NEW YORK, Feb. 14, 2019 /PRNewswire/ -- Standard Motor
Products, Inc. (NYSE: SMP), an automotive replacement parts
manufacturer and distributor, reported today its consolidated
financial results for the three months and for the year ended
December 31, 2018.
Consolidated net sales for the fourth quarter of
2018 were $247 million, compared to consolidated net
sales of $240 million during the
comparable quarter in 2017. Earnings (loss) from continuing
operations for the fourth quarter of 2018 were
$12.2 million or 53 cents per diluted share, compared to
($8.1) million or
(36) cents per diluted share in the fourth quarter of
2017. 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
2018 were $11.8 million or
52 cents per diluted share, compared to $12.4 million or 54 cents per diluted
share in the fourth quarter of 2017.
Consolidated net sales for 2018 were $1,092.1 million, compared to consolidated net
sales of $1,116.1 million during
the comparable period in 2017. Earnings from continuing
operations for 2018 were $56.9 million or $2.48 per diluted share, compared to
$43.6 million or $1.88 per diluted share in the comparable
period of 2017. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the
year ended December 31, 2018, and 2017 were
$58.5 million or $2.55 per diluted share and $65.6 million or $2.83 per diluted share,
respectively.
Mr. Eric P. Sills, Standard Motor
Products' Chief Executive Officer and President, stated, "We were
generally pleased with the fourth quarter, as sales and gross
margin for the company as a whole were slightly ahead of the prior
year. Operating profit was down, excluding the gain on the sale of
the Grapevine, Texas facility,
primarily as a result of the costs associated with the installation
of a new automated distribution system for our Temperature Control
Division in Lewisville, Texas. We
anticipate significant savings in this area in 2019.
"Turning to the divisions, Engine Management sales were up 2.5%
for the quarter. Excluding our wire and cable business, which, as
we have discussed, is a product line in general decline, Engine
Management sales were ahead 4.5% for the quarter. Full year Engine
Management sales, excluding wire, were slightly behind 2017,
entirely the result of a few large pipeline orders in 2017 that
were not repeated this year. More significantly, our customers
reported Engine Management POS up approximately 4% in both the
quarter and full year, in line with our long-term forecast.
"Engine Management gross margin was up 40 basis points over the
same quarter last year but slightly down for the year. A major
contributing factor was the startup costs incurred in our wire
assembly plant in Reynosa, Mexico,
as we continue to integrate General Cable's assembly operation. We
are already seeing improvement in productivity there, as our newly
hired employees gain experience, and we move towards historic
levels of efficiency. We have also been slightly impacted by the
timing of tariffs incurred with Chinese sourced products in
2018.
"2018 was a warm summer, and our customers reported Temperature
Control POS sales increases in the 6-7% range. However, they began
the year with heavier inventories, the result of the previous
year's cool summer, and therefore their purchases in the first half
were soft. Our second half Temperature Control sales were strong,
and we finished 2018 essentially flat in sales. We believe our
customers' inventories at the end of 2018 were at lower levels than
the prior year, and we are anticipating stronger pre-season orders
in the months ahead.
"Temperature Control gross margin was down slightly for the
year. However, this was due to a carryforward of unfavorable
variances from the weak season of 2017. As sales and production in
the second half of 2018 were stronger, we will begin 2019 in a
healthier position.
"Temperature Control SG&A for the year was impacted by
higher distribution expenses mentioned above. As stated, we are
anticipating significantly improved results this year."
In December 2018, the Company
completed the sale of the Grapevine,
Texas, property for net proceeds of $4.8 million, and recorded a one-time gain of
$3.9 million. This was the
final step in relocating the Temperature Control operations to
Reynosa, Mexico. The move went
smoothly, was completed on time and within budget, and Reynosa is achieving all of its operational
targets.
In December 2018, the Company
amended its Credit Agreement with JPMorgan Chase Bank, N.A., as
agent, and a syndicate of lenders. The amended Credit Agreement
provides for a senior secured revolving credit facility with a line
of credit of up to $250 million (with
an additional $50 million accordion
feature) and extends the maturity date to December 2023.
