FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934.
For the Quarterly Period Ended March 31, 1995
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
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)
(718) 392-0200
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(Registrant's telephone number, including area code)
None
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(Former name, former address and former fiscal year,
if changed since last report.)
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 the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date:
Date Class Shares Outstanding
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March 31, 1995 Common Stock 13,122,826
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STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES
INDEX TO FINANCIAL AND OTHER INFORMATION
MARCH 31, 1995
PART 1 - FINANCIAL INFORMATION
Item 1 Page No.
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CONSOLIDATED BALANCE SHEETS
March 31, 1995 and December 31, 1994 2 & 3
CONSOLIDATED STATEMENTS OF CASH FLOWS for the Three-Month
periods ended March 31, 1995 and 1994 4
Item 6
Exhibits and Reports on Form 8K 5
Signature 5
- 1 -
[CAPTION]
<TABLE>
STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS
<CAPTION>
March 31, December 31,
1995 1994
---------- ----------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 5,851 $ 2,796
Marketable securities (Note 2) 6,295 6,018
Accounts and notes receivable, net of
allowance for doubtful accounts and
discounts of $7,111 (1994 - $5,708) 138,714 117,002
Inventories (Note 3) 199,759 185,855
Deferred income taxes 20,111 20,111
Prepaid expenses and other current assets 5,685 4,131
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Total current assets 376,415 335,913
Property, plant and equipment, net of
accumulated depreciation (Note 4) 103,773 104,126
Other assets (Note 9) 32,651 29,348
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Total assets $ 512,839 $ 469,387
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---------- ----------
</TABLE>
See accompanying notes to consolidated financial statements.
- 2 -
[CAPTION]
<TABLE>
STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except for shares and per share data)
LIABILITIES AND STOCKHOLDERS' EQUITY
<CAPTION>
March 31, December 31,
1995 1994
---------- ----------
(Unaudited)
<S> <C> <C>
Current liabilities:
Notes payable - banks $ 60,300 $ 6,600
Current portion of long-term debt (Note 7) 19,975 19,987
Accounts payable 23,080 31,559
Sundry payables and accrued expenses 64,547 64,245
Accrued customer returns 13,845 13,815
Payroll and commissions 7,340 10,500
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Total current liabilities 189,087 146,706
Long-term debt (Note 7) 106,080 109,927
Deferred income taxes 4,863 4,863
Postretirement benefits other than pensions 13,156 12,802
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Total liabilities 313,186 274,298
Commitments and contingencies (Note 7)
Stockholders' equity (Notes 6 and 7):
Common stock-par value $2.00 per share
Authorized - 30,000,000 shares
Issued - 13,324,476 shares in 1995 and 1994
(including 201,650 and 203,650 shares held as 26,649 26,649
treasury shares in 1995 and 1994, respectively)
Capital in excess of par value 2,542 2,555
Loan to Employee Stock Ownership Plan (ESOP) (5,025) (6,705)
Minimum pension liability adjustment (1,204) (1,204)
Retained earnings 180,748 177,904
Foreign currency translation adjustment (125) (139)
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203,585 199,060
Less: treasury stock-at cost 3,932 3,971
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Total stockholders' equity 199,653 195,089
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Total liabilities and stockholders' equity $ 512,839 $ 469,387
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---------- ----------
</TABLE>
See accompanying notes to consolidated financial statements.
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[CAPTION]
<TABLE>
STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
<CAPTION>
For the Three Months Ended
March 31,
------------------------------
1995 1994
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<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 3,894 $ 2,745
Adjustments to reconcile net earnings to net
cash used in operating activities:
Depreciation and amortization 3,187 2,815
(Gain) loss on disposal of property,plant & equipment (11) 25
Proceeds from sales of trading securities 431
Purchases of trading securities (595)
Change in assets and liabilities:
(Increase) in accounts receivable, net (21,690) (21,333)
(Increase) in inventories (13,883) (1,600)
(Increase) decrease in other assets (3,300) 5,462
(Decrease) in accounts payable (8,483) (7,192)
(Decrease) in other current assets and liabilities (4,741) (5,237)
Increase in sundry payables and accrued expenses 682 2,205
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Net cash (used in) operating activites (44,509) (22,110)
Cash flows from investing activities:
Purchases of held-to-maturity securities (106)
Proceeds from sales of marketable securities 402
Purchases of marketable securities (6,506)
Capital expenditures (2,825) (2,068)
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Net cash (used in) investing activities (2,931) (8,172)
Cash flows from financing activities:
Net borrowings under line-of-credit agreements 53,700 31,400
Principal payments of long-term debt (3,859) (3,854)
Reduction of loan to ESOP 1,680 1,680
Proceeds from exercise of employee stock options 26 303
Purchase of treasury stock (2,475)
Dividends paid (1,050) (1,066)
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Net cash provided by financing activities 50,497 25,988
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Effect of exchange rate changes on cash (2) (24)
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Net increase (decrease) in cash 3,055 (4,318)
Cash and cash equivalents at beginning of the period 2,796 12,346
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Cash and cash equivalents at end of the period $ 5,851 $ 8,028
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Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 943 $ 895
Income taxes 3,097 4,999
</TABLE>
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PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
NUMBER DESCRIPTION METHOD OF FILING
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27 Amended Financial Data Schedule Filed with this Document
SIGNATURE
Pursuant to the requirements 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.
-----------------------------------
(Registrant)
June 14, 1996 Michael J. Bailey
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(Date) Vice President Finance,
Chief Financial Officer
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 5,851
<SECURITIES> 6,295
<RECEIVABLES> 145,825
<ALLOWANCES> 7,111
<INVENTORY> 199,759
<CURRENT-ASSETS> 376,415
<PP&E> 170,189
<DEPRECIATION> 66,416
<TOTAL-ASSETS> 512,839
<CURRENT-LIABILITIES> 189,087
<BONDS> 106,080
0
0
<COMMON> 26,649
<OTHER-SE> 173,004
<TOTAL-LIABILITY-AND-EQUITY> 512,839
<SALES> 159,720
<TOTAL-REVENUES> 159,720
<CGS> 105,521
<TOTAL-COSTS> 105,521
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 856
<INTEREST-EXPENSE> 3,158
<INCOME-PRETAX> 5,334
<INCOME-TAX> 1,440
<INCOME-CONTINUING> 3,894
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,894
<EPS-PRIMARY> 0.30
<EPS-DILUTED> 0.30
</TABLE>
