New York
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001-04743
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11-1362020
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employee Identification Number)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $2.00 per share
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SMP
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New York Stock Exchange LLC
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Item 2.02. |
Results of Operations and Financial Condition.
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Item 9.01. |
Financial Statements and Exhibits.
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(d) |
Exhibits.
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99.1 |
Press release dated May 5, 2021 announcing Standard Motor Products, Inc.’s financial results for the three months ended March 31, 2021.
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104 |
Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
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STANDARD MOTOR PRODUCTS, INC.
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By:
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/s/ Nathan R. Iles
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Nathan R. Iles
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|||
Chief Financial Officer
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Date: May 5, 2021
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Exhibit No.
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Description
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99.1
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104
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Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
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For Immediate Release
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For more information, contact:
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Nathan R. Iles
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Standard Motor Products, Inc.
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(718) 392-0200
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(In thousands, except per share amounts)
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||||||||
THREE MONTHS ENDED
MARCH 31,
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||||||||
2021
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2020
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|||||||
(Unaudited)
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||||||||
NET SALES
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$
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276,553
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$
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254,302
|
||||
COST OF SALES
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192,769
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183,907
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||||||
GROSS PROFIT
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83,784
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70,395
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||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
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54,460
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55,873
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||||||
RESTRUCTURING AND INTEGRATION EXPENSES
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-
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205
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||||||
OTHER INCOME, NET
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-
|
6
|
||||||
OPERATING INCOME
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29,324
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14,323
|
||||||
OTHER NON-OPERATING INCOME (EXPENSE), NET
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635
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(524
|
)
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|||||
INTEREST EXPENSE
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209
|
873
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||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
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29,750
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12,926
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||||||
PROVISION FOR INCOME TAXES
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7,586
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3,305
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||||||
EARNINGS FROM CONTINUING OPERATIONS
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22,164
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9,621
|
||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
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(1,164
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)
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(994
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)
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||||
NET EARNINGS
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$
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21,000
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$
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8,627
|
||||
NET EARNINGS PER COMMON SHARE:
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||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
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$
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0.99
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$
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0.43
|
||||
DISCONTINUED OPERATION
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(0.05
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)
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(0.05
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)
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||||
NET EARNINGS PER COMMON SHARE - BASIC
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$
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0.94
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$
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0.38
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||||
|
||||||||
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||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
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$
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0.97
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$
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0.42
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||||
DISCONTINUED OPERATION
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(0.05
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)
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(0.04
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)
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||||
NET EARNINGS PER COMMON SHARE - DILUTED
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$
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0.92
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$
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0.38
|
||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
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22,317,959
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22,438,087
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||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
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22,765,508
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22,868,975
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(In thousands, except per share amounts)
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||||||||
THREE MONTHS ENDED
MARCH 31,
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||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
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$
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22,164
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$
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9,621
|
||||
RESTRUCTURING AND INTEGRATION EXPENSES
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-
|
205
|
||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
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-
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(53
|
)
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|||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
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$
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22,164
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$
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9,773
|
||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
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||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
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$
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0.97
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$
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0.42
|
||||
RESTRUCTURING AND INTEGRATION EXPENSES
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-
|
0.01
|
||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
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-
|
-
|
||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
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$
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0.97
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$
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0.43
|
||||
OPERATING INCOME
|
||||||||
GAAP OPERATING INCOME
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$
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29,324
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$
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14,323
|
||||
RESTRUCTURING AND INTEGRATION EXPENSES
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-
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205
|
||||||
OTHER INCOME, NET
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-
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(6
|
)
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|||||
NON-GAAP OPERATING INCOME
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$
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29,324
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$
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14,522
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(In thousands)
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||||||||
March 31,
2021
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December 31,
2020
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|||||||
(Unaudited)
|
||||||||
ASSETS
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||||||||
CASH
|
$
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17,100
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$
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19,488
|
||||
ACCOUNTS RECEIVABLE, GROSS
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179,848
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203,861
|
||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS
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5,744
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5,822
|
||||||
ACCOUNTS RECEIVABLE, NET
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174,104
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198,039
|
||||||
INVENTORIES
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390,896
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345,502
|
||||||
UNRETURNED CUSTOMER INVENTORY
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21,088
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19,632
|
||||||
OTHER CURRENT ASSETS
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13,848
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15,875
|
||||||
TOTAL CURRENT ASSETS
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617,036
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598,536
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
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88,563
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89,105
|
||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
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31,453
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29,958
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||||||
GOODWILL
|
77,838
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77,837
|
||||||
OTHER INTANGIBLES, NET
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52,803
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54,004
|
||||||
DEFERRED INCOME TAXES
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43,692
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44,770
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
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40,684
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40,507
|
||||||
OTHER ASSETS
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24,413
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21,823
|
||||||
TOTAL ASSETS
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$
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976,482
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$
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956,540
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
NOTES PAYABLE
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$
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40,967
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$
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10,000
|
||||
CURRENT PORTION OF OTHER DEBT
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1,523
|
135
|
||||||
ACCOUNTS PAYABLE
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108,536
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100,018
|
||||||
ACCRUED CUSTOMER RETURNS
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44,729
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40,982
|
||||||
ACCRUED CORE LIABILITY
|
22,569
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22,014
|
||||||
ACCRUED REBATES
|
39,294
|
46,437
|
||||||
PAYROLL AND COMMISSIONS
|
19,094
|
35,938
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
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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
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(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
|