In the fourth quarter of 2018, the Company increased its
asbestos liability to $46.7 million,
with a full year pre-tax charge of $13.6
million in loss from discontinued operations. The increase
in the asbestos liability was due primarily to a California asbestos lawsuit, in which a jury
returned a verdict in the fourth quarter of 2018 in favor of the
plaintiff for the gross amount of $8.6
million in compensatory damages, of which the Company was
held responsible for approximately $7.4
million. We strongly disagree with the jury verdict and will
vigorously pursue all rights to appeal. We anticipate that the
appeals process will take approximately two to three years to be
resolved.
There were also two personnel changes. As previously announced,
James Burke has been promoted from
Chief Financial Officer to Chief Operating Officer. In
addition to his new assignment, Mr. Burke will continue to serve as
CFO until a replacement is identified. We are confident that
Mr. Burke will make significant contributions to the Company in his
new position.
Secondly, Frederick D. Sturdivant
announced that he will retire from the Board, at the conclusion of
his term, in May. Mr. Lawrence I.
Sills, Executive Chairman of the Board, said, "Fred has been
a tremendous contributor to the Board, especially in the area of
strategic planning, since he joined us in 2001. We wish him the
best of luck in his retirement."
In conjunction with Mr. Sturdivant's retirement, the Board of
Directors has voted to reduce the total number of Board seats from
eleven to ten, effective on May 16,
2019.
As announced previously, our Board has approved an increase in
our quarterly dividend from 21 cents
per share to 23 cents per share
payable on March 1, 2019. This
represents our tenth consecutive year of dividend increases.
Mr. Eric Sills concluded, "While
we realize that there is still a great deal to be done, we are
pleased with the trends going forward. Our customers continue
to show solid sales increases in our lines, and we anticipate
significant cost improvements in our two major initiatives in
Reynosa and Lewisville. Our position in our industry,
where the demographics remain positive, has never been stronger. We
are optimistic heading into 2019, our centennial year."
Standard Motor Products, Inc. will hold a conference call at
11:00 AM, Eastern Time, on
Thursday, February 14, 2019.
The dial-in number is 877-876-9173 (domestic) or 785-424-1667
(international). The playback number is 800-839-5689 (domestic) or
402-220-2570 (international). The conference ID # is STANDARD.
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
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(In thousands,
except per share amounts)
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THREE MONTHS
ENDED
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TWELVE MONTHS
ENDED
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DECEMBER
31,
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DECEMBER
31,
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2018
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2017
|
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2018
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2017
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(Unaudited)
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(Unaudited)
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NET SALES
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$
246,970
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$
239,978
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$
1,092,051
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$
1,116,143
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COST OF
SALES
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175,367
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170,633
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779,264
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789,487
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GROSS
PROFIT
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71,603
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69,345
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312,787
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326,656
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SELLING, GENERAL
& ADMINISTRATIVE EXPENSES
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55,732
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51,511
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231,336
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224,237
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RESTRUCTURING AND
INTEGRATION EXPENSES
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1,437
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2,259
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4,510
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6,173
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OTHER INCOME,
NET
|
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3,999
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|
329
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|
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4,327
