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STANDARD PRODUCTS REPORTS HIGHER SALES AND HIGHER EARNINGS FOR THE FISCAL 1993 FIRST QUARTER

 STANDARD PRODUCTS REPORTS HIGHER SALES AND HIGHER EARNINGS
 FOR THE FISCAL 1993 FIRST QUARTER
 CLEVELAND, Oct. 15 /PRNewswire/ -- The Standard Products Co. (NYSE: SPD) reported today that both sales and earnings for the first quarter of fiscal 1993 were higher than the prior year's period.
 Sales for the three months ended September 27, 1992 rose 8 percent to $164,417,000 from $152,555,000 a year ago. Net income increased to $4,436,000, or 37 cents per share, from $650,000, equal to 6 cents per share, in last year's quarter.
 The Company's North American automotive operations recorded another profitable period with an increase of nearly 3 percent in sales. While the total North American car and light truck build was up 1 percent for the quarter, the build of the Big Three automakers was off 1.3 percent for the period.
 Standard Products' Silent Channel subsidiary in the United Kingdom was profitable for the third consecutive quarter on volume increases largely due to new model launches for the European marketplace.
 Sales of Oliver Rubber, a major producer and marketer of tread rubber for truck tire retreading, were up 9 percent to $29,679,000. In addition to improvement in its European operations during the quarter, Oliver's North American business showed gains.
 Results also improved at Holm Industries, a leading manufacturer of sealing systems for home and commercial refrigeration appliances. Holm's acquisition of Jarrow Products, Inc., completed in August, contributed significantly to the sales increase over last year. The balance of the increase was attributable to new customers and market penetration.
 James S. Reid, Jr., Standard Products' chairman and chief executive officer, said the continuation of favorable results is the consequence of actions over the past two years to reduce costs and improve efficiencies. "By paying down debt following our public offering last spring, we were able to reduce interest expense for the quarter by more than $1 million. In addition, selling, general and administrative expenses remained virtually level with last year in relation to sales. Even though we began several major automobile launches in the first quarter, including the Chrysler LH and mini-van series, we see softness in our automotive markets. Nevertheless, we expect good results for the year as a whole."
 Cleveland-based Standard Products manufactures rubber and plastic parts for the automotive original equipment industry, and plastic and magnetic door seals for home appliances. Its Oliver Rubber subsidiary is a major producer of tread rubber for truck tire retreading.
 THE STANDARD PRODUCTS COMPANY
 Consolidated Statements of Income
 (Unaudited) (000 omitted)
 Periods Ended September 27 and September 29, 1992 1991
 Net sales $164,417 $152,555
 Costs and expenses:
 Cost of goods sold 146,610 136,479
 Selling, general and administrative expenses 10,604 9,299
 Net interest expense 1,266 2,972
 Other income (expense), net 642 (565)
 Income before taxes on income 6,579 3,240
 Provision for taxes on income 2,143 2,590
 Net income $ 4,436 $ 650
 Earnings per common share: $ .37 $ .06
 Average shares outstanding 12,050 10,156
 -0- 10/15/92
 /Contact: Aubrey E. Arndt of The Standard Products Co., 216-281-8300; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for The Standard Products Co./
 (SPD) CO: The Standard Products Company ST: Ohio IN: AUT SU: ERN


SM -- CL017 -- 0435 10/15/92 12:35 EDT
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Date:Oct 15, 1992
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