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Published: 2022-02-22 09:26:03 ET
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EX-99.1 2 brhc10034316_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


For Immediate Release

For more information, contact:
Anthony (Tony) Cristello
Standard Motor Products, Inc.
(972) 316-8107
tony.cristello@smpcorp.com

Standard Motor Products, Inc. Announces

Fourth Quarter and 2021 Year-End Results

New York, NY, February 22, 2022......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months and twelve months ended December 31, 2021.

Net sales for the fourth quarter of 2021 were $309.9 million, compared to consolidated net sales of $282.7 million during the comparable quarter in 2020. Earnings from continuing operations for the fourth quarter of 2021 were $20.0 million or 89 cents per diluted share, compared to $22.7 million or $1.00 per diluted share in the fourth quarter of 2020. 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 2021 were $20.3 million or 90 cents per diluted share, compared to $24.7 million or $1.08 per diluted share in the fourth quarter of 2020.

Net sales for the twelve months ended December 31, 2021, were $1.30 billion, compared to consolidated net sales of $1.13 billion during the comparable period in 2020. Earnings from continuing operations for the twelve months ended December 31, 2021, were $99.4 million or $4.39 per diluted share, compared to $80.4 million or $3.52 per diluted share in the comparable period of 2020. 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, 2021 and 2020 were $100.7 million or $4.45 per diluted share and $82.4 million or $3.61 per diluted share, respectively.
 
Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “We are extremely pleased with our fourth quarter and full year results. We posted our sixth consecutive quarter of record sales, up nearly 10% over last year’s record-breaking fourth quarter, with full year revenues beating 2020 by 15%.

“Our full-year earnings substantially surpassed 2020, up more than 22%, though our fourth quarter earnings were down slightly from last year as 2020 included many unique, non-recurring benefits related to the Covid-19 pandemic, and thus was an anomaly.

“By division, Engine Management sales were up nearly 6% in the quarter, and up 12% for the full year. Our strong performance was the result of multiple contributing factors, including strong market demand as evidenced by robust customer POS, the phase-in of new business wins, the impact of recent acquisitions, and the partial benefit of price increases implemented in the fourth quarter.
 
“Turning to Temperature Control, 2021 was one of the longest and hottest summers on record, with demand extending well-beyond historical trends. Our sales remained strong throughout the fourth quarter, and were up nearly 24% for the full year.

“Our gross margin percentage within the Engine Management division was lower than historical levels, with two main drivers. First, we have been experiencing elevated inflation across a host of cost inputs, including raw materials, labor and transportation. We began passing these costs through to our customers during the quarter, and thus saw a rebound in our gross margin percentage from the third quarter, with more pricing actions taking effect in early 2022.

“The second component of our reduced gross margin percentage is related to an ongoing mix shift within the division. We have been aggressively pursuing strategic growth in our specialized original equipment business, which, as previously explained, has a different margin profile from our aftermarket business. It has lower gross margins, but also lower SG&A expense, and thus generates comparable operating profit margins.

“Our specialized OE business represented 24% of our Engine Management revenue in the fourth quarter of 2021, compared to 17% the prior year. Much of this growth was the result of the three acquisitions consummated this past year, which contributed $24 million in revenue in the quarter.

“We believe this specialized OE business, which focuses on niche channels such as medium and heavy-duty vehicles, construction and agricultural equipment, power sports, and others, represents a significant growth opportunity. This business is now at an annual run-rate of nearly $300 million with an established global footprint including North America, Europe and Asia. We are in the early stages of our integration, but we see great potential as we look at the breadth and depth of the various product portfolios, customer lists, manufacturing and engineering capabilities, and expanded international reach.
 
“We also continued to return value to our shareholders over the course of the year. Our strong operating results allowed us to repurchase shares of our common stock in the amount of $26.9 million for the year. Additionally, on February 1, 2022 our Board approved an increase in our quarterly dividend from 25 cents per share to 27 cents per share on the common stock outstanding. The dividend will be paid on March 1, 2022 to stockholders of record on February 15, 2022.

“In closing, we are very pleased with our 2021 performance, and the momentum with which we enter 2022. Our core market continues to enjoy tailwinds as the fleet ages and miles driven rebound. Relationships with our customers have never been better, and their POS continues to trend favorably. We consummated three complementary acquisitions, providing critical mass to be a meaningful player in these new markets with significant upside potential. And while we recognize that various challenges continue, including rising inflation, supply chain disruption, and ongoing uncertainty from the pandemic, we believe we are facing these challenges with the strongest team SMP has ever had. All of our SMP employees around the world have contributed to our success, and we cannot thank them enough. We are very excited about the future.”

