368,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AC System
Components
|
|
99,970
|
|
|
72,730
|
|
|
149,930
|
|
|
123,528
|
|
|
Other Thermal
Components
|
|
24,511
|
|
|
24,344
|
|
|
46,159
|
|
|
45,952
|
|
|
Temperature Control
|
|
124,481
|
|
|
97,074
|
|
|
196,089
|
|
|
169,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Vehicle
|
|
23,483
|
|
|
20,225
|
|
|
46,391
|
|
|
40,457
|
|
|
Construction /
Agriculture
|
|
9,473
|
|
|
11,138
|
|
|
19,549
|
|
|
22,830
|
|
|
Light
Vehicle
|
|
24,686
|
|
|
23,981
|
|
|
46,489
|
|
|
47,000
|
|
|
All Other
|
|
18,965
|
|
|
16,868
|
|
|
38,449
|
|
|
32,970
|
|
|
Engineered Solutions
|
|
76,607
|
|
|
72,212
|
|
|
150,878
|
|
|
143,257
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
Revenues
|
|
$
389,829
|
|
|
$
353,075
|
|
|
$
721,232
|
|
|
$
681,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
59,969
|
31.8 %
|
|
$
60,109
|
32.7 %
|
|
$
118,868
|
31.8 %
|
|
$
118,581
|
32.2 %
|
|
Temperature
Control
|
|
36,609
|
29.4 %
|
|
26,512
|
27.3 %
|
|
56,298
|
28.7 %
|
|
45,667
|
26.9 %
|
|
Engineered
Solutions
|
|
14,869
|
19.4 %
|
|
14,648
|
20.3 %
|
|
25,803
|
17.1 %
|
|
28,288
|
19.7 %
|
|
All Other
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Gross
Margin
|
|
$
111,447
|
28.6 %
|
|
$
101,269
|
28.7 %
|
|
$
200,969
|
27.9 %
|
|
$
192,536
|
28.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General &
Administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
43,844
|
23.2 %
|
|
$
40,720
|
22.2 %
|
|
$
87,102
|
23.3 %
|
|
$
81,556
|
22.1 %
|
|
Temperature
Control
|
|
23,165
|
18.6 %
|
|
20,584
|
21.2 %
|
|
40,765
|
20.8 %
|
|
37,112
|
21.9 %
|
|
Engineered
Solutions
|
|
8,676
|
11.3 %
|
|
8,481
|
11.7 %
|
|
17,367
|
11.5 %
|
|
16,390
|
11.4 %
|
|
All Other
|
|
5,789
|
|
|
4,058
|
|
|
10,973
|
|
|
8,418
|
|
|
Subtotal
|
|
$
81,474
|
20.9 %
|
|
$
73,843
|
20.9 %
|
|
$
156,207
|
21.7 %
|
|
$
143,476
|
21.1 %
|
|
Acquisition
Expenses
|
|
2,411
|
0.6 %
|
|
-
|
0.0 %
|
|
2,411
|
0.3 %
|
|
-
|
0.0 %
|
|
Selling, General & Administrative
|
|
$
83,885
|
21.5 %
|
|
$
73,843
|
20.9 %
|
|
$
158,618
|
22.0 %
|
|
$
143,476
|
21.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
16,125
|
8.5 %
|
|
$
19,389
|
10.5 %
|
|
$
31,766
|
8.5 %
|
|
$
37,025
|
10.1 %
|
|
Temperature
Control
|
|
13,444
|
10.8 %
|
|
5,928
|
6.1 %
|
|
15,533
|
7.9 %
|
|
8,555
|
5.0 %
|
|
Engineered
Solutions
|
|
6,193
|
8.1 %
|
|
6,167
|
8.5 %
|
|
8,436
|
5.6 %
|
|
11,898
|
8.3 %
|
|
All Other
|
|
(5,789)
|
|
|
(4,058)
|
|
|
(10,973)
|
|
|
(8,418)
|
|
|
Subtotal
|
|
$
29,973
|
7.7 %
|
|
$
27,426
|
7.8 %
|
|
$
44,762
|
6.2 %
|
|
$
49,060
|
7.2 %
|
|
Restructuring &
Integration
|
|
(2,559)
|
-0.7 %
|
|
(294)
|
-0.1 %
|
|
(2,751)
|
-0.4 %
|
|
(1,206)
|
-0.2 %
|
|
Acquisition
Expenses
|
|
(2,411)
|
-0.6 %
|
|
-
|
0.0 %
|
|
(2,411)
|
-0.3 %
|
|
-
|
0.0 %
|
|
Other Income
(Expense), Net
|
|
(17)
|
0.0 %
|
|
46
|
0.0 %
|
|
5
|
0.0 %
|
|
70
|
0.0 %
|
|
Operating Income
|
|
$
24,986
|
6.4 %
|
|
$
27,178
|
