STANDARD MOTOR PRODUCTS, INC.
|
||||||||||||||||
Consolidated Statements of Operations
|
||||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||
THREE MONTHS ENDED
JUNE 30,
|
SIX MONTHS ENDED
JUNE 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
353,075
|
$
|
359,412
|
$
|
681,103
|
$
|
682,243
|
||||||||
COST OF SALES
|
251,806
|
263,061
|
488,567
|
496,052
|
||||||||||||
GROSS PROFIT
|
101,269
|
96,351
|
192,536
|
186,191
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
73,843
|
68,468
|
143,476
|
131,352
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
294
|
3
|
1,206
|
44
|
||||||||||||
OTHER INCOME, NET
|
46
|
13
|
70
|
13
|
||||||||||||
OPERATING INCOME
|
27,178
|
27,893
|
47,924
|
54,808
|
||||||||||||
OTHER NON-OPERATING INCOME, NET
|
802
|
1,927
|
1,027
|
3,376
|
||||||||||||
INTEREST EXPENSE
|
3,283
|
1,821
|
7,145
|
2,626
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
24,697
|
27,999
|
41,806
|
55,558
|
||||||||||||
PROVISION FOR INCOME TAXES
|
6,289
|
7,122
|
10,661
|
14,127
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
18,408
|
20,877
|
31,145
|
41,431
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(9,221
|
)
|
(1,666
|
)
|
(10,001
|
)
|
(2,782
|
)
|
||||||||
NET EARNINGS
|
9,187
|
19,211
|
21,144
|
38,649
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
50
|
85
|
89
|
77
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP (a)
|
$
|
9,137
|
$
|
19,126
|
$
|
21,055
|
$
|
38,572
|
||||||||
NET EARNINGS ATTRIBUTABLE TO SMP
|
||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
$
|
18,358
|
$
|
20,792
|
$
|
31,056
|
$
|
41,354
|
||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(9,221
|
)
|
(1,666
|
)
|
(10,001
|
)
|
(2,782
|
)
|
||||||||
TOTAL
|
$
|
9,137
|
$
|
19,126
|
$
|
21,055
|
$
|
38,572
|
||||||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.85
|
$
|
0.96
|
$
|
1.43
|
$
|
1.89
|
||||||||
DISCONTINUED OPERATION
|
(0.43
|
)
|
(0.08
|
)
|
(0.46
|
)
|
(0.13
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.42
|
$
|
0.88
|
$
|
0.97
|
$
|
1.76
|
||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.83
|
$
|
0.93
|
$
|
1.40
|
$
|
1.85
|
||||||||
DISCONTINUED OPERATION
|
(0.42
|
)
|
(0.07
|
)
|
(0.45
|
)
|
(0.13
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.41
|
$
|
0.86
|
$
|
0.95
|
$
|
1.72
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
21,689,067
|
21,757,998
|
21,649,562
|
21,867,644
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,183,489
|
22,255,642
|
22,139,708
|
22,372,702
|
(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,
|
|||||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||||||||||
(Unaudited)
|
|
(Unaudited)
|
|
|||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||
Engine Management (Ignition, Emissions and
|
||||||||||||||||||||||||
Fuel Delivery)
|
$
|
113,589
|
$
|
111,581
|
$
|
229,672
|
$
|
220,730
|
||||||||||||||||
Electrical and Safety
|
52,867
|
57,054
|
104,671
|
109,311
|
||||||||||||||||||||
Wire sets and other
|
17,333
|