Finally, Mr. Lawrence I. Sills, Chairman of the Board, stated “Mr. Richard (Dick) Ward announced that he will retire from the Board this coming May, at the conclusion of his term. Dick has been a valuable member of our Board, where he has served since 2004, including as Chairman of our Nominating and Corporate Governance Committee for the past 17 years. He has been a major contributor in all areas, and he will be missed. We wish him a well-deserved retirement.”
 
Conference Call

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Tuesday, February 22, 2022. This call will be web cast and can be accessed on the Investor Relations page of our website at www.smpcorp.com and clicking on the SMP Q4 2021 Earnings Webcast link. Investors may also listen to the call by dialing (800) 895-3361 (domestic) or 785-424-1062 (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 800-934-7612 (domestic) or 402-220-6980 (international). The participant passcode is 94640.

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,
  
   
2021
    
2020
    
2021
    
2020
  
   
(Unaudited)
    
(Unaudited)
  
NET SALES
  
$
309,877
    
$
282,738
    
$
1,298,816
    
$
1,128,588
  
                                 
COST OF SALES
    
221,207
      
188,584
      
921,885
      
791,933
  
                                 
GROSS PROFIT
    
88,670
      
94,154
      
376,931
      
336,655
  
                                 
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
    
64,231
      
60,972
      
247,547
      
224,670
  
INTANGIBLE ASSET IMPAIRMENT
    
-
      
2,600
      
-
      
2,600
  
RESTRUCTURING AND INTEGRATION EXPENSES
    
226
      
-
      
392
      
464
  
OTHER INCOME (EXPENSE), NET
    
(1
)
    
5
      
7
      
(26
)
                                 
OPERATING INCOME
    
24,212
      
30,587
      
128,999
      
108,895
  
                                 
OTHER NON-OPERATING INCOME, NET
    
1,247
      
220
      
3,494
      
812
  
                                 
INTEREST EXPENSE
    
672
      
221
      
2,028
      
2,328
  
                                 
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
    
24,787
      
30,586
      
130,465
      
107,379
  
                                 
PROVISION FOR INCOME TAXES
    
4,729
      
7,844
      
31,044
      
26,962
  
                                 
EARNINGS FROM CONTINUING OPERATIONS
    
20,058
      
22,742
      
99,421
      
80,417
  
                                 
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
    
(1,328
)
    
(13,568
)
    
(8,467
)
    
(23,024
)
                                 
NET EARNINGS
    
18,730
      
9,174
      
90,954
      
57,393
  
                                 
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
    
36
      
-
      
68
      
-
  
                                 
NET EARNINGS ATTRIBUTABLE TO SMP (a)
  
$
18,694
    
$
9,174
    
$
90,886
    
$
57,393
  
                                 
NET EARNINGS ATTRIBUTABLE TO SMP
                                
EARNINGS FROM CONTINUING OPERATIONS
  
$
20,022
    
$
22,742
    
$
99,353
    
$
80,417
  
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
    
(1,328
)
    
(13,568
)
    
(8,467
)
    
(23,024
)
TOTAL
  
$
18,694
    
$
9,174
    
$
90,886
    
$
57,393
  
                                 
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
                                
                                 
 BASIC EARNINGS FROM CONTINUING OPERATIONS
  
$
0.91
    
$
1.02
    
$
4.49
    
$
3.59
  
 DISCONTINUED OPERATION
    
(0.06
)
    
(0.61
)
    
(0.39
)
    
(1.02
)
 NET EARNINGS PER COMMON SHARE - BASIC
  
$
0.85
    
$
0.41
    
$
4.10
    
$
2.57
  
                                 
 DILUTED EARNINGS FROM CONTINUING OPERATIONS
  
$
0.89
    
$
1.00
    
$
4.39
    
$
3.52
  
 DISCONTINUED OPERATION
    
(0.06
)
    
(0.60
)
    
(0.37
)
    
(1.01
)
 NET EARNINGS PER COMMON SHARE - DILUTED
  
$
0.83
    
$
0.40
    
$
4.02
    
$
2.51
  
                                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
    
21,987,480
      
22,379,056
      
22,147,479
      
22,374,123
  
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
    
22,485,032
      
22,855,523
      
22,616,456
      
22,825,885
  


(a)
"SMP" refers to Standard Motor Products, Inc. and subsidiaries.
 
