Standard Motor Products, Inc. Announces Second Quarter 2003 Earnings and a Quarterly Dividend.Business Editors/Automotive Writers NEW YORK--(BUSINESS WIRE)--July 24, 2003 Standard Motor Products, Inc. (NYSE NYSE See: New York Stock Exchange :SMP (Symmetric MultiProcessing) A multiprocessing architecture in which multiple CPUs, residing in one cabinet, share the same memory. SMP systems provide scalability. As business increases, additional CPUs can be added to absorb the increased transaction volume. ), an automotive replacement parts manufacturer and distributor, reported consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter of 2003, the three months ended June June: see month. 30, 2003, of $166.1 million, compared to consolidated net sales of $180.6 million during the comparable quarter in 2002. Earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the second quarter of 2003 were $4.3 million or 34 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $6.3 million or 48 cents per diluted share, in the second quarter of 2002. Consolidated net sales for the six month period ended June 30, 2003 were $301.9 million, compared to consolidated net sales of $307 million during the comparable period in 2002. Earnings from continuing operations for the six month period ended June 30, 2003 were $3.7 million, or 30 cents per diluted share, compared to $4.3 million, or 36 cents per diluted share, for the comparable period in 2002. The results for the six month period ended June 30, 2003 were negatively impacted by $0.8 million in currency exchange loss. Mr. James Burke James Burke may refer to:
A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. reflected the previously announced acquisition of Dana Dāna almsgiving to poor, giftgiving to priests. [Hindu Rel.: Parrinder, 72] See : Generosity Corporation's Engine Management Division (DEM See digital elevation model. ), effective as of June 30, 2003. DEM's results of operations will begin to be reflected in our statement of operations See Income statement. for the third quarter 2003." Commenting on the results, Mr. Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. Sills Sills , Beverly Originally Belle Silverman. Born 1929. American operatic soprano and manager who joined the New York City Opera in 1953 and was its general director from 1980 to 1989. Noun 1. , Standard Motor Products' Chief Executive Officer, said, "Though Engine Management net sales were down $6.7 million in the second quarter, they are ahead over $4 million for the year. Temperature Control net sales decreased nearly $10 million for the quarter and $13.4 million for the first half, because of the previously announced loss of sales to AutoZone AutoZone NYSE: AZO is a Fortune 300 corporation based in Memphis, Tennessee which is engaged primarily in the business of the retail sale of automotive parts and accessories. and the very cool and wet weather conditions existing in spring and early summer." Mr. Sills added, "We are pleased with the continued improvement in gross margins. We are ahead of last year by 0.4 points for the quarter and 0.6 points year to date. The improvement in the second quarter was significant, considering the reduction in net sales." Regarding the acquisition of DEM, Mr. Sills stated, "Thus far we are proceeding on schedule. We have publicly announced that seven of the nine Dana facilities will be closed over the next 18 months and their operations merged with existing Standard Motor Products plants. We are comfortable with our original estimates of $30-35 million for restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and integration costs over this period and $55 million in annual savings by 2005." The Board of Directors has approved payment of a quarterly dividend of nine cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on the common stock outstanding. The dividend will be paid on September September: see month. 2, 2003 to stockholders of record on August 15, 2003. Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , July 25, 2003. The dial in number is 800-362-0571. The playback Playback could mean:
