EX-99.1 2 brhc10030116_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


For Immediate Release
  
 
For more information, contact:
 
Nathan R. Iles
 
Standard Motor Products, Inc.
 
(718) 392-0200

Standard Motor Products, Inc. Announces
Third Quarter 2021 Results, New Stock Repurchase Program and a Quarterly Dividend

New York, NY, October 28, 2021......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months and nine months ended September 30, 2021.

Consolidated net sales for the third quarter of 2021 were $370.3 million, compared to consolidated net sales of $343.6 million during the comparable quarter in 2020. Earnings from continuing operations for the third quarter of 2021 were $29.2 million or $1.29 per diluted share, compared to $36.2 million or $1.59 per diluted share in the third quarter of 2020. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the third quarter of 2021 were $29.7 million or $1.32 per diluted share, compared to $36.2 million or $1.59 per diluted share in the third quarter of 2020.

Consolidated net sales for the nine months ended September 30, 2021, were $988.9 million, compared to consolidated net sales of $845.9 million during the comparable period in 2020.  Earnings from continuing operations for the nine months ended September 30, 2021, were $79.3 million or $3.50 per diluted share, compared to $57.7 million or $2.53 per diluted share in the comparable period of 2020.  Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the nine months ended September 30, 2021 and 2020 were $80.4 million or $3.54 per diluted share and $57.8 million or $2.53 per diluted share, respectively.

Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “We are extremely pleased with our third quarter results. We once again posted record sales, generating an increase of nearly 8% over a very strong third quarter of 2020 when business was surging as we emerged from pandemic-related lockdowns. Impressively, this quarter’s sales were up 20% from 2019.

“Year-to-date, our sales are up 17% over 2020, though the first half of last year was adversely impacted by the pandemic. However, the first nine months of 2021 are up 10.3% over 2019.

“By division, Engine Management sales were up 7.7% as compared to 2020, and up nearly 15% vs. 2019, with several contributing factors. We experienced a combination of strong demand, continued success from customer initiatives, new business wins, and the impact of recent acquisitions.

“Our Temperature Control sales were up 7.9% as compared to 2020, and up nearly 35% over 2019. This was one of the longest and hottest summers on record, and our business remained robust throughout the quarter.

“Third quarter earnings are down from the third quarter of 2020, but the 2020 results included many unique non-recurring benefits, related to the Covid-19 pandemic. However, third quarter 2021 earnings did compare favorably on a two-year stack, up almost 30% from a more normalized 2019. Most importantly, year-to-date earnings are at record levels, exceeding both 2020 and 2019 by 40%.”

“As anticipated and stated in our second quarter earnings announcement, we experienced some compression in our gross margin percentage in the third quarter, primarily in the Engine Management division. This was the result of two main factors. First, like many companies, we experienced a surge in various costs, including raw materials, labor and transportation. We will begin passing these costs on in the fourth quarter.

“The second component of our reduced gross margin percentage is related to our growth in non-aftermarket, specialized original equipment business, which we will discuss below. This business, which we believe has great potential for us, has a different margin profile than our aftermarket business – it has lower gross margins, but also lower SG&A expense, and thus generates comparable operating margins.

“Turning to acquisitions, on September 1st we announced that we had acquired Stabil Operative Group GmbH (“Stabil”), a European manufacturer of original equipment sensors, electronics, and clamping devices for passenger car and commercial vehicle applications. This marked our third acquisition this year, all geared towards expansion into specialized OE channels, including medium and heavy duty vehicles, construction and agricultural equipment, power sports, and other sub-segments. When combined with our legacy business in this arena, our non-aftermarket sales are approaching a run rate of $300 million annually. In addition to expanding beyond our core aftermarket business, it is also providing geographic expansion as we now have meaningful footprints to grow sales in Europe and Asia.

“We are extremely pleased with our efforts in growing our business in this channel. As we combine these different entities, we are able to take advantage of shared customer lists, product portfolios, manufacturing and engineering capabilities, and geographic reach. It is also important to note that much of this business is not beholden to internal combustion engines. Many of the products are either powertrain-neutral, or are geared toward electric and alternative energy vehicles. While we are still in the early days of integrating these businesses, the potential synergies and sales growth opportunities are very exciting.

