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STANDARD MOTOR PRODUCTS, INC. REPORTS EARNINGS

 NEW YORK, July 21 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), automotive replacement parts manufacturer, reported that sales for the second quarter, the three months ended June 30, 1993, were $161,201,000 compared with $150,805,000 a year ago. Net income was $6,779,000 or 51 cents per share, compared to last year's $2,000,000 or 15 cents per share.
 Sales for the six months totaled $288,956,000 compared with $279,599,000 in the 1992 period. Net income, before the cumulative effect of changes in accounting principles for post-retirement benefits and income taxes, increased to $9,632,000 or 73 cents per share from $3,068,000 or 23 cents per share in 1992. Net income after the effect of these changes, for the 1993 period increased to $8,542,000 or 64 cents per share.
 Mr. Lawrence Sills, president, said that the substantial increase in earnings was attributable to a pickup in sales for the quarter combined with the company's streamlining efforts. Over the past few years, the company has continued to meet or exceed its goals for inventory reduction, headcount reduction and strict cost controls through all divisions, resulting in substantial decreases in operating expense and interest expense. Past years' costs relating to the acquisition of two large customers and the absorption of the G.P. Sorensen division no longer mask these achievements.
 Mr. Sills emphasized that the programs instituted for the past several years are ongoing and that the company expects further reductions in inventories, headcount and other expenses this year and in the years ahead. Meeting these goals combined with any pickup in revenues should permit Standard to meet future challenges in its extremely competitive arena.
 STANDARD MOTOR PRODUCTS, INC.
 Financial Summary
 Six Months Ended June 30 1993 1992
 Net sales $288,956,000 $279,599,000
 Income before taxes 13,402,000 4,146,000
 Income before cumulative
 effect of changes in
 accounting principles,
 net 9,632,000 3,068,000
 Earnings per share (A) $0.73 $0.23
 Cumulative effect of changes
 in accounting principles for
 post-retirement benefits and
 income taxes, net (1,090,000) ---
 Net income 8,542,000 3,068,000
 Earnings per share (A) $0.64 $0.23
 Three Months Ended June 30 1993 1992
 Net sales $161,201,000 $150,805,000
 Income before taxes 9,494,000 2,702,000
 Income before cumulative
 effect of changes in
 accounting principles,
 net 6,779,000 2,000,000
 Earnings per share (A) $0.51 $0.15
 Cumulative effect of changes
 in accounting principles for
 post-retirement benefits and
 income taxes, net --- ---
 Net income 6,779,000 2,000,000
 Earnings per share (A) $0.51 $0.15
 (A) Per share earnings based upon average number of common and common equivalent shares outstanding during the periods.
 -0- 7/21/93
 /CONTACT: Michael Bailey of Standard Motor Products, 718-392-0200/
 (SMP)


CO: Standard Motor Products, Inc. ST: New York IN: AUT SU: ERN

PS-LG -- NY027 -- 3862 07/21/93 10:40 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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