STANDARD MOTOR PRODUCTS REPORTS RESULTS
STANDARD MOTOR PRODUCTS REPORTS RESULTS NEW YORK, May 5 /PRNewswire/ -- Standard Motor Products, Inc.
(NYSE: SMP) reported that sales for the three months ended March 31, 1992, were $128,794,000. This compared with $129,861,000 in the first quarter last year.
Net income in the three months ended March 31, 1992, was $1,068,000 or eight cents per share, versus $2,010,000, or 15 cents per share, a year ago. Commenting on the results for the first quarter, Lawrence Sills, president, stated that while the company's core business was up four percent to five percent in dollar volume, the decrease in sales was attributable to the fact that there were two large opening accounts in the first quarter of the previous year. The slight sales decrease, combined with heavy amortization of costs related to the prior year's acquisition of new customers, resulted in the earnings decrease for the quarter. Sills noted that the company's goal of reducing inventories continued to be on track with a substantial decrease in the first quarter. STANDARD MOTOR PRODUCTS Three months ended March 31 1992 1991 Net sales $128,794,000 $129,861,000 Income before taxes 1,444,000 2,716,000 Net income 1,068,000 2,010,000 Earnings per share(A) $0.08 $0.15 (A): Per share earnings based upon average number of common and common equivalent shares outstanding during the periods./ -0- 5/5/92 /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-LR -- NY075 -- 6619 05/05/92 13:50 EDT
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|Date:||May 5, 1992|
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