National Press Release

NEW YORK, March 6 /PRNewswire-FirstCall/ -- 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, 2008.

Consolidated net sales for the fourth quarter of 2008 were $148.9 million, compared to consolidated net sales of $167.3 million during the comparable quarter in 2007. Losses from continuing operations for the fourth quarter of 2008 were $34.1 million or $1.84 per diluted share after taking into account a $39.4 million goodwill and intangibles impairment, compared to a loss of $7.9 million or 43 cents per diluted share in the fourth quarter of 2007. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, losses from continuing operations for the fourth quarter 2008 were $5.5 million or 29 cents per diluted share compared to losses in the fourth quarter 2007 of $3.6 million or 20 cents per diluted share.

Consolidated net sales for 2008 were $775.2 million, compared to consolidated net sales of $790.2 million during the comparable period in 2007. Losses from continuing operations for 2008 were $21.1 million or $1.14 per diluted share, compared to earnings of $5.4 million or 29 cents per diluted share in 2007. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, losses from continuing operations for 2008 were $2 million or 11 cents per diluted share, compared to earnings for 2007 of $11.4 million or 61 cents per diluted share.

The restructuring and integration expenses incurred in 2008 are part of a strategic plan for plant rationalization and streamlining operations while the impairment charge for goodwill and intangible assets is associated with business conditions and the recent market downturn.

Commenting on the results, Mr. Lawrence I. Sills, Standard Motor Products' Chairman and Chief Executive Officer, stated, "Sales in the fourth quarter were down 11%, consistent across all divisions, continuing a decline that began in September. As a result, though we had been running slightly above 2007 for three quarters, we wound up 2% below 2007 for the full year.

"However, reports from our customers and industry statistics indicate that sales to end users remained healthy throughout the period and have continued solid in early 2009. Accordingly, we have seen our aftermarket sales bounce back in the first two months of the year. Our sales to OE remain depressed as a result of cutbacks in OE production, but this represents a relatively small part of our overall business.

"The fourth quarter sales decline resulted in an operating loss, excluding special items, of 29 cents per diluted share for the quarter and 11 cents for the full year. These results, while disappointing, were impacted by two major events, both of which we believe are now behind us. First was the drop-off in fourth quarter sales. Second was the substantial costs incurred in closing Long Island City and Puerto Rico, two of our largest facilities, and the start-up costs in Reynosa, Mexico. With Long Island City and Puerto Rico now fully closed, and Reynosa increasing production and improving efficiency, we look forward to improved results in 2009.

"Our major focus in 2008 was generating cash and reducing debt, in anticipation of the $90 million in convertible debentures due in July 2009. During 2008, we repurchased roughly half the bonds, leaving a balance of $45 million due in July 2009. Overall, we reduced total debt by $61 million during the year through the sale of our Long Island City facility and reductions in inventory and accounts receivable.

"Cash generation remains our highest priority. Since January 2008, we have reduced our work force by 18%, approximately 700 people. Further, we have temporarily eliminated the quarterly dividend, frozen salaries, closed our Reno distribution center, and continued to reduce capital expenditures, inventory and accounts receivable.

"As a result of these and other steps, while we continue to pursue areas of outside financing, we expect to have sufficient availability within our current bank revolver to redeem the remaining bonds in July."

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Friday, March 6, 2009. The dial in number is 800-895-1085 (domestic) or 785-424-1055 (international). The playback number is 800-695-0671 (domestic) or 402-220-1397 (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


    (Dollars in thousands, except per share amounts)


                                  THREE MONTHS ENDED     TWELVE MONTHS ENDED
                                     DECEMBER 31,            DECEMBER 31,
                                   2008        2007        2008        2007
                                   ----        ----        ----        ----

    NET SALES                  $148,876    $167,251    $775,241    $790,185

    COST OF SALES               113,345     128,182     591,085     587,910
                                -------     -------     -------     -------

    GROSS PROFIT                 35,531      39,069     184,156     202,275

    SELLING, GENERAL &
     ADMINISTRATIVE EXPENSES     38,696      39,831     166,199     167,928
    GOODWILL AND INTANGIBLE
     ASSET IMPAIRMENT            39,387           -      39,387           -
    RESTRUCTURING AND
     INTEGRATION EXPENSES        10,741       7,066      16,858      10,933
                                 ------       -----      ------      ------

    OPERATING (LOSS) INCOME     (53,293)     (7,828)    (38,288)     23,414

    OTHER INCOME, NET             1,005         971      22,670       3,881

    INTEREST EXPENSE              2,580       4,306      13,585      19,066
                                  -----       -----      ------      ------

    EARNINGS (LOSS) FROM
     CONTINUING OPERATIONS
     BEFORE TAXES               (54,868)    (11,163)    (29,203)      8,229

    INCOME TAX EXPENSE
     (BENEFIT)                  (20,798)     (3,220)     (8,105)      2,798
                                -------      ------      ------       -----

    EARNINGS (LOSS) FROM
     CONTINUING OPERATIONS      (34,070)     (7,943)    (21,098)      5,431

    EARNINGS (LOSS) FROM
     DISCONTINUED OPERATION,
     NET OF TAX                     432        (380)     (1,796)     (3,156)
                                    ---        ----      ------      ------

    NET EARNINGS (LOSS)        $(33,638)    $(8,323)   $(22,894)     $2,275
                               ========     =======    ========      ======


    NET EARNINGS (LOSS) PER COMMON SHARE:

      BASIC EARNINGS (LOSS)
       FROM CONTINUING
       OPERATIONS                $(1.84)     $(0.43)     $(1.14)      $0.29
      DISCONTINUED
       OPERATION                   0.03       (0.02)      (0.10)      (0.17)
      NET EARNINGS (LOSS) PER
       COMMON SHARE - BASIC      $(1.81)     $(0.45)     $(1.24)      $0.12
                                 ======      ======      ======       =====


      DILUTED EARNINGS (LOSS)
       FROM CONTINUING
       OPERATIONS                $(1.84)     $(0.43)     $(1.14)      $0.29
      DISCONTINUED
       OPERATION                   0.03       (0.02)      (0.10)      (0.17)
      NET EARNINGS (LOSS) PER
       COMMON SHARE -
       DILUTED                   $(1.81)     $(0.45)     $(1.24)      $0.12
                                  ======      ======      ======       =====


    WEIGHTED AVERAGE NUMBER
     OF COMMON SHARES        18,560,068  18,296,957  18,500,229  18,530,548
    WEIGHTED AVERAGE NUMBER
     OF COMMON AND DILUTIVE
     SHARES                  18,560,068  18,344,564  18,531,148  18,586,532



                          STANDARD MOTOR PRODUCTS, INC.
                  Reconciliation of GAAP and Non-GAAP Measures




    (Dollars in thousands, except per share amounts)

                                           THREE MONTHS       TWELVE MONTHS
                                              ENDED               ENDED
                                           DECEMBER 31,        DECEMBER 31,
    EARNINGS (LOSS) FROM CONTINUING
     OPERATIONS                           2008      2007      2008     2007
    -------------------------------       ----      ----      ----     ----
                                            (Unaudited)        (Unaudited)

    GAAP EARNINGS (LOSS) FROM
     CONTINUING OPERATIONS BEFORE
     TAXES                            $(54,868) $(11,163) $(29,203)  $8,229
    INCOME TAX EXPENSE (BENEFIT)   *   (20,798)   (3,220)   (8,105)   2,798
                                       -------    ------    ------    -----
    EARNINGS (LOSS) FROM CONTINUING
     OPERATIONS                        (34,070)   (7,943)  (21,098)   5,431

    RESTRUCTURING EXPENSES (NET
     OF TAX)                             6,503     4,328    10,237    6,734
    GOODWILL AND INTANGIBLE ASSET
     IMPAIRMENT (NET OF TAX)            23,632         -    23,632        -
    LOSS FROM EXTINGUISHMENT OF
     MORTGAGE (NET OF TAX)                   -         -       882        -
    GAIN FROM SALE OF BUILDING (NET
     OF TAX)                              (160)        -   (13,340)    (740)
    GAIN FROM DEBENTURE REPURCHASE
     (NET OF TAX)                       (1,366)        -    (2,308)       -
                                        ------   -------   -------  -------
    NON-GAAP EARNINGS (LOSS) FROM
     CONTINUING OPERATIONS             $(5,461)  $(3,615)  $(1,995) $11,425
                                       =======   =======   =======  =======


    DILUTED EARNINGS (LOSS) PER
     SHARE FROM CONTINUING
     OPERATIONS
    ---------------------------
    EARNINGS (LOSS) PER SHARE FROM
     CONTINUING OPERATIONS              $(1.84)   $(0.43)   $(1.14)   $0.29
    RESTRUCTURING EXPENSES (NET
     OF TAX)                              0.35      0.23      0.55     0.36
    GOODWILL AND INTANGIBLE ASSET
     IMPAIRMENT (NET OF TAX)              1.28         -      1.28
    LOSS FROM EXTINGUISHMENT OF
     MORTGAGE (NET OF TAX)                   -         -      0.05        -
    GAIN FROM SALE OF BUILDING (NET
     OF TAX)                             (0.01)        -     (0.73)   (0.04)
    GAIN FROM DEBENTURE REPURCHASE
     (NET OF TAX)                        (0.07)        -     (0.12)       -
                                         -----     -----     -----    -----

    NON-GAAP DILUTED EARNINGS
     (LOSS) PER SHARE FROM
     CONTINUING OPERATIONS              $(0.29)   $(0.20)   $(0.11)   $0.61
                                        ======    ======    ======    =====


    MANAGEMENT BELIEVES THAT EARNINGS FROM CONTINUING OPERATIONS AND
    DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS BEFORE SPECIAL
    ITEMS, WHICH ARE NON-GAAP MEASUREMENTS, 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

    (Dollars in thousands)


                                                  December 31, December 31,
                                                      2008         2007
                                                      ----         ----
                                   ASSETS
                                   ------