7.7 %
|
|
$
39,605
|
5.5 %
|
|
$
47,924
|
7.0 %
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Reconciliation of
GAAP and Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
|
|
|
|
|
|
JUNE
30,
|
|
JUNE
30,
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE
TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
17,980
|
|
$
18,358
|
|
$
27,843
|
|
$
31,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
2,559
|
|
294
|
|
2,751
|
|
1,206
|
|
|
|
|
|
|
|
ACQUISITION
EXPENSES
|
|
2,411
|
|
-
|
|
2,411
|
|
-
|
|
|
|
|
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
(1,292)
|
|
(77)
|
|
(1,342)
|
|
(314)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
21,658
|
|
$
18,575
|
|
$
31,663
|
|
$
31,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER SHARE FROM CONTINUING
OPERATIONS ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS
PER SHARE FROM CONTINUING OPERATIONS
|
|
$
0.81
|
|
$
0.83
|
|
$
1.25
|
|
$
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
0.12
|
|
0.01
|
|
0.12
|
|
0.05
|
|
|
|
|
|
|
|
ACQUISITION
EXPENSES
|
|
0.11
|
|
-
|
|
0.11
|
|
-
|
|
|
|
|
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
(0.06)
|
|
-
|
|
(0.06)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP DILUTED
EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
|
$
0.98
|
|
$
0.84
|
|
$
1.42
|
|
$
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
24,986
|
|
$
27,178
|
|
$
39,605
|
|
$
47,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
2,559
|
|
294
|
|
2,751
|
|
1,206
|
|
|
|
|
|
|
|
ACQUISITION
EXPENSES
|
|
2,411
|
|
-
|
|
2,411
|
|
-
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE,
NET
|
|
17
|
|
(46)
|
|
(5)
|
|
(70)
|
|
LAST TWELVE MONTHS
ENDED
|
|
YEAR
ENDED
|
|
|
|
|
|
|
|
|
|
|
JUNE
30,
|
|
DECEMBER
31,
|
|
NON-GAAP OPERATING
INCOME
|
|
$
29,973
|
|
$
27,426
|
|
$
44,762
|
|
$
49,060
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
24,433
|
|
$
24,697
|
|
$
37,804
|
|
$
41,806
|
|
$
77,714
|
|
$
84,580
|
|
$
81,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
7,318
|
|
7,047
|
|
14,619
|
|
14,129
|
|
29,512
|
|
28,534
|
|
29,022
|
|
INTEREST
EXPENSE
|
|
2,752
|
|
3,283
|
|
4,819
|
|
7,145
|
|
10,961
|
|
15,136
|
|
13,287
|
|
EBITDA
|
|
34,503
|
|
35,027
|
|
57,242
|
|
63,080
|
|
118,187
|
|
128,250
|
|
124,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
2,559
|
|
294
|
|
2,751
|
|
1,206
|
|
4,187
|
|
3,053
|
|
2,642
|
|
ACQUISITION
EXPENSES
|
|
2,411
|
|
-
|
|
2,411
|
|
-
|
|
2,411
|
|
-
|
|
-
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,002
|
|
-
|
|
SPECIAL ITEMS
|
|
4,970
|
|
294
|
|
5,162
|
|
1,206
|
|
6,598
|
|
10,055
|
|
2,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
39,473
|
|
$
35,321
|
|
$
62,404
|
|
$
64,286
|
|
$
124,785
|
|
$
138,305
|
|
$
126,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
JUNE 30, 2024
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
15,116
|
|
$
13,197
|
|
$
5,812
|
|
$
(9,139)
|
|
$
24,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,009
|
|
247
|
|
364
|
|
939
|
|
2,559
|
|
|
ACQUISITION
EXPENSES
|
|
-
|
|
-
|
|
-
|
|
2,411
|
|
2,411
|
|
|
OTHER EXPENSE,
NET
|
|
-
|
|
-
|
|
17
|
|
-
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
16,125
|
|
$
13,444
|
|
$
6,193
|
|
$
(5,789)
|
|
$
29,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
13,067
|
|
$
13,978
|
|
$
6,529
|
|
$
(9,141)
|
|
$
24,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
3,606
|
|
780
|
|
2,463
|
|
469
|
|
7,318
|
|
|
INTEREST
EXPENSE
|
|
1,899
|
|
726
|
|
706
|
|
(579)
|
|
2,752
|
|
|
EBITDA
|
|
18,572
|
|
15,484
|
|
9,698
|
|
(9,251)
|
|
34,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,009
|
|
247
|
|
364
|
|
939
|
|
2,559
|
|
|
ACQUISITION
EXPENSES
|
|
-
|
|
-
|
|
-
|
|
2,411
|
|
2,411
|
|
|
SPECIAL ITEMS
|
|
1,009
|
|
247
|
|
364
|
|
3,350
|
|
4,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
19,581
|
|
$
15,731
|
|
$
10,062
|
|
$
(5,901)
|
|
$
39,473
|
|
|
% of Net
Sales
|
|
10.4 %
|
|
12.6 %
|
|
13.1 %
|
|
|
|
10.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
THREE MONTHS ENDED
JUNE 30, 2023
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
19,273
|
|
$
5,800
|
|
$
6,163
|
|
$
(4,058)
|
|
$
27,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
154
|
|
128
|
|
12
|
|
-
|
|
294
|
|
|
OTHER INCOME,
NET
|
|
(38)
|
|
-
|
|
(8)
|
|
-
|
|
(46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
19,389
|
|
$
5,928
|
|
$
6,167
|
|
$
(4,058)
|
|
$
27,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
17,235
|
|
$
5,259
|
|
$
6,247
|
|
$
(4,044)
|
|
$
24,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
3,373
|
|
768
|
|
2,486
|
|
420
|
|
7,047
|
|
|
INTEREST
EXPENSE
|
|
2,304
|
|
842
|
|
637
|
|
(500)
|
|
3,283
|
|
|
EBITDA
|
|
22,912
|
|
6,869
|
|
9,370
|
|
(4,124)
|
|
35,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
154
|
|
128
|
|
12
|
|
-
|
|
294
|
|
|
SPECIAL ITEMS
|
|
154
|
|
128
|
|
12
|
|
-
|
|
294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
23,066
|
|
$
6,997
|
|
$
9,382
|
|
$
(4,124)
|
|
$
35,321
|
|
|
% of Net
Sales
|
|
12.6 %
|
|
7.2 %
|
|
13.0 %
|
|
|
|
10.0 %
|
|
|
|
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)
|
|
SIX MONTHS ENDED
JUNE 30, 2024
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
30,656
|
|
$
15,228
|
|
$
8,044
|
|
$
(14,323)
|
|
$
39,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,110
|
|
305
|
|
397
|
|
939
|
|
2,751
|
|
|
ACQUISITION
EXPENSES
|
|
-
|
|
-
|
|
-
|
|
2,411
|
|
2,411
|
|
|
OTHER INCOME,
NET
|
|
-
|
|
-
|
|
(5)
|
|
-
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
31,766
|
|
$
15,533
|
|
$
8,436
|
|
$
(10,973)
|
|
$
44,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
27,382
|
|
$
15,866
|
|
$
8,875
|
|
$
(14,319)
|
|
$
37,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
7,131
|
|
1,678
|
|
4,932
|
|
878
|
|
14,619
|
|
|
INTEREST
EXPENSE
|
|
3,326
|
|
1,257
|
|
1,370
|
|
(1,134)
|
|
4,819
|
|
|
EBITDA
|
|
37,839
|
|
18,801
