STANDARD MOTOR PRODUCTS REPORTS RESULTS
STANDARD MOTOR PRODUCTS REPORTS RESULTS NEW YORK, March 5 /PRNewswire/ -- Standard Motor Products, Inc.
(NYSE: SMP), automotive replacement parts manufacturer, reported that sales for the year 1991 reached $534,808,000 up from $507,820,000 reported for 1990. Net income decreased to $6,677,000, or $.51 per share, from $7,734,000, or $.59 per share in 1990.
Sales for the fourth quarter, the three months ended Dec. 31, 1991, totaled $118,303,000 compared with $113,360,000 a year ago. Net loss was ($1,165,000), or ($.09) per share, versus a net income of $957,000, or $.07 cents per share, for the comparable period last year. Commenting on the results for the year, Lawrence Sills, president, said that the earnings decrease could be attributed to a combination of relatively flat unit sales, the one-time expenses incurred in the Carquest and APS changeovers, an the accrual of costs in December 1991 for the October 1992 integration of the GP/Sorensen Division into SMP. The integration will result in a net decrease of 100 workers, and a reduction in occupancy costs with the closing of the Glasgow, Ky. facility. The GP/Sorensen business should show satisfactory profits upon the completion of these moves. Sills also said that the company's goals for inventory reduction and debt reduction in 1991 were, in fact, exceeded. Standard's balance sheet showed significant improvement with inventories down approximately $36,000,000 from Dec. 31, 1990 and combined long and short term debt reduced by $28,000,000. The company expects further reductions of inventory in 1992 and 1993. STANDARD MOTOR PRODUCTS Year-end Earnings Twelve months ended Dec. 31, 1991 1990 Net sales $534,808,000 $507,820,000 Income before taxes 7,844,000 9,666,000 Net income 6,667,000 7,734,000 Earnings per share(A) $0.51 $0.59 Three months ended Dec. 31, 1991 1990 Net sales $118,303,000 $113,360,000 (Loss)/income before taxes (2,740,000) 1,300,000 Net (loss)/income (1,165,000) 957,000 (Loss)/earnings per share(A) ($0.09) $0.07 (A) Per share earnings based upon average number of common and common equivalent shares outstanding during the periods. -0- 3/5/92 /CONTACT: Mark S. Chanko of Standard Motor Products, 718-392-0200/ (SMP) CO: Standard Motor Products Inc. ST: New York IN: AUT SU: ERN AH-SH -- NY050 -- 5509 03/05/92 14:00 EST
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|Date:||Mar 5, 1992|
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