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NEW YORK, May 3, 2023 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months ended March 31, 2023.
Net sales for the first quarter of 2023 were $328.0 million, compared to consolidated net sales of $322.8 million during the comparable quarter in 2022. Earnings from continuing operations for the first quarter of 2023 were $12.7 million or $0.57 per diluted share, compared to $20.6 million or $0.91 per diluted share in the first quarter of 2022. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2023 were $13.4 million or $0.61 per diluted share, compared to $20.6 million or $0.92 per diluted share in the first quarter of 2022.
Mr. Eric Sills, Standard Motor Products' Chief Executive Officer and President stated, "We are pleased with our first quarter results, as sales increased 1.6% against a difficult comparison, as last year's first quarter was up 17% from the previous year."
By segment, Vehicle Control sales were up 4.1% in the quarter, reflecting continued strength in demand within the aftermarket. Our customers' POS throughout the quarter also remained favorable, which bodes well for future demand.
Turning to Temperature Control, sales declined a modest 0.9% versus the almost 30% growth experienced during the same quarter last year. As a seasonal business, first quarter sales are heavily dependent on customer preseason ordering patterns, and therefore not indicative of the full year.
Engineered Solutions sales were 2% lower than last year's first quarter, but 5% higher than the quarterly average sales level achieved in 2022. We expect this segment to be slightly lumpy quarter to quarter as a result of changes in customer order patterns. Based upon customer interest, we continue to believe long-term sales growth will be strong, though revenue growth from business wins is not linear.
Looking at profitability, consolidated non-GAAP operating profit margin was 6.6% in the quarter versus 8.3% in the first quarter last year. The decline in profit of $5.3 million was mainly the result of a $5.5 million increase in customer factoring program expense over last year, due to rising interest rates. Excluding these incremental factoring costs, our operating expenses would have been flat year over year at 19.5% of net sales. Adjusted EBITDA margin was 8.8% in the quarter versus 11.0% last year and was impacted by the above-mentioned factoring expense. We continue to implement both pricing and cost savings initiatives to help offset rising interest cost increases and lingering inflationary pressures on certain commodities and labor expense.
Our sales and profit expectations for the full year of 2023 remain unchanged with top line sales growth expected to be in the low single digits with an Adjusted EBITDA margin of approximately 10% of revenue, assuming current interest rates.
As part of our commitment to return value to shareholders, the Board of Directors has approved payment of a quarterly dividend of 29 cents per share on the common stock outstanding, which will be paid on June 1, 2023 to stockholders of record on May 15, 2023.
As we recently announced, we are pleased to have published our 2022 Corporate Sustainability report. This report outlines our commitment to being environmentally and socially responsible, and highlights the noticeable progress we have made to date. We remain committed to leveraging sustainability as a catalyst for positive change both within our organization and in the communities within which we operate.
In closing, Mr. Sills commented, "While uncertainty remains, we continue to be bullish on all of our markets. The aftermarket has a long history of stability in challenging economic times, and while still relatively new to us, we are excited about where we are heading with our Engineered Solutions business and the attention it has been getting from its customer base. We will continue to look for ways to drive growth, offset rising costs and deliver increasing value to all our customers and stakeholders alike."
Conference Call
Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, May 3, 2023. This call will be web cast and can be accessed on the Investor Relations page of our website at www.smpcorp.com and clicking on the SMP Q1 2023 Earnings Webcast link. Investors may also listen to the call by dialing 800-225-9448 (domestic) or 203-518-9708 (international). Our playback will be made available for dial in immediately following the call. For those choosing to listen to the replay by webcast, the link should be active on our website within 24 hours after the call. The playback number is 800-934-4245 (domestic) or 402-220-1173 (international). The participant passcode is 94640.
