Standard Motor Products, Inc. Announces First Quarter 2024 Results and Quarterly Dividend
Net sales for the first quarter of 2024 were
Mr.
By segment, Vehicle Control sales were up 0.5% against a difficult comparison of over 4% growth last year, as customers returned to more normalized ordering patterns after a slowdown in the fourth quarter of last year.
Turning to Temperature Control, sales declined 1.1% versus the same quarter last year. However, this is mainly due to the timing of pre-season orders which can always shift between periods. Ultimately, as a seasonal business, our annual results will be determined by the degree and duration of hot weather the country experiences, and therefore early results are not indicative of the full year.
Engineered Solutions sales increased 4.5% over last year's first quarter, setting a single quarter record for this segment, as our traction with new and existing customers continues to build. We remain encouraged with our progress in winning new business and the overall opportunity we see in terms of long-term sales growth.
Looking at profitability, our Adjusted EBITDA margin was 6.9% in the quarter vs. 8.8% last year. Excluding
Our sales and profit expectations for the full year of 2024 remain unchanged. We anticipate sales growth will be flat to low single digits, and Adjusted EBITDA will be in a range of 9.0% to 9.5%. As previously discussed, we expect to incur roughly
As part of our commitment to return value to shareholders, the Board of Directors has approved payment of a quarterly dividend of
In closing,
Conference Call
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995,
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Consolidated Statements of Operations |
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(In thousands, except per share amounts) |
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THREE MONTHS ENDED |
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2024 |
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2023 |
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(Unaudited) |
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$ 331,403 |
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$ 328,028 |
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COST OF SALES |
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241,881 |
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236,761 |
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GROSS PROFIT |
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89,522 |
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91,267 |
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SELLING, GENERAL & ADMINISTRATIVE EXPENSES |
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74,733 |
|
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69,633 |
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RESTRUCTURING AND INTEGRATION EXPENSES |
|
192 |
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|
912 |
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OTHER INCOME, NET |
|
22 |
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24 |
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OPERATING INCOME |
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14,619 |
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20,746 |
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OTHER NON-OPERATING INCOME, NET |
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819 |
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225 |
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INTEREST EXPENSE |
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2,067 |
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3,862 |
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EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES |
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13,371 |
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17,109 |
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PROVISION FOR INCOME TAXES |
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3,342 |
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4,372 |
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EARNINGS FROM CONTINUING OPERATIONS |
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10,029 |
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12,737 |
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LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES |
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(1,039) |
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(780) |
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NET EARNINGS |
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8,990 |
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11,957 |
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NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST |
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166 |
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39 |
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NET EARNINGS ATTRIBUTABLE TO SMP (a) |
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$ 8,824 |
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$ 11,918 |
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NET EARNINGS ATTRIBUTABLE TO SMP |
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EARNINGS FROM CONTINUING OPERATIONS |
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$ 9,863 |
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$ 12,698 |
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LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES |
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(1,039) |
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(780) |
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TOTAL |
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$ 8,824 |
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$ 11,918 |
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NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP |
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BASIC EARNINGS FROM CONTINUING OPERATIONS |
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$ 0.45 |
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$ 0.59 |
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DISCONTINUED OPERATION |
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(0.05) |
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(0.04) |
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NET EARNINGS PER COMMON SHARE - BASIC |
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$ 0.40 |
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$ 0.55 |
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DILUTED EARNINGS FROM CONTINUING OPERATIONS |
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$ 0.44 |
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$ 0.57 |
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DISCONTINUED OPERATION |
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(0.05) |
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(0.03) |
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NET EARNINGS PER COMMON SHARE - DILUTED |
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$ 0.39 |
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$ 0.54 |
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WEIGHTED AVERAGE NUMBER OF COMMON SHARES |
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21,923,830 |
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21,609,618 |
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WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES |
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22,372,543 |
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22,097,750 |
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(a) "SMP" refers to |
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Segment Revenues and Operating Profit |
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(In thousands) |
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THREE MONTHS ENDED |
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2024 |
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2023 |
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(Unaudited) |
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Revenues |
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Engine Management (Ignition, Emissions and |
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Fuel Delivery) |
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$ 116,085 |
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$ 116,083 |
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Electrical and Safety |
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52,407 |
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51,804 |
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Wire sets and other |
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17,032 |
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16,690 |
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Vehicle Control |
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185,524 |
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184,577 |
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AC System Components |
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49,960 |
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50,798 |
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Other Thermal Components |
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21,648 |
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21,608 |
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Temperature Control |
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71,608 |
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72,406 |
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Commercial Vehicle |
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22,908 |
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20,232 |
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Construction / Agriculture |
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10,076 |
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11,692 |
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Light Vehicle |
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21,803 |
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23,019 |
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All Other |
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19,484 |
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16,102 |
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Engineered Solutions |
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74,271 |
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71,045 |
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Revenues |
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$ 331,403 |
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$ 328,028 |
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Gross Margin |
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Vehicle Control |
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$ 58,899 |
31.7 % |
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$ 58,472 |
31.7 % |
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Temperature Control |
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19,689 |
27.5 % |
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19,155 |
26.5 % |
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Engineered Solutions |
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10,934 |
14.7 % |
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13,640 |
19.2 % |
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All Other |
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- |
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- |
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Gross Margin |
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$ 89,522 |
27.0 % |
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$ 91,267 |
27.8 % |
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Selling, General & Administrative |
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Vehicle Control |
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$ 43,258 |
23.3 % |
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$ 40,836 |
22.1 % |
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Temperature Control |
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17,600 |
24.6 % |
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16,528 |
22.8 % |
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Engineered Solutions |
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8,691 |
11.7 % |
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7,909 |
11.1 % |
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All Other |
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5,184 |
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4,360 |
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Selling, General & Administrative |
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$ 74,733 |
22.6 % |
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$ 69,633 |
21.2 % |
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Operating Income |
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Vehicle Control |
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$ 15,641 |
8.4 % |
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$ 17,636 |
9.6 % |
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Temperature Control |
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2,089 |
2.9 % |
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2,627 |
3.6 % |
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Engineered Solutions |
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2,243 |
3.0 % |
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5,731 |
8.1 % |
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All Other |
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(5,184) |
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(4,360) |
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Subtotal |
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$ 14,789 |
4.5 % |
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$ 21,634 |
6.6 % |
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Restructuring & Integration |
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(192) |
-0.1 % |
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(912) |
-0.3 % |
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Other Income, Net |
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22 |
0.0 % |
|
24 |
0.0 % |
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Operating Income |
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$ 14,619 |
4.4 % |
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$ 20,746 |
6.3 % |
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Reconciliation of GAAP and Non-GAAP Measures |
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(In thousands, except per share amounts) |
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THREE MONTHS ENDED |
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2024 |
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2023 |
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(Unaudited) |
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EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP |
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GAAP EARNINGS FROM CONTINUING OPERATIONS |
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$ 9,863 |
|
$ 12,698 |
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RESTRUCTURING AND INTEGRATION EXPENSES |
|
192 |
|
912 |
|
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INCOME TAX EFFECT RELATED TO RECONCILING ITEMS |
|
(50) |
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(237) |
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NON-GAAP EARNINGS FROM CONTINUING OPERATIONS |
|
$ 10,005 |
|
$ 13,373 |
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DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP |
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GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS |
|
$ 0.44 |
|
$ 0.57 |
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RESTRUCTURING AND INTEGRATION EXPENSES |
|
0.01 |
|
0.04 |
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INCOME TAX EFFECT RELATED TO RECONCILING ITEMS |
|
- |
|
- |
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NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS |
|
$ 0.45 |
|
$ 0.61 |
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OPERATING INCOME |
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|
|
|
|
|
|
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|
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|
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GAAP OPERATING INCOME |
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$ 14,619 |
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$ 20,746 |
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|
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RESTRUCTURING AND INTEGRATION EXPENSES |
|
192 |
|
912 |
|
|
|
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OTHER INCOME, NET |
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(22) |
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(24) |
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LAST TWELVE MONTHS ENDED |
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YEAR ENDED |
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NON-GAAP OPERATING INCOME |
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$ 14,789 |
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$ 21,634 |
|
2024 |
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2023 |
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2023 |
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(Unaudited) |
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EBITDA WITHOUT SPECIAL ITEMS |
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GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES |
|
$ 13,371 |
|
$ 17,109 |
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$ 77,978 |
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$ 87,882 |
|
$ 81,716 |
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DEPRECIATION AND AMORTIZATION |
|
7,301 |
|
7,082 |
|
29,241 |
|
28,428 |
|
29,022 |
INTEREST EXPENSE |
|
2,067 |
|
3,862 |
|
11,492 |
|
13,674 |
|
13,287 |
EBITDA |
|
22,739 |
|
28,053 |
|
118,711 |
|
129,984 |
|
124,025 |
|
|
|
|
|
|
|
|
|
|
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RESTRUCTURING AND INTEGRATION EXPENSES |
|
192 |
|
912 |
|
1,922 |
|
2,762 |
|
2,642 |
CUSTOMER BANKRUPTCY CHARGE |
|
- |
|
- |
|
- |
|
7,002 |
|
- |
SPECIAL ITEMS |
|
192 |
|
912 |
|
1,922 |
|
9,764 |
|
2,642 |
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|
|
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|
|
|
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EBITDA WITHOUT SPECIAL ITEMS |
|
$ 22,931 |
|
$ 28,965 |
|
$ 120,633 |
|
$ 139,748 |
|
$ 126,667 |
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MANAGEMENT BELIEVES THAT NON-GAAP EARNINGS FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE ATTRIBUTABLE TO SMP, |
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Reconciliation of GAAP and Non-GAAP Measures by Segments |
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(In thousands) |
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THREE MONTHS ENDED |
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|
|
Vehicle Control |
|
Temperature |
|
Engineered |
|
All Other |
|
Consolidated |
|
|
|
(Unaudited) |
|
||||||||
OPERATING INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING INCOME |
|
$ 15,540 |
|
$ 2,031 |
0 |
$ 2,232 |
0 |
$ (5,184) |
|
$ 14,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND INTEGRATION EXPENSES |
|
101 |
|
58 |
|
33 |
|
- |
|
192 |
|
OTHER INCOME, NET |
|
- |
|
- |
|
(22) |
|
- |
|
(22) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING INCOME |
|
$ 15,641 |
|
$ 2,089 |
|
$ 2,243 |
|
$ (5,184) |
|
$ 14,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES |
|
$ 14,315 |
|
$ 1,888 |
|
$ 2,346 |
|
$ (5,178) |
|
$ 13,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND AMORTIZATION |
|
3,525 |
|
898 |
|
2,469 |
|
409 |
|
7,301 |
|
INTEREST EXPENSE |
|
1,427 |
|
531 |
|
664 |
|
(555) |
|
2,067 |
|
EBITDA |
|
19,267 |
|
3,317 |
|
5,479 |
|
(5,324) |
|
22,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND INTEGRATION EXPENSES |
|
101 |
|
58 |
0 |
33 |
0 |
- |
|
192 |
|
SPECIAL ITEMS |
|
101 |
|
58 |
|
33 |
|
- |
|
192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS |
|
$ 19,368 |
|
$ 3,375 |
|
$ 5,512 |
|
$ (5,324) |
|
$ 22,931 |
|
% of |
|
10.4 % |
|
4.7 % |
|
7.4 % |
|
|
|
6.9 % |
|
|
|
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|
|
|
|
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|
(In thousands) |
|
THREE MONTHS ENDED |
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||||||||
|
|
Vehicle Control |
|
Temperature |
|
Engineered |
|
All Other |
|
Consolidated |
|
|
|
(Unaudited) |
|
||||||||
OPERATING INCOME |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
GAAP OPERATING INCOME |
|
$ 17,375 |
|
$ 2,084 |
|
$ 5,647 |
|
$ (4,360) |
|
$ 20,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND INTEGRATION EXPENSES |
|
285 |
|
543 |
|
84 |
|
- |
|
912 |
|
OTHER INCOME, NET |
|
(24) |
|
- |
|
- |
|
- |
|
(24) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING INCOME |
|
$ 17,636 |
|
$ 2,627 |
|
$ 5,731 |
|
$ (4,360) |
|
$ 21,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES |
|
$ 15,057 |
|
$ 1,105 |
|
$ 5,286 |
|
$ (4,339) |
|
$ 17,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND AMORTIZATION |
|
3,412 |
|
763 |
|
2,481 |
|
426 |
|
7,082 |
|
INTEREST EXPENSE |
|
2,741 |
|
893 |
|
359 |
|
(131) |
|
3,862 |
|
EBITDA |
|
21,210 |
|
2,761 |
|
8,126 |
|
(4,044) |
|
28,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND INTEGRATION EXPENSES |
|
285 |
|
543 |
|
84 |
|
- |
|
912 |
|
SPECIAL ITEMS |
|
285 |
|
543 |
|
84 |
|
- |
|
912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS |
|
$ 21,495 |
|
$ 3,304 |
|
$ 8,210 |
|
$ (4,044) |
|
$ 28,965 |
|
% of |
|
11.6 % |
|
4.6 % |
|
11.6 % |
|
|
|
8.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT BELIEVES THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR |
|
|
|
|
|
|
|
||||||
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARCH |
|
MARCH |
|
DECEMBER |
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS |
|
$ 27,113 |
|
$ 24,196 |
|
$ 32,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCOUNTS RECEIVABLE, GROSS |
|
212,224 |
|
216,617 |
|
168,327 |
|
|
|
|
|
|
ALLOWANCE FOR EXPECTED CREDIT LOSSES |
|
8,284 |
|
5,816 |
|
8,045 |
|
|
|
|
|
|
ACCOUNTS RECEIVABLE, NET |
|
203,940 |
|
210,801 |
|
160,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVENTORIES |
|
520,702 |
|
522,039 |
|
507,075 |
|
|
|
|
|
|
UNRETURNED CUSTOMER INVENTORY |
|
18,007 |
|
20,626 |
|
18,240 |
|
|
|
|
|
|
OTHER CURRENT ASSETS |
|
26,674 |
|
26,192 |
|
26,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
796,436 |
|
803,854 |
|
744,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, NET |
|
124,822 |
|
107,123 |
|
121,872 |
|
|
|
|
|
|
OPERATING LEASE RIGHT-OF-USE ASSETS |
|
102,060 |
|
74,291 |
|
100,065 |
|
|
|
|
|
|
|
|
134,624 |
|
132,289 |
|
134,729 |
|
|
|
|
|
|
OTHER INTANGIBLES, NET |
|
90,000 |
|
98,389 |
|
92,308 |
|
|
|
|
|
|
DEFERRED INCOME TAXES |
|
40,241 |
|
33,893 |
|
40,533 |
|
|
|
|
|
|
INVESTMENT IN UNCONSOLIDATED AFFILIATES |
|
24,751 |
|
42,719 |
|
24,050 |
|
|
|
|
|
|
OTHER ASSETS |
|
38,627 |
|
27,462 |
|
35,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ 1,351,561 |
|
$ 1,320,020 |
|
$ 1,293,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT PORTION OF REVOLVING CREDIT FACILITY |
|
$ - |
|
$ 52,600 |
|
$ - |
|
|
|
|
|
|
CURRENT PORTION OF TERM LOAN AND OTHER DEBT |
|
5,030 |
|
5,014 |
|
5,029 |
|
|
|
|
|
|
ACCOUNTS PAYABLE |
|
98,293 |
|
94,372 |
|
107,455 |
|
|
|
|
|
|
ACCRUED CUSTOMER RETURNS |
|
47,220 |
|
42,153 |
|
38,238 |
|
|
|
|
|
|
ACCRUED CORE LIABILITY |
|
17,438 |
|
21,319 |
|
18,399 |
|
|
|
|
|
|
ACCRUED REBATES |
|
45,191 |
|
39,657 |
|
42,278 |
|
|
|
|
|
|
PAYROLL AND COMMISSIONS |
|
27,326 |
|
24,268 |
|
29,561 |
|
|
|
|
|
|
SUNDRY PAYABLES AND ACCRUED EXPENSES |
|
58,714 |
|
42,041 |
|
63,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
|
299,212 |
|
321,424 |
|
304,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT |
|
209,872 |
|
215,487 |
|
151,182 |
|
|
|
|
|
|
NONCURRENT OPERATING LEASE LIABILITY |
|
90,667 |
|
65,319 |
|
88,974 |
|
|
|
|
|
|
ACCRUED ASBESTOS LIABILITIES |
|
68,985 |
|
60,820 |
|
72,013 |
|
|
|
|
|
|
OTHER LIABILITIES |
|
27,704 |
|
24,298 |
|
25,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
696,440 |
|
687,348 |
|
642,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SMP STOCKHOLDERS' EQUITY |
|
639,150 |
|
621,644 |
|
635,064 |
|
|
|
|
|
|
NONCONTROLLING INTEREST |
|
15,971 |
|
11,028 |
|
15,809 |
|
|
|
|
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
655,121 |
|
632,672 |
|
650,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ 1,351,561 |
|
$ 1,320,020 |
|
$ 1,293,047 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Condensed Consolidated Statements of Cash Flows |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED |
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS |
$ 8,990 |
|
|
$ 11,957 |
|
|
|
|
|
ADJUSTMENTS TO RECONCILE NET EARNINGS TO |
|
|
|
|
|
|
|
|
|
USED IN OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
DEPRECIATION AND AMORTIZATION |
7,301 |
|
|
7,082 |
|
|
|
|
|
OTHER |
3,511 |
|
|
4,587 |
|
|
|
|
|
CHANGE IN ASSETS AND LIABILITIES: |
|
|
|
|
|
|
|
|
|
ACCOUNTS RECEIVABLE |
(43,978) |
|
|
(42,617) |
|
|
|
|
|
INVENTORY |
(14,670) |
|
|
6,195 |
|
|
|
|
|
ACCOUNTS PAYABLE |
(9,274) |
|
|
4,809 |
|
|
|
|
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
1,649 |
|
|
1,165 |
|
|
|
|
|
SUNDRY PAYABLES AND ACCRUED EXPENSES |
3,988 |
|
|
(10,656) |
|
|
|
|
|
OTHER |
(3,233) |
|
|
(2,964) |
|
|
|
|
|
|
(45,716) |
|
|
(20,442) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL EXPENDITURES |
(10,086) |
|
|
(4,363) |
|
|
|
|
|
OTHER INVESTING ACTIVITIES |
15 |
|
|
13 |
|
|
|
|
|
|
(10,071) |
|
|
(4,350) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN DEBT |
58,692 |
|
|
33,478 |
|
|
|
|
|
PURCHASE OF TREASURY STOCK |
(2,235) |
|
|
- |
|
|
|
|
|
DIVIDENDS PAID |
(6,392) |
|
|
(6,261) |
|
|
|
|
|
OTHER FINANCING ACTIVITIES |
315 |
|
|
125 |
|
|
|
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
50,380 |
|
|
27,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
(6) |
|
|
496 |
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(5,413) |
|
|
3,046 |
|
|
|
|
|
CASH AND CASH EQUIVALENTS at beginning of period |
32,526 |
|
|
21,150 |
|
|
|
|
|
CASH AND CASH EQUIVALENTS at end of period |
$ 27,113 |
|
|
$ 24,196 |
|
|
|
|
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