Exhibit 99.1
For Immediate Release
For more information, contact:
James J. Burke
Standard Motor Products, Inc.
(718) 392-0200
Standard Motor Products, Inc. Announces
Third Quarter 2019 Results and a Quarterly Dividend
New York, NY, October 30, 2019......Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, reported today its
consolidated financial results for the three months and nine months ending September 30, 2019.
Consolidated net sales for the third quarter of 2019 were $307.7 million, compared to consolidated net sales of $296.6 million during the comparable quarter in 2018.
Earnings from continuing operations for the third quarter of 2019 were $22.7 million or $1.00 per diluted share, compared to $19.3 million or 84 cents per diluted share in the third quarter of 2018. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the third quarter of 2019 were $23.1 million or $1.02 per diluted share, compared to $19.1 million or 83 cents per diluted share in the
third quarter of 2018.
37-18 Northern Blvd., Long Island City, NY 11101
(718) 392-0200
www.smpcorp.com
Consolidated net sales for the nine month period ended September 30, 2019, were $896.7 million, compared to consolidated net sales of $845.1 million during the comparable
period in 2018. Earnings from continuing operations for the nine month period ended September 30, 2019, were $56.3 million or $2.47 per diluted share, compared to $44.7 million or $1.95 per diluted share in the comparable period of 2018.
Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the nine months ended September 30, 2019 and 2018 were $57.3 million or $2.51 per diluted
share and $46.7 million or $2.03 per diluted share, respectively.
Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “We are quite pleased with our third quarter and with our year overall. We posted
record sales and earnings, with both of our operating divisions continuing to perform well.
“Engine Management sales rose approximately 9.3% for the quarter and 7.8% year-to-date. Excluding Wire and Cable which is in secular decline, Engine Management sales in
the quarter were up almost 14%, or roughly $22 million. Revenue from the Pollak acquisition, previously announced, accounted for nearly $10 million of this gain. Our Engine Management segment, excluding Pollak and Wire and Cable, increased 7.8% for
the quarter. The growth was primarily attributable to a combination of several customer pipelines, a benefit from pricing actions and pass-through of tariff costs, as well as low single digit organic growth.
“Our sales in Engine Management have exceeded our customers’ low single digit POS growth all year, and this tends to even out over time. Excluding Pollak, we anticipate
that Engine Management sales will likely be flat or down for the fourth quarter of 2019 as these sales move closer to our customers’ POS numbers. However, we remain optimistic for the year as a whole.
“Engine Management gross margins in the quarter improved nearly two points from last year to 30.7%, with sequential quarterly improvements throughout 2019. This margin
improvement was the result of several factors – the completion of the integration of our wire operations in Mexico, a continued emphasis on cost reductions, as well as certain pricing actions, and was partially offset by the adverse impact of
tariffs being passed through to customers at our cost.
“Temperature Control sales were 8.1% lower than the third quarter of 2018. However, a portion of the 2018 volume included working down a large order backlog, generated
by some of the hottest spring months in history, plus some start-up inefficiencies as we introduced our new automated warehouse system in Lewisville, TX. Year-to-date our Temperature Control sales are 2% above 2018.
“Temperature Control gross margins decreased by 1.6 points in the quarter, reflecting the dampening effect of tariffs being passed through to customers at our cost. The
improvement in SG&A expenses reflects savings in distribution costs as we continue to refine and improve our new automated warehouse system.
“On August 1st we acquired a minority position in Jiangsu Che Yijia New Energy Technology Co. (CYJ), a Chinese manufacturer of electric compressors for
electric vehicles. Founded in 2016, the company is still in its early stages, but we are pleased to have a strategic partner focused on parts for electric vehicles in the fast-growing Chinese market.
“Finally, as previously announced, we are pleased to welcome Nathan Iles as our new Chief Financial Officer. We believe he is an excellent fit for SMP, and we look
forward to his contributions.”
Loss from discontinued operations, net of income taxes, in the third quarter of 2019 was $7.9 million compared to $3.5 million in the comparable period last year. The
loss pertains to asbestos-related liabilities from a brake business, originally acquired in 1986 and subsequently divested in 1998, which are adjusted in the third quarter each year when the Company engages an independent actuary to assess the
Company’s exposure. In the third quarter of 2019, the Company increased its asbestos-related indemnity liability to $52 million by recording a non-cash $9.7 million provision, or $7.1 million net
of taxes.
The Board of Directors has approved payment of a quarterly dividend of 23 cents per share on the common stock outstanding. The dividend will be paid on December 2, 2019,
to stockholders of record on November 15, 2019.
Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, October 30, 2019. The dial-in number is 877-876-9173 (domestic) or
785-424-1667 (international). The playback number is 800-839-5109 (domestic) or 402-220-2688 (international). The conference ID is STANDARD.
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any
forward-looking statements made by the company, including those that may be made in this press release, are based on management’s expectations at the time they are made, but they are subject to risks and uncertainties that may cause actual results,
events or performance to differ materially from those contemplated by such forward looking statements. Among the factors that could cause actual results, events or performance to differ materially from those risks and uncertainties discussed in
this press release are those detailed from time-to-time in prior press releases and in the company’s filings with the Securities and Exchange Commission, including the company’s annual report on Form 10-K and quarterly reports on Form 10-Q. By
making these forward-looking statements, Standard Motor Products undertakes no obligation or intention to update these statements after the date of this release.
STANDARD MOTOR PRODUCTS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
|
THREE MONTHS ENDED
SEPTEMBER 30,
|
NINE MONTHS ENDED
SEPTEMBER 30,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
NET SALES
|
$
|
307,723
|
$
|
296,619
|
$
|
896,661
|
$
|
845,081
|
||||||||
|
COST OF SALES
|
215,635
|
209,313
|
637,705
|
603,897
|
||||||||||||
|
GROSS PROFIT
|
92,088
|
87,306
|
258,956
|
241,184
|
||||||||||||
|
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
59,947
|
60,137
|
180,483
|
175,604
|
||||||||||||
|
RESTRUCTURING AND INTEGRATION EXPENSES
|
825
|
6
|
1,469
|
3,073
|
||||||||||||
|
OTHER INCOME (EXPENSE), NET
|
(12
|
)
|
15
|
(15
|
)
|
328
|
||||||||||
|
OPERATING INCOME
|
31,304
|
27,178
|
76,989
|
62,835
|
||||||||||||
|
OTHER NON-OPERATING INCOME, NET
|
225
|
351
|
2,282
|
800
|
||||||||||||
|
INTEREST EXPENSE
|
1,508
|
1,254
|
4,319
|
3,137
|
||||||||||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
30,021
|
26,275
|
74,952
|
60,498
|
||||||||||||
|
PROVISION FOR INCOME TAXES
|
7,367
|
7,002
|
18,639
|
15,801
|
||||||||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
22,654
|
19,273
|
56,313
|
44,697
|
||||||||||||
|
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(7,903
|
)
|
(3,524
|
)
|
(9,914
|
)
|
(5,014
|
)
|
||||||||
|
NET EARNINGS
|
$
|
14,751
|
$
|
15,749
|
$
|
46,399
|
$
|
39,683
|
||||||||
|
NET EARNINGS PER COMMON SHARE:
|
||||||||||||||||
|
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.01
|
$
|
0.86
|
$
|
2.52
|
$
|
1.99
|
||||||||
|
DISCONTINUED OPERATION
|
(0.35
|
)
|
(0.16
|
)
|
(0.44
|
)
|
(0.22
|
)
|
||||||||
|
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.66
|
$
|
0.70
|
$
|
2.08
|
$
|
1.77
|
||||||||
|
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.00
|
$
|
0.84
|
$
|
2.47
|
$
|
1.95
|
||||||||
|
DISCONTINUED OPERATION
|
(0.35
|
)
|
(0.15
|
)
|
(0.44
|
)
|
(0.22
|
)
|
||||||||
|
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.65
|
$
|
0.69
|
$
|
2.03
|
$
|
1.73
|
||||||||
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
22,329,835
|
22,424,962
|
22,359,637
|
22,464,697
|
||||||||||||
|
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,754,440
|
22,938,925
|
22,814,228
|
22,954,649
|
||||||||||||
STANDARD MOTOR PRODUCTS, INC.
