(In thousands, except per share amounts)
| ||||||||
THREE MONTHS ENDED
MARCH 31,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
NET SALES
|
$
|
276,553
|
$
|
254,302
| ||||
COST OF SALES
|
192,769
|
183,907
| ||||||
GROSS PROFIT
|
83,784
|
70,395
| ||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
54,460
|
55,873
| ||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
205
| ||||||
OTHER INCOME, NET
|
-
|
6
| ||||||
OPERATING INCOME
|
29,324
|
14,323
| ||||||
OTHER NON-OPERATING INCOME (EXPENSE), NET
|
635
|
(524
|
)
| |||||
INTEREST EXPENSE
|
209
|
873
| ||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
29,750
|
12,926
| ||||||
PROVISION FOR INCOME TAXES
|
7,586
|
3,305
| ||||||
EARNINGS FROM CONTINUING OPERATIONS
|
22,164
|
9,621
| ||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(1,164
|
)
|
(994
|
)
| ||||
NET EARNINGS
|
$
|
21,000
|
$
|
8,627
| ||||
NET EARNINGS PER COMMON SHARE:
| ||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.99
|
$
|
0.43
| ||||
DISCONTINUED OPERATION
|
(0.05
|
)
|
(0.05
|
)
| ||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.94
|
$
|
0.38
| ||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.97
|
$
|
0.42
| ||||
DISCONTINUED OPERATION
|
(0.05
|
)
|
(0.04
|
)
| ||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.92
|
$
|
0.38
| ||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
22,317,959
|
22,438,087
| ||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,765,508
|
22,868,975
|
(In thousands)
| |||||||||||
THREE MONTHS ENDED
MARCH 31,
| |||||||||||
2021
|
2020
| ||||||||||
(Unaudited)
| |||||||||||
Revenues | |||||||||||
Ignition, Emission Control, Fuel & Safety
| |||||||||||
Related System Products
|
$
|
173,666
|
$
|
164,526
| |||||||
Wire and Cable
|
38,352
|
36,592
| |||||||||
Engine Management
|
212,018
|
201,118
| |||||||||
Compressors
|
33,374
|
25,348
| |||||||||
Other Climate Control Parts
|
29,099
|
26,094
| |||||||||
Temperature Control
|
62,473
|
51,442
| |||||||||
All Other
|
2,062
|
1,742
| |||||||||
Revenues
|
$
|
276,553
|
$
|
254,302
| |||||||
Gross Margin | |||||||||||
Engine Management
|
$
|
65,070
|
30.7%
|
$
|
56,705
|
28.2%
| |||||
Temperature Control
|
15,995
|
25.6%
|
12,096
|
23.5%
| |||||||
All Other
|
2,719
|
1,594
| |||||||||
Gross Margin
|
$
|
83,784
|
30.3%
|
$
|
70,395
|
27.7%
| |||||
Selling, General & Administrative | |||||||||||
Engine Management
|
$
|
33,956
|
16.0%
|
$
|
35,073
|
17.4%
| |||||
Temperature Control
|
12,403
|
19.9%
|
12,444
|
24.2%
| |||||||
All Other
|
8,101
|
8,356
| |||||||||
Selling, General & Administrative
|
$
|
54,460
|
19.7%
|
$
|
55,873
|
22.0%
| |||||
Operating Income | |||||||||||
Engine Management
|
$
|
31,114
|
14.7%
|
$
|
21,632
|
10.8%
| |||||
Temperature Control
|
3,592
|
5.7%
|
(348
|
)
|
-0.7%
| ||||||
All Other
|
(5,382
|
)
|
(6,762
|
)
| |||||||
Subtotal
|
29,324
|
10.6%
|
14,522
|
5.7%
| |||||||
Restructuring & Integration
|
-
|
0.0%
|
(205
|
)
|
-0.1%
| ||||||
Other Income, Net
|
-
|
0.0%
|
6
|
0.0%
| |||||||
Operating Income
|
$
|
29,324
|
10.6%
|
$
|
14,323
|
5.6%
|
(In thousands, except per share amounts)
| ||||||||
THREE MONTHS ENDED
MARCH 31,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
EARNINGS FROM CONTINUING OPERATIONS | ||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
22,164
|
$
|
9,621
| ||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
205
| ||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
-
|
(53
|
)
| |||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
22,164
|
$
|
9,773
| ||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS | ||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.97
|
$
|
0.42
| ||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
0.01
| ||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
-
|
-
| ||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.97
|
$
|
0.43
| ||||
OPERATING INCOME | ||||||||
GAAP OPERATING INCOME
|
$
|
29,324
|
$
|
14,323
| ||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
205
| ||||||
OTHER INCOME, NET
|
-
|
(6
|
)
| |||||
NON-GAAP OPERATING INCOME
|
$
|
29,324
|
$
|
14,522
|
(In thousands)
| ||||||||
March 31,
2021
|
December 31,
2020
| |||||||
(Unaudited)
| ||||||||
ASSETS | ||||||||
CASH
|
$
|
17,100
|
$
|
19,488
| ||||
ACCOUNTS RECEIVABLE, GROSS
|
179,848
|
203,861
| ||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
5,744
|
5,822
| ||||||
ACCOUNTS RECEIVABLE, NET
|
174,104
|
198,039
| ||||||
INVENTORIES
|
390,896
|
345,502
| ||||||
UNRETURNED CUSTOMER INVENTORY
|
21,088
|
19,632
| ||||||
OTHER CURRENT ASSETS
|
13,848
|
15,875
| ||||||
TOTAL CURRENT ASSETS
|
617,036
|
598,536
| ||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
88,563
|
89,105
| ||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
31,453
|
29,958
| ||||||
GOODWILL
|
77,838
|
77,837
| ||||||
OTHER INTANGIBLES, NET
|
52,803
|
54,004
| ||||||
DEFERRED INCOME TAXES
|
43,692
|
44,770
| ||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
40,684
|
40,507
| ||||||
OTHER ASSETS
|
24,413
|
21,823
| ||||||
TOTAL ASSETS
|
$
|
976,482
|
$
|
956,540
| ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
NOTES PAYABLE
|
$
|
40,967
|
$
|
10,000
| ||||
CURRENT PORTION OF OTHER DEBT
|
1,523
|
135
| ||||||
ACCOUNTS PAYABLE
|
108,536
|
100,018
| ||||||
ACCRUED CUSTOMER RETURNS
|
44,729
|
40,982
| ||||||
ACCRUED CORE LIABILITY
|
22,569
|
22,014
| ||||||
ACCRUED REBATES
|
39,294
|
46,437
| ||||||
PAYROLL AND COMMISSIONS
|
19,094
|
35,938
| ||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
36,712
|
47,078
| ||||||
TOTAL CURRENT LIABILITIES
|
313,424
|
302,602
| ||||||
OTHER LONG-TERM DEBT
|
84
|
97
| ||||||
NONCURRENT OPERATING LEASE LIABILITY
|
23,890
|
22,450
| ||||||
ACCRUED ASBESTOS LIABILITIES
|
54,630
|
55,226
| ||||||
OTHER LIABILITIES
|
27,514
|
25,929
| ||||||
TOTAL LIABILITIES
|
419,542
|
406,304
| ||||||
TOTAL STOCKHOLDERS' EQUITY
|
556,940
|
550,236
| ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
976,482
|
$
|
956,540
|
(In thousands)
| ||||||||
THREE MONTHS ENDED
MARCH 31,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
NET EARNINGS
|
$
|
21,000
|
$
|
8,627
| ||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
| ||||||||
USED IN OPERATING ACTIVITIES:
| ||||||||
DEPRECIATION AND AMORTIZATION
|
6,514
|
6,539
| ||||||
OTHER
|
4,475
|
6,034
| ||||||
CHANGE IN ASSETS AND LIABILITIES:
| ||||||||
ACCOUNTS RECEIVABLE
|
23,533
|
(28,114
|
)
| |||||
INVENTORY
|
(46,255
|
)
|
(5,339
|
)
| ||||
ACCOUNTS PAYABLE
|
8,419
|
(11,883
|
)
| |||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
3,753
|
1,303
| ||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
(29,549
|
)
|
(7,251
|
)
| ||||
OTHER
|
(3,288
|
)
|
(2,705
|
)
| ||||
NET CASH USED IN OPERATING ACTIVITIES
|
(11,398
|
)
|
(32,789
|
)
| ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
(2,081
|
)
|
-
| |||||
CAPITAL EXPENDITURES
|
(4,966
|
)
|
(4,422
|
)
| ||||
OTHER INVESTING ACTIVITIES
|
2
|
6
| ||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(7,045
|
)
|
(4,416
|
)
| ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
NET CHANGE IN DEBT
|
32,408
|
53,068
| ||||||
PURCHASE OF TREASURY STOCK
|
(11,096
|
)
|
(8,726
|
)
| ||||
DIVIDENDS PAID
|
(5,588
|
)
|
(5,615
|
)
| ||||
OTHER FINANCING ACTIVITIES
|
373
|
1,248
| ||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
16,097
|
39,975
| ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(42
|
)
|
126
| |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(2,388
|
)
|
2,896
| |||||
CASH AND CASH EQUIVALENTS at beginning of period
|
19,488
|
10,372
| ||||||
CASH AND CASH EQUIVALENTS at end of period
|
$
|
17,100
|
$
|
13,268
|
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Disclaimer
Standard Motor Products Inc. published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 14:12:04 UTC.