(In thousands, except per share amounts)
|
||||||||||||||||
THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
|||||||||||||||
DECEMBER 31,
|
DECEMBER 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
290,756
|
$
|
308,199
|
$
|
1,358,272
|
$
|
1,371,815
|
||||||||
COST OF SALES
|
209,226
|
218,635
|
969,446
|
989,276
|
||||||||||||
GROSS PROFIT
|
81,530
|
89,564
|
388,826
|
382,539
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
70,326
|
72,075
|
293,583
|
276,626
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,259
|
1,847
|
2,642
|
1,891
|
||||||||||||
OTHER INCOME, NET
|
2
|
70
|
76
|
113
|
||||||||||||
OPERATING INCOME
|
9,947
|
15,712
|
92,677
|
104,135
|
||||||||||||
OTHER NON-OPERATING INCOME (EXPENSE), NET
|
(433)
|
(75)
|
2,326
|
4,814
|
||||||||||||
INTEREST EXPENSE
|
2,521
|
4,335
|
13,287
|
10,617
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
6,993
|
11,302
|
81,716
|
98,332
|
||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
(288)
|
2,799
|
18,368
|
25,206
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
7,281
|
8,503
|
63,348
|
73,126
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(795)
|
(615)
|
(28,996)
|
(17,691)
|
||||||||||||
NET EARNINGS
|
6,486
|
7,888
|
34,352
|
55,435
|
||||||||||||
NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
52
|
(45)
|
204
|
84
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP (a)
|
$
|
6,434
|
$
|
7,933
|
$
|
34,148
|
$
|
55,351
|
||||||||
NET EARNINGS ATTRIBUTABLE TO SMP
|
||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
$
|
7,229
|
$
|
8,548
|
$
|
63,144
|
$
|
73,042
|
||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(795)
|
(615)
|
(28,996)
|
(17,691)
|
||||||||||||
TOTAL
|
$
|
6,434
|
$
|
7,933
|
$
|
34,148
|
$
|
55,351
|
||||||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.33
|
$
|
0.40
|
$
|
2.91
|
$
|
3.37
|
||||||||
DISCONTINUED OPERATION
|
(0.04)
|
(0.03)
|
(1.34)
|
(0.82)
|
||||||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.29
|
$
|
0.37
|
$
|
1.57
|
$
|
2.55
|
||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.32
|
$
|
0.39
|
$
|
2.85
|
$
|
3.30
|
||||||||
DISCONTINUED OPERATION
|
(0.03)
|
(0.03)
|
(1.31)
|
(0.80)
|
||||||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.29
|
$
|
0.36
|
$
|
1.54
|
$
|
2.50
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
21,836,293
|
21,578,194
|
21,716,177
|
21,683,719
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,310,085
|
22,030,263
|
22,161,341
|
22,139,981
|
(In thousands)
|
|||||||||||||||||||||||
THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
||||||||||||||||||||||
DECEMBER 31,
|
DECEMBER 31,
|
||||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
||||||||||||||||||||||
Revenues
|
|||||||||||||||||||||||
Engine Management (Ignition, Emissions and Fuel Delivery)
|
$
|
107,320
|
$
|
116,091
|
$
|
450,180
|
$
|
454,571
|
|||||||||||||||
Electrical and Safety
|
55,062
|
57,309
|
221,782
|
230,487
|
|||||||||||||||||||
Wire sets and other
|
16,247
|
16,437
|
65,970
|
65,513
|
|||||||||||||||||||
Vehicle Control
|
178,629
|
189,837
|
737,932
|
750,571
|
|||||||||||||||||||
-
|
|||||||||||||||||||||||
AC System Components
|
19,843
|
26,161
|
237,756
|
245,484
|
|||||||||||||||||||
Other Thermal Components
|
24,788
|
28,960
|
99,998
|
105,753
|
|||||||||||||||||||
Temperature Control
|
44,631
|
55,121
|
337,754
|
351,237
|
|||||||||||||||||||
Commercial Vehicle
|
20,218
|
20,022
|
83,025
|
80,275
|
|||||||||||||||||||
Construction / Agriculture
