Standard Motor Said Earning, Sales Improved For Full Year - Standard Motor Products Inc - Brief Article

Autoparts Report, March 19, 2003

Standard Motor Products, Inc., an automotive replacement parts manufacturer and distributor, said net sales for the fourth quarter of 2002 were $107.9 million, approximately 12 percent higher than net sales of $96.4 million during the comparable quarter of 2001. Losses from continuing operations for the fourth quarter of 2002 were $8.1 million or 68 cents per diluted share, compared to $6.3 million or 54 cents per diluted share in the fourth quarter of 2001.

Excluding an impairment charge of $3.3 million for goodwill relating to European operations during the fourth quarter of 2002, the comparable loss from continuing operations would have been $4.8 million or 40 cents per diluted share in the fourth quarter of 2002.

Net sales for the full year 2002 were $598.4 million, slightly higher than net sales of $591.7 million in 2001. Earnings from continuing operations for 2002 were $6.1 million or 51 cents per diluted share, compared to $0.3 million or 3 cents per diluted share in 2001. Excluding the goodwill impairment charge of $3.3 million recorded in 2002, the comparable earnings from continuing operations would have been $9.4 million or 78 cents per diluted share in 2002.