STANDARD MOTOR PRODUCTS REPORTS RESULTS
STANDARD MOTOR PRODUCTS REPORTS RESULTS NEW YORK, Oct. 21 /PRNewswire/ -- Standard Motor Products, Inc.
(NYSE: SMP), automotive replacement parts manufacturer, reported that sales for the third quarter, the three months ended Sept. 30, 1992 were $138,276,000 compared with $135,345,000 a year ago. Net income was $2,813,000, or 22 cents per share, compared to last year's $1,945,000 or 15 cents per share.
Sales for the nine months totaled $417,875,000 compared with $416,505,000 in the 1991 period. Net income for the nine months was $5,881,000, or 45 cents per share, compared with $7,832,000, or 60 cents per share for the same period last year. Commenting on the results for the third quarter, Lawrence Sills, president, stated that the increase in earnings was primarily due to two factors. The amortization of costs related to the prior year's acquisition of new customers lessened during the quarter. He noted that this trend will continue into the fourth quarter. In addition, although unit sales remained essentially flat, the company's continuing emphasis on controlling costs and expenses at all divisions contributed to the earnings gain. STANDARD MOTOR PRODUCTS, INC. FINANCIAL SUMMARY Nine Months Ended September 30 1992 1991 Net sales $417,875,000 $416,505,000 Income before taxes 7,947,000 10,584,000 Net income 5,881,000 7,832,000 Earnings per share (A) $0.45 $0.60 Three Months Ended September 30 1992 1991 Net sales $138,276,000 $135,345,000 Income before taxes 3,801,000 2,628,000 Net income 2,813,000 1,945,000 Earnings per share (A) $0.22 $0.15 (A) Per share earnings based upon average number of common and common equivalent shares outstanding during the periods. -0- 10/21/92 /CONTACT: Mark S. Chanko of Standard Motor Products, Inc., 718-392-0200/ (SMP) CO: Standard Motor Products, Inc. ST: New York IN: AUT SU: ERN
AH-EE -- NY085 -- 2971 10/21/92 14:06 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Oct 21, 1992|
|Previous Article:||LIFE USA HOLDING, INC. REPORTS A TENFOLD INCREASE IN THIRD QUARTER EARNINGS -- 55 PERCENT INCREASE IN REVENUES|
|Next Article:||CONE MILLS CORPORATION ANNOUNCES THIRD QUARTER RESULTS|