SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number 1-4743
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Standard Motor Products, Inc.
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(Exact name of registrant as specified in its charter)
New York 11-1362020
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
37-18 Northern Blvd., Long Island City, N.Y. 11101
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (718) 392-0200
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Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on which
Title of each class registered
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Common stock New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
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(Title of class)
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
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Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
The aggregate market value of the Common voting stock based on a
closing price on the New York Stock Exchange on February 29, 1996 of $14.50
per share held by nonaffiliates of the registrant was $114,456,374. For
purposes of the foregoing calculation, all directors and officers have been
deemed to be affiliates, but the registrant disclaims that any of such are
affiliates.
As of the close of business on February 29, 1996 there were 13,127,826
shares outstanding of the Registrant's Common Stock.
[CAPTION]
<TABLE>
Standard Motor Products, Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands)
<CAPTION>
December 31,
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1995 1994
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<S> <C> <C>
Assets Current assets:
Cash and cash equivalents (Note 15) ......................... $ 10,856 $ 2,796
Marketable securities (Note 15) ............................. 6,672 6,018
Accounts receivable, less allowances for discounts and
doubtful accounts of $5,907 (1994 - $5,708) (Note 3) ....... 121,516 117,002
Inventories (Note 4) ........................................ 206,279 185,855
Deferred income taxes (Note 14) ............................. 22,647 20,111
Prepaid expenses and other current assets ................... 6,569 4,131
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Total current assets .................................. 374,539 335,913
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Property, plant and equipment, net (Notes 5 and 8) ........... 109,537 104,126
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Other assets (Note 6) ....................................... 37,154 29,348
Total assets .......................................... $521,230 $469,387
Current liabilities:
Notes payable - banks (Note 7) .............................. $ 10,200 $ 6,600
Liabilities and Current portion of long-term debt (Notes 8 and 15) .......... 14,262 19,987
Stockholders' Accounts payable ............................................ 24,625 31,559
Equity Sundry payables and accrued expenses ........................ 69,502 64,245
Accrued customer returns 13,446 13,815
Payroll and commissions ..................................... 10,331 10,500
Total current liabilities ............................. 142,366 146,706
Long-term debt (current portion shown above) (Notes 8 and 15).. 148,665 109,927
Deferred income taxes (Note 14) .............................. 5,730 4,863
Postretirement benefits other than pensions (Note 12) ........ 14,069 12,802
Commitments and contingencies (Notes 8, 9, 15 and 16)
Stockholders' equity (Notes 8, 9, 10 and 11):
Common Stock - par value $2.00 per share:
Authorized 30,000,000 shares, issued 13,324,476 shares in
1995 and 1994 (including 196,650 and 203,650 shares held
as treasury shares in 1995 and 1994, respectively) ....... 26,649 26,649
Capital in excess of par value ............................. 2,651 2,555
Loan to Employee Stock Ownership Plan (E.S.O.P.) .......... (5,025) (6,705)
Minimum pension liability adjustment ....................... (27) (1,204)
Retained earnings .......................................... 189,837 177,904
Foreign currency translation adjustment .................... 150 (139)
............................................................... 214,235 199,060
Less: Treasury stock - at cost ............................... 3,835 3,971
Total stockholders' equity .......................... 210,400 195,089
Total liabilities and stockholders' equity .......... $521,230 $469,387
See accompanying notes to consolidated financial statements.
</TABLE>
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[CAPTION]
<TABLE>
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Standard Motor Products, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
<CAPTION>
Years Ended December 31,
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1995 1994 1993
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<S> <C> <C> <C>
Cash Flows Net earnings .................................................... $ 16,132 $ 23,665 $ 17,508
From Adjustments to reconcile net earnings to net cash
Operating provided by operating activities:
Activities Cumulative effect of changes in accounting for postretirement
benefits and income taxes, net .............................. - - - - 1,090
Depreciation and amortization ............................... 13,680 12,278 11,586
Loss on disposal of property, plant & equipment ............. 101 364 204
Proceeds from sales of trading securities ................... 12,190 7,500 - -
Purchases of trading securities ............................. (12,573) (7,676) - -
(Increase) in deferred income taxes ......................... (1,671) (1,411) (5,543)
Tax benefits applicable to E.S.O.P. ......................... 119 123 124
Tax benefits applicable to the exercise of employee stock options 6 249 1,240
Change in assets and liabilities, net of effects from acquisitions:
(Increase) in accounts receivable, net .................... (2,095) (8,734) (15,508)
(Increase) in inventories ................................. (17,749) (26,032) (10,893)
(Increase) decrease in other assets ........................ (3,060) 3,589 (12,905)
Increase (decrease) in accounts payable ................... (8,472) 1,271 8,504
Increase (decrease) in other current assets and liabilities (1,799) 956 3,961
Increase in sundry payables and accrued expenses .......... 5,992 14,962 22,697
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Net cash provided by operating activities ....................... 801 21,104 22,065
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Cash Flows Proceeds from held-to-maturity securities ....................... 6,400 5,828 - -
From Purchases of held-to-maturity securities ........................ (8,899) (13,618) - -
Investing Proceeds from sales of marketable securities .................... - - - - 18,283
Activities Purchases of marketable securities .............................. - - - - (19,930)
Capital expenditures, net of effects from acquisitions .......... (16,651) (12,509) (12,212)
Payment for acquisitions, net of cash acquired .................. (7,835) - - - -
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Net cash (used in) investing activities ......................... (26,985) (20,299) (13,859)
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Cash Flows Net borrowings under line-of-credit agreements .................. 3,600 1,500 5,100
From Proceeds from issuance of long-term debt ........................ 53,000 - - - -
Financing Principal payments of long-term debt ............................ (19,987) (5,535) (16,010)
Activities Reduction of loan to E.S.O.P. ................................... 1,680 1,680 1,680
Proceeds from exercise of employee stock options ................ 107 538 5,086
Purchase of treasury stock ...................................... - - (4,301) (4,524)
Dividends paid .................................................. (4,199) (4,217) (4,211)
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Net cash provided by (used in) financing activities ............. 34,201 (10,335) (12,879)
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Effect of exchange rate changes on cash ......................... 43 (20) (6)
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Net increase (decrease) in cash and cash equivalents ............. 8,060 (9,550) (4,679)
Cash and cash equivalents at beginning of year .................. 2,796 12,346 17,025
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Cash and cash equivalents at end of year ........................ $ 10,856 $ 2,796 $ 12,346
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Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest ....................................................... $ 14,604 $ 12,377 $ 12,160
Income taxes ................................................... 7,642 14,376 10,635
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See accompanying notes to consolidated financial statements.
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</TABLE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K.
14.(a) (3) Exhibits required by Item 601 of Securities and Exchange
Commission Regulations S-K.
(A) The following such Exhibits are filed as a separate section of this
report.
(27) Amended Financial Data Schedule is filed with this Document.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
STANDARD MOTOR PRODUCTS, INC.
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(Registrant)
Lawrence I. Sills
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Lawrence I. Sills, President, Director,
Chief Operating Officer
Michael J. Bailey
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Michael J. Bailey, Vice President Finance,
Chief Financial Officer
James J. Burke
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James J. Burke, Corporate Controller
Dated: New York, New York
June 14, 1996
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the Capacities and on the dates indicated:
June 14, 1996 Lawrence I. Sills
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(Dated) Lawrence I. Sills, President, Director,
Chief Operating Officer
June 14, 1996 Bernard Fife
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(Dated) Bernard Fife
Co-Chairman, Director
June 14, 1996 Nathaniel L. Sills
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(Dated) Nathaniel L. Sills
Co-Chairman, Director
June 14, 1996 Arthur D. Davis
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(Dated) Arthur D. Davis, Director
June 14, 1996 Marilyn F. Cragin
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(Dated) Marilyn F. Cragin, Director
June 14, 1996 Arthur S. Sills
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(Dated) Arthur S. Sills, Director
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<CASH> 10,856
<SECURITIES> 6,672
<RECEIVABLES> 127,423
<ALLOWANCES> (5,907)
<INVENTORY> 206,279
<CURRENT-ASSETS> 374,539
<PP&E> 184,540
<DEPRECIATION> 75,003
<TOTAL-ASSETS> 521,230
<CURRENT-LIABILITIES> 142,366
<BONDS> 148,665
0
0
<COMMON> 26,649
<OTHER-SE> 183,751
<TOTAL-LIABILITY-AND-EQUITY> 521,230
<SALES> 663,485
<TOTAL-REVENUES> 663,485
<CGS> 444,061
<TOTAL-COSTS> 444,061
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 2,214
<INTEREST-EXPENSE> 14,618
<INCOME-PRETAX> 20,291
<INCOME-TAX> 4,159
<INCOME-CONTINUING> 16,132
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 16,132
<EPS-PRIMARY> 1.23
<EPS-DILUTED> 1.23
</TABLE>