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1,275
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OPERATING
INCOME
|
|
18,433
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|
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15,904
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|
|
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81,268
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|
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97,521
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|
|
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|
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|
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OTHER NON-OPERATING
INCOME (EXPENSE), NET
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(1,211)
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(1,122)
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(411)
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1,250
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INTEREST
EXPENSE
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889
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544
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4,026
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2,329
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EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
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16,333
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14,238
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76,831
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|
96,442
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PROVISION FOR INCOME
TAXES
|
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4,176
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|
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22,344
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|
|
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19,977
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|
|
52,812
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|
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EARNINGS (LOSS) FROM
CONTINUING OPERATIONS
|
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12,157
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(8,106)
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56,854
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43,630
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LOSS FROM
DISCONTINUED OPERATION, NET OF INCOME TAXES
|
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(8,837)
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(541)
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(13,851)
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(5,654)
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NET EARNINGS
(LOSS)
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$
3,320
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|
$
(8,647)
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$
43,003
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|
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$
37,976
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NET EARNINGS PER
COMMON SHARE:
|
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BASIC
EARNINGS (LOSS) FROM CONTINUING OPERATIONS
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|
$
0.54
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$
(0.36)
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$
2.53
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|
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$
1.92
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DISCONTINUED OPERATION
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|
(0.39)
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|
|
(0.02)
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|
|
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(0.62)
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|
(0.25)
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NET
EARNINGS (LOSS) PER COMMON SHARE - BASIC
|
|
$
0.15
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$
(0.38)
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|
|
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$
1.91
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|
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$
1.67
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DILUTED
EARNINGS (LOSS) FROM CONTINUING OPERATIONS
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$
0.53
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$
(0.36)
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$
2.48
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|
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$
1.88
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DISCONTINUED OPERATION
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(0.39)
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|
|
(0.02)
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(0.60)
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(0.24)
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NET
EARNINGS (LOSS) PER COMMON SHARE - DILUTED
