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Previous: STANDARD MOTOR PRODUCTS INC, 10-Q/A, 1996-06-17 |
Next: STANDARD MOTOR PRODUCTS INC, 10-K405/A, 1996-06-17 |
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, 1994
------------------
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
Commission file number 1-4743
------
Standard Motor Products, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 11-1362020
- --------------------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
37-18 Northern Blvd., Long Island City, N.Y. 11101
- -------------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
(718) 392-0200
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
None
- --------------------------------------------------------------------------------
(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
--- ---
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
- ------------------- ---------------- -------------------------
September 30, 1994 Common Stock 13,120,826
STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES
INDEX TO FINANCIAL AND OTHER INFORMATION
SEPTEMBER 30, 1994
PART 1 - FINANCIAL INFORMATION
------------------------------
Item 1 Page No.
- ------ --------
CONSOLIDATED BALANCE SHEETS
September 30, 1994 and December 31, 1993 2 & 3
CONSOLIDATED STATEMENTS OF CASH FLOWS for the Nine-Month
periods ended September 30, 1994 and 1993 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)
ASSETS
<CAPTION>
September 30, December 31,
1994 1993
------------ -----------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 3,301 $ 12,346
Marketable securities (Note 2) 6,435 11
Accounts and notes receivable, net of
allowance for doubtful accounts and
discounts of $7,408 (1993 - $5,536) 146,321 108,524
Inventories (Note 3) 164,703 160,268
Prepaid taxes based on earnings - 974
Deferred income taxes 17,460 17,460
Prepaid expenses and other current assets 1,995 3,722
------------ -----------
Total current assets 340,215 303,305
Property, plant and equipment, net of
accumulated depreciation (Note 4) 102,602 103,004
Other assets (Note 9) 28,239 32,550
------------ -----------
Total assets $ 471,056 $ 438,859
------------ -----------
------------ -----------
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
- 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>
September 30, December 31,
1994 1993
------------ -----------
(Unaudited)
<S> <C> <C>
Current liabilities:
Notes payable - banks $ 23,000 $ 5,100
Current portion of long-term debt (Note 7) 4,972 4,935
Accounts payable 20,160 30,302
Sundry payables and accrued expenses 67,861 53,632
Accrued customer returns 12,417 10,943
Payroll and commissions 9,525 10,173
------------ -----------
Total current liabilities 137,935 115,085
Long-term debt (Note 7) 125,356 130,514
Deferred income taxes 3,625 3,625
Postretirement benefits other than pensions 12,464 11,452
------------ -----------
Total liabilities 279,380 260,676
Commitments and contingencies (Note 7)
Stockholders' equity (Notes 6, 7 and 8):
Common stock-par value $2.00 per share
Authorized - 30,000,000 shares
Issued - 13,324,476 shares in 1994
and 13,309,976 shares in 1993
(including 203,650 and 5,000 shares held as 26,649 26,620
treasury shares in 1994 and 1993, respectively)
Capital in excess of par value 2,183 2,120
Loan to E.S.O.P. (6,705) (8,385)
Minimum pension liability adjustment (581) (581)
Retained earnings 173,979 158,456
Foreign currency translation adjustment 122 69
------------ -----------
195,647 178,299
Less: treasury stock-at cost 3,971 116
------------ -----------
Total stockholders' equity 191,676 178,183
------------ -----------
Total liabilities and stockholders' equity $ 471,056 $ 438,859
------------ -----------
------------ -----------
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
-3-
[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,
-------------------------
1994 1993
-------------------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 18,691 $ 14,245
Adjustments to reconcile net earnings to net
cash provided by (used in) operating activities:
Cumulative effect of changes in accounting
for postretirement benefits and income taxes, net - - 1,090
Depreciation and amortization 9,383 8,739
Loss on sale of property,plant & equipment 118 98
Change in assets and liabilities:
(Increase) in accounts receivable, net (37,819) (39,526)
(Increase) decrease in inventories (4,514) 9,697
(Increase) decrease in other assets 5,081 (14,041)
Increase (decrease) in accounts payable (10,139) 2,773
Increase in other current assets and liabilities 2,304 1,109
Increase in sundry payables and accrued expenses 16,745 23,963
---------- ----------
Total adjustments (18,841) (6,098)
---------- ----------
Net cash provided by (used in) operating activities (150) 8,147
Cash flows from investing activities:
Proceeds from sales of marketable securities 4,453 10,221
Purchases of marketable securities (12,727) (15,978)
Capital expenditures (8,146) (7,366)
---------- ----------
Net cash (used in) investing activities (16,420) (13,123)
Cash flows from financing activities:
Net borrowings under line-of-credit agreements 17,900 6,200
Principal payments of long-term debt (5,121) (14,660)
Reduction of loan to E.S.O.P. 1,680 1,680
Proceeds from exercise of employee stock options 538 1,726
Purchase of treasury stock (4,301) - -
Dividends paid (3,168) (3,152)
---------- ----------
Net cash provided by (used in) financing activities 7,528 (8,206)
---------- ----------
Effect of exchange rate changes on cash (3) (1)
---------- ----------
Net (decrease) in cash (9,045) (13,183)
Cash and cash equivalents at beginning of the period 12,346 17,025
---------- ----------
Cash and cash equivalents at end of the period $ 3,301 $ 3,842
---------- ----------
---------- ----------
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 7,212 $ 7,077
Income taxes 10,806 6,301
</TABLE>
- 4 -
PART II - OTHER INFORMATION
---------------------------
Item 6. Exhibits and Reports on Form 8-K
- ------------------------------------------
(a) Exhibit
Number Description Method of Filing
------ ------------------ --------------------------
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
- ------------- -----------------------------------
(Date) Vice President Finance,
Chief Financial Officer
- 5 -
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 3,301
<SECURITIES> 6,435
<RECEIVABLES> 153,729
<ALLOWANCES> 7,408
<INVENTORY> 164,703
<CURRENT-ASSETS> 340,215
<PP&E> 163,701
<DEPRECIATION> 61,099
<TOTAL-ASSETS> 471,056
<CURRENT-LIABILITIES> 137,935
<BONDS> 125,356
0
0
<COMMON> 26,649
<OTHER-SE> 165,027
<TOTAL-LIABILITY-AND-EQUITY> 471,056
<SALES> 503,062
<TOTAL-REVENUES> 503,062
<CGS> 330,022
<TOTAL-COSTS> 330,022
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 2,463
<INTEREST-EXPENSE> 9,265
<INCOME-PRETAX> 27,344
<INCOME-TAX> 8,653
<INCOME-CONTINUING> 18,691
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 18,691
<EPS-PRIMARY> 1.42
<EPS-DILUTED> 1.42
</TABLE>
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