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STANDARD PRODUCTS REPORTS RESULTS FOR THIRD QUARTER OF FISCAL 1992

STANDARD PRODUCTS REPORTS RESULTS FOR THIRD QUARTER OF FISCAL 1992
 CLEVELAND, April 16 /PRNewswire/ -- The Standard Products Co. (NYSE: SPD) today reported results for the third quarter and nine months of fiscal 1992.
 Sales from continuing operations for the three months ended March 29, 1992 were $157,238,000 compared with sales of $134,578,000 last year, up 16.8 percent. Net income was $5,358,000, or 53 cents per share, including retroactive adjustments equal to 9 cents per share.
 In the year-ago quarter, Standard Products posted a net loss of $12,991,000, or $1.28 per share, which included losses of $1.14 per share attributable to the launch of the Ford Crown Victoria/Mercury Grand Marquis at Silent Channel and 4 cents per share from the Company's discontinued military operations.
 Sales for the nine months ended March 29, 1992 were $467,096,000 compared with sales of $419,854,000 last year, up 11.3 percent. Net income was $11,166,000, or $1.10 per share, compared with a net loss of $16,937,000, or $1.67 per share, a year ago.
 North American automotive operations remained profitable. However, quarter-to-quarter sales were down 6.8 percent compared with a decline in the North American car build of 4.3 percent. U.S. operations slowed from quarter to quarter and production in Canada was impacted significantly by extended customer shut downs in January. In the U.K., Silent Channel was profitable for the quarter.
 Sales of Oliver Rubber for the quarter were $24,913,000, up from last year's period, and Oliver's profitability increased substantially over the year-ago period.
 Holm Industries' sales increased for the quarter over a year ago, and with higher sales and the impact of cost reduction programs, operations were profitable.
 James S. Reid, Jr., chairman and chief executive officer, said, "Silent Channel has turned profitable and our North American automotive operations continue to be profitable, both in the face of low car production levels. Oliver Rubber is doing substantially better along with a turn to profitability at Holm Industries. Military production at the Port Clinton Division has terminated. While the car build remains a concern, our major customers are forecasting an increase in production in the coming months."
 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 Earnings Summary (Unaudited) (000 omitted)
 Three Months Nine Months
 Periods Ended March 29, and March 31,
 1992 1991 1992 1991
 Net sales $ 157,238 $ 134,578 $ 467,096 $ 419,854
 Costs and expenses:
 Cost of goods sold 135,648 134,066 407,071 396,377
 Selling, general and
 administrative
 expenses 10,222 9,555 29,643 27,787
 Net interest expense 2,995 3,494 8,987 8,516
 Other income (expense),
 net 28 (490) (461) (370)
 Income (loss) before
 taxes on income 8,406 (13,027) 20,934 (13,196)
 Provision for taxes on
 income 3,048 (402) 9,768 (2,430)
 Income (loss) from
 continuing operations 5,358 (12,625) 11,166 (15,626)
 Loss from operations
 of discontinued
 division, net of tax 0 (366) 0 (1,311)
 Net income (loss) $ 5,358 $ (12,991) $ 11,166 $ (16,937)
 Earnings (loss) per
 common share:
 Continuing
 operations $ .53 $ (1.24) $ 1.10 $ (1.54)
 Discontinued
 operations 0 (.04) 0 (.13)
 $ .53 $ (1.28) $ 1.10 $ (1.67)
 Average shares
 outstanding 10,156,974 10,156,076 10,159,375 10,145,245
 -0- 4/16/92
 /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


KK -- CL007 -- 9180 04/16/92 10:25 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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