New York
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1-4743
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11-1362020
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||
(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employee Identification Number)
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Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits
|
99.1 | Press release dated April 30, 2015 announcing Standard Motor Products, Inc.’s financial results for the three months ended March 31, 2015. |
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STANDARD MOTOR PRODUCTS, INC.
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|
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By:
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/s/ James J. Burke
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James J. Burke
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Vice President Finance, Chief Financial Officer
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Exhibit No.
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Description
|
|
Press release dated April 30, 2015 announcing Standard Motor Products, Inc.’s financial results for the three months ended March 31, 2015.
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37-18 Northern Blvd., Long Island City, NY 11101
(718) 392-0200
www.smpcorp.com
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(In thousands, except per share amounts)
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||||||||
THREE MONTHS ENDED
|
||||||||
MARCH 31,
|
||||||||
2015
|
2014
|
|||||||
(Unaudited)
|
||||||||
NET SALES
|
$
|
227,589
|
$
|
232,752
|
||||
COST OF SALES
|
163,700
|
164,842
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||||||
GROSS PROFIT
|
63,889
|
67,910
|
||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
49,198
|
47,594
|
||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
57
|
171
|
||||||
OTHER INCOME, NET
|
281
|
260
|
||||||
OPERATING INCOME
|
14,915
|
20,405
|
||||||
OTHER NON-OPERATING INCOME (EXPENSE), NET
|
151
|
(413
|
)
|
|||||
INTEREST EXPENSE
|
426
|
308
|
||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
14,640
|
19,684
|
||||||
PROVISION FOR INCOME TAXES
|
5,301
|
7,277
|
||||||
EARNINGS FROM CONTINUING OPERATIONS
|
9,339
|
12,407
|
||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
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(391
|
)
|
(682
|
)
|
||||
NET EARNINGS
|
$
|
8,948
|
$
|
11,725
|
||||
NET EARNINGS PER COMMON SHARE:
|
||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.41
|
$
|
0.54
|
||||
DISCONTINUED OPERATION
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(0.02
|
)
|
(0.03
|
)
|
||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.39
|
$
|
0.51
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||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.40
|
$
|
0.53
|
||||
DISCONTINUED OPERATION
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(0.01
|
)
|
(0.03
|
)
|
||||
NET EARNINGS PER COMMON SHARE - DILUTED
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$
|
0.39
|
$
|
0.50
|
||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
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22,910,889
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22,947,241
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||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
23,238,050
|
23,224,698
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(In thousands)
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||||||||||||||||
THREE MONTHS ENDED
|
||||||||||||||||
MARCH 31,
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||||||||||||||||
2015
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2014
|
|||||||||||||||
(unaudited)
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||||||||||||||||
Revenues
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||||||||||||||||
Engine Management
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$
|
177,071
|
$
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179,294
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||||||||||||
Temperature Control
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48,728
|
51,485
|
||||||||||||||
All Other
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1,790
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1,973
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||||||||||||||
$
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227,589
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$
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232,752
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|||||||||||||
Gross Margin
|
||||||||||||||||
Engine Management
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$
|
51,702
|
29.2%
|
|
$
|
53,195
|
29.7%
|
|
||||||||
Temperature Control
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9,827
|
20.2%
|
|
11,885
|
23.1%
|
|
||||||||||
All Other
|
2,360
|
2,830
|
||||||||||||||
$
|
63,889
|
28.1%
|
|
$
|
67,910
|
29.2%
|
|
|||||||||
Selling, General & Administrative
|
||||||||||||||||
Engine Management
|
$
|
30,004
|
16.9%
|
|
$
|
28,651
|
16.0%
|
|
||||||||
Temperature Control
|
11,190
|
23.0%
|
|
11,272
|
21.9%
|
|
||||||||||
All Other
|
8,004
|
7,671
|
||||||||||||||
$
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49,198
|
21.6%