STANDARD MOTOR PRODUCTS, INC.
Segment Revenues and Operating Income

(In thousands)

   
THREE MONTHS ENDED
          
TWELVE MONTHS ENDED
        
   
DECEMBER 31,
          
DECEMBER 31,
        
   
2021
          
2020
          
2021
          
2020
        
   
(Unaudited)
          
(Unaudited)
        
Revenues
                                                
Ignition, Emission Control, Fuel & Safety
                                                
Related System Products
  
$
211,919
          
$
193,518
          
$
786,514
          
$
691,722
        
Wire and Cable
    
33,632
            
38,342
            
151,422
            
143,963
        
Engine Management
    
245,551
            
231,860
            
937,936
            
835,685
        
                                                         
Compressors
  
$
28,666
          
$
22,060
          
$
206,697
          
$
163,071
        
Other Climate Control Parts
    
31,738
            
25,667
            
141,726
            
118,883
        
Temperature Control
    
60,404
            
47,727
            
348,423
            
281,954
        
                                                         
All Other
    
3,922
            
3,151
            
12,457
            
10,949
        
Revenues
  
$
309,877
          
$
282,738
          
$
1,298,816
          
$
1,128,588
        
                                                         
Gross Margin
                                                        
Engine Management
  
$
67,776
    
27.6
%
  
$
76,451
    
33.0
%
  
$
267,285
    
28.5
%
  
$
251,747
    
30.1
%
Temperature Control
    
16,670
    
27.6
%
    
14,333
    
30.0
%
    
95,138
    
27.3
%
    
75,161
    
26.7
%
All Other
    
4,270
            
3,370
            
14,832
            
9,747
        
Subtotal
  
$
88,716
    
28.6
%
  
$
94,154
    
33.3
%
  
$
377,255
    
29.0
%
  
$
336,655
    
29.8
%
One-Time Acquisition Costs
    
(46
)
  
0.0
%
    
-
    
0.0
%
    
(324
)
  
0.0
%
    
-
    
0.0
%
Gross Margin
  
$
88,670
    
28.6
%
  
$
94,154
    
33.3
%
  
$
376,931
    
29.0
%
  
$
336,655
    
29.8
%
                                                         
Selling, General & Administrative
                                                        
Engine Management
  
$
39,485
    
16.1
%
  
$
37,203
    
16.0
%
  
$
149,206
    
15.9
%
  
$
137,440
    
16.4
%
Temperature Control
    
13,192
    
21.8
%
    
13,297
    
27.9
%
    
58,144
    
16.7
%
    
53,865
    
19.1
%
All Other
    
11,495
            
10,472
            
38,810
            
33,365
        
Subtotal
  
$
64,172
    
20.7
%
  
$
60,972
    
21.6
%
  
$
246,160
    
19.0
%
  
$
224,670
    
19.9
%
One-Time Acquisition Costs
    
59
    
0.0
%
    
-
    
0.0
%
    
1,387
    
0.1
%
    
-
    
0.0
%
Selling, General & Administrative
  
$
64,231
    
20.7
%
  
$
60,972
    
21.6
%
  
$
247,547
    
19.1
%
  
$
224,670
    
19.9
%
                                                         
Operating Income
                                                        
Engine Management
  
$
28,291
    
11.5
%
  
$
39,248
    
16.9
%
  
$
118,079
    
12.6
%
  
$
114,307
    
13.7
%
Temperature Control
    
3,478
    
5.8
%
    
1,036
    
2.2
%
    
36,994
    
10.6
%
    
21,296
    
7.6
%
All Other
    
(7,225
)
          
(7,102
)
          
(23,978
)
          
(23,618
)
      
Subtotal
    
24,544
    
7.9
%
    
33,182
    
11.7
%
    
131,095
    
10.1
%
    
111,985
    
9.9
%
One-time Acquisition Costs
    
(105
)
  
0.0
%
    
-
    
0.0
%
    
(1,711
)
  
-0.1
%
    
-
    
0.0
%
Intangible Asset Impairment
    
-
    
0.0
%
    
(2,600
)
  
-0.9
%
    
-
    
0.0
%
    
(2,600
)
  
-0.2
%
Restructuring & Integration
    
(226
)
  
-0.1
%
    
-
    
0.0
%
    
(392
)
  
0.0
%
    
(464
)
  
0.0
%
Other Income (Expense), Net
    
(1
)
  
0.0
%
    
5
    
0.0
%
    
7
    
0.0
%
    
(26
)
  