“As we have continued to grow our business and post record results, we have also looked to return value to our shareholders. To this end, we repurchased shares of our common stock in the amount of $15.4 million during the quarter, bringing total repurchases to $26.5 million for the year so far. Further, our Board of Directors recently authorized an additional $30 million common stock repurchase plan.  Finally, our Board also approved payment of a quarterly dividend of 25 cents per share on the common stock outstanding. The dividend will be paid on December 1, 2021 to stockholders of record on November 15, 2021.

“In closing, we are very pleased with our year thus far. We have posted record sales and earnings, have consummated three complementary acquisitions, and have garnered substantial new business wins with existing accounts.  Our core market is doing very well and our relationships with our customers are strong. We have made major strides in expanding into new complementary markets with significant upside potential. As such, we are very excited about the future.”

Conference Call

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, October 28, 2021.  The dial-in number is 888-632-3389 (domestic) or 785-424-1674 (international). The playback number is 800-934-8524 (domestic) or 402-220-6999 (international). The participant passcode is 30385.

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
    
NINE MONTHS ENDED
  
   
SEPTEMBER 30,
    
SEPTEMBER 30,
  
   
2021
    
2020
    
2021
    
2020
  
   
(Unaudited)
    
(Unaudited)
  
NET SALES
  
$
370,310
    
$
343,609
    
$
988,939
    
$
845,850
  
                                 
COST OF SALES
    
265,105
      
235,861
      
700,678
      
603,349
  
                                 
GROSS PROFIT
    
105,205
      
107,748
      
288,261
      
242,501
  
                                 
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
    
66,509
      
59,497
      
183,316
      
163,698
  
RESTRUCTURING AND INTEGRATION EXPENSES
    
166
      
250
      
166
      
464
  
OTHER INCOME (EXPENSE), NET
    
8
      
(37
)
    
8
      
(31
)
                                 
OPERATING INCOME
    
38,538
      
47,964
      
104,787
      
78,308
  
                                 
OTHER NON-OPERATING INCOME, NET
    
780
      
514
      
2,247
      
592
  
                                 
INTEREST EXPENSE
    
652
      
462
      
1,356
      
2,107
  
                                 
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
    
38,666
      
48,016
      
105,678
      
76,793
  
                                 
PROVISION FOR INCOME TAXES
    
9,481
      
11,804
      
26,315
      
19,118
  
                                 
EARNINGS FROM CONTINUING OPERATIONS
    
29,185
      
36,212
      
79,363
      
57,675
  
                                 
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
    
(5,122
)
    
(7,587
)
    
(7,139
)
    
(9,456
)
                                 
NET EARNINGS
    
24,063
      
28,625
      
72,224
      
48,219
  
                                 
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
    
13
      
-
      
32
      
-
  
                                 
NET EARNINGS ATTRIBUTABLE TO SMP (a)
  
$
24,050
    
$
28,625
    
$
72,192
    
$
48,219
  
                                 
                                 
NET EARNINGS ATTRIBUTABLE TO SMP
                                
EARNINGS FROM CONTINUING OPERATIONS
  
$
29,172
    
$
36,212
    
$
79,331
    
$
57,675
  
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
    
(5,122
)
    
(7,587
)
    
(7,139
)
    
(9,456
)
TOTAL
  
$
24,050
    
$
28,625
    
$
72,192
    
$
48,219
  
                                 
                                 
                                 
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
                  
BASIC EARNINGS FROM CONTINUING OPERATIONS
  
$
1.32
    
$
1.62
    
$
3.57
    
$
2.58
  
DISCONTINUED OPERATION
    
(0.23
)
    
(0.34
)
    
(0.32
)
    
(0.42
)
NET EARNINGS PER COMMON SHARE - BASIC
  
$
1.09
    
$
1.28
    
$
3.25
    
$
2.16
  
 
                                
 
                                
DILUTED EARNINGS FROM CONTINUING OPERATIONS
  
$
1.29
    
$
1.59
    
$
3.50
    
$
2.53
  
DISCONTINUED OPERATION
    
(0.22
)
    
(0.33
)
    
(0.32
)
    
(0.41
)
NET EARNINGS PER COMMON SHARE - DILUTED
  
$
1.07
    
$
1.26
    
$
3.18
    
$
2.12
  
 
                                
                                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
    
22,090,195
      
22,349,093
      
22,201,398
      
22,372,466
  
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
    
22,543,781
      
22,758,458
      
22,678,114
      
22,795,426
  

(a) “SMP” refers to Standard Motor Products, Inc. and subsidiaries.

STANDARD MOTOR PRODUCTS, INC.
Segment Revenues and Operating Income

(In thousands)

   
THREE MONTHS ENDED
             NINE MONTHS ENDED        
   
SEPTEMBER 30,
          
SEPTEMBER 30,
        
   
2021
          
2020
            
2021
            
2020
        
   
(Unaudited)
          
(Unaudited)
        
Revenues
                                                    
Ignition, Emission Control, Fuel & Safety Related System Products
  
$
208,443
          
$
190,891
          
$
574,595
          
$
498,204
        
Wire and Cable
    
38,708
            
38,663
            
117,790
            
105,621
        
Engine Management
    
247,151
            
229,554
            
692,385
            
603,825
        
                                                         
Compressors
  
$
75,080
          
$
70,785
          
$
178,031
          
$
141,011
        
Other Climate Control Parts
    
43,995
            
39,608
            
109,988
            
93,216
        
Temperature Control
    
119,075
            
110,393
            
288,019
            
234,227
        
                                                         
All Other
    
4,084
            
3,662
            
8,535
            
7,798
        
Revenues
  
$
370,310
          
$
343,609
          
$
988,939
          
$
845,850
        
                                                         
Gross Margin
                                                        
Engine Management
  
$
66,907
      
27.1
 %  
$
72,361
      
31.5
 %  
$
199,509
      
28.8
 %  
$
175,296
      
29.0
 %
Temperature Control
    
33,815
      
28.4
 %    
32,212
      
29.2
 %    
78,468
      
27.2
 %    
60,828
      
26.0
 %
All Other
    
4,676
        
   
3,175
        
   
10,562
        
   
6,377
        
Subtotal
  
$
105,398
      
28.5
 %  
$
107,748
      
31.4
 %  
$
288,539
      
29.2
 %  
$
242,501
      
28.7
 %
One-Time Acquisition Costs
    
(193
)
    
-0.1
 %    
-
      
0.0
 %    
(278
)
    
0.0
 %    
-
      
0.0
 %
Gross Margin
  
$
105,205
      
28.4
 %  
$
107,748
      
31.4
 %  
$
288,261
      
29.1
 %  
$
242,501
      
28.7
 %
               
             
             
             
               
             
             
             
Selling, General & Administrative
              
             
             
             
Engine Management
  
$
38,702
      
15.7
 %  
$
35,665
      
15.5
 %  
$
109,721
      
15.8
 %  
$
100,237
      
16.6
 %
Temperature Control
    
17,120
      
14.4
 %    
15,571
      
14.1
 %    
44,952
      
15.6
 %    
40,568
      
17.3
 %
All Other
    
10,029
        
   
8,261
        
   
27,315
        
   
22,893
        
Subtotal
  
$
65,851
      
17.8
 %  
$
59,497
      
17.3
 %  
$
181,988
      
18.4
 %  
$
163,698
      
19.4
 %
One-Time Acquisition Costs
    
658
      
0.2
 %    
-
      
0.0
 %    
1,328
      
0.1
 %    
-
      
0.0
 %
Selling, General & Administrative
  
$
66,509
      
18.0
 %  
$
59,497
      
17.3
 %  
$
183,316
      
18.5
 %  
$
163,698
      
19.4
 %
               
             
             
             
               
             
             
             
Operating Income
              
             
             
             
Engine Management
  
$
28,012
      
11.3
 %  
$
36,696
      
16.0
 %  
$
89,510
      
12.9
 %  
$
75,059
      
12.4
 %
Temperature Control
    
16,695
      
14.0
 %    
16,641
      
15.1
 %    
33,516
      
11.6
 %    
20,260
      
8.6
 %
All Other
    
(5,160
)
      
   
(5,086
)
      
   
(16,475
)
      
   
(16,516
)
      
