Standard Motor Said Earning, Sales Improved For Full
Year.
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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