17,136
|
34,023
|
32,994
|
||||||||||||||||||||
Vehicle Control
|
183,789
|
185,771
|
368,366
|
363,035
|
||||||||||||||||||||
AC System Components
|
74,449
|
81,608
|
120,201
|
128,982
|
||||||||||||||||||||
Other Thermal Components
|
22,625
|
24,029
|
49,279
|
49,713
|
||||||||||||||||||||
Temperature Control
|
97,074
|
105,637
|
169,480
|
178,695
|
||||||||||||||||||||
Commercial Vehicle
|
26,742
|
19,503
|
46,599
|
40,954
|
||||||||||||||||||||
Construction / Agriculture
|
8,103
|
11,222
|
20,898
|
22,206
|
||||||||||||||||||||
Light Vehicle
|
23,548
|
23,039
|
46,514
|
49,114
|
||||||||||||||||||||
All Other
|
13,819
|
14,240
|
29,246
|
28,239
|
||||||||||||||||||||
Engineered Solutions
|
72,212
|
68,004
|
143,257
|
140,513
|
||||||||||||||||||||
Revenues
|
$
|
353,075
|
$
|
359,412
|
$
|
681,103
|
$
|
682,243
|
||||||||||||||||
Gross Margin
|
||||||||||||||||||||||||
Vehicle Control
|
$
|
60,109
|
32.7%
|
|
$
|
53,728
|
28.9%
|
|
$
|
118,581
|
32.2%
|
|
$
|
109,152
|
30.1%
|
|
||||||||
Temperature Control
|
26,512
|
27.3%
|
|
29,315
|
27.8%
|
|
45,667
|
26.9%
|
|
48,803
|
27.3%
|
|
||||||||||||
Engineered Solutions
|
14,648
|
20.3%
|
|
13,308
|
19.6%
|
|
28,288
|
19.7%
|
|
28,236
|
20.1%
|
|
||||||||||||
All Other
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Gross Margin
|
$
|
101,269
|
28.7%
|
|
$
|
96,351
|
26.8%
|
|
$
|
192,536
|
28.3%
|
|
$
|
186,191
|
27.3%
|
|
||||||||
Selling, General & Administrative
|
||||||||||||||||||||||||
Vehicle Control
|
$
|
40,720
|
22.2%
|
|
$
|
37,679
|
20.3%
|
|
$
|
81,556
|
22.1%
|
|
$
|
72,718
|
20.0%
|
|
||||||||
Temperature Control
|
20,584
|
21.2%
|
|
18,792
|
17.8%
|
|
37,112
|
21.9%
|
|
34,118
|
19.1%
|
|
||||||||||||
Engineered Solutions
|
8,481
|
11.7%
|
|
8,199
|
12.1%
|
|
16,390
|
11.4%
|
|
16,839
|
12.0%
|
|
||||||||||||
All Other
|
4,058
|
3,798
|
8,418
|
7,677
|
||||||||||||||||||||
Selling, General & Administrative
|
$
|
73,843
|
20.9%
|
|
$
|
68,468
|
19.1%
|
|
$
|
143,476
|
21.1%
|
|
$
|
131,352
|
19.3%
|
|
||||||||
Operating Income
|
||||||||||||||||||||||||
Vehicle Control
|
$
|
19,389
|
10.5%
|
|
$
|
16,049
|
8.6%
|
|
$
|
37,025
|
10.1%
|
|
$
|
36,434
|
10.0%
|
|
||||||||
Temperature Control
|
5,928
|
6.1%
|
|
10,523
|
10.0%
|
|
8,555
|
5.0%
|
|
14,685
|
8.2%
|
|
||||||||||||
Engineered Solutions
|
6,167
|
8.5%
|
|
5,109
|
7.5%
|
|
11,898
|
8.3%
|
|
11,397
|
8.1%
|
|
||||||||||||
All Other
|
(4,058)
|
(3,798)
|
(8,418)
|
(7,677)
|
||||||||||||||||||||
Subtotal
|
$
|
27,426
|
7.8%
|
|
$
|
27,883
|
7.8%
|
|
$
|
49,060
|
7.2%
|
|
$
|
54,839
|
8.0%
|
|
||||||||
Restructuring & Integration
|
(294)
|
-0.1%
|
|
(3)
|
0.0%
|
|
(1,206)
|
-0.2%
|
|
(44)
|
0.0%
|
|
||||||||||||
Other Income, Net
|
46
|
0.0%
|
|
13
|
0.0%
|
|
70
|
0.0%
|
|
13
|
0.0%
|
|
||||||||||||
Operating Income
|
$
|
27,178
|
7.7%
|
|
$
|
27,893
|
7.8%
|
|
$
|
47,924
|
7.0%
|
|
$
|
54,808
|
8.0%
|
|
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,
|
|||||||||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
18,358
|
$
|
20,792
|
$
|
31,056
|
$
|
41,354
|
||||||||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
294
|
3
|
1,206
|
44
|
||||||||||||||||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(77
|
)
|
-
|
(314
|
)
|
(11
|
)
|
|||||||||||||||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
18,575
|
$
|
20,795
|
$
|
31,948
|
$
|
41,387
|
||||||||||||||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
ATTRIBUTABLE TO SMP
|
||||||||||||||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.83
|
$
|
0.93
|
$
|
1.40
|
$
|
1.85
|
||||||||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
0.01
|
-
|
0.05
|
-
|
||||||||||||||||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
-
|
-
|
(0.01
|
)
|
-
|
|||||||||||||||||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.84
|
$
|
0.93
|
$
|
1.44
|
$
|
1.85
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
27,178
|
$
|
27,893
|
$
|
47,924
|
$
|
54,808
|
||||||||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
294
|
3
|
1,206
|
44
|
||||||||||||||||||||||||
OTHER INCOME, NET
|
(46
|
)
|
(13
|
)
|
(70
|
)
|
(13
|
)
|
LAST TWELVE MONTHS ENDED
|
YEAR ENDED
|
||||||||||||||||||
JUNE 30,
|
DECEMBER 31,
|
|||||||||||||||||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
27,426
|
$
|
27,883
|
$
|
49,060
|
$
|
54,839
|
2023
|
2022
|
2022
|
|||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
24,697
|
$
|
27,999
|
$
|
41,806
|
$
|
55,558
|
$
|
84,580
|
$
|
119,011
|
$
|
98,332
|
||||||||||||||
DEPRECIATION AND AMORTIZATION
|
7,047
|
6,941
|
14,129
|
13,893
|
28,534
|
28,036
|
28,298
|
|||||||||||||||||||||
INTEREST EXPENSE
|
3,283
|
1,821
|
7,145
|
2,626
|
15,136
|
3,950
|
10,617
|
|||||||||||||||||||||
EBITDA
|
35,027
|
36,761
|
63,080
|
72,077
|
128,250
|
150,997
|
137,247
|
|||||||||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
294
|
3
|
1,206
|
44
|
3,053
|
436
|
1,891
|
|||||||||||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
-
|
-
|
-
|
-
|
7,002
|
-
|
7,002
|
|||||||||||||||||||||
ONE-TIME ACQUISITION COSTS
|
-
|
-
|
-
|
-
|
-
|
956
|
-
|
|||||||||||||||||||||
SPECIAL ITEMS
|
294
|
3
|
1,206
|
44
|
10,055
|
1,392
|
8,893
|
|||||||||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
35,321
|
$
|
36,764
|
$
|
64,286
|
$
|
72,121
|
$
|
138,305
|
$
|
152,389
|
$
|
146,140
|
(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
|
%
|
||||||||||||
(In thousands)
|
THREE MONTHS ENDED JUNE 30, 2022
|
|||||||||||||||||||
Vehicle Control
|
Temperature
Control
|
Engineered
Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
16,059
|
$
|
10,523
|
$
|
5,109
|
$
|
(3,798
|
)
|
$
|
27,893
|
|||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
3
|
-
|
-
|
-
|
3
|
|||||||||||||||
OTHER INCOME, NET
|
(13
|
)
|
-
|
-
|
-
|
(13
|
)
|
|||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
16,049
|
$
|
10,523
|
$
|
5,109
|
$
|
(3,798
|
)
|
$
|
27,883
|
|||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
14,928
|
$
|
12,064
|
$
|
4,950
|
$
|
(3,943
|
)
|
$
|
27,999
|
|||||||||
DEPRECIATION AND AMORTIZATION
|
3,491
|
742
|
2,295
|
413
|
6,941
|
|||||||||||||||
INTEREST EXPENSE
|
1,353
|
406
|
139
|
(77
|
)
|
1,821
|
||||||||||||||
EBITDA
|
19,772
|
13,212
|
7,384
|
(3,607
|
)
|
36,761
|
||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
3
|
-
|
-
|
-
|
3
|
|||||||||||||||
SPECIAL ITEMS
|
3
|
-
|
-
|
-
|
3
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
19,775
|
$
|
13,212
|
$
|
7,384
|
$
|
(3,607
|
)
|
$
|
36,764
|
|||||||||
% of Net Sales
|
10.6
|
%
|
12.5
|
%
|
10.9
|
%
|
10.2
|
%
|
(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
|
%
|
||||||||||||
(In thousands)
|
SIX MONTHS ENDED JUNE 30, 2022
|
|||||||||||||||||||
Vehicle Control
|
Temperature
Control
|
Engineered
Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
36,403
|
$
|
14,685
|
$
|
11,397
|
$
|
(7,677
|
)
|
$
|
54,808
|
|||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
44
|
-
|
-
|
-
|
44
|
|||||||||||||||
OTHER INCOME, NET
|
(13
|
)
|
-
|
-
|
-
|
(13
|
)
|
|||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
36,434
|
$
|
14,685
|
$
|
11,397
|
$
|
(7,677
|
)
|
$
|
54,839
|
|||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
35,294
|
$
|
16,544
|
$
|
11,528
|
$
|
(7,808
|
)
|
$
|
55,558
|
|||||||||
DEPRECIATION AND AMORTIZATION
|
6,908
|
1,422
|
4,753
|
810
|
13,893
|
|||||||||||||||
INTEREST EXPENSE
|
1,928
|
566
|
285
|
(153
|
)
|
2,626
|
||||||||||||||
EBITDA
|
44,130
|
18,532
|
16,566
|
(7,151
|
)
|
72,077
|
||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
44
|
-
|
-
|
-
|
44
|
|||||||||||||||
SPECIAL ITEMS
|
44
|
-
|
-
|
-
|
44
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
44,174
|
$
|
18,532
|
$
|
16,566
|
$
|
(7,151
|
)
|
$
|
72,121
|
|||||||||
% of Net Sales
|
12.2
|
%
|
10.4
|
%
|
11.8
|
%
|
10.6
|
%
|
STANDARD MOTOR PRODUCTS, INC.
|
||||||||||||
Condensed Consolidated Balance Sheets
|
||||||||||||
(In thousands)
|
||||||||||||
JUNE
2023
|
JUNE
2022
|
DECEMBER
2022
|
||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||
ASSETS
|
||||||||||||
CASH
|
$
|
23,019
|
$
|
14,186
|
$
|
21,150
|
||||||
ACCOUNTS RECEIVABLE, GROSS
|
223,862
|
235,669
|
173,013
|
|||||||||
ALLOWANCE FOR EXPECTED CREDIT LOSSES
|
5,757
|
6,012
|
5,375
|
|||||||||
ACCOUNTS RECEIVABLE, NET
|
218,105
|
229,657
|
167,638
|
|||||||||
INVENTORIES
|
499,134
|
551,415
|
528,715
|
|||||||||
UNRETURNED CUSTOMER INVENTORY
|
19,722
|
21,405
|
19,695
|
|||||||||
OTHER CURRENT ASSETS
|
27,903
|
26,198
|
25,241
|
|||||||||
TOTAL CURRENT ASSETS
|
787,883
|
842,861
|
762,439
|
|||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
107,590
|
104,931
|
107,148
|
|||||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
73,093
|
39,827
|
49,838
|
|||||||||
GOODWILL
|
132,391
|
131,125
|
132,087
|
|||||||||
OTHER INTANGIBLES, NET
|
96,291
|
101,649
|
100,504
|
|||||||||
DEFERRED INCOME TAXES
|
33,905
|
34,086
|
33,658
|
|||||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
41,557
|
44,885
|
41,745
|
|||||||||
OTHER ASSETS
|
29,435
|
27,188
|
27,510
|
|||||||||
TOTAL ASSETS
|
$
|
1,302,145
|
$
|
1,326,552
|
$
|
1,254,929
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||
CURRENT PORTION OF REVOLVING CREDIT FACILITY
|
$
|
53,700
|
$
|
56,000
|
$
|
50,000
|
||||||
CURRENT PORTION OF TERM LOAN AND OTHER DEBT
|
5,028
|
7,954
|
5,031
|
|||||||||
ACCOUNTS PAYABLE
|
94,657
|
140,082
|
89,247
|
|||||||||
ACCRUED CUSTOMER RETURNS
|
43,664
|
55,725
|
37,169
|
|||||||||
ACCRUED CORE LIABILITY
|
20,187
|
23,117
|
22,952
|
|||||||||
ACCRUED REBATES
|
43,781
|
41,647
|
37,381
|
|||||||||
PAYROLL AND COMMISSIONS
|
28,346
|
35,985
|
31,361
|
|||||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
59,126
|
49,710
|
49,990
|
|||||||||
TOTAL CURRENT LIABILITIES
|
348,489
|
410,220
|
323,131
|
|||||||||
LONG-TERM DEBT
|
164,488
|
203,500
|
184,589
|
|||||||||
NONCURRENT OPERATING LEASE LIABILITY
|
64,271
|
30,039
|
40,709
|
|||||||||
ACCRUED ASBESTOS LIABILITIES
|
59,565
|
48,025
|
63,305
|
|||||||||
OTHER LIABILITIES
|
24,917
|
22,119
|
22,157
|
|||||||||
TOTAL LIABILITIES
|
661,730
|
713,903
|
633,891
|
|||||||||
TOTAL SMP STOCKHOLDERS' EQUITY
|
629,673
|
601,586
|
610,020
|
|||||||||
NONCONTROLLING INTEREST
|
10,742
|
11,063
|
11,018
|
|||||||||
TOTAL STOCKHOLDERS' EQUITY
|
640,415
|
612,649
|
621,038
|
|||||||||
|
||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,302,145
|
$
|
1,326,552
|
$
|
1,254,929
|
(In thousands)
|
||||||||
SIX MONTHS ENDED
|
||||||||
JUNE 30,
|
||||||||
2023
|
2022
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
21,144
|
$
|
38,649
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
14,129
|
13,893
|
||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES
|
10,001
|
2,782
|
||||||
OTHER
|
5,835
|
8,049
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(48,271
|
)
|
(49,659
|
)
|
||||
INVENTORY
|
30,924
|
(87,744
|
)
|
|||||
ACCOUNTS PAYABLE
|
4,323
|
1,591
|
||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
(468
|
)
|
(7,102
|
)
|
||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
2,776
|
(5,020
|
)
|
|||||
OTHER
|
(1,023
|
)
|
(10,772
|
)
|
||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
39,370
|
(95,333
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
CAPITAL EXPENDITURES
|
(9,507
|
)
|
(13,203
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
66
|
-
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(9,441
|
)
|
(13,203
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
(16,547
|
)
|
139,319
|
|||||
PURCHASE OF TREASURY STOCK
|
-
|
(25,605
|
)
|
|||||
DIVIDENDS PAID
|
(12,544
|
)
|
(11,822
|
)
|
||||
PAYMENTS OF DEBT ISSUANCE COSTS
|
-
|
(2,128
|
)
|
|||||
OTHER FINANCING ACTIVITIES
|
3
|
1,903
|
||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(29,088
|
)
|
101,667
|
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
1,028
|
(700
|
)
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
1,869
|
(7,569
|
)
|
|||||
CASH AND CASH EQUIVALENTS at beginning of period
|
21,150
|
21,755
|
||||||
CASH AND CASH EQUIVALENTS at end of period
|
$
|
23,019
|
$
|
14,186
|