0.0
%
Operating Income
  
$
24,212
    
7.8
%
  
$
30,587
    
10.8
%
  
$
128,999
    
9.9
%
  
$
108,895
    
9.6
%
 
STANDARD MOTOR PRODUCTS, INC.
Reconciliation of GAAP and Non-GAAP Measures

   
THREE MONTHS ENDED
    
TWELVE MONTHS ENDED
  
(In thousands, except per share amounts)
  
DECEMBER 31,
    
DECEMBER 31,
  
   
2021
    
2020
    
2021
    
2020
  
   
(Unaudited)
    
(Unaudited)
  
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
                        
                         
GAAP EARNINGS FROM CONTINUING OPERATIONS
  
$
20,022
    
$
22,742
    
$
99,353
    
$
80,417
  
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
    
226
      
-
      
392
      
464
  
ONE-TIME ACQUISITION COSTS
    
105
      
-
      
1,711
      
-
  
INTANGIBLE ASSET IMPAIRMENT
    
-
      
2,600
      
-
      
2,600
  
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
    
-
      
-
      
(259
)
    
(235
)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
    
(86
)
    
(676
)
    
(547
)
    
(797
)
                                 
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
  
$
20,267
    
$
24,666
    
$
100,650
    
$
82,449
  
                                 
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
                                
                                 
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
  
$
0.89
    
$
1.00
    
$
4.39
    
$
3.52
  
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
    
0.01
      
-
      
0.02
      
0.02
  
ONE-TIME ACQUISITION COSTS
    
-
      
-
      
0.07
      
-
  
INTANGIBLE ASSET IMPAIRMENT
    
-
      
0.11
      
-
      
0.11
  
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
    
-
      
-
      
(0.01
)
    
(0.01
)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
    
-
      
(0.03
)
    
(0.02
)
    
(0.03
)
                                 
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
  
$
0.90
    
$
1.08
    
$
4.45
    
$
3.61
  
                                 
OPERATING INCOME
                                
                                 
GAAP OPERATING INCOME
  
$
24,212
    
$
30,587
    
$
128,999
    
$
108,895
  
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
    
226
      
-
      
392
      
464
  
ONE-TIME ACQUISITION COSTS
    
105
      
-
      
1,711
      
-
  
INTANGIBLE ASSET IMPAIRMENT
    
-
      
2,600
      
-
      
2,600
  
OTHER (INCOME) EXPENSE, NET
    
1
      
(5
)
    
(7
)
    
26
  
                                 
NON-GAAP OPERATING INCOME
  
$
24,544
    
$
33,182
    
$
131,095
    
$
111,985
  
                                 
EBITDA WITHOUT SPECIAL ITEMS
                                
                                 
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
  
$
24,787
    
$
30,586
    
$
130,465
    
$
107,379
  
                                 
DEPRECIATION AND AMORTIZATION
    
7,083
      
7,010
      
27,243
      
26,323
  
INTEREST EXPENSE
    
672
      
221
      
2,028
      
2,328
  
EBITDA
    
32,542
      
37,817
      
159,736
      
136,030
  
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
    
226
      
-
      
392
      
464
  
ONE-TIME ACQUISITION COSTS
    
105
      
-
      
1,711
      
-
  
INTANGIBLE ASSET IMPAIRMENT
    
-
      
2,600
      
-
      
2,600
  
SPECIAL ITEMS
    
331
      
2,600
      
2,103
      
3,064
  
                                 
EBITDA WITHOUT SPECIAL ITEMS
  
$
32,873
    
$
40,417
    
$
161,839
    
$
139,094
  

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.
Condensed Consolidated Balance Sheets

(In thousands)

   
DECEMBER 31,
    
DECEMBER 31,
  
   
2021
    
2020
  
   
(Unaudited)
        
