Standard Motor Said Earning, Sales Improved For Full Year.(Standard Motor Products Inc.)(Brief Article)

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.

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