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any forward-looking statements 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 are those 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 and quarterly reports on Form 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 | |||||||
(In thousands, except per share amounts) | |||||||
THREE MONTHS ENDED | |||||||
MARCH 31, | |||||||
2023 | 2022 | ||||||
(Unaudited) | |||||||
NET SALES | $ 328,028 | 100.0 % | $ 322,831 | 100.0 % | |||
COST OF SALES | 236,761 | 72.2 % | 232,991 | 72.2 % | |||
GROSS PROFIT | 91,267 | 27.8 % | 89,840 | 27.8 % | |||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES | 69,633 | 21.2 % | 62,884 | 19.5 % | |||
RESTRUCTURING AND INTEGRATION EXPENSES | 912 | 0.3 % | 41 | 0.0 % | |||
OTHER INCOME, NET | 24 | 0.0 % | - | 0.0 % | |||
OPERATING INCOME | 20,746 | 6.3 % | 26,915 | 8.3 % | |||
OTHER NON-OPERATING INCOME, NET | 225 | 0.1 % | 1,449 | 0.4 % | |||
INTEREST EXPENSE | 3,862 | 1.2 % | 805 | 0.2 % | |||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES | 17,109 | 5.2 % | 27,559 | 8.5 % | |||
PROVISION FOR INCOME TAXES | 4,372 | 1.3 % | 7,005 | 2.2 % | |||
EARNINGS FROM CONTINUING OPERATIONS | 12,737 | 3.9 % | 20,554 | 6.4 % | |||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES | (780) | -0.2 % | (1,116) | -0.3 % | |||
NET EARNINGS | 11,957 | 3.6 % | 19,438 | 6.0 % | |||
NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST | 39 | 0.0 % | (8) | 0.0 % | |||
NET EARNINGS ATTRIBUTABLE TO SMP (a) | $ 11,918 | 3.6 % | $ 19,446 | 6.0 % | |||
NET EARNINGS ATTRIBUTABLE TO SMP | |||||||
EARNINGS FROM CONTINUING OPERATIONS | $ 12,698 | 3.9 % | $ 20,562 | 6.4 % | |||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES | (780) | -0.2 % | (1,116) | -0.3 % | |||
TOTAL | $ 11,918 | 3.6 % | $ 19,446 | 6.0 % | |||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP | |||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS | $ 0.59 | $ 0.94 | |||||
DISCONTINUED OPERATION | (0.04) | (0.06) | |||||
NET EARNINGS PER COMMON SHARE - BASIC | $ 0.55 | $ 0.88 | |||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS | $ 0.57 | $ 0.91 | |||||
DISCONTINUED OPERATION | (0.03) | (0.04) | |||||
NET EARNINGS PER COMMON SHARE - DILUTED | $ 0.54 | $ 0.87 | |||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES | 21,609,618 | 21,978,507 | |||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES | 22,097,750 | 22,477,819 | |||||
(a) "SMP" refers to Standard Motor Products, Inc. and subsidiaries. |
STANDARD MOTOR PRODUCTS, INC. | ||||||
Segment Revenues and Operating Profit | ||||||
(In thousands) | ||||||
THREE MONTHS ENDED | ||||||
March 31, | ||||||
2023 | 2022 | |||||
(Unaudited) | ||||||
Revenues | ||||||
Engine Management (Ignition, Emissions and | ||||||
Fuel Delivery) | $ 116,083 | $ 109,149 | ||||
Electrical and Safety | 51,804 | 52,257 | ||||
Wire sets and other | 16,690 | 15,858 | ||||
Vehicle Control | 184,577 | 177,264 | ||||
AC System Components | 45,752 | 47,374 | ||||
Other Thermal Components | 26,654 | 25,684 | ||||
Temperature Control | 72,406 | 73,058 | ||||
Commercial Vehicle | 19,857 | 21,451 | ||||
Construction / Agriculture | 12,795 | 10,984 | ||||
Light Vehicle | 22,966 | 26,075 | ||||
All Other | 15,427 | 13,999 | ||||
