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 September 30, 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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September 30, 1995 Common Stock 13,127,826
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STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES
INDEX TO FINANCIAL AND OTHER INFORMATION
SEPTEMBER 30, 1995
PART 1 - FINANCIAL INFORMATION
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Item 1 Page No.
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CONSOLIDATED BALANCE SHEETS
September 30, 1995 and December 31, 1994 2 & 3
CONSOLIDATED STATEMENTS OF CASH FLOWS for the Nine-Month
periods ended September 30, 1995 and 1994 4
PART II - OTHER INFORMATION
--------------------------------
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)
<CAPTION>
ASSETS
September 30, December 31,
1995 1994
------------ ------------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 13,882 $ 2,796
Marketable securities (Note 2) 7,167 6,018
Accounts and notes receivable, net of
allowance for doubtful accounts and
discounts of $8,680 (1994 - $5,708) 167,513 117,002
Inventories (Note 3) 199,046 185,855
Deferred income taxes 20,111 20,111
Prepaid expenses and other current assets 7,614 4,131
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Total current assets 415,333 335,913
Property, plant and equipment, net of
accumulated depreciation (Note 4) 107,510 104,126
Other assets (Note 9) 37,418 29,348
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Total assets $ 560,261 $ 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)
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31,
1995 1994
------------ ------------
(Unaudited)
<S> <C> <C>
Current liabilities:
Notes payable - banks $ 78,000 $ 6,600
Current portion of long-term debt (Note 7) 19,969 19,987
Accounts payable 25,617 31,559
Sundry payables and accrued expenses 76,144 64,245
Accrued customer returns 19,177 13,815
Payroll and commissions 7,812 10,500
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Total current liabilities 226,719 146,706
Long-term debt (Note 7) 105,387 109,927
Deferred income taxes 4,867 4,863
Postretirement benefits other than pensions 13,865 12,802
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Total liabilities 350,838 274,298
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 196,650 and 203,650 shares held as 26,649 26,649
treasury shares in 1995 and 1994, respectively)
Capital in excess of par value 2,526 2,555
Loan to Employee Stock Ownership Plan (ESOP) (5,025) (6,705)
Minimum pension liability adjustment (1,204) (1,204)
Retained earnings 190,076 177,904
Foreign currency translation adjustment 236 (139)
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213,258 199,060
Less: treasury stock-at cost 3,835 3,971
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Total stockholders' equity 209,423 195,089
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Total liabilities and stockholders' equity $ 560,261 $ 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 Nine Months Ended
September 30,
---------------------------
1995 1994
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<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 15,322 $ 18,691
Adjustments to reconcile net earnings to net
cash used in operating activities:
Depreciation and amortization 10,688 9,383
(Gain) on disposal of property,plant & equipment (64) 118
Proceeds from sales of trading securities 7,273
Purchases of trading securities (7,974)
Change in assets and liabilities, net of effects
from acquisitions:
(Increase) in accounts receivable, net (47,935) (37,819)
(Increase) in inventories (10,344) (4,514)
(Increase) decrease in other assets (2,843) 5,081
(Decrease) in accounts payable (7,488) (10,139)
Increase (decrease) in other current assets and liabilities (6,767) 2,304
Increase in sundry payables and accrued expenses 18,115 16,745
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Net cash (used in) operating activites (32,017) (150)
Cash flows from investing activities:
Purchases of held-to-maturity securities (2,721)
Proceeds from sales of marketable securities 4,453
Purchases of marketable securities (12,727)
Capital expenditures, net of effects from acquisitions (11,849) (8,146)
Payments for acquisitions, net of cash acquired (7,835)
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Net cash (used in) investing activities (22,405) (16,420)
Cash flows from financing activities:
Net borrowings under line-of-credit agreements 71,400 17,900
Principal payments of long-term debt (4,558) (5,121)
Reduction of loan to ESOP 1,680 1,680
Proceeds from exercise of employee stock options 107 538
Purchase of treasury stock (4,301)
Dividends paid (3,150) (3,168)
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Net cash provided by financing activities 65,479 7,528
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Effect of exchange rate changes on cash 29 (3)
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Net Increase (decrease) in cash 11,086 (9,045)
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 $ 13,882 $ 3,301
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Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 8,725 $ 7,212
Income taxes 6,869 10,806
</TABLE>
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PART II - OTHER INFORMATION
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Item 6. Exhibits and Reports on Form 8-K
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(a) Exhibit
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.
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(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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 13,882
<SECURITIES> 7,167
<RECEIVABLES> 176,193
<ALLOWANCES> 8,680
<INVENTORY> 199,046
<CURRENT-ASSETS> 415,333
<PP&E> 180,312
<DEPRECIATION> 72,802
<TOTAL-ASSETS> 560,261
<CURRENT-LIABILITIES> 226,719
<BONDS> 105,387
0
0
<COMMON> 26,649
<OTHER-SE> 182,774
<TOTAL-LIABILITY-AND-EQUITY> 560,261
<SALES> 522,011
<TOTAL-REVENUES> 522,011
<CGS> 352,446
<TOTAL-COSTS> 352,446
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,982
<INTEREST-EXPENSE> 11,090
<INCOME-PRETAX> 20,022
<INCOME-TAX> 4,700
<INCOME-CONTINUING> 15,322
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,322
<EPS-PRIMARY> 1.17
<EPS-DILUTED> 1.17
</TABLE>