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$
0.14
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$
(0.38)
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$
1.88
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|
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$
1.64
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|
WEIGHTED AVERAGE
NUMBER OF COMMON SHARES
|
|
22,432,095
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|
22,582,763
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22,456,480
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22,726,491
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|
|
WEIGHTED AVERAGE
NUMBER OF COMMON AND DILUTIVE SHARES
|
|
22,941,271
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|
|
23,045,565
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|
|
|
22,931,723
|
|
|
23,198,392
|
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
Segment Revenues
and Operating Income
|
|
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|
|
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|
|
|
|
|
|
|
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(In
thousands)
|
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|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
TWELVE MONTHS
ENDED
|
|
|
|
DECEMBER
31,
|
|
|
DECEMBER
31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
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|
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|
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Ignition, Emission
Control, Fuel & Safety
|
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|
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|
Related
System Products
|
|
$
165,630
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$
158,485
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|
|
$
648,270
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|
|
$
657,287
|
|
Wire and
Cable
|
|
37,370
|
|
|
39,489
|
|
|
155,217
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|
172,126
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|
Engine
Management
|
|
203,000
|
|
|
197,974
|
|
|
803,487
|
|
|
829,413
|
|
|
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|
Compressors
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|
16,736
|
|
|
16,099
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|
|
148,416
|
|
|
148,377
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|
Other Climate Control
Parts
|
|
25,040
|
|
|
24,187
|
|
|
130,040
|
|
|
130,750
|
|
Temperature Control
|
|
41,776
|
|
|
40,286
|
|
|
278,456
|
|
|
279,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other
|
|
2,194
|
|
|
1,718
|
|
|
10,108
|
|
|
7,603
|
|
Revenues
|
|
$
246,970
|
|
|
$
239,978
|
|
|
$
1,092,051
|
|
|
$
1,116,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine
Management
|
|
$
58,509
|
28.8%
|
|
$
56,260
|
28.4%
|
|
$
229,949
|
28.6%
|
|
$
243,791
|
29.4%
|
Temperature
Control
|
|
9,571
|
22.9%
|
|
10,715
|
26.6%
|
|
70,561
|
25.3%
|
|
73,254
|
26.2%
|
All Other
|
|
3,523
|
|
|
2,370
|
|
|
12,277
|
|
|
9,611
|
|
Gross
Margin
|
|
$
71,603
|
29.0%
|
|
$
69,345
|
28.9%
|
|
$
312,787
|
28.6%
|
|
$
326,656
|
29.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
General & Administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine
Management
|
|
$
34,588
|
17.0%
|
|
$
33,498
|
16.9%
|
|
$
141,003
|
17.5%
|
|
$
141,995
|
17.1%
|
Temperature
Control
|
|
13,058
|
31.3%
|
|
10,665
|
26.5%
|
|
59,569
|
21.4%
|
|
51,880
|
18.6%
|
All Other
|
|
8,086
|
|
|
7,348
|
|
|
30,764
|
|
|
30,362
|
|
Selling, General & Administrative
|
|
$
55,732
|
22.6%
|
|
$
51,511
|
21.5%
|
|
$
231,336
|
21.2%
|
|
$
224,237
|
20.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine
Management
|
|
$
23,921
|
11.8%
|
|
$
22,762
|
11.5%
|
|
$
88,946
|
11.1%
|
|
$
101,796
|
12.3%
|
Temperature
Control
|
|
(3,487)
|
-8.3%
|
|
50
|
0.1%
|
|
10,992
|
3.9%
|
|
21,374
|
7.7%
|
All Other
|
|
(4,563)
|
|
|
(4,978)
|
|
|
(18,487)
|
|
|
(20,751)
|
|
Subtotal
|
|
15,871
|
6.4%
|
|
17,834
|
7.4%
|
|
81,451
|
7.5%
|
|
102,419
|
9.2%
|
Restructuring
& Integration
|
|
(1,437)
|
-0.6%
|
|
(2,259)
|
-0.9%
|
|
(4,510)
|
-0.4%
|
|
(6,173)
|
-0.6%
|
Other Income,
Net
|
|
3,999
|
1.6%
|
|
329
|
0.1%
|
|
4,327
|
0.4%
|
|
1,275
|
0.1%
|
Operating Income
|
|
$
18,433
|
7.5%
|
|
$
15,904
|
6.6%
|
|
$
81,268
|
7.4%
|
|
$
97,521
|
8.7%
|
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,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS (LOSS)
FROM CONTINUING OPERATIONS
|
|
$
12,157
|
|
$
(8,106)
|
|
|
$
56,854
|
|
$
43,630
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,437
|
|
2,259
|
|
|
4,510
|
|
6,173
|
IMPAIRMENT OF OUR
INVESTMENT IN ORANGE ELECTRONICS CO.,LTD
|
|
1,683
|
|
1,815
|
|
|
1,683
|
|
1,815
|
IMPACT OF TAX CUTS
AND JOBS ACT
|
|
-
|
|
17,515
|
|
|
-
|
|
17,515
|
CERTAIN TAX CREDITS
AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
|
-
|
|
-
|
|
|
(144)
|
|
(463)
|
GAIN FROM SALE OF
BUILDINGS
|
|
(3,940)
|
|
(262)
|
|
|
(4,158)
|
|
(1,048)
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
492
|
|
(799)
|
|
|
(250)
|
|
(2,050)
|
NON-GAAP EARNINGS
FROM CONTINUING OPERATIONS
|
|
$
11,829
|
|
$
12,422
|
|
|
$
58,495
|
|
$
65,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER
SHARE FROM CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS
(LOSS) PER SHARE FROM CONTINUING OPERATIONS
|
|
$
0.53
|
|
$
(0.36)
|
|
|
$
2.48
|
|
$
1.88
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
0.06
|
|
0.10
|
|
|
0.20
|
|
0.27
|
IMPAIRMENT OF OUR
INVESTMENT IN ORANGE ELECTRONICS CO.,LTD
|
|
0.07
|
|
0.08
|
|
|
0.07
|
|
0.08
|
IMPACT OF TAX CUTS
AND JOBS ACT
|
|
-
|
|
0.76
|
|
|
-
|
|
0.75
|
CERTAIN TAX CREDITS
AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
|
-
|
|
-
|
|
|
(0.01)
|
|
(0.02)
|
GAIN FROM SALE OF
BUILDINGS
|
|
(0.17)
|
|
(0.01)
|
|
|
(0.18)
|
|
(0.04)
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
0.03
|
|
(0.03)
|
|
|
(0.01)
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP DILUTED
EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
|
$
0.52
|
|
$
0.54
|
|
|
$
2.55
|
|
$
2.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
18,433
|
|
$
15,904
|
|
|
$
81,268
|
|
$
97,521
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,437
|
|
2,259
|
|
|
4,510
|
|
6,173
|
OTHER INCOME,
NET
|
|
(3,999)
|
|
(329)
|
|
|
(4,327)
|
|
(1,275)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
15,871
|
|
$
17,834
|
|
|
$
81,451
|
|
$
102,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT BELIEVES
THAT EARNINGS FROM CONTINUING OPERATIONS, DILUTED EARNINGS PER
SHARE FROM CONTINUING OPERATIONS, AND OPERATING
INCOME,
|
|
|
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
31,
|
|
|
|
December
31,
|
|
|
2018
|
|
|
|
2017
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CASH
|
|
$
11,138
|
|
|
|
$
17,323
|
|
|
|
|
|
|
|
ACCOUNTS RECEIVABLE,
GROSS
|
|
163,222
|
|
|
|
145,024
|
ALLOWANCE FOR
DOUBTFUL ACCOUNTS
|
|
5,687
|
|
|
|
4,967
|
ACCOUNTS RECEIVABLE,
NET
|
|
157,535
|
|
|
|
140,057
|
|
|
|
|
|
|
|
INVENTORIES
|
|
349,811
|
|
|
|
326,411
|
UNRETURNED CUSTOMER
INVENTORY
|
|
20,484
|
|
|
|
-
|
OTHER CURRENT
ASSETS
|
|
7,256
|
|
|
|
12,300
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
546,224
|
|
|
|
496,091
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
|
90,754
|
|
|
|
89,103
|
GOODWILL
|
|
67,321
|
|
|
|
67,413
|
OTHER INTANGIBLES,
NET
|
|
48,411
|
|
|
|
56,261
|
DEFERRED INCOME
TAXES
|
|
42,334
|
|
|
|
32,420
|
INVESTMENT IN
UNCONSOLIDATED AFFILIATES
|
|
32,469
|
|
|
|
31,184
|
OTHER
ASSETS
|
|
15,619
|
|
|
|
15,095
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
843,132
|
|
|
|
$
787,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES
PAYABLE
|
|
$
43,689
|
|
|
|
$
57,000
|
CURRENT PORTION OF
OTHER DEBT
|
|
5,377
|
|
|
|
4,699
|
ACCOUNTS
PAYABLE
|
|
94,357
|
|
|
|
77,990
|
ACCRUED CUSTOMER
RETURNS
|
|
57,433
|
|
|
|
35,916
|
ACCRUED CORE
LIABILITY
|
|
31,263
|
|
|
|
11,899
|
OTHER CURRENT
LIABILITIES
|
|
80,467
|
|
|
|
98,393
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
312,586
|
|
|
|
285,897
|
|
|
|
|
|
|
|
OTHER LONG-TERM
DEBT
|
|
153
|
|
|
|
79
|
ACCRUED ASBESTOS
LIABILITIES
|
|
45,117
|
|
|
|
33,376
|
OTHER
LIABILITIES
|
|
18,075
|
|
|
|
14,561
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
375,931
|
|
|
|
333,913
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
467,201
|
|
|
|
453,654
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
843,132
|
|
|
|
$
787,567
|
STANDARD MOTOR
PRODUCTS, INC.
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS
ENDED
|
|
|
December
31,
|
|
|
2018
|
|
|
2017
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
NET
EARNINGS
|
$
43,003
|
|
|
$
37,976
|
|
ADJUSTMENTS TO
RECONCILE NET EARNINGS TO NET CASH
|
|
|
|
|
|
PROVIDED BY OPERATING
ACTIVITIES:
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
24,104
|
|
|
23,916
|
|
DEFERRED INCOME
TAXES
|
(10,046)
|
|
|
19,059
|
|
LOSS FROM
DISCONTINUED OPERATIONS, NET OF TAXES
|
13,851
|
|
|
5,654
|
|
OTHER
|
11,771
|
|
|
13,823
|
|
CHANGE IN ASSETS AND
LIABILITIES:
|
|
|
|
|
|
ACCOUNTS
RECEIVABLE
|
(13,699)
|
|
|
(5,100)
|
|
INVENTORY
|
(30,199)
|
|
|
(13,901)
|
|
ACCOUNTS
PAYABLE
|
16,894
|
|
|
(7,186)
|
|
PREPAID EXPENSES AND
OTHER CURRENT ASSETS
|
4,926
|
|
|
(4,869)
|
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
8,407
|
|
|
(6,015)
|
|
OTHER
|
1,246
|
|
|
1,260
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
70,258
|
|
|
64,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITIONS OF AND
INVESTMENTS IN BUSINESSES
|
(9,852)
|
|
|
(6,808)
|
|
CAPITAL
EXPENDITURES
|
(20,141)
|
|
|
(24,442)
|
|
OTHER INVESTING
ACTIVITIES
|
107
|
|
|
22
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(29,886)
|
|
|
(31,228)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN
DEBT
|
(12,196)
|
|
|
6,253
|
|
PURCHASE OF TREASURY
STOCK
|
(14,886)
|
|
|
(24,376)
|
|
DIVIDENDS
PAID
|
(18,854)
|
|
|
(17,287)
|
|
OTHER FINANCING
ACTIVITIES
|
(185)
|
|
|
(534)
|
|
NET CASH USED IN
FINANCING ACTIVITIES
|
(46,121)
|
|
|
(35,944)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH
|
(436)
|
|
|
82
|
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
(6,185)
|
|
|
(2,473)
|
|
CASH AND CASH
EQUIVALENTS at beginning of year
|
17,323
|
|
|
19,796
|
|
CASH AND CASH
EQUIVALENTS at end of year
|
$
11,138
|
|
|
$
17,323
|
View original
content:http://www.prnewswire.com/news-releases/standard-motor-products-inc-announces-fourth-quarter-and-2018-year-end-results-300795508.html
SOURCE Standard Motor Products, Inc.