Engineered Solutions | 71,045 | 72,509 | ||||
Revenues | $ 328,028 | $ 322,831 | ||||
Gross Margin | ||||||
Vehicle Control | $ 58,472 | 31.7 % | $ 55,424 | 31.3 % | ||
Temperature Control | 19,155 | 26.5 % | 19,488 | 26.7 % | ||
Engineered Solutions | 13,640 | 19.2 % | 14,928 | 20.6 % | ||
All Other | - | - | ||||
Gross Margin | $ 91,267 | 27.8 % | $ 89,840 | 27.8 % | ||
Selling, General & Administrative | ||||||
Vehicle Control | $ 40,836 | 22.1 % | $ 35,039 | 19.8 % | ||
Temperature Control | 16,528 | 22.8 % | 15,326 | 21.0 % | ||
Engineered Solutions | 7,909 | 11.1 % | 8,640 | 11.9 % | ||
All Other | 4,360 | 3,879 | ||||
Selling, General & Administrative | $ 69,633 | 21.2 % | $ 62,884 | 19.5 % | ||
Operating Income | ||||||
Vehicle Control | $ 17,636 | 9.6 % | $ 20,385 | 11.5 % | ||
Temperature Control | 2,627 | 3.6 % | 4,162 | 5.7 % | ||
Engineered Solutions | 5,731 | 8.1 % | 6,288 | 8.7 % | ||
All Other | (4,360) | (3,879) | ||||
Subtotal | $ 21,634 | 6.6 % | $ 26,956 | 8.3 % | ||
Restructuring & Integration | (912) | -0.3 % | (41) | 0.0 % | ||
Other Income, Net | 24 | 0.0 % | - | 0.0 % | ||
Operating Income | $ 20,746 | 6.3 % | $ 26,915 | 8.3 % |
STANDARD MOTOR PRODUCTS, INC. | ||||||||||
Reconciliation of GAAP and Non-GAAP Measures | ||||||||||
(In thousands, except per share amounts) | ||||||||||
THREE MONTHS ENDED | ||||||||||
MARCH 31, | ||||||||||
2023 | 2022 | |||||||||
(Unaudited) | ||||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP | ||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS | $ 12,698 | $ 20,562 | ||||||||
RESTRUCTURING AND INTEGRATION EXPENSES | 912 | 41 | ||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS | (237) | (11) | ||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS | $ 13,373 | $ 20,592 | ||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP | ||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS | $ 0.57 | $ 0.91 | ||||||||
RESTRUCTURING AND INTEGRATION EXPENSES | 0.04 | 0.01 | ||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS | - | - | ||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS | $ 0.61 | $ 0.92 | ||||||||
OPERATING INCOME | ||||||||||
GAAP OPERATING INCOME | $ 20,746 | $ 26,915 | ||||||||
RESTRUCTURING AND INTEGRATION EXPENSES | 912 | 41 | ||||||||
OTHER INCOME, NET | (24) | - | LAST TWELVE MONTHS ENDED | YEAR ENDED | ||||||
MARCH 31, | DECEMBER 31, | |||||||||
NON-GAAP OPERATING INCOME | $ 21,634 | $ 26,956 | 2023 | 2022 | 2022 | |||||
(Unaudited) | ||||||||||
EBITDA WITHOUT SPECIAL ITEMS | ||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES | $ 17,109 | $ 27,559 | $ 87,882 | $ 128,274 | $ 98,332 | |||||
DEPRECIATION AND AMORTIZATION | 7,082 | 6,952 | 28,428 | 27,681 | 28,298 | |||||
INTEREST EXPENSE | 3,862 | 805 | 13,674 | 2,624 | 10,617 | |||||
EBITDA | 28,053 | 35,316 | 129,984 | 158,579 | 137,247 | |||||
RESTRUCTURING AND INTEGRATION EXPENSES | 912 | 41 | 2,762 | 433 | 1,891 | |||||
CUSTOMER BANKRUPTCY CHARGE | - | - | 7,002 | - | 7,002 | |||||
ONE-TIME ACQUISITION COSTS | - | - | - | 1,711 | - | |||||
SPECIAL ITEMS | 912 | 41 | 9,764 | 2,144 | 8,893 | |||||
EBITDA WITHOUT SPECIAL ITEMS | $ 28,965 | $ 35,357 | $ 139,748 | $ 160,723 | $ 146,140 | |||||
MANAGEMENT BELIEVES THAT NON-GAAP EARNINGS FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE ATTRIBUTABLE TO SMP, AND NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE. |