Under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, Standard Motor Products cautions investors that any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports on Form 10-Q Form 10-Q See 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
(Dollars in thousands, except per share amounts)
THREE-MONTHS ENDED SIX-MONTHS ENDED
JUNE 30, JUNE 30,
2003 2002 2003 2002
----------- ----------- ----------- -----------
NET SALES $ 166,125 $ 180,629 $ 301,850 $ 306,950
COST OF SALES 122,306 133,729 223,491 228,880
----------- ----------- ----------- -----------
GROSS PROFIT 43,819 46,900 78,359 78,070
SELLING, GENERAL &
ADMINISTRATIVE
EXPENSES 33,279 34,519 65,491 65,582
----------- ----------- ----------- -----------
OPERATING INCOME 10,540 12,381 12,868 12,488
OTHER INCOME
(EXPENSE), NET (129) 88 (403) 756
INTEREST EXPENSE 3,188 3,809 6,206 7,271
----------- ----------- ----------- -----------
EARNINGS FROM
CONTINUING
OPERATIONS BEFORE
TAXES 7,223 8,660 6,259 5,973
INCOME TAX EXPENSE 2,923 2,393 2,566 1,627
----------- ----------- ----------- -----------
EARNINGS FROM
CONTINUING
OPERATIONS 4,300 6,267 3,693 4,346
LOSS FROM
DISCONTINUED
OPERATION, NET OF
TAX (433) (806) (781) (1,125)
----------- ----------- ----------- -----------
EARNINGS BEFORE
CUMULATIVE EFFECT
OF ACCOUNTING
CHANGE 3,867 5,461 2,912 3,221
CUMULATIVE EFFECT
OF ACCOUNTING
CHANGE, NET OF TAX - - - (18,350)
----------- ----------- ----------- -----------
NET EARNINGS
(LOSS) $ 3,867 $ 5,461 $ 2,912 $ (15,129)
=========== =========== =========== ===========
NET EARNING (LOSS)
PER COMMON SHARE:
BASIC EARNINGS
(LOSS) FROM
CONTINUING
OPERATIONS $ 0.34 $ 0.53 $ 0.30 $ 0.36
DISCONTINUED
OPERATION (0.03) (0.07) (0.06) (0.09)
CUMULATIVE
EFFECT OF
ACCOUNTING
CHANGE - - - (1.54)
----------- ----------- ----------- -----------
NET EARNINGS
(LOSS) PER
COMMON SHARE -
BASIC $ 0.31 $ 0.46 $ 0.24 $ (1.27)
=========== =========== =========== ===========
DILUTED EARNINGS
(LOSS) FROM
CONTINUING
OPERATIONS $ 0.34 $ 0.48 $ 0.30 $ 0.36
DISCONTINUED
OPERATION (0.03) (0.05) (0.06) (0.09)
CUMULATIVE
EFFECT OF
ACCOUNTING
CHANGE - - - (1.53)
----------- ----------- ----------- -----------
NET EARNINGS
(LOSS) PER
COMMON SHARE -
DILUTED $ 0.31 $ 0.43 $ 0.24 $ (1.26)
=========== =========== =========== ===========
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES 12,493,796 11,918,439 12,234,764 11,873,288
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES AND
DILUTIVE SHARES 15,334,225 14,840,360 12,305,907 11,984,935
STANDARD MOTOR PRODUCTS
CONDENSED CONSOLIDATING BALANCE SHEETS
(Dollars in thousands)
ASSETS
June 30, December 31,
2003 2002
---------- ---------
Cash $ 7,404 $ 9,690
Marketable securities 5,700 7,200
Accounts receivable, gross 266,832 122,526
Allowance for doubtful accounts 9,268 4,882
---------- ---------
Accounts receivable, net 257,564 117,644
Inventories 264,311 174,785
Other current assets 19,013 19,041
---------- ---------
Total current assets 553,992 328,360
---------- ---------
Property, plant and equipment, net 116,911 103,822
Goodwill 79,867 16,683
Other assets 40,649 41,893
---------- ---------
Total assets $ 791,419 $490,758
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable $3,643 $3,369
Current portion of long term debt 3,958 4,108
Accounts payable trade 78,277 35,744
Accrued customer returns 35,607 16,341
Other current liabilities 87,795 51,866
---------- ---------
Total current liabilities 209,280 111,428
---------- ---------
Long-term debt 272,931 169,440
Accrued asbestos liabilities 25,287 25,595
Postretirement & other liabilities 53,056 30,414
---------- ---------
Total liabilities 560,554 336,877
---------- ---------
Total stockholders' equity 230,865 153,881
---------- ---------
Total liabilities and stockholders' equity $791,419 $490,758
========== =========
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