|
|
15,177
|
|
(14,575)
|
|
57,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,110
|
|
305
|
|
397
|
|
939
|
|
2,751
|
|
|
ACQUISITION
EXPENSES
|
|
-
|
|
-
|
|
-
|
|
2,411
|
|
2,411
|
|
|
SPECIAL ITEMS
|
|
1,110
|
|
305
|
|
397
|
|
3,350
|
|
5,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
38,949
|
|
$
19,106
|
|
$
15,574
|
|
$
(11,225)
|
|
$
62,404
|
|
|
% of Net
Sales
|
|
10.4 %
|
|
9.7 %
|
|
10.3 %
|
|
|
|
8.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
SIX MONTHS ENDED
JUNE 30, 2023
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
36,648
|
|
$
7,884
|
|
$
11,810
|
|
$
(8,418)
|
|
$
47,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
439
|
|
671
|
|
96
|
|
-
|
|
1,206
|
|
|
OTHER INCOME,
NET
|
|
(62)
|
|
|
|
(8)
|
|
-
|
|
(70)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
37,025
|
|
$
8,555
|
|
$
11,898
|
|
$
(8,418)
|
|
$
49,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
32,292
|
|
$
6,364
|
|
$
11,533
|
|
$
(8,383)
|
|
$
41,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
6,785
|
|
1,531
|
|
4,967
|
|
846
|
|
14,129
|
|
|
INTEREST
EXPENSE
|
|
5,045
|
|
1,735
|
|
996
|
|
(631)
|
|
7,145
|
|
|
EBITDA
|
|
44,122
|
|
9,630
|
|
17,496
|
|
(8,168)
|
|
63,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
439
|
|
671
|
|
96
|
|
-
|
|
1,206
|
|
|
SPECIAL ITEMS
|
|
439
|
|
671
|
|
96
|
|
-
|
|
1,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
44,561
|
|
$
10,301
|
|
$
17,592
|
|
$
(8,168)
|
|
$
64,286
|
|
|
% of Net
Sales
|
|
12.1 %
|
|
6.1 %
|
|
12.3 %
|
|
|
|
9.4 %
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JUNE
|
|
JUNE
|
|
DECEMBER
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS
|
|
$
26,156
|
|
$
23,019
|
|
$
32,526
|
|
|
|
|
|
|
|
|
ACCOUNTS RECEIVABLE,
GROSS
|
|
247,989
|
|
223,862
|
|
168,327
|
|
ALLOWANCE FOR EXPECTED
CREDIT LOSSES
|
|
8,672
|
|
5,757
|
|
8,045
|
|
ACCOUNTS RECEIVABLE,
NET
|
|
239,317
|
|
218,105
|
|
160,282
|
|
|
|
|
|
|
|
|
INVENTORIES
|
|
508,183
|
|
499,134
|
|
507,075
|
|
UNRETURNED CUSTOMER
INVENTORY
|
|
18,119
|
|
19,722
|
|
18,240
|
|
OTHER CURRENT
ASSETS
|
|
24,880
|
|
27,903
|
|
26,100
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
816,655
|
|
787,883
|
|
744,223
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
|
131,921
|
|
107,590
|
|
121,872
|
|
OPERATING LEASE
RIGHT-OF-USE ASSETS
|
|
99,121
|
|
73,093
|
|
100,065
|
|
GOODWILL
|
|
134,476
|
|
132,391
|
|
134,729
|
|
OTHER INTANGIBLES,
NET
|
|
87,597
|
|
96,291
|
|
92,308
|
|
DEFERRED INCOME
TAXES
|
|
40,287
|
|
33,905
|
|
40,533
|
|
INVESTMENT IN
UNCONSOLIDATED AFFILIATES
|
|
25,615
|
|
41,557
|
|
24,050
|
|
OTHER ASSETS
|
|
38,656
|
|
29,435
|
|
35,267
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
1,374,328
|
|
$
1,302,145
|
|
$
1,293,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT PORTION OF
REVOLVING CREDIT FACILITY
|
|
$
-
|
|
$
53,700
|
|
$
-
|
|
CURRENT PORTION OF TERM
LOAN AND OTHER DEBT
|
5,030
|
|
5,028
|
|
5,029
|
|
ACCOUNTS
PAYABLE