STANDARD MOTOR PRODUCTS, INC. | |||||||||||
Reconciliation of GAAP and Non-GAAP Measures by Segments | |||||||||||
(In thousands) | THREE MONTHS ENDED MARCH 31, 2023 | ||||||||||
Vehicle Control | Temperature Control | Engineered Solutions | All Other | Consolidated | |||||||
(Unaudited) | |||||||||||
OPERATING INCOME | |||||||||||
GAAP OPERATING INCOME | $ 17,375 | $ 2,084 | $ 5,647 | $ (4,360) | $ 20,746 | ||||||
RESTRUCTURING AND INTEGRATION EXPENSES | 285 | 543 | 84 | - | 912 | ||||||
OTHER INCOME, NET | (24) | - | - | - | (24) | ||||||
NON-GAAP OPERATING INCOME | $ 17,636 | $ 2,627 | $ 5,731 | $ (4,360) | $ 21,634 | ||||||
EBITDA WITHOUT SPECIAL ITEMS | |||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES | $ 15,057 | $ 1,105 | $ 5,286 | $ (4,339) | $ 17,109 | ||||||
DEPRECIATION AND AMORTIZATION | 3,412 | 763 | 2,481 | 426 | 7,082 | ||||||
INTEREST EXPENSE | 2,741 | 893 | 359 | (131) | 3,862 | ||||||
EBITDA | 21,210 | 2,761 | 8,126 | (4,044) | 28,053 | ||||||
RESTRUCTURING AND INTEGRATION EXPENSES | 285 | 543 | 84 | - | 912 | ||||||
SPECIAL ITEMS | 285 | 543 | 84 | - | 912 | ||||||
EBITDA WITHOUT SPECIAL ITEMS | $ 21,495 | $ 3,304 | $ 8,210 | $ (4,044) | $ 28,965 | ||||||
% of Net Sales | 11.6 % | 4.6 % | 11.6 % | 8.8 % | |||||||
THREE MONTHS ENDED MARCH 31, 2022 | |||||||||||
Vehicle Control | Temperature Control | Engineered Solutions | All Other | Consolidated | |||||||
(Unaudited) | |||||||||||
OPERATING INCOME | |||||||||||
GAAP OPERATING INCOME | $ 20,344 | $ 4,162 | $ 6,288 | $ (3,879) | $ 26,915 | ||||||
RESTRUCTURING AND INTEGRATION EXPENSES | 41 | - | - | - | 41 | ||||||
OTHER INCOME, NET | - | - | - | - | - | ||||||
NON-GAAP OPERATING INCOME | $ 20,385 | $ 4,162 | $ 6,288 | $ (3,879) | $ 26,956 | ||||||
EBITDA WITHOUT SPECIAL ITEMS | |||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES | $ 20,366 | $ 4,480 | $ 6,578 | $ (3,865) | $ 27,559 | ||||||
DEPRECIATION AND AMORTIZATION | 3,417 | 680 | 2,458 | 397 | 6,952 | ||||||
INTEREST EXPENSE | 575 | 160 | 146 | (76) | 805 | ||||||
EBITDA | 24,358 | 5,320 | 9,182 | (3,544) | 35,316 | ||||||
RESTRUCTURING AND INTEGRATION EXPENSES | 41 | - | - | - | 41 | ||||||
SPECIAL ITEMS | 41 | - | - | - | 41 | ||||||
EBITDA WITHOUT SPECIAL ITEMS | $ 24,399 | $ 5,320 | $ 9,182 | $ (3,544) | $ 35,357 | ||||||
% of Net Sales | 13.8 % | 7.3 % | 12.7 % | 11.0 % | |||||||
MANAGEMENT BELIEVES THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE. |
STANDARD MOTOR PRODUCTS, INC. | ||||||
Condensed Consolidated Balance Sheets | ||||||
(In thousands) | ||||||
MARCH | MARCH | DECEMBER | ||||
2023 | 2022 | 2022 | ||||
(Unaudited) | (Unaudited) | |||||
ASSETS | ||||||
CASH | $ 24,196 | $ 19,999 | $ 21,150 | |||
ACCOUNTS RECEIVABLE, GROSS | 216,617 | 231,963 | 173,013 | |||
ALLOWANCE FOR EXPECTED CREDIT LOSSES | 5,816 | 6,660 | 5,375 | |||
ACCOUNTS RECEIVABLE, NET | 210,801 | 225,303 | 167,638 | |||
INVENTORIES | 522,039 | 534,421 | 528,715 | |||
UNRETURNED CUSTOMER INVENTORY | 20,626 | 22,221 | 19,695 | |||
OTHER CURRENT ASSETS | 26,192 | 17,471 | 25,241 | |||
TOTAL CURRENT ASSETS | 803,854 | 819,415 | 762,439 | |||
PROPERTY, PLANT AND EQUIPMENT, NET | 107,123 | 102,984 | 107,148 | |||