|
8,861
|
9,208
|
43,402
|
42,385
|
|||||||||||||||||||
Light Vehicle
|
21,578
|
21,010
|
92,759
|
91,533
|
|||||||||||||||||||
All Other
|
16,839
|
13,001
|
63,400
|
55,814
|
|||||||||||||||||||
Engineered Solutions
|
67,496
|
63,241
|
282,586
|
270,007
|
|||||||||||||||||||
Revenues
|
$
|
290,756
|
$
|
308,199
|
$
|
1,358,272
|
$
|
1,371,815
|
|||||||||||||||
Gross Margin
|
|||||||||||||||||||||||
Vehicle Control
|
$
|
58,769
|
32.9%
|
$
|
62,765
|
33.1%
|
$
|
238,215
|
32.3%
|
$
|
232,267
|
30.9%
|
|||||||||||
Temperature Control
|
12,375
|
27.7%
|
15,005
|
27.2%
|
95,827
|
28.4%
|
98,913
|
28.2%
|
|||||||||||||||
Engineered Solutions
|
10,386
|
15.4%
|
11,794
|
18.6%
|
54,784
|
19.4%
|
51,359
|
19.0%
|
|||||||||||||||
All Other
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
Gross Margin
|
$
|
81,530
|
28.0%
|
$
|
89,564
|
29.1%
|
$
|
388,826
|
28.6%
|
$
|
382,539
|
27.9%
|
|||||||||||
Selling, General & Administrative
|
|||||||||||||||||||||||
Vehicle Control
|
$
|
41,397
|
23.2%
|
$
|
39,649
|
20.9%
|
$
|
165,705
|
22.5%
|
$
|
151,596
|
20.2%
|
|||||||||||
Temperature Control
|
15,640
|
35.0%
|
14,358
|
26.0%
|
77,376
|
22.9%
|
70,192
|
20.0%
|
|||||||||||||||
Engineered Solutions
|
9,343
|
13.8%
|
7,780
|
12.3%
|
34,565
|
12.2%
|
32,646
|
12.1%
|
|||||||||||||||
All Other
|
3,946
|
3,286
|
15,937
|
15,190
|
|||||||||||||||||||
Subtotal
|
70,326
|
24.2%
|
65,073
|
21.1%
|
293,583
|
21.6%
|
269,624
|
19.7%
|
|||||||||||||||
Customer Bankruptcy Charge
|
-
|
0.0%
|
7,002
|
2.3%
|
-
|
0.0%
|
7,002
|
0.5%
|
|||||||||||||||
Selling, General & Administrative
|
$
|
70,326
|
24.2%
|
$
|
72,075
|
23.4%
|
$
|
293,583
|
21.6%
|
$
|
276,626
|
20.2%
|
|||||||||||
Operating Income
|
|||||||||||||||||||||||
Vehicle Control
|
$
|
17,372
|
9.7%
|
$
|
23,116
|
12.2%
|
$
|
72,510
|
9.8%
|
$
|
80,671
|
10.7%
|
|||||||||||
Temperature Control
|
(3,265)
|
-7.3%
|
647
|
1.2%
|
18,451
|
5.5%
|
28,721
|
8.2%
|
|||||||||||||||
Engineered Solutions
|
1,043
|
1.5%
|
4,014
|
6.3%
|
20,219
|
7.2%
|
18,713
|
6.9%
|
|||||||||||||||
All Other
|
(3,946)
|
(3,286)
|
(15,937)
|
(15,190)
|
|||||||||||||||||||
Subtotal
|
$
|
11,204
|
3.9%
|
$
|
24,491
|
7.9%
|
$
|
95,243
|
7.0%
|
$
|
112,915
|
8.2%
|
|||||||||||
Restructuring & Integration
|
(1,259)
|
-0.4%
|
(1,847)
|
-0.6%
|
(2,642)
|
-0.2%
|
(1,891)
|
-0.1%
|
|||||||||||||||
Customer Bankruptcy Charge
|
-
|
0.0%
|
(7,002)
|
-2.3%
|
-
|
0.0%
|
(7,002)
|
-0.5%
|
|||||||||||||||
Other Income, Net
|
2
|
0.0%
|
70
|
0.0%
|
76
|
0.0%
|
113
|
0.0%
|
|||||||||||||||
Operating Income
|
$
|
9,947
|
3.4%
|
$
|
15,712
|
5.1%
|
$
|
92,677
|
6.8%
|
$
|
104,135
|
7.6%
|
(In thousands, except per share amounts)
|
||||||||||||||||
THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
|||||||||||||||
DECEMBER 31,
|
DECEMBER 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
7,229
|
$
|
8,548
|
$
|
63,144
|
$
|
73,042
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,259
|
1,847
|
2,642
|
1,891
|
||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
-
|
7,002
|
-
|
7,002
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
-
|
-
|
(312)
|
(249)
|
||||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(327)
|
(2,301)
|
(687)
|
(2,312)
|
||||||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
8,161
|
$
|
15,096
|
$
|
64,787
|
$
|
79,374
|
||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.32
|
$
|
0.39
|
$
|
2.85
|
$
|
3.30
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
0.06
|
0.08
|
0.12
|
0.08
|
