New York
|
1-4743
|
11-1362020
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employee Identification Number)
|
Item 2.02. | Results of Operations and Financial Condition. |
Item 8.01. | Other Events. |
Item 9.01.
|
Financial Statements and Exhibits.
|
(d) | Exhibits. |
99.1 | Press release dated July 30, 2015 announcing Standard Motor Products, Inc.’s financial results for the three months and six months ended June 30, 2015. |
99.2 | Press release dated July 30, 2015 announcing authorization to purchase additional common stock under Standard Motor Products, Inc.’s stock repurchase program. |
STANDARD MOTOR PRODUCTS, INC. | |||
By:
|
/s/ James J. Burke
|
||
James J. Burke
|
|||
Vice President Finance, Chief Financial Officer
|
|||
Date: July 30, 2015 |
Exhibit No.
|
Description
|
|
Press release dated July 30, 2015 announcing Standard Motor Products, Inc.’s financial results for the three months and six months ended June 30, 2015.
|
||
Press release dated July 30, 2015 announcing authorization to purchase additional common stock under Standard Motor Products, Inc.’s stock repurchase program.
|
For Immediate Release
|
|
For more information, contact:
|
|
James J. Burke
|
|
Standard Motor Products, Inc.
|
|
(718) 392-0200
|
THREE MONTHS ENDED
JUNE 30, |
SIX MONTHS ENDED
JUNE 30, |
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
269,382
|
$
|
272,540
|
$
|
496,971
|
$
|
505,292
|
||||||||
COST OF SALES
|
196,622
|
195,141
|
360,322
|
359,983
|
||||||||||||
GROSS PROFIT
|
72,760
|
77,399
|
136,649
|
145,309
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
51,736
|
48,847
|
100,934
|
96,441
|
||||||||||||
LITIGATION CHARGE
|
-
|
10,650
|
-
|
10,650
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
(26
|
)
|
555
|
31
|
726
|
|||||||||||
OTHER INCOME , NET
|
262
|
273
|
543
|
533
|
||||||||||||
OPERATING INCOME
|
21,312
|
17,620
|
36,227
|
38,025
|
||||||||||||
OTHER NON-OPERATING INCOME (EXPENSE), NET
|
548
|
307
|
699
|
(106
|
)
|
|||||||||||
INTEREST EXPENSE
|
480
|
457
|
906
|
765
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
21,380
|
17,470
|
36,020
|
37,154
|
||||||||||||
PROVISION FOR INCOME TAXES
|
7,572
|
6,301
|
12,873
|
13,578
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
13,808
|
11,169
|
23,147
|
23,576
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(430
|
)
|
(529
|
)
|
(821
|
)
|
(1,211
|
)
|
||||||||
NET EARNINGS
|
$
|
13,378
|
$
|
10,640
|
$
|
22,326
|
$
|
22,365
|
||||||||
NET EARNINGS PER COMMON SHARE:
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.60
|
$
|
0.49
|
$
|
1.01
|
$
|
1.03
|
||||||||
DISCONTINUED OPERATION
|
(0.02
|
)
|
(0.02
|
)
|
(0.04
|
)
|
(0.05
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.58
|
$
|
0.47
|
$
|
0.97
|
$
|
0.98
|
||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.59
|
$
|
0.48
|
$
|
1.00
|
$
|
1.02
|
||||||||
DISCONTINUED OPERATION
|
(0.01
|
)
|
(0.02
|
)
|
(0.04
|
)
|
(0.06
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.58
|
$
|
0.46
|
$
|
0.96
|
$
|
0.96
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
22,917,718
|
22,874,002
|
22,914,322
|
22,910,419
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
23,261,094
