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, 1994
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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
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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. [X]
The aggregate market value of the Common voting stock based on a
closing price on the New York Stock Exchange on February 28, 1995 of $20.375
per share held by nonaffiliates of the registrant was $161,191,271. For
purposes of the foregoing calculation, all directors and officers have been
deemed to be affiliates, but the registrant disclaims that any of such are
affiliates.
As of the close of business on February 28, 1995 there were 13,122,826
shares outstanding of the Registrant's Common Stock.
[CAPTION]
<TABLE>
Standard Motor Products, Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands)
<CAPTION>
December 31,
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1994 1993
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<S> <C> <C>
Assets Current assets:
Cash and cash equivalents (Note 15) .................................$ 2,796 $ 12,346
Marketable securities (Note 15) ..................................... 6,018 11
Accounts receivable, less allowances for discounts and
doubtful accounts of $5,708 (1993 - $5,536) (Note 3) ............... 117,002 108,524
Inventories (Note 4) ................................................ 185,855 160,268
Prepaid taxes based on earnings 974
Deferred income taxes (Note 14) ..................................... 20,111 17,460
Prepaid expenses and other current assets ........................... 4,131 3,722
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Total current assets .......................................... 335,913 303,305
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Property, plant and equipment, net (Notes 5 and 8) ................... 104,126 103,004
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Other assets (Note 6) ................................................. 29,348 32,550
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Total assets ........................................................$ 469,387 $ 438,859
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Current liabilities:
Notes payable - banks (Note 7) ......................................$ 6,600 $ 5,100
Liabilities and Current portion of long-term debt (Notes 8 and 15) .................. 19,987 4,935
Stockholders' Accounts payable .................................................... 31,559 30,302
Equity Sundry payables and accrued expenses ................................ 64,245 53,632
Accrued customer returns ............................................. 13,815 10,943
Payroll and commissions ............................................. 10,500 10,173
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Total current liabilities ..................................... 146,706 115,085
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Long-term debt (current portion shown above) (Notes 8 and 15) ........ 109,927 130,514
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Deferred income taxes (Note 14) ...................................... 4,863 3,625
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Postretirement benefits other than pensions (Note 12) ................ 12,802 11,452
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Commitments and contingencies (Notes 8, 9, 15 and 16)
Stockholders' equity (Notes 8, 9, 10 and 11):
Common Stock - par value $2.00 per share:
Authorized 30,000,000 shares, issued 13,324,476 shares in 1994
and 13,309,976 shares in 1993 (including 203,650 and 5,000
shares held as treasury shares in 1994 and 1993, respectively)...... 26,649 26,620
Capital in excess of par value ..................................... 2,555 2,120
Loan to Employee Stock Ownership Plan (E.S.O.P.) .................. (6,705) (8,385)
Minimum pension liability adjustment ............................... (1,204) (581)
Retained earnings .................................................. 177,904 158,456
Foreign currency translation adjustment ............................ (139) 69
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....................................................................... 199,060 178,299
Less: Treasury stock - at cost ....................................... 3,971 116
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Total stockholders' equity .................................. 195,089 178,183
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Total liabilities and stockholders' equity ..................$ 469,387 $ 438,859
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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)
<CAPTION>
Years Ended December 31,
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1994 1993 1992
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<S> <C> <C> <C>
Cash Flows Net earnings ...........................................................$ 23,665 $ 17,508 $ 8,878
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 ...................................... 12,278 11,586 10,338
Loss on disposal of property, plant & equipment .................... 364 204 191
Proceeds from sales of trading securities .......................... 7,500 - - - -
Purchases of trading securities .................................... (7,676) - - - -
(Increase) in deferred income taxes ................................ (1,411) (5,543) (576)
Tax benefits applicable to E.S.O.P. ................................ 123 124 123
Tax benefits applicable to the exercise of employee stock options .. 249 1,240 - -
Change in assets and liabilities:
(Increase) in accounts receivable, net ........................... (8,734) (15,508) (6,033)
(Increase) decrease in inventories ............................... (26,032) (10,893) 18,971
(Increase) decrease in other assets ............................... 3,589 (12,905) 2,772
Increase (decrease) in accounts payable .......................... 1,271 8,504 (8,155)
Increase (decrease) in other current assets and liabilities ...... 956 3,961 (272)
Increase in sundry payables and accrued expenses ................. 14,962 22,697 5,313
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Net cash provided by operating activities .............................. 21,104 22,065 31,550
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Cash Flows Proceeds from held-to-maturity securities .............................. 5,828 - - - -
From Purchases of held-to-maturity securities ............................... (13,618) - - - -
Investing Proceeds from sales of marketable securities ........................... - - 18,283 23,533
Activities Purchases of marketable securities ..................................... - - (19,930) (23,376)
Capital expenditures ................................................... (12,509) (12,212) (15,205)
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Net cash (used in) investing activities ................................ (20,299) (13,859) (15,048)
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Cash Flows Net borrowings (repayments) under line-of-credit agreements ............ 1,500 5,100 (82,200)
From Proceeds from issuance of long-term debt ............................... - - - - 80,000
Financing Principal payments of long-term debt ................................... (5,535) (16,010) (18,782)
Activities Reduction of loan to E.S.O.P. .......................................... 1,680 1,680 1,680
Proceeds from exercise of employee stock options ....................... 538 5,086 20
Purchase of treasury stock ............................................. (4,301) (4,524) (38)
Dividends paid ......................................................... (4,217) (4,211) (4,199)
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Net cash (used in) financing activities ................................ (10,335) (12,879) (23,519)
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Effect of exchange rate changes on cash ................................ (20) (6) - -
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Net (decrease) in cash and cash equivalents ............................. (9,550) (4,679) (7,017)
Cash and cash equivalents at beginning of year ......................... 2,346 17,025 24,042
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Cash and cash equivalents at end of year ...............................$ 2,796 $ 12,346 $ 17,025
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Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest ............................................................$ 12,377 $ 12,160 $ 13,284
Income taxes ........................................................ 14,376 10,635 1,346
</TABLE>
See accompanying notes to consolidated financial statements.
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PART IV
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-31-1994
<PERIOD-END> DEC-31-1994
<CASH> 2,796
<SECURITIES> 6,018
<RECEIVABLES> 122,710
<ALLOWANCES> 5,708
<INVENTORY> 185,855
<CURRENT-ASSETS> 335,913
<PP&E> 167,356
<DEPRECIATION> 63,230
<TOTAL-ASSETS> 469,387
<CURRENT-LIABILITIES> 146,706
<BONDS> 109,927
0
0
<COMMON> 26,649
<OTHER-SE> 168,440
<TOTAL-LIABILITY-AND-EQUITY> 469,387
<SALES> 640,810
<TOTAL-REVENUES> 640,810
<CGS> 415,687
<TOTAL-COSTS> 415,687
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 4,327
<INTEREST-EXPENSE> 12,288
<INCOME-PRETAX> 35,397
<INCOME-TAX> 11,732
<INCOME-CONTINUING> 23,665
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 23,665
<EPS-PRIMARY> 1.80
<EPS-DILUTED> 1.80
</TABLE>