    CASH                                             $6,608      $13,261

    ACCOUNTS RECEIVABLE, GROSS                      184,422      213,409
    ALLOWANCE FOR DOUBTFUL ACCOUNTS                  10,021        8,964
                                                     ------        -----
    ACCOUNTS RECEIVABLE, NET                        174,401      204,445

    INVENTORIES                                     232,435      252,277
    ASSETS HELD FOR SALE                              1,654        5,373
    OTHER CURRENT ASSETS                             32,497       27,751

                                                    -------      -------
    TOTAL CURRENT ASSETS                            447,595      503,107
                                                    -------      -------

    PROPERTY, PLANT AND EQUIPMENT, NET               66,901       71,775
    GOODWILL AND OTHER INTANGIBLES                   16,285       57,891
    OTHER ASSETS                                     44,246       45,319

                                                   --------     --------
    TOTAL ASSETS                                   $575,027     $678,092
                                                   --------     --------


                    LIABILITIES AND STOCKHOLDERS' EQUITY
                    ------------------------------------


    NOTES PAYABLE                                  $148,931     $156,756
    CURRENT PORTION OF LONG TERM DEBT                44,953        8,021
    ACCOUNTS PAYABLE TRADE                           68,312       64,384
    ACCRUED CUSTOMER RETURNS                         19,664       23,149
    OTHER CURRENT LIABILITIES                        61,136       67,723

                                                    -------      -------
    TOTAL CURRENT LIABILITIES                       342,996      320,033
                                                    -------      -------

    LONG-TERM DEBT                                      273       90,534
    ACCRUED ASBESTOS LIABILITY                       23,758       22,651
    OTHER LIABILITIES                                44,455       56,510

                                                    -------      -------
    TOTAL LIABILITIES                               411,482      489,728
                                                    -------      -------

    TOTAL STOCKHOLDERS' EQUITY                      163,545      188,364

                                                   --------     --------
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $575,027     $678,092
                                                   ========     ========



                              STANDARD MOTOR PRODUCTS, INC.
                          Segment Revenues and Operating Profit


    (Dollars in thousands)


                      THREE MONTHS ENDED                YEAR ENDED
                         DECEMBER 31,                   DECEMBER 31,
                    2008             2007           2008            2007
                    ----             ----           ----            ----
    Revenues
    --------
    Engine
     Management $110,811        $121,202        $528,157        $527,241
    Temperature
     Control      29,412          33,341         194,171         207,604
    Europe         8,862           9,360          44,205          42,210
    All Other       (209)         3,348           8,708          13,130
                    ----          -----           -----          ------
                $148,876        $167,251        $775,241        $790,185
                ========        ========        ========        ========

    Gross
     Margin
    -------
    Engine
     Management  $24,106   21.8% $26,315  21.7% $122,876  23.3% $134,723 25.6%
    Temperature
     Control       6,908   23.5%   8,422  25.3%   37,406  19.3%   45,203 21.8%
    Europe         1,853   20.9%   1,546  16.5%   10,796  24.4%   10,030 23.8%
    All Other      2,664           2,786          13,078          12,319
                   -----           -----          ------          ------
                 $35,531   23.9% $39,069  23.4% $184,156  23.8% $202,275 25.6%
                 =======         =======        ========        ========

    Selling,
     General &
     Administrative
    ---------------
    Engine
     Management  $23,776   21.5% $24,164  19.9%  $97,056  18.4%  $97,194 18.4%
    Temperature
     Control       7,227   24.6%   6,572  19.7%   33,693  17.4%   33,875 16.3%
    Europe         1,955   22.1%   2,325  24.8%    9,980  22.6%    8,627 20.4%
    All Other      5,738          6,770          25,470          28,232
                   -----           -----          ------          ------
                  38,696   26.0%  39,831  23.8%  166,199  21.4%  167,928 21.3%
    Asset
     Impairments  39,387               -          39,387               -
    Restructuring
     &
     Integration  10,741    7.2%   7,066   4.2%   16,858   2.2%   10,933  1.4%
                  ------           -----          ------          ------
                 $88,824   59.7% $46,897  28.0% $222,444  28.7% $178,861 22.6%
                 =======         =======        ========        ========


    Operating
     Profit
    ---------
    Engine
     Management     $329    0.3%  $2,151   1.8%  $25,820   4.9%  $37,529  7.1%
    Temperature
     Control        (319)  -1.1%   1,850   5.5%    3,713   1.9%   11,328  5.5%
    Europe          (102)  -1.2%    (779) -8.3%      816   1.8%    1,403  3.3%
    All Other     (3,073)         (3,984)        (12,392)        (15,913)
                  ------           ------         -------         -------
                  (3,165)  -2.1%    (762) -0.5%   17,957   2.3%   34,347  4.3%
    Asset
     Impairments  39,387               -          39,387               -
    Restructuring
     &
     Integration  10,741    7.2%   7,066   4.2%   16,858   2.2%   10,933  1.4%
                  ------           -----          ------          ------
                $(53,293) -35.8% $(7,828) -4.7% $(38,288) -4.9%  $23,414  3.0%
                ========          =======        ========         =======

SOURCE Standard Motor Products, Inc.