OPERATING LEASE RIGHT-OF-USE ASSETS | 74,291 | 42,116 | 49,838 | |||
GOODWILL | 132,289 | 131,538 | 132,087 | |||
OTHER INTANGIBLES, NET | 98,389 | 104,344 | 100,504 | |||
DEFERRED INCOME TAXES | 33,893 | 35,964 | 33,658 | |||
INVESTMENT IN UNCONSOLIDATED AFFILIATES | 42,719 | 45,518 | 41,745 | |||
OTHER ASSETS | 27,462 | 28,530 | 27,510 | |||
TOTAL ASSETS | $ 1,320,020 | $ 1,310,409 | $ 1,254,929 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
CURRENT PORTION OF REVOLVING CREDIT FACILITY | $ 52,600 | $ 245,450 | $ 50,000 | |||
CURRENT PORTION OF TERM LOAN AND OTHER DEBT | 5,014 | 3,235 | 5,031 | |||
ACCOUNTS PAYABLE | 94,372 | 139,392 | 89,247 | |||
ACCRUED CUSTOMER RETURNS | 42,153 | 46,085 | 37,169 | |||
ACCRUED CORE LIABILITY | 21,319 | 23,513 | 22,952 | |||
ACCRUED REBATES | 39,657 | 42,606 | 37,381 | |||
PAYROLL AND COMMISSIONS | 24,268 | 31,972 | 31,361 | |||
SUNDRY PAYABLES AND ACCRUED EXPENSES | 42,041 | 45,875 | 49,990 | |||
TOTAL CURRENT LIABILITIES | 321,424 | 578,128 | 323,131 | |||
LONG-TERM DEBT | 215,487 | - | 184,589 | |||
NONCURRENT OPERATING LEASE LIABILITY | 65,319 | 32,281 | 40,709 | |||
ACCRUED ASBESTOS LIABILITIES | 60,820 | 51,909 | 63,305 | |||
OTHER LIABILITIES | 24,298 | 25,178 | 22,157 | |||
TOTAL LIABILITIES | 687,348 | 687,496 | 633,891 | |||
TOTAL SMP STOCKHOLDERS' EQUITY | 621,644 | 611,871 | 610,020 | |||
NONCONTROLLING INTEREST | 11,028 | 11,042 | 11,018 | |||
TOTAL STOCKHOLDERS' EQUITY | 632,672 | 622,913 | 621,038 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,320,020 | $ 1,310,409 | $ 1,254,929 |
STANDARD MOTOR PRODUCTS, INC. | |||||
Condensed Consolidated Statements of Cash Flows | |||||
(In thousands) | |||||
THREE MONTHS ENDED | |||||
MARCH 31, | |||||
2023 | 2022 | ||||
(Unaudited) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
NET EARNINGS | $ 11,957 | $ 19,438 | |||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH | |||||
USED IN OPERATING ACTIVITIES: | |||||
DEPRECIATION AND AMORTIZATION | 7,082 | 6,952 | |||
OTHER | 4,587 | 4,374 | |||
CHANGE IN ASSETS AND LIABILITIES: | |||||
ACCOUNTS RECEIVABLE | (42,617) | (44,706) | |||
INVENTORY | 6,195 | (67,662) | |||
ACCOUNTS PAYABLE | 4,809 | 1,942 | |||
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 1,165 | 2,171 | |||
SUNDRY PAYABLES AND ACCRUED EXPENSES | (10,656) | (21,226) | |||
OTHER | (2,964) | (5,245) | |||
NET CASH USED IN OPERATING ACTIVITIES | (20,442) | (103,962) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
CAPITAL EXPENDITURES | (4,363) | (6,449) | |||
OTHER INVESTING ACTIVITIES | 13 | - | |||
NET CASH USED IN INVESTING ACTIVITIES | (4,350) | (6,449) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
NET CHANGE IN DEBT | 33,478 | 120,340 | |||
PURCHASE OF TREASURY STOCK | - | (6,517) | |||
DIVIDENDS PAID | (6,261) | (5,935) | |||
OTHER FINANCING ACTIVITIES | 125 | 444 | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 27,342 | 108,332 | |||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 496 | 323 | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,046 | (1,756) | |||
CASH AND CASH EQUIVALENTS at beginning of period | 21,150 | 21,755 | |||
CASH AND CASH EQUIVALENTS at end of period | $ 24,196 | $ 19,999 |
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SOURCE Standard Motor Products, Inc.