Printer Friendly

STANDARD MOTOR PRODUCTS REPORTS RESULTS

 NEW YORK, March 8 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer, today reported that sales for the year 1992 reached $535,553,000 up from $534,808,000 reported for 1991. Net income increased to $8,878,000, or $.68 per share, from $6,667,000, or $.51 per share in 1991.
 Sales for the fourth quarter, the three months ended Dec. 31, 1992, totaled $117,678,000 compared with $118,303,000 a year ago. Net profit was $2,997,000, or $.23 per share, vs. a net loss of $1,165,000, or $.09 per share, for the comparable period last year.
 Commenting on the results for the year, Lawrence Sills, president, said that the earnings increase may be attributed, in large part, to the company meeting its goals on inventory reduction and strict cost controls throughout all divisions.
 Unit sales were essentially flat and there were heavy costs related to the prior year's acquisition of new customers and the absorption of GP/Sorensen. The increase in earnings despite these heavy costs and the company's success in meeting its targets for inventory and expense reduction lead to optimism for greater earnings gains entering 1993.
 STANDARD MOTOR PRODUCTS, INC.
 Financial Summary
 Twelve months ended Dec. 31 1992 1991
 Net sales $535,553,000 $534,808,000
 Income before taxes 10,820,000 7,844,000
 Net income 8,878,000 6,667,000
 Earnings per share(A) $0.68 $0.51
 Three months ended Dec. 31 1992 1991
 Net sales $117,678,000 $118,303,000
 Income before taxes 2,873,000 (2,740,000)
 Net income 2,997,000 (1,165,000)
 Earnings per share(A) $0.23 $(0.09)
 (A) -- Per-share earnings based upon average number of common and common equivalent shares outstanding during the periods.
 -0- 3/8/93
 /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

CK-OS -- NY044 -- 3969 03/08/93 11:32 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 8, 1993
Words:340
Previous Article:SAFECARD REPORTS HIGHER REVENUE AND EARNINGS
Next Article:ALAMCO, INC. REPORTS SUBSTANTIALLY IMPROVED 1992 OPERATING RESULTS, SIGNIFICANT INCREASES IN PROVED OIL AND GAS RESERVES
Topics:


Related Articles
STANDARD MOTOR PRODUCTS REPORTS RESULTS
STANDARD MOTOR PRODUCTS REPORTS RESULTS
STANDARD MOTOR PRODUCTS REPORTS RESULTS
STANDARD MOTOR PRODUCTS REPORTS RESULTS
STANDARD MOTOR PRODUCTS, INC. REPORTS EARNINGS
STANDARD MOTOR PRODUCTS ANNOUNCES FOURTH QUARTER, FULL YEAR 1993 EARNINGS
STANDARD MOTOR PRODUCTS, INC. REPORTS FIRST QUARTER RESULTS
STANDARD MOTOR PRODUCTS ANNOUNCES FIRST QUARTER 1995 EARNINGS
STANDARD MOTOR PRODUCTS ANNOUNCES 2ND QUARTER 1995 EARNINGS
Standard Motor Products Issues Fourth Quarter Earnings Warning and Announces its Bank Refinancing is Not Completed

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters