For Immediate Release
|
For more information, contact:
|
Nathan R. Iles
|
|
Standard Motor Products, Inc.
|
|
(718) 392-0200
|
(In thousands, except per share amounts)
|
||||||||||||||||
THREE MONTHS ENDED
DECEMBER 31,
|
TWELVE MONTHS ENDED
DECEMBER 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
282,738
|
$
|
241,252
|
$
|
1,128,588
|
$
|
1,137,913
|
||||||||
COST OF SALES
|
188,584
|
168,408
|
791,933
|
806,113
|
||||||||||||
GROSS PROFIT
|
94,154
|
72,844
|
336,655
|
331,800
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
60,972
|
54,232
|
224,670
|
234,715
|
||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
2,600
|
-
|
2,600
|
-
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
1,116
|
464
|
2,585
|
||||||||||||
OTHER INCOME (EXPENSE), NET
|
5
|
10
|
(26
|
)
|
(5
|
)
|
||||||||||
OPERATING INCOME
|
30,587
|
17,506
|
108,895
|
94,495
|
||||||||||||
OTHER NON-OPERATING INCOME, NET
|
220
|
305
|
812
|
2,587
|
||||||||||||
INTEREST EXPENSE
|
221
|
967
|
2,328
|
5,286
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
30,586
|
16,844
|
107,379
|
91,796
|
||||||||||||
PROVISION FOR INCOME TAXES
|
7,844
|
4,106
|
26,962
|
22,745
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
22,742
|
12,738
|
80,417
|
69,051
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(13,568
|
)
|
(1,220
|
)
|
(23,024
|
)
|
(11,134
|
)
|
||||||||
NET EARNINGS
|
$
|
9,174
|
$
|
11,518
|
$
|
57,393
|
$
|
57,917
|
||||||||
NET EARNINGS PER COMMON SHARE:
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.02
|
$
|
0.57
|
$
|
3.59
|
$
|
3.09
|
||||||||
DISCONTINUED OPERATION
|
(0.61
|
)
|
(0.06
|
)
|
(1.02
|
)
|
(0.50
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.41
|
$
|
0.51
|
$
|
2.57
|
$
|
2.59
|
||||||||
|
||||||||||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.00
|
$
|
0.56
|
$
|
3.52
|
$
|
3.03
|
||||||||
DISCONTINUED OPERATION
|
(0.60
|
)
|
(0.06
|
)
|
(1.01
|
)
|
(0.49
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.40
|
$
|
0.50
|
$
|
2.51
|
$
|
2.54
|
||||||||
|
||||||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
22,379,056
|
22,434,134
|
22,374,123
|
22,378,414
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,855,523
|
22,882,235
|
22,825,885
|
22,818,451
|
(In thousands)
|
||||||||||||||||||||||||||||
THREE MONTHS ENDED
DECEMBER 31,
|
TWELVE MONTHS ENDED
DECEMBER 31,
|
|||||||||||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||
Ignition, Emission Control, Fuel & Safety Related System Products
|
$
|
193,518
|
$
|
167,276
|
$
|
691,722
|
$
|
705,994
|
||||||||||||||||||||
Wire and Cable
|
38,342
|
34,681
|
143,963
|
143,167
|
||||||||||||||||||||||||
Engine Management
|
231,860
|
201,957
|
835,685
|
849,161
|
||||||||||||||||||||||||
Compressors
|
22,060
|
15,405
|
163,071
|
160,485
|
||||||||||||||||||||||||
Other Climate Control Parts
|
25,667
|
21,319
|
118,883
|
117,870
|
||||||||||||||||||||||||
Temperature Control
|
47,727
|
36,724
|
281,954
|
278,355
|
||||||||||||||||||||||||
All Other
|
3,151
|
2,571
|
10,949
|
10,397
|
||||||||||||||||||||||||
Revenues
|
$
|
282,738
|
$
|
241,252
|
$
|
1,128,588
|
$
|
1,137,913
|
||||||||||||||||||||
Gross Margin
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
76,451
|
33.0% |
|
$
|
61,823
|
30.6% |
|
$
|
251,747
|
30.1% |
|
$
|
251,560
|
29.6%
|
|
||||||||||||
Temperature Control
|
14,333
|
30.0% |
|
8,349
|
22.7% |
|