||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
-
|
0.32
|
-
|
0.32
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
-
|
-
|
(0.01)
|
(0.01)
|
||||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(0.01)
|
(0.10)
|
(0.04)
|
(0.10)
|
||||||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.37
|
$
|
0.69
|
$
|
2.92
|
$
|
3.59
|
||||||||
OPERATING INCOME
|
||||||||||||||||
GAAP OPERATING INCOME
|
$
|
9,947
|
$
|
15,712
|
$
|
92,677
|
$
|
104,135
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,259
|
1,847
|
2,642
|
1,891
|
||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
-
|
7,002
|
-
|
7,002
|
||||||||||||
OTHER INCOME, NET
|
(2)
|
(70)
|
(76)
|
(113)
|
||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
11,204
|
$
|
24,491
|
$
|
95,243
|
$
|
112,915
|
||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
6,993
|
$
|
11,302
|
$
|
81,716
|
$
|
98,332
|
||||||||
DEPRECIATION AND AMORTIZATION
|
7,561
|
7,403
|
29,022
|
28,298
|
||||||||||||
INTEREST EXPENSE
|
2,521
|
4,335
|
13,287
|
10,617
|
||||||||||||
EBITDA
|
17,075
|
23,040
|
124,025
|
137,247
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,259
|
1,847
|
2,642
|
1,891
|
||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
-
|
7,002
|
-
|
7,002
|
||||||||||||
SPECIAL ITEMS
|
1,259
|
8,849
|
2,642
|
8,893
|
||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
18,334
|
$
|
31,889
|
$
|
126,667
|
$
|
146,140
|
(In thousands)
|
THREE MONTHS ENDED DECEMBER 31, 2023
|
|||||||||||||||||||
Vehicle Control
|
Temperature Control
|
Engineered Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
16,608
|
$
|
(3,595)
|
$
|
880
|
$
|
(3,946)
|
$
|
9,947
|
||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
792
|
330
|
137
|
-
|
1,259
|
|||||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
OTHER (INCOME) EXPENSE, NET
|
(28)
|
-
|
26
|
-
|
(2)
|
|||||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
17,372
|
$
|
(3,265)
|
$
|
1,043
|
$
|
(3,946)
|
$
|
11,204
|
||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
14,862
|
$
|
(4,466)
|
$
|
395
|
$
|
(3,798)
|
$
|
6,993
|
||||||||||
DEPRECIATION AND AMORTIZATION
|
3,610
|
985
|
2,549
|
417
|
7,561
|
|||||||||||||||
INTEREST EXPENSE
|
1,737
|
602
|
690
|
(508)
|
2,521
|
|||||||||||||||
EBITDA
|
20,209
|
(2,879)
|
3,634
|
(3,889)
|
17,075
|
|||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
792
|
330
|
137
|
-
|
1,259
|
|||||||||||||||
SPECIAL ITEMS
|
792
|
330
|
137
|
-
|
1,259
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
21,001
|
$
|
(2,549)
|
$
|
3,771
|
$
|
(3,889)
|
$
|
18,334
|
||||||||||
% of Net Sales
|
11.8%
|
-5.7%
|
5.6%
|
|
6.3%
|
|||||||||||||||
(In thousands)
|
THREE MONTHS ENDED DECEMBER 31, 2022
|
|||||||||||||||||||
Vehicle Control
|
Temperature Control
|
Engineered Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
16,599
|
$
|
(1,615)
|
$
|
4,014
|
$
|
(3,286)
|
$
|
15,712
|
||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,452
|
395
|
-
|
-
|
1,847
|
|||||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
5,135
|
1,867
|
-
|
-
|
7,002
|
|||||||||||||||
OTHER INCOME, NET
|
(70)
|
-
|
-
|
-
|
(70)
|
|||||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
23,116
|
$
|
647
|
$
|
4,014
|
$
|
(3,286)
|
$
|
24,491
|
||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
13,400
|
$
|
(2,848)
|
$
|
3,925
|
$
|
(3,175)
|
$
|
11,302
|
||||||||||
DEPRECIATION AND AMORTIZATION
|
3,656
|
890
|
2,380
|
477
|
7,403
|
|||||||||||||||
INTEREST EXPENSE
|
3,140
|
958
|
317
|
(80)
|
4,335
|