|
|
$
|
47,594
|
20.4%
|
|
|||||||||
Operating Income
|
||||||||||||||||
Engine Management
|
$
|
21,698
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12.3%
|
|
$
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24,544
|
13.7%
|
|
||||||||
Temperature Control
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(1,363
|
)
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-2.8%
|
|
613
|
1.2%
|
|
|||||||||
All Other
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(5,644
|
)
|
(4,841
|
)
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||||||||||||
14,691
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6.5%
|
|
20,316
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8.7%
|
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|||||||||||
Restructuring & Integration
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(57
|
)
|
0.0%
|
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(171
|
)
|
-0.1%
|
|
||||||||
Other Income, Net
|
281
|
0.1%
|
|
260
|
0.1%
|
|
||||||||||
$
|
14,915
|
6.6%
|
|
$
|
20,405
|
8.8%
|
|
(In thousands, except per share amounts)
|
||||||||
THREE MONTHS ENDED
|
||||||||
MARCH 31,
|
||||||||
2015
|
2014
|
|||||||
(Unaudited)
|
||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
9,339
|
$
|
12,407
|
||||
RESTRUCTURING AND INTEGRATION EXPENSES (NET OF TAX)
|
34
|
103
|
||||||
GAIN FROM SALE OF BUILDINGS (NET OF TAX)
|
(157
|
)
|
(157
|
)
|
||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
9,216
|
$
|
12,353
|
||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
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0.40
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$
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0.53
|
||||
RESTRUCTURING AND INTEGRATION EXPENSES (NET OF TAX)
|
-
|
-
|
||||||
GAIN FROM SALE OF BUILDINGS (NET OF TAX)
|
-
|
-
|
||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
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0.40
|
$
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0.53
|
||||
OPERATING INCOME
|
||||||||
GAAP OPERATING INCOME
|
$
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14,915
|
$
|
20,405
|
||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
57
|
171
|
||||||
OTHER INCOME, NET
|
(281
|
)
|
(260
|
)
|
||||
NON-GAAP OPERATING INCOME
|
$
|
14,691
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$
|
20,316
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(In thousands)
|
||||||||
March 31,
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December 31,
|
|||||||
2015
|
2014
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CASH
|
$
|
8,119
|
$
|
13,728
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
157,303
|
132,893
|
||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
6,567
|
6,369
|
||||||
ACCOUNTS RECEIVABLE, NET
|
150,736
|
126,524
|
||||||
INVENTORIES
|
283,701
|
278,051
|
||||||
OTHER CURRENT ASSETS
|
45,619
|
47,730
|
||||||
TOTAL CURRENT ASSETS
|
488,175
|
466,033
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
65,065
|
64,611
|
||||||
GOODWILL AND OTHER INTANGIBLES, NET
|
87,746
|
89,377
|
||||||
OTHER ASSETS
|
53,709
|
53,530
|
||||||
TOTAL ASSETS
|
$
|
694,695
|
$
|
673,551
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
NOTES PAYABLE
|
$
|
71,567
|
$
|
56,558
|
||||
CURRENT PORTION OF LONG TERM DEBT
|
122
|
175
|
||||||
ACCOUNTS PAYABLE
|
76,889
|
70,674
|
||||||
ACCRUED CUSTOMER RETURNS
|
35,814
|
30,621
|
||||||
OTHER CURRENT LIABILITIES
|
80,630
|
92,801
|
||||||
TOTAL CURRENT LIABILITIES
|
265,022
|
250,829
|
||||||
LONG-TERM DEBT
|
72
|
83
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
33,399
|
33,462
|
||||||
OTHER LIABILITIES
|
15,653
|
15,024
|
||||||
TOTAL LIABILITIES
|
314,146
|
299,398
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
380,549
|
374,153
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
694,695
|
$
|
673,551
|
(In thousands)
|
||||||||
THREE MONTHS ENDED
|
||||||||
MARCH 31,
|
||||||||
2015
|
2014
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
8,948
|
$
|
11,725
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
4,288
|
4,084
|
||||||
OTHER
|
2,100
|
2,366
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(25,289
|
)
|
(852
|
)
|
||||
INVENTORY
|
(7,473
|
)
|
(12,715
|
)
|
||||
ACCOUNTS PAYABLE
|
5,255
|
9,310
|
||||||
OTHER
|
(1,992
|
)
|
(4,686
|
)
|
||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVTIES
|
(14,163
|
)
|
9,232
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
CAPITAL EXPENDITURES
|
(4,009
|
)
|
(2,763
|
)
|
||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
-
|
(12,225
|
)
|
|||||
OTHER INVESTING ACTIVITIES
|
26
|
-
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(3,983
|
)
|
(14,988
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
14,946
|
11,584
|
||||||
PURCHASE OF TREASURY STOCK
|
-
|
(4,526
|
)
|
|||||
DIVIDENDS PAID
|
(3,434
|
)
|
(2,984
|
)
|
||||
OTHER FINANCING ACTIVITIES
|
1,609
|
1,049
|
||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
13,121
|
5,123
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(584
|
)
|
(503
|
)
|
||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(5,609
|
)
|
(1,136
|
)
|
||||
CASH AND CASH EQUIVALENTS at beginning of period
|
13,728
|
5,559
|
||||||
CASH AND CASH EQUIVALENTS at end of period
|
$
|
8,119
|
$
|
4,423
|
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