75,161
|
26.7%
|
|
70,064
|
25.2%
|
|
||||||||||||||||
All Other
|
3,370
|
2,672
|
9,747
|
10,176
|
||||||||||||||||||||||||
Gross Margin
|
$
|
94,154
|
33.3% |
|
$
|
72,844
|
30.2% |
|
$
|
336,655
|
29.8%
|
|
$
|
331,800
|
29.2%
|
|
||||||||||||
Selling, General & Administrative
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
37,203
|
16.0%
|
|
$
|
34,439
|
17.1% |
|
$
|
137,440
|
16.4%
|
|
$
|
145,162
|
17.1%
|
|
||||||||||||
Temperature Control
|
13,297
|
27.9% |
|
11,364
|
30.9% |
|
53,865
|
19.1%
|
|
56,397
|
20.3%
|
|
||||||||||||||||
All Other
|
10,472
|
8,429
|
33,365
|
33,156
|
||||||||||||||||||||||||
Selling, General & Administrative
|
$
|
60,972
|
21.6% |
|
$
|
54,232
|
22.5% |
|
$
|
224,670
|
19.9%
|
|
$
|
234,715
|
20.6%
|
|
||||||||||||
Operating Income
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
39,248
|
16.9% |
|
$
|
27,384
|
13.6% |
|
$
|
114,307
|
13.7%
|
|
$
|
106,398
|
12.5%
|
|
||||||||||||
Temperature Control
|
1,036
|
2.2% |
|
(3,015)
|
|
-8.2% |
|
21,296
|
7.6%
|
|
13,667
|
4.9%
|
|
|||||||||||||||
All Other
|
(7,102)
|
|
(5,757)
|
|
(23,618)
|
|
(22,980)
|
|
||||||||||||||||||||
Subtotal
|
33,182
|
11.7% |
|
18,612
|
7.7% |
|
111,985
|
9.9%
|
|
97,085
|
8.5%
|
|
||||||||||||||||
Intangible Asset Impairment
|
(2,600)
|
|
-0.9% |
|
-
|
0.0% |
|
(2,600)
|
|
-0.2%
|
|
-
|
0.0%
|
|||||||||||||||
Restructuring & Integration
|
-
|
0.0% |
|
(1,116)
|
|
-0.5% |
|
(464)
|
|
0.0%
|
|
(2,585)
|
|
-0.2%
|
|
|||||||||||||
Other Income (Expense), Net
|
5
|
0.0% |
|
10
|
0.0% |
|
(26)
|
|
0.0%
|
|
(5)
|
|
0.0%
|
|
||||||||||||||
Operating Income
|
$
|
30,587
|
10.8% |
|
$
|
17,506
|
7.3% |
|
$
|
108,895
|
9.6%
|
|
$
|
94,495
|
8.3%
|
|
(In thousands, except per share amounts)
|
||||||||||||||||
THREE MONTHS ENDED
DECEMBER 31,
|
TWELVE MONTHS ENDED
DECEMBER 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
22,742
|
$
|
12,738
|
$
|
80,417
|
$
|
69,051
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
1,116
|
464
|
2,585
|
||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
2,600
|
-
|
2,600
|
-
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
-
|
-
|
(235)
|
|
(144)
|
|
||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(676)
|
|
(291)
|
|
(797)
|
|
(673)
|
|
||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
24,666
|
$
|
13,563
|
$
|
82,449
|
$
|
70,819
|
||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
1.00
|
$
|
0.56
|
$
|
3.52
|
$
|
3.03
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
0.05
|
0.02
|
0.11
|
||||||||||||
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)
|
|
(0.03)
|
|
||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
1.08
|
$
|
0.59
|
$
|
3.61
|
$
|
3.10
|
||||||||
OPERATING INCOME
|
||||||||||||||||
GAAP OPERATING INCOME
|
$
|
30,587
|
$
|
17,506
|
$
|
108,895
|
$
|
94,495
|
||||||||
INTANGIBLE ASSET IMPAIRMENT
|
2,600
|
-
|
2,600
|
-
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
1,116
|
464
|
2,585
|
||||||||||||
OTHER (INCOME) EXPENSE, NET
|
(5)
|
|
(10)
|
|
26
|
5
|
||||||||||
NON-GAAP OPERATING INCOME
|
$
|
33,182
|
$
|
18,612
|
$
|
111,985
|
$
|
97,085
|
(In thousands)
|
||||||||
DECEMBER 31,
2020
|
DECEMBER 31,
2019
|
|||||||
(Unaudited)
|
||||||||
ASSETS |
||||||||
CASH
|
$
|
19,488
|
$
|
10,372
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
203,861
|
131,852
|
||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
5,822
|
5,212
|
||||||
ACCOUNTS RECEIVABLE, NET
|
198,039
|
126,640
|
||||||
INVENTORIES
|
345,502
|
368,221
|
||||||
UNRETURNED CUSTOMER INVENTORY
|
19,632
|
19,722
|
||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
15,875
|
15,602
|
||||||
TOTAL CURRENT ASSETS
|
598,536
|
540,557
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
89,105
|
89,649
|
||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
29,958
|
36,020
|
||||||
GOODWILL
|
77,837
|
77,802
|
||||||
OTHER INTANGIBLES, NET
|
54,004
|
64,861
|
||||||
DEFERRED INCOME TAXES
|
44,770
|
37,272
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
40,507
|
38,858
|
||||||
OTHER ASSETS
|
21,823
|
18,835
|
||||||
TOTAL ASSETS
|
$
|
956,540
|
$
|
903,854
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
NOTES PAYABLE
|
$
|
10,000
|
$
|
52,460
|
||||
CURRENT PORTION OF OTHER DEBT
|
135
|
4,456
|
||||||
ACCOUNTS PAYABLE
|
100,018
|
92,535
|
||||||
ACCRUED CUSTOMER RETURNS
|
40,982
|
35,240
|
||||||
ACCRUED CORE LIABILITY
|
22,014
|
24,357
|
||||||
ACCRUED REBATES
|
46,437
|
26,072
|
||||||
PAYROLL AND COMMISSIONS
|
35,938
|
26,649
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
47,078
|
38,819
|
||||||
TOTAL CURRENT LIABILITIES
|
302,602
|
300,588
|
||||||
OTHER LONG-TERM DEBT
|
97
|
129
|
||||||
NONCURRENT OPERATING LEASE LIABILITIES
|
22,450
|
28,376
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
55,226
|
49,696
|
||||||
OTHER LIABILITIES
|
25,929
|
20,837
|
||||||
TOTAL LIABILITIES
|
406,304
|
399,626
|
||||||
TOTAL STOCKHOLDERS’ EQUITY
|
550,236
|
504,228
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
956,540
|
$
|
903,854
|
(In thousands)
|
||||||||
TWELVE MONTHS ENDED
DECEMBER 31,
|
||||||||
2020
|
2019
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
57,393
|
$
|
57,917
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
26,323
|
25,809
|
||||||
DEFERRED INCOME TAXES
|
(7,470
|
)
|
5,094
|
|||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES
|
23,024
|
11,134
|
||||||
OTHER
|
18,768
|
11,359
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(71,933
|
)
|
2,789
|
|||||
INVENTORIES
|
17,984
|
(17,901
|
)
|
|||||
ACCOUNTS PAYABLE
|
7,428
|
(1,950
|
)
|
|||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
(370
|
)
|
(8,296
|
)
|
||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
40,651
|
(2,957
|
)
|
|||||
OTHER
|
(13,902
|
)
|
(6,070
|
)
|
||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
97,896
|
76,928
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
-
|
(43,490
|
)
|
|||||
NET PROCEEDS FROM SALE OF FACILITY
|
-
|
4,801
|
||||||
CAPITAL EXPENDITURES
|
(17,820
|
)
|
(16,185
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
21
|
62
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(17,799
|
)
|
(54,812
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
(46,708
|
)
|
7,860
|
|||||
PURCHASE OF TREASURY STOCK
|
(13,482
|
)
|
(10,738
|
)
|
||||
DIVIDENDS PAID
|
(11,218
|
)
|
(20,593
|
)
|
||||
OTHER FINANCING ACTIVITIES
|
(108
|
)
|
93
|
|||||
NET CASH USED IN FINANCING ACTIVITIES
|
(71,516
|
)
|
(23,378
|
)
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
535
|
496
|
||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
9,116
|
(766
|
)
|
|||||
CASH AND CASH EQUIVALENTS at beginning of year
|
10,372
|
11,138
|
||||||
CASH AND CASH EQUIVALENTS at end of year
|
$
|
19,488
|
$
|
10,372
|