|
|
105,094
|
|
94,657
|
|
107,455
|
|
ACCRUED CUSTOMER
RETURNS
|
|
53,102
|
|
43,664
|
|
38,238
|
|
ACCRUED CORE
LIABILITY
|
|
16,017
|
|
20,187
|
|
18,399
|
|
ACCRUED
REBATES
|
|
54,280
|
|
43,781
|
|
42,278
|
|
PAYROLL AND
COMMISSIONS
|
|
32,404
|
|
28,346
|
|
29,561
|
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
|
66,239
|
|
59,126
|
|
63,303
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
332,166
|
|
348,489
|
|
304,263
|
|
|
|
|
|
|
|
|
LONG-TERM
DEBT
|
|
203,162
|
|
164,488
|
|
151,182
|
|
NONCURRENT OPERATING
LEASE LIABILITY
|
|
88,820
|
|
64,271
|
|
88,974
|
|
ACCRUED ASBESTOS
LIABILITIES
|
|
66,357
|
|
59,565
|
|
72,013
|
|
OTHER
LIABILITIES
|
|
29,501
|
|
24,917
|
|
25,742
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
720,006
|
|
661,730
|
|
642,174
|
|
|
|
|
|
|
|
|
TOTAL SMP STOCKHOLDERS'
EQUITY
|
|
640,018
|
|
629,673
|
|
635,064
|
|
NONCONTROLLING
INTEREST
|
|
14,304
|
|
10,742
|
|
15,809
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
654,322
|
|
640,415
|
|
650,873
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
1,374,328
|
|
$
1,302,145
|
|
$
1,293,047
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS
ENDED
|
|
|
JUNE 30,
|
|
|
2024
|
|
|
2023
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
|
NET
EARNINGS
|
$
26,397
|
|
|
$
21,144
|
|
ADJUSTMENTS TO
RECONCILE NET EARNINGS TO NET CASH
|
|
|
|
|
|
PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
14,619
|
|
|
14,129
|
|
LOSS FROM DISCONTINUED
OPERATIONS, NET OF TAXES
|
1,956
|
|
|
10,001
|
|
OTHER
|
5,560
|
|
|
5,835
|
|
CHANGE IN ASSETS AND
LIABILITIES:
|
|
|
|
|
|
ACCOUNTS
RECEIVABLE
|
(81,060)
|
|
|
(48,271)
|
|
INVENTORY
|
(3,641)
|
|
|
30,924
|
|
ACCOUNTS
PAYABLE
|
(2,168)
|
|
|
4,323
|
|
PREPAID EXPENSES AND
OTHER CURRENT ASSETS
|
2,757
|
|
|
(468)
|
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
29,966
|
|
|
2,776
|
|
OTHER
|
(4,525)
|
|
|
(1,023)
|
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
(10,139)
|
|
|
39,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
CASH ACQUIRED IN STEP
ACQUISITION
|
-
|
|
|
-
|
|
CAPITAL
EXPENDITURES
|
(22,941)
|
|
|
(9,507)
|
|
OTHER INVESTING
ACTIVITIES
|
18
|
|
|
66
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(22,923)
|
|
|
(9,441)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
|
NET CHANGE IN
DEBT
|
51,986
|
|
|
(16,547)
|
|
PURCHASE OF TREASURY
STOCK
|
(10,409)
|
|
|
-
|
|
DIVIDENDS
PAID
|
(12,706)
|
|
|
(12,544)
|
|
OTHER FINANCING
ACTIVITIES
|
(400)
|
|
|
3
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
28,471
|
|
|
(29,088)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE
CHANGES ON CASH
|
(1,779)
|
|
|
1,028
|
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
(6,370)
|
|
|
1,869
|
|
CASH AND CASH
EQUIVALENTS at beginning of period
|
32,526
|
|
|
21,150
|
|
CASH AND CASH
EQUIVALENTS at end of period
|
$
26,156
|
|
|
$
23,019
|
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SOURCE Standard Motor Products, Inc.