             
ASSETS
  
             
CASH
  
$
21,755
    
$
19,488
  
                 
ACCOUNTS RECEIVABLE, GROSS
    
186,774
      
203,861
  
ALLOWANCE FOR EXPECTED CREDIT LOSSES
    
6,170
      
5,822
  
ACCOUNTS RECEIVABLE, NET
    
180,604
      
198,039
  
                 
INVENTORIES
    
468,755
      
345,502
  
UNRETURNED CUSTOMER INVENTORY
    
22,268
      
19,632
  
OTHER CURRENT ASSETS
    
17,823
      
15,875
  
                 
TOTAL CURRENT ASSETS
    
711,205
      
598,536
  
                 
PROPERTY, PLANT AND EQUIPMENT, NET
    
102,786
      
89,105
  
OPERATING LEASE RIGHT-OF-USE ASSETS
    
40,469
      
29,958
  
GOODWILL
    
131,652
      
77,837
  
OTHER INTANGIBLES, NET
    
106,234
      
54,004
  
DEFERRED INCOME TAXES
    
36,126
      
44,770
  
INVESTMENT IN UNCONSOLIDATED AFFILIATES
    
44,087
      
40,507
  
OTHER ASSETS
    
25,402
      
21,823
  
                 
TOTAL ASSETS
  
$
1,197,961
    
$
956,540
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
                 
NOTES PAYABLE
  
$
125,298
    
$
10,000
  
CURRENT PORTION OF OTHER DEBT
    
3,117
      
135
  
ACCOUNTS PAYABLE
    
137,167
      
100,018
  
ACCRUED CUSTOMER RETURNS
    
42,412
      
40,982
  
ACCRUED CORE LIABILITY
    
23,663
      
22,014
  
ACCRUED REBATES
    
42,472
      
46,437
  
PAYROLL AND COMMISSIONS
    
45,058
      
35,938
  
SUNDRY PAYABLES AND ACCRUED EXPENSES
    
57,182
      
47,078
  
                 
TOTAL CURRENT LIABILITIES
    
476,369
      
302,602
  
                 
OTHER LONG-TERM DEBT
    
21
      
97
  
NONCURRENT OPERATING LEASE LIABILITIES
    
31,206
      
22,450
  
ACCRUED ASBESTOS LIABILITIES
    
52,698
      
55,226
  
OTHER LIABILITIES
    
25,040
      
25,929
  
                 
TOTAL LIABILITIES
    
585,334
      
406,304
  
                 
TOTAL SMP STOCKHOLDERS' EQUITY
    
601,580
      
550,236
  
NONCONTROLLING INTEREST
    
11,047
      
-
  
TOTAL STOCKHOLDERS' EQUITY
    
612,627
      
550,236
  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
1,197,961
    
$
956,540
  
 
STANDARD MOTOR PRODUCTS, INC.
Condensed Consolidated Statements of Cash Flows

(In thousands)

   
TWELVE MONTHS ENDED
  
   
DECEMBER 31,
  
   
2021
    
2020
  
   
(Unaudited)
  
             
CASH FLOWS FROM OPERATING ACTIVITIES
            
             
NET EARNINGS
  
$
90,954
    
$
57,393
  
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
                
PROVIDED BY OPERATING ACTIVITIES:
                
DEPRECIATION AND AMORTIZATION
    
27,243
      
26,323
  
DEFERRED INCOME TAXES
    
(1,335
)
    
(7,470
)
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES
    
8,467
      
23,024
  
OTHER
    
8,791
      
18,768
  
CHANGE IN ASSETS AND LIABILITIES:
                
ACCOUNTS RECEIVABLE
    
28,464
      
(71,933
)
INVENTORIES
    
(107,609
)
    
17,984
  
ACCOUNTS PAYABLE
    
33,046
      
7,428
  
PREPAID EXPENSES AND OTHER CURRENT ASSETS
    
(843
)
    
(370
)
SUNDRY PAYABLES AND ACCRUED EXPENSES
    
13,430
      
40,651
  
OTHER
    
(15,044
)
    
(13,902
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
    
85,564
      
97,896
  
                 
CASH FLOWS FROM INVESTING ACTIVITIES
                
                 
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
    
(125,419
)
    
-
  
CAPITAL EXPENDITURES
    
(25,875
)
    
(17,820
)
OTHER INVESTING ACTIVITIES
    
45
      
21
  
NET CASH USED IN INVESTING ACTIVITIES
    
(151,249
)
    
(17,799
)
                 
CASH FLOWS FROM FINANCING ACTIVITIES
                
                 
NET CHANGE IN DEBT
    
118,346
      
(46,708
)
PURCHASE OF TREASURY STOCK
    
(26,862
)
    
(13,482
)
DIVIDENDS PAID
    
(22,179
)
    
(11,218
)
DIVIDENDS PAID TO NONCONTROLLING INTEREST
    
(540
)
    
-
  
OTHER FINANCING ACTIVITIES
    
247
      
(108
)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    
69,012
      
(71,516
)
                 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
    
(1,060
)
    
535
  
NET INCREASE IN CASH AND CASH EQUIVALENTS
    
2,267
      
9,116
  
CASH AND CASH EQUIVALENTS at beginning of year
    
19,488
      
10,372
  
CASH AND CASH EQUIVALENTS at end of year
  
$
21,755
    
$
19,488