|
23,196,713
|
23,256,255
|
23,219,055
|
THREE MONTHS ENDED
JUNE 30, |
SIX MONTHS ENDED
JUNE 30, |
|||||||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||
Engine Management
|
$
|
176,992
|
$
|
184,181
|
$
|
354,063
|
$
|
363,475
|
||||||||||||||||
Temperature Control
|
89,079
|
85,660
|
137,807
|
137,145
|
||||||||||||||||||||
All Other
|
3,311
|
2,699
|
5,101
|
4,672
|
||||||||||||||||||||
$
|
269,382
|
$
|
272,540
|
$
|
496,971
|
$
|
505,292
|
|||||||||||||||||
Gross Margin
|
||||||||||||||||||||||||
Engine Management
|
$
|
52,267
|
29.5
|
%
|
$
|
56,059
|
30.4
|
%
|
$
|
103,969
|
29.4
|
%
|
$
|
109,254
|
30.1
|
%
|
||||||||
Temperature Control
|
17,303
|
19.4
|
%
|
18,299
|
21.4
|
%
|
27,130
|
19.7
|
%
|
30,184
|
22.0
|
%
|
||||||||||||
All Other
|
3,190
|
3,041
|
5,550
|
5,871
|
||||||||||||||||||||
$
|
72,760
|
27.0
|
%
|
$
|
77,399
|
28.4
|
%
|
$
|
136,649
|
27.5
|
%
|
$
|
145,309
|
28.8
|
%
|
|||||||||
Selling, General & Administrative
|
||||||||||||||||||||||||
Engine Management
|
$
|
30,442
|
17.2
|
%
|
$
|
28,447
|
15.4
|
%
|
$
|
60,446
|
17.1
|
%
|
$
|
57,098
|
15.7
|
%
|
||||||||
Temperature Control
|
14,138
|
15.9
|
%
|
13,260
|
15.5
|
%
|
25,328
|
18.4
|
%
|
24,532
|
17.9
|
%
|
||||||||||||
All Other
|
7,156
|
7,140
|
15,160
|
14,811
|
||||||||||||||||||||
$
|
51,736
|
19.2
|
%
|
$
|
48,847
|
17.9
|
%
|
$
|
100,934
|
20.3
|
%
|
$
|
96,441
|
19.1
|
%
|
|||||||||
Operating Income | ||||||||||||||||||||||||
Engine Management
|
$
|
21,825
|
12.3
|
%
|
$
|
27,612
|
15.0
|
%
|
$
|
43,523
|
12.3
|
%
|
$
|
52,156
|
14.3
|
%
|
||||||||
Temperature Control
|
3,165
|
3.6
|
%
|
5,039
|
5.9
|
%
|
1,802
|
1.3
|
%
|
5,652
|
4.1
|
%
|
||||||||||||
All Other
|
(3,966
|
)
|
(4,099
|
)
|
(9,610
|
)
|
(8,940
|
)
|
||||||||||||||||
21,024
|
7.8
|
%
|
28,552
|
10.5
|
%
|
35,715
|
7.2
|
%
|
48,868
|
9.7
|
%
|
|||||||||||||
Litigation Charge
|
-
|
0.0
|
%
|
(10,650
|
)
|
-3.9
|
%
|
-
|
0.0
|
%
|
(10,650
|
)
|
-2.1
|
%
|
||||||||||
Restructuring & Integration
|
26
|
0.0
|
%
|
(555
|
)
|
-0.2
|
%
|
(31
|
)
|
0.0
|
%
|
(726
|
)
|
-0.1
|
%
|
|||||||||
Other Income, Net
|
262
|
0.1
|
%
|
273
|
0.1
|
%
|
543
|
0.1
|
%
|
533
|
0.1
|
%
|
||||||||||||
$
|
21,312
|
7.9
|
%
|
$
|
17,620
|
6.5
|
%
|
$
|
36,227
|
7.3
|
%
|
$
|
38,025
|
7.5
|
%
|
|
THREE MONTHS ENDED
June 30,
|
SIX MONTHS ENDED
June 30,
|
||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
||||||||||||||||
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
13,808
|
$
|
11,169
|
$
|
23,147
|
$
|
23,576
|
||||||||
|
||||||||||||||||
LITIGATION CHARGE (NET OF TAX)
|
-
|
6,390
|
-
|
6,390
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES (NET OF TAX)
|
(16
|
)
|
333
|
18
|
436
|
|||||||||||
GAIN FROM SALE OF BUILDINGS (NET OF TAX)
|
(158
|
)
|
(157
|
)
|
(315
|
)
|
(315
|
)
|
||||||||
|
||||||||||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
13,634
|
$
|
17,735
|
$
|
22,850
|
$
|
30,087
|
||||||||
|
||||||||||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
||||||||||||||||
|
||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.59
|
$
|
0.48
|
$
|
1.00
|
$
|
1.02
|
||||||||
|
||||||||||||||||
LITIGATION CHARGE (NET OF TAX)
|
-
|
0.28
|
-
|
0.27