|||||||||||||||
EBITDA
|
20,196
|
(1,000)
|
6,622
|
(2,778)
|
23,040
|
|||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,452
|
395
|
-
|
-
|
1,847
|
|||||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
5,135
|
1,867
|
-
|
-
|
7,002
|
|||||||||||||||
SPECIAL ITEMS
|
6,587
|
2,262
|
-
|
-
|
8,849
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
26,783
|
$
|
1,262
|
$
|
6,622
|
$
|
(2,778)
|
$
|
31,889
|
||||||||||
% of Net Sales
|
14.1%
|
2.3%
|
10.5%
|
10.3%
|
(In thousands)
|
TWELVE MONTHS ENDED DECEMBER 31, 2023
|
|||||||||||||||||||
Vehicle Control
|
Temperature Control
|
Engineered Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
71,327
|
$
|
17,343
|
$
|
19,944
|
$
|
(15,937)
|
$
|
92,677
|
||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,276
|
1,108
|
258
|
-
|
2,642
|
|||||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
OTHER (INCOME) EXPENSE, NET
|
(93)
|
-
|
17
|
-
|
(76)
|
|||||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
72,510
|
$
|
18,451
|
$
|
20,219
|
$
|
(15,937)
|
$
|
95,243
|
||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
62,856
|
$
|
14,678
|
$
|
20,006
|
$
|
(15,824)
|
$
|
81,716
|
||||||||||
DEPRECIATION AND AMORTIZATION
|
13,877
|
3,424
|
9,966
|
1,755
|
29,022
|
|||||||||||||||
INTEREST EXPENSE
|
9,345
|
3,279
|
2,306
|
(1,643)
|
13,287
|
|||||||||||||||
EBITDA
|
86,078
|
21,381
|
32,278
|
(15,712)
|
124,025
|
|||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,276
|
1,108
|
258
|
-
|
2,642
|
|||||||||||||||
SPECIAL ITEMS
|
1,276
|
1,108
|
258
|
-
|
2,642
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
87,354
|
$
|
22,489
|
$
|
32,536
|
$
|
(15,712)
|
$
|
126,667
|
||||||||||
% of Net Sales
|
11.8%
|
6.7%
|
11.5%
|
9.3%
|
|
|||||||||||||||
(In thousands)
|
TWELVE MONTHS ENDED DECEMBER 31, 2022
|
|||||||||||||||||||
Vehicle Control
|
Temperature Control
|
Engineered Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
74,153
|
$
|
26,459
|
$
|
18,713
|
$
|
(15,190)
|
|
$
|
104,135
|
|||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,496
|
395
|
-
|
-
|
1,891
|
|||||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
5,135
|
1,867
|
-
|
-
|
7,002
|
|||||||||||||||
OTHER INCOME, NET
|
(113)
|
|
-
|
-
|
-
|
(113)
|
||||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
80,671
|
$
|
28,721
|
$
|
18,713
|
$
|
(15,190)
|
|
$
|
112,915
|
|||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
67,439
|
$
|
26,047
|
$
|
20,103
|
$
|
(15,257)
|
$
|
98,332
|
||||||||||
DEPRECIATION AND AMORTIZATION
|
14,075
|
2,973
|
9,557
|
1,693
|
28,298
|
|||||||||||||||
INTEREST EXPENSE
|
7,816
|
2,312
|
804
|
(315)
|
10,617
|
|||||||||||||||
EBITDA
|
89,330
|
31,332
|
30,464
|
(13,879)
|
|
137,247
|
||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,496
|
395
|
-
|
-
|
1,891
|
|||||||||||||||
CUSTOMER BANKRUPTCY CHARGE
|
5,135
|
1,867
|
-
|
-
|
7,002
|
|||||||||||||||
SPECIAL ITEMS
|
6,631
|
2,262
|
-
|
-
|
8,893
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
95,961
|
$
|
33,594
|
$
|
30,464
|
$
|
(13,879)
|
$
|
146,140
|
||||||||||
% of Net Sales
|
12.8%
|
|
9.6%
|
|
11.3%
|
|
10.7%
|
|
(In thousands)
|
||||||||
DECEMBER
|
DECEMBER
|
|||||||
2023
|
2022
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CASH AND CASH EQUIVALENTS
|
$
|
32,526
|
$
|
21,150
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
168,327
|
173,013
|
||||||
ALLOWANCE FOR EXPECTED CREDIT LOSSES
|
8,045
|
5,375
|
||||||
ACCOUNTS RECEIVABLE, NET
|
160,282
|
167,638
|
||||||
INVENTORIES
|
