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National Press Release
 | Standard Motor Products, Inc. Announces First Quarter 2009 ResultsPublished 2009-05-06 08:30By Standard Motor Products, Inc. |
Consolidated net sales for the first quarter of 2009 were
Commenting on the results, Mr.
"However, sales remain down from a year ago. During our fourth quarter conference call, we outlined the reasons for this decline. They include: the divestiture of our Blue Streak Electronics joint venture; a fall in the exchange rates in the U.K. and
"On the positive side, looking forward, we have gained two major retail accounts for our Temperature Control line. Further, we recently finalized an agreement with Federal-Mogul to acquire their wire and cable product line. The sale will close in approximately four months and will be an excellent addition to our wire and cable business. The operation will be fully absorbed into our existing facilities, without assuming any Federal-Mogul employees or facilities, and will be accretive to earnings before integration costs.
"While our gross margin percentage is slightly lower than a year ago, we anticipate positive comparisons for the balance of the year, as we continue to add production hours and improve efficiency in our three Mexican plants. We are also in the process of implementing a round of price increases.
"We are pleased with our improvement in operating expenses, which are
"During this period, our number one priority has been to increase cash flow and reduce debt. During the last 12 months, from
"In addition, we successfully concluded an exchange offer on
Standard Motor Products, Inc. will hold a conference call at
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
MARCH 31,
2009 2008
---- ----
(Unaudited)
NET SALES $172,222 $208,084
COST OF SALES 131,329 156,860
------- -------
GROSS PROFIT 40,893 51,224
SELLING, GENERAL & ADMINISTRATIVE EXPENSES 36,019 43,859
RESTRUCTURING AND INTEGRATION EXPENSES 1,163 2,836
----- -----
OPERATING INCOME 3,711 4,529
OTHER INCOME, NET 105 20,362
INTEREST EXPENSE 2,477 4,134
----- -----
EARNINGS FROM CONTINUING OPERATIONS
BEFORE TAXES 1,339 20,757
INCOME TAX EXPENSE 552 7,410
--- -----
EARNINGS FROM CONTINUING OPERATIONS 787 13,347
LOSS FROM DISCONTINUED OPERATION, NET OF TAX (260) (326)
---- ----
NET EARNINGS $527 $13,021
==== =======
NET EARNINGS PER COMMON SHARE:
BASIC EARNINGS FROM CONTINUING
OPERATIONS $0.04 $0.73
DISCONTINUED OPERATION (0.01) (0.02)
NET EARNINGS PER COMMON SHARE - BASIC $0.03 $0.71
===== =====
DILUTED EARNINGS FROM CONTINUING
OPERATIONS $0.04 $0.68
DISCONTINUED OPERATION (0.01) (0.02)
NET EARNINGS PER COMMON SHARE - DILUTED $0.03 $0.66
===== =====
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES 18,596,218 18,307,686
WEIGHTED AVERAGE NUMBER OF
COMMON AND DILUTIVE SHARES 18,596,218 21,141,964
STANDARD MOTOR PRODUCTS, INC.
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts)
THREE MONTHS ENDED
MARCH 31,
EARNINGS FROM CONTINUING OPERATIONS 2009 2008
----------------------------------- ---- ----
(unaudited)
GAAP EARNINGS FROM CONTINUING OPERATIONS $787 $13,347
RESTRUCTURING AND INTEGRATION EXPENSES (NET OF TAX) 707 1,702
LOSS FROM EXTINGUISHMENT OF DEBT (NET OF TAX) - 882
GAIN FROM SALE OF BUILDING (NET OF TAX) (157) (12,875)
---- -------
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS $1,337 $3,056
====== ======
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
-----------------------------------------------------
GAAP DILUTED EARNINGS PER SHARE FROM
CONTINUING OPERATIONS $0.04 $0.68
RESTRUCTURING AND INTEGRATION EXPENSES (NET OF TAX) 0.04 0.09
LOSS FROM EXTINGUISHMENT OF DEBT (NET OF TAX) - 0.05
GAIN FROM SALE OF BUILDING (NET OF TAX) (0.01) (0.65)
----- -----
NON-GAAP DILUTED EARNINGS PER SHARE FROM
CONTINUING OPERATIONS $0.07 $0.17
===== =====
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
(In thousands)
March 31, December 31,
2009 2008
---- ----
(Unaudited)
ASSETS
------
CASH $10,985 $6,608
ACCOUNTS RECEIVABLE, GROSS 192,960 184,422
ALLOWANCE FOR DOUBTFUL ACCOUNTS 11,288 10,021
------ ------
ACCOUNTS RECEIVABLE, NET 181,672 174,401
INVENTORIES 212,251 232,435
ASSETS HELD FOR SALE 1,603 1,654
OTHER CURRENT ASSETS 31,147 32,497
------- -------
TOTAL CURRENT ASSETS 437,658 447,595
------- -------
PROPERTY, PLANT AND EQUIPMENT, NET 65,390 66,901
GOODWILL AND OTHER INTANGIBLES 15,736 16,285
OTHER ASSETS 39,444 44,246
-------- --------
TOTAL ASSETS $558,228 $575,027
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
NOTES PAYABLE $139,139 $148,931
CURRENT PORTION OF LONG TERM DEBT 44,950 44,953
ACCOUNTS PAYABLE TRADE 54,783 68,312
ACCRUED CUSTOMER RETURNS 24,411 19,664
OTHER CURRENT LIABILITIES 65,535 61,136
------- -------
TOTAL CURRENT LIABILITIES 328,818 342,996
------- -------
LONG-TERM DEBT 242 273
ACCRUED ASBESTOS LIABILITY 23,673 23,758
OTHER LIABILITIES 43,240 44,455
------- -------
TOTAL LIABILITIES 395,973 411,482
------- -------
TOTAL STOCKHOLDERS' EQUITY 162,255 163,545
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $558,228 $575,027
======== ========
STANDARD MOTOR PRODUCTS, INC.
Segment Revenues and Operating Profit
(In thousands)
THREE MONTHS ENDED
March 31,
2009 2008
---- ----
(unaudited)
Revenues
--------
Engine Management $122,887 $143,362
Temperature Control 40,260 49,573
Europe 7,539 11,244
All Other 1,536 3,905
----- -----
$172,222 $208,084
======== ========
Gross Margin
------------
Engine Management $30,498 24.8% $36,385 25.4%
Temperature Control 6,247 15.5% 7,712 15.6%
Europe 1,855 24.6% 3,194 28.4%
All Other 2,293 3,933
----- -----
$40,893 23.7% $51,224 24.6%
======= =======
Selling, General & Administrative
---------------------------------
Engine Management $21,912 17.8% $24,411 17.0%
Temperature Control 7,384 18.3% 8,456 17.1%
Europe 1,673 22.2% 2,698 24.0%
All Other 5,050 8,294
----- -----
36,019 20.9% 43,859 21.1%
Restructuring & Integration 1,163 0.7% 2,836 1.3%
----- -----
$37,182 21.6% $46,695 22.4%
======= =======
Operating Profit
----------------
Engine Management $8,585 7.0% $11,974 8.4%
Temperature Control (1,138) -2.8% (744) -1.5%
Europe 183 2.4% 496 4.4%
All Other (2,756) (4,361)
------ ------
4,874 2.8% 7,365 3.5%
Restructuring & Integration 1,163 0.6% 2,836 1.3%
----- -----
$3,711 2.2% $4,529 2.2%
====== ======
SOURCE Standard Motor Products, Inc.