Subtotal
   $
39,547
      
10.7
 %   $
48,251
      
14.0
 %   $
106,551
      
10.8
 %   $
78,803
      
9.3
 %
One-time Acquisition Costs
    
(851
)
    
-0.2
 %    
-
      
0.0
 %    
(1,606
)
    
-0.2
 %    
-
      
0.0
 %
Restructuring & Integration
    
(166
)
    
0.0
 %    
(250
)
    
-0.1
 %    
(166
)
    
0.0
 %    
(464
)
    
-0.1
 %
Other Income (Expense), Net
    
8
      
0.0
 %    
(37
)
    
0.0
 %    
8
      
0.0
 %    
(31
)
    
0.0
 %
Operating Income
  
$
38,538
      
10.4
 %  
$
47,964
      
14.0
 %  
$
104,787
      
10.6
 %  
$
78,308
      
9.3
 %

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

(In thousands, except per share amounts)

   
THREE MONTHS ENDED
      
NINE MONTHS ENDED
  
   
SEPTEMBER 30,
    
SEPTEMBER 30,
  
   
2021
    
2020
      
2021
      
2020
  
   
(Unaudited)
    
(Unaudited)
  
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
                        
                             
GAAP EARNINGS FROM CONTINUING OPERATIONS
  
$
29,172
    
$
36,212
    
$
79,331
    
$
57,675
  
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
    
166
      
250
      
166
      
464
  
ONE-TIME ACQUISITION COSTS
    
851
      
-
      
1,606
      
-
  
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
      (259 )    
(235
)
    
(259
)
    
(235
)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
    
(265
)
    
(65
)
    
(461
)
    
(121
)
                                 
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
  
$
29,665
    
$
36,162
    
$
80,383
    
$
57,783
  
                                 
                                 
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
                  
                                 
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
   $
1.29    
$
1.59
    
$
3.50
    
$
2.53
  
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
    
0.01
      
0.01
      
-
      
0.02
  
ONE-TIME ACQUISITION COSTS
    
0.04
      
-
      
0.07
      
-
  
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
     (0.01
 )    
(0.01
)
    
(0.01
)
    
(0.01
)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
    
(0.01
)
    
-
      
(0.02
)
    
(0.01
)
                                 
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
   $
 1.32    
$
1.59
    
$
3.54
    
$
2.53
  
                                 
                                 
OPERATING INCOME
                                
                                 
GAAP OPERATING INCOME
  
$
38,538
    
$
47,964
    
$
104,787
    
$
78,308
  
                                 
ONE-TIME ACQUISITION COSTS
    
851
      
-
      
1,606
      
-
  
RESTRUCTURING AND INTEGRATION EXPENSES
    
166
      
250
      
166
      
464
  
OTHER (INCOME) EXPENSE, NET
    
(8
)
    
37
      
(8
)
    
31
  
                                 
NON-GAAP OPERATING INCOME
  
$
39,547
    
$
48,251
    
$
106,551
    
$
78,803
  

MANAGEMENT BELIEVES THAT EARNINGS FROM CONTINUING OPERATIONS AND DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE ATTRIBUTABLE TO SMP, AND OPERATING INCOME, AS ADJUSTED FOR SPECIAL ITEMS, ARE NON-GAAP MEASUREMENTS AND 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)

   
SEPTEMBER 30,
2021
    
DECEMBER 31,
2020
  
   
(Unaudited)
        
             
ASSETS
            
             
CASH
  
$
33,144
    
$
19,488
  
                 
ACCOUNTS RECEIVABLE, GROSS
    
231,066
      
203,861
  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
    
6,645
      
5,822
  
ACCOUNTS RECEIVABLE, NET
    
224,421
      
198,039
  
                 
INVENTORIES
    
414,657
      
345,502
  
UNRETURNED CUSTOMER INVENTORY
    
23,367
      
19,632
  
OTHER CURRENT ASSETS
    
15,268
      
15,875
  
                 
TOTAL CURRENT ASSETS
    
710,857
      
598,536
  
                 
PROPERTY, PLANT AND EQUIPMENT, NET
    
100,787
      
89,105
  
OPERATING LEASE RIGHT-OF-USE ASSETS
    
42,458
      
29,958
  
GOODWILL
    
131,549
      
77,837
  
OTHER INTANGIBLES, NET
    
108,312
      
54,004
  
DEFERRED INCOME TAXES
    
34,790
      
44,770
  
INVESTMENT IN UNCONSOLIDATED AFFILIATES
    
42,123
      
40,507
  
OTHER ASSETS
    
24,857
      
21,823
  
                 
TOTAL ASSETS
  
$
1,195,733
    
$
956,540
  
                 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
                 
                 
NOTES PAYABLE
  
$
128,938
    
$
10,000
  
CURRENT PORTION OF OTHER DEBT
    
2,941
      
135
  
ACCOUNTS PAYABLE
    
128,808
      
100,018
  
ACCRUED CUSTOMER RETURNS
    
59,972
      
40,982
  
ACCRUED CORE LIABILITY
    
23,650
      
22,014
  
ACCRUED REBATES
    
43,110
      
46,437
  
PAYROLL AND COMMISSIONS
    
40,725
      
35,938
  
SUNDRY PAYABLES AND ACCRUED EXPENSES
    
50,227
      
47,078
  
                 
TOTAL CURRENT LIABILITIES
    
478,371
      
302,602
  
                 
OTHER LONG-TERM DEBT
    
68
      
97
  
NONCURRENT OPERATING LEASE LIABILITIES
    
33,246
      
22,450
  
ACCRUED ASBESTOS LIABILITIES
    
57,532
      
55,226
  
OTHER LIABILITIES
    
27,964
      
25,929
  
                 
TOTAL LIABILITIES
    
597,181
      
406,304
  
                 
TOTAL SMP STOCKHOLDERS’ EQUITY
    
587,018
      
550,236
  
NONCONTROLLING INTEREST
    
11,534
      
-
  
TOTAL STOCKHOLDERS’ EQUITY
    
598,552
      
550,236
  
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  
$
1,195,733
    
$
956,540
  

STANDARD MOTOR PRODUCTS, INC.
Condensed Consolidated Statements of Cash Flows

(In thousands)

   
NINE MONTHS ENDED
SEPTEMBER 30,
  
   
2021
    
2020
  
   
(Unaudited)
        
             
CASH FLOWS FROM OPERATING ACTIVITIES
            
             
NET EARNINGS
  
$
72,224
    
$
48,219
  
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
          
PROVIDED BY OPERATING ACTIVITIES:
                
DEPRECIATION AND AMORTIZATION
    
20,160
      
19,313
  
OTHER
    
13,904
      
19,098
  
CHANGE IN ASSETS AND LIABILITIES:
                
ACCOUNTS RECEIVABLE
    
(15,343
)
    
(83,878
)
INVENTORIES
    
(52,742
)
    
53,330
  
ACCOUNTS PAYABLE
    
24,228
      
(13,117
)
PREPAID EXPENSES AND OTHER CURRENT ASSETS
    
2,324
      
5,634
  
SUNDRY PAYABLES AND ACCRUED EXPENSES
    
18,905
      
31,725
  
OTHER
    
(4,522
)
    
(1,719
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
    
79,138
      
78,605
  
                 
                 
CASH FLOWS FROM INVESTING ACTIVITIES
                
                 
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
    
(124,663
)
    
-
  
CAPITAL EXPENDITURES
    
(19,406
)
    
(13,170
)
OTHER INVESTING ACTIVITIES
    
29
      
14
  
NET CASH USED IN INVESTING ACTIVITIES
    
(144,040
)
    
(13,156
)
                 
                 
CASH FLOWS FROM FINANCING ACTIVITIES
                
                 
NET CHANGE IN DEBT
    
121,854
      
(44,852
)
PURCHASE OF TREASURY STOCK
    
(26,518
)
    
(8,726
)
DIVIDENDS PAID
    
(16,678
)
    
(5,615
)
OTHER FINANCING ACTIVITIES
    
455
      
86
  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    
79,113
      
(59,107
)
                 
                 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
    
(555
)
    
67
  
NET INCREASE IN CASH AND CASH EQUIVALENTS
    
13,656
      
6,409
  
CASH AND CASH EQUIVALENTS at beginning of Period
    
19,488
      
10,372
  
CASH AND CASH EQUIVALENTS at end of Period
  
$
33,144
    
$
16,781