507,075
|
528,715
|
||||||
UNRETURNED CUSTOMER INVENTORY
|
18,240
|
19,695
|
||||||
OTHER CURRENT ASSETS
|
26,100
|
25,241
|
||||||
TOTAL CURRENT ASSETS
|
744,223
|
762,439
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
121,872
|
107,148
|
||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
100,065
|
49,838
|
||||||
GOODWILL
|
134,729
|
132,087
|
||||||
OTHER INTANGIBLES, NET
|
92,308
|
100,504
|
||||||
DEFERRED INCOME TAXES
|
40,533
|
33,658
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
24,050
|
41,745
|
||||||
OTHER ASSETS
|
35,267
|
27,510
|
||||||
TOTAL ASSETS
|
$
|
1,293,047
|
$
|
1,254,929
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT PORTION OF REVOLVING CREDIT FACILITY
|
$
|
-
|
$
|
50,000
|
||||
CURRENT PORTION OF TERM LOAN AND OTHER DEBT
|
5,029
|
5,031
|
||||||
ACCOUNTS PAYABLE
|
107,455
|
89,247
|
||||||
ACCRUED CUSTOMER RETURNS
|
38,238
|
37,169
|
||||||
ACCRUED CORE LIABILITY
|
18,399
|
22,952
|
||||||
ACCRUED REBATES
|
42,278
|
37,381
|
||||||
PAYROLL AND COMMISSIONS
|
29,561
|
31,361
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
63,303
|
49,990
|
||||||
TOTAL CURRENT LIABILITIES
|
304,263
|
323,131
|
||||||
LONG-TERM DEBT
|
151,182
|
184,589
|
||||||
NONCURRENT OPERATING LEASE LIABILITY
|
88,974
|
40,709
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
72,013
|
63,305
|
||||||
OTHER LIABILITIES
|
25,742
|
22,157
|
||||||
TOTAL LIABILITIES
|
642,174
|
633,891
|
||||||
TOTAL SMP STOCKHOLDERS' EQUITY
|
635,064
|
610,020
|
||||||
NONCONTROLLING INTEREST
|
15,809
|
11,018
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
650,873
|
621,038
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,293,047
|
$
|
1,254,929
|
(In thousands)
|
||||||||
TWELVE MONTHS ENDED
|
||||||||
DECEMBER 31,
|
||||||||
2023
|
2022
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
34,352
|
$
|
55,435
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
29,022
|
28,298
|
||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES
|
28,996
|
17,691
|
||||||
CUSTOMER BANKRUPTCY CHARGE
|
-
|
7,002
|
||||||
OTHER
|
7,718
|
13,064
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
7,965
|
6,916
|
||||||
INVENTORY
|
29,494
|
(67,495)
|
||||||
ACCOUNTS PAYABLE
|
19,645
|
(48,604)
|
||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
(70)
|
(5,509)
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
(4,284)
|
(29,089)
|
||||||
OTHER
|
(8,578)
|
(5,242)
|
||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
144,260
|
(27,533)
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
(3,954)
|
(1,934)
|
||||||
CASH ACQUIRED IN STEP ACQUISITION
|
6,779
|
-
|
||||||
CAPITAL EXPENDITURES
|
(28,633)
|
(25,956)
|
||||||
OTHER INVESTING ACTIVITIES
|
108
|
73
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(25,700)
|
(27,817)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
(83,558)
|
111,307
|
||||||
PURCHASE OF TREASURY STOCK
|
-
|
(29,656)
|
||||||
DIVIDENDS PAID
|
(25,164)
|
(23,428)
|
||||||
DIVIDENDS PAID TO NONCONTROLLING INTEREST
|
(700)
|
-
|
||||||
PAYMENTS OF DEBT ISSUANCE COSTS
|
-
|
(2,128)
|
||||||
OTHER FINANCING ACTIVITIES
|
(189)
|
(595)
|
||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(109,611)
|
55,500
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
2,427
|
(755)
|
||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
11,376
|
(605)
|
||||||
CASH AND CASH EQUIVALENTS at beginning of period
|
21,150
|
21,755
|
||||||
CASH AND CASH EQUIVALENTS at end of period
|
$
|
32,526
|
$
|
21,150
|