8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2015

STANDARD MOTOR PRODUCTS, INC.

(Exact Name of Registrant as Specified in its Charter)

New York	1-4743	11-1362020
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employee Identification Number)

37-18 Northern Boulevard, Long Island City, New York 11101

(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code:  718-392-0200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Item 2.02. Results of Operations and Financial Condition.

On July 30, 2015, Standard Motor Products, Inc. (the “Company”) issued a press release announcing its financial results for the three months and six months ended June 30, 2015. A copy of such press release is furnished as Exhibit 99.1 hereto.

The information in Item 2.02 of this Report and the press release furnished as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01. Other Events.

On July 30, 2015, the Company issued a separate press release announcing that its Board of Directors has authorized the purchase of up to an additional $10 million of its common stock under a stock repurchase program. This increase is in addition to the $10 million repurchase program previously authorized by the Board in February 2015, of which program approximately $3 million remains outstanding. Stock will be purchased from time to time, in the open market or through private transactions, as market conditions warrant. A copy of such press release is furnished as Exhibit 99.2 hereto.

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.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	STANDARD MOTOR PRODUCTS, INC.
	By:	/s/ James J. Burke
		James J. Burke
		Vice President Finance, Chief Financial Officer
Date: July 30, 2015

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Exhibit Index

Exhibit No.	Description
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.

4

EX-99.1

Exhibit 99.1

For Immediate Release
	For more information, contact:
	James J. Burke
	Standard Motor Products, Inc.
	(718) 392-0200

Standard Motor Products, Inc. Announces

Second Quarter 2015 Results and a Quarterly Dividend

New York, NY, July 30, 2015......Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, reported today its consolidated financial results for the three months and six months ending June 30, 2015.

Consolidated net sales for the second quarter of 2015 were $269.4 million, compared to consolidated net sales of $272.5 million during the comparable quarter in 2014.  Earnings from continuing operations for the second quarter of 2015 were $13.8 million or 59 cents per diluted share, compared to $11.2 million or 48 cents per diluted share in the second quarter of 2014. The second quarter of 2014 included a one-time, non-recurring litigation charge. Excluding the litigation charge and other non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the second quarter of 2015 were $13.6 million or 59 cents per diluted share, compared to $17.7 million or 76 cents per diluted share in the second quarter of 2014.

37-18 Northern Blvd., Long Island City, NY  11101

(718) 392-0200

www.smpcorp.com

Consolidated net sales for the six month period ended June 30, 2015 were $497 million, compared to consolidated net sales of $505.3 million during the comparable period in 2014.  Earnings from continuing operations for the six month period ended June 30, 2015 were $23.1 million or $1.00 per diluted share, compared to $23.6 million or $1.02 per diluted share in the comparable period of 2014.  The six month period ended June 30, 2014 included a one-time, non-recurring litigation charge. Excluding the litigation charge and other non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the six months ended June 30, 2015 and 2014 were $22.9 million or 98 cents per diluted share and $30.1 million or $1.30 per diluted share, respectively.

Commenting on the results, Mr. Lawrence I. Sills, Standard Motor Products’ Chairman and Chief Executive Officer, stated, “We are obviously disappointed in our results for the first six months of the year, as we are behind 2014 in both sales and profit. However, we believe that the worst is behind us and we anticipate a stronger final six months.

“Turning first to sales, net sales in Engine Management were $9.4 million below 2014 through June. During this same period, our customers were reporting, on average, a slight increase in their sales of Engine Management. The difference is typically caused by a variety of factors—inventory consolidation as a result of acquisitions, different timing of pipeline orders, and other short term events. In time these have balanced out, and we anticipate a return to low single digit increases in Engine Management.

“In Temperature Control, we are finally having a warm summer after two cool summers in a row. Sales began to pick up in the latter part of June, and sales in July have been strong. We anticipate a sales increase in Temperature Control sales for the year.

“Three events had a significant impact on our profit shortfall for the first six months. All are short term in nature. Two are essentially behind us, and the third, a non-cash charge, will be over by the end of the year.

“The three are as follows: First is the incremental unfavorable manufacturing variances in our Temperature Control group related to reduced production in 2014 to bring inventory down after two cool seasons in a row. These carry forward variances have been fully recognized in our first half results. We are now achieving favorable variances, as we ramp up production to keep up with the increase in sales.

“Second are the one-time costs incurred as we revamped our rebuilt diesel fuel injection line, acquired from Pensacola Fuel Injection last year. This exercise is now mostly complete, and we are very optimistic about the future of this business.

“Third is the unfavorable non-cash change in prior service costs resulting from winding down of our retiree medical program. The program will end in December 2016.

“The total of all three in the first six months of the year was roughly $8.5 million which accounted for the bulk of the shortfall in profit.

“Our cash flow generated from operations was roughly $40 million in the second quarter and $26 million year to date. Cash generated in the quarter was used to reduce debt roughly $19 million and initiate $7 million in share repurchases.  In a separate release today we announced that our Board of Directors approved an additional $10 million increase in our share repurchase program from $10 million to $20 million.

“In summary, we are optimistic about the second half of 2015. Our market position remains strong; our recent acquisitions continue to show improvement; industry demographics are positive; some major one-time costs are behind us; and sales are improving. We look forward to the balance of the year.”

The Board of Directors has approved payment of a quarterly dividend of fifteen cents per share on the common stock outstanding. The dividend will be paid on September 1, 2015 to stockholders of record on August 14, 2015.

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, July 30, 2015.  The dial in number is 888-632-3384 (domestic) or 785-424-1675 (international). The playback number is 800-839-3612 (domestic) or 402-220-2972 (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.

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STANDARD MOTOR PRODUCTS, INC.

Consolidated Statements of Operations

(In thousands, except per share amounts)

	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

STANDARD MOTOR PRODUCTS, INC.

Segment Revenues and Operating Income

(In thousands)

	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	%

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures

(In thousands, except per share amounts)

	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

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)

	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

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

	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

EX-99.2

Exhibit 99.2

For Immediate Release	For more information, contact:
		James J. Burke
	Standard Motor Products, Inc.
	(718) 392-0200

Standard Motor Products, Inc. Announces

New Stock Repurchase Program

New York, NY, July 30, 2015......Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, today announced that its Board of Directors has authorized the purchase of up to an additional $10 million of its common stock under a stock repurchase program. This increase is in addition to the $10 million repurchase program previously authorized by the Board in February 2015, of which program approximately $3 million remains outstanding.

Stock will be purchased from time to time, in the open market or through private transactions, as market conditions warrant. The Company intends to fund the stock repurchase program through its revolving credit facility. The stock repurchase program may be suspended or discontinued at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes, including funding existing equity compensation plans.

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.

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37-18 Northern Blvd., Long Island City, NY  11101

(718) 392-0200

www.smpcorp.com