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES (NET OF TAX)
|
-
|
0.01
|
-
|
0.02
|
||||||||||||
GAIN FROM SALE OF BUILDINGS (NET OF TAX)
|
-
|
(0.01
|
)
|
(0.02
|
)
|
(0.01
|
)
|
|||||||||
|
||||||||||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.59
|
$
|
0.76
|
$
|
0.98
|
$
|
1.30
|
June 30,
2015 |
December 31,
2014 |
|||||||
(Unaudited)
|
||||||||
ASSETS | ||||||||
CASH
|
$
|
12,704
|
$
|
13,728
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
166,753
|
132,893
|
||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
6,135
|
6,369
|
||||||
ACCOUNTS RECEIVABLE, NET
|
160,618
|
126,524
|
||||||
INVENTORIES
|
277,261
|
278,051
|
||||||
OTHER CURRENT ASSETS
|
49,353
|
47,730
|
||||||
TOTAL CURRENT ASSETS
|
499,936
|
466,033
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
68,263
|
64,611
|
||||||
GOODWILL AND OTHER INTANGIBLES, NET
|
86,835
|
89,377
|
||||||
OTHER ASSETS
|
54,225
|
53,530
|
||||||
TOTAL ASSETS
|
$
|
709,259
|
$
|
673,551
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
NOTES PAYABLE
|
$
|
52,916
|
$
|
56,558
|
||||
CURRENT PORTION OF LONG TERM DEBT
|
69
|
175
|
||||||
ACCOUNTS PAYABLE
|
88,939
|
70,674
|
||||||
ACCRUED CUSTOMER RETURNS
|
39,285
|
30,621
|
||||||
OTHER CURRENT LIABILITIES
|
93,481
|
92,801
|
||||||
TOTAL CURRENT LIABILITIES
|
274,690
|
250,829
|
||||||
LONG-TERM DEBT
|
69
|
83
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
33,294
|
33,462
|
||||||
OTHER LIABILITIES
|
14,609
|
15,024
|
||||||
TOTAL LIABILITIES
|
322,662
|
299,398
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
386,597
|
374,153
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
709,259
|
$
|
673,551
|
SIX MONTHS ENDED
JUNE 30, |
||||||||
2015
|
2014
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
22,326
|
$
|
22,365
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
8,552
|
8,440
|
||||||
OTHER
|
3,962
|
5,376
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(34,563
|
)
|
(16,149
|
)
|
||||
INVENTORY
|
(820
|
)
|
(19,527
|
)
|
||||
ACCOUNTS PAYABLE
|
18,327
|
13,847
|
||||||
OTHER
|
8,388
|
3,266
|
||||||
NET CASH PROVIDED BY OPERATING ACTIVTIES
|
26,172
|
17,618
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
-
|
(37,726
|
)
|
|||||
CAPITAL EXPENDITURES
|
(10,184
|
)
|
(6,379
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
26
|
11
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(10,158
|
)
|
(44,094
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
(3,761
|
)
|
37,620
|
|||||
PURCHASE OF TREASURY STOCK
|
(7,046
|
)
|
(5,860
|
)
|
||||
DIVIDENDS PAID
|
(6,876
|
)
|
(5,955
|
)
|
||||
OTHER FINANCING ACTIVITIES
|
518
|
2,033
|
||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(17,165
|
)
|
27,838
|
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
127
|
(704
|
)
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(1,024
|
)
|
658
|
|||||
CASH AND CASH EQUIVALENTS at beginning of Period
|
13,728
|
5,559
|
||||||
CASH AND CASH EQUIVALENTS at end of Period
|
$
|
12,704
|
$
|
6,217
|
For Immediate Release
|
For more information, contact:
|
|
James J. Burke
|
||
|
Standard Motor Products, Inc.
|
|
(718) 392-0200
|
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