Segment Revenues and Operating Income
(In thousands)
|
THREE MONTHS ENDED
SEPTEMBER 30,
|
NINE MONTHS ENDED
SEPTEMBER 30,
|
|||||||||||||||||||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||
|
Revenues
|
||||||||||||||||||||||||||||||||
|
Ignition, Emission Control, Fuel & Safety Related System Products
|
$
|
180,826
|
$
|
159,101
|
$
|
538,718
|
$
|
482,640
|
||||||||||||||||||||||||
|
Wire and Cable
|
35,147
|
38,469
|
108,486
|
117,847
|
||||||||||||||||||||||||||||
|
Engine Management
|
215,973
|
197,570
|
647,204
|
600,487
|
||||||||||||||||||||||||||||
|
Compressors
|
52,776
|
54,842
|
145,080
|
131,680
|
||||||||||||||||||||||||||||
|
Other Climate Control Parts
|
35,525
|
41,237
|
96,551
|
105,000
|
||||||||||||||||||||||||||||
|
Temperature Control
|
88,301
|
96,079
|
241,631
|
236,680
|
||||||||||||||||||||||||||||
|
All Other
|
3,449
|
2,970
|
7,826
|
7,914
|
||||||||||||||||||||||||||||
|
Revenues
|
$
|
307,723
|
$
|
296,619
|
$
|
896,661
|
$
|
845,081
|
||||||||||||||||||||||||
|
Gross Margin
|
||||||||||||||||||||||||||||||||
|
Engine Management
|
$
|
66,264
|
30.7
|
% |
|
$
|
57,188
|
28.9
|
% |
$
|
189,737
|
29.3
|
% |
|
$
|
171,440
|
28.6
|
% |
|
|||||||||||||
|
Temperature Control
|
22,973
|
26.0
|
% |
|
26,523
|
27.6
|
% |
|
61,715
|
25.5
|
% |
|
60,990
|
25.8
|
% |
|
||||||||||||||||
|
All Other
|
2,851
|
3,595
|
7,504
|
8,754
|
||||||||||||||||||||||||||||
|
Gross Margin
|
$
|
92,088
|
29.9
|
% |
|
$
|
87,306
|
29.4
|
% |
|
$
|
258,956
|
28.9
|
% |
|
$
|
241,184
|
28.5
|
% |
|
||||||||||||
|
Selling, General & Administrative
|
||||||||||||||||||||||||||||||||
|
Engine Management
|
$
|
35,950
|
16.6
|
% |
|
$
|
35,553
|
18.0
|
% |
|
$
|
110,723
|
17.1
|
% |
|
$
|
106,415
|
17.7
|
% |
|
||||||||||||
|
Temperature Control
|
15,495
|
17.5
|
% |
|
17,961
|
18.7
|
% |
|
45,033
|
18.6
|
% |
|
46,511
|
19.7
|
% |
|
||||||||||||||||
|
All Other
|
8,502
|
6,623
|
24,727
|
22,678
|
||||||||||||||||||||||||||||
|
Selling, General & Administrative
|
$
|
59,947
|
19.5
|
% |
|
$
|
60,137
|
20.3
|
% |
|
$
|
180,483
|
20.1
|
% |
|
$
|
175,604
|
20.8
|
% |
|
||||||||||||
|
Operating Income
|
||||||||||||||||||||||||||||||||
|
Engine Management
|
$
|
30,314
|
14.0
|
% |
|
$
|
21,635
|
11.0
|
% |
|
$
|
79,014
|
12.2
|
% |
|
$
|
65,025
|
10.8
|
% |
|
||||||||||||
|
Temperature Control
|
7,478
|
8.5
|
% |
8,562
|
8.9
|
% |
|
16,682
|
6.9
|
% |
|
14,479
|
6.1
|
% |
|
|||||||||||||||||
|
All Other
|
(5,651
|
)
|
(3,028
|
)
|
(17,223
|
)
|
(13,924
|
)
|
||||||||||||||||||||||||
|
Subtotal
|
32,141
|
10.4
|
% |
|
27,169
|
9.2
|
% |
|
78,473
|
8.8
|
% |
65,580
|
7.8
|
% |
|
|||||||||||||||||
|
Restructuring & Integration
|
(825
|
)
|
-0.3
|
% |
|
(6
|
)
|
0.0
|
% |
|
(1,469
|
)
|
-0.2
|
% |
(3,073
|
)
|
-0.4
|
% |
|
|||||||||||||
|
Other Income (Expense), Net
|
(12
|
)
|
0.0
|
% |
|
15
|
0.0
|
% |
|
(15
|
)
|
0.0
|
% |
328
|
0.0
|
% |
|
|||||||||||||||
|
Operating Income
|
$
|
31,304
|
10.2
|
% |
|
$
|
27,178
|
9.2
|
% |
|
$
|
76,989
|
8.6
|
% |
|
$
|
62,835
|
7.4
|
% |
|
||||||||||||
STANDARD MOTOR PRODUCTS, INC.
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts)
|
THREE MONTHS ENDED
SEPTEMBER 30,
|
NINE MONTHS ENDED
SEPTEMBER 30,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
||||||||||||||||
|
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
22,654
|
$
|
19,273
|
$
|
56,313
|
$
|
44,697
|
||||||||
|
RESTRUCTURING AND INTEGRATION EXPENSES
|
825
|
6
|
1,469
|
3,073
|
||||||||||||
|
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
(144
|
)
|
(144
|
)
|
(144
|
)
|
(144
|
)
|
||||||||
|
GAIN FROM SALE OF BUILDINGS
|
-
|
-
|
-
|
(218
|
)
|
|||||||||||
|
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(214
|
)
|
(1
|
)
|
(382
|
)
|
(742
|
)
|
||||||||
|
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
23,121
|
$
|
19,134
|
$
|
57,256
|
$
|
46,666
|
||||||||
|
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
||||||||||||||||
|
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
1.00
|
$
|
0.84
|
$
|
2.47
|
$
|
1.95
|
||||||||
|
RESTRUCTURING AND INTEGRATION EXPENSES
|
0.04
|
-
|
0.06
|
0.13
|
||||||||||||
|
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
||||||||
|
GAIN FROM SALE OF BUILDINGS
|
-
|
-
|
-
|
(0.01
|
)
|
|||||||||||
|
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(0.01
|
)
|
-
|
(0.01
|
)
|
(0.03
|
)
|
|||||||||
|
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
1.02
|
$
|
0.83
|
$
|
2.51
|
$
|
2.03
|
||||||||
|
OPERATING INCOME
|
||||||||||||||||
|
GAAP OPERATING INCOME
|
$
|
31,304
|
$
|
27,178
|
$
|
76,989
|
$
|
62,835
|
||||||||
|
RESTRUCTURING AND INTEGRATION EXPENSES
|
825
|
6
|
1,469
|
3,073
|
||||||||||||
|
OTHER (INCOME) EXPENSE, NET
|
12
|
(15
|
)
|
15
|
(328
|
)
|
||||||||||
|
NON-GAAP OPERATING INCOME
|
$
|
32,141
|
$
|
27,169
|
$
|
78,473
|
$
|
65,580
|
||||||||
MANAGEMENT BELIEVES THAT EARNINGS FROM CONTINUING OPERATIONS, DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS, AND OPERATING INCOME, EACH OF WHICH ARE NON-GAAP
MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN
UNDERSTANDING OF THE COMPANY’S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES
OF PERFORMANCE.
STANDARD MOTOR PRODUCTS, INC.
Condensed Consolidated Balance Sheets
(In thousands)
|
September 30,
2019
|
December 31,
2018
|
|||||||
|
(Unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
CASH
|
$
|
13,259
|
$
|
11,138
|
||||
|
ACCOUNTS RECEIVABLE, GROSS
|
174,969
|
163,222
|
||||||
|
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
6,001
|
5,687
|
||||||
|
ACCOUNTS RECEIVABLE, NET
|
168,968
|
157,535
|
||||||
|
INVENTORIES
|
340,231
|
349,811
|
||||||
|
UNRETURNED CUSTOMER INVENTORY
|
20,325
|
20,484
|
||||||
|
OTHER CURRENT ASSETS
|
14,273
|
7,256
|
||||||
|
TOTAL CURRENT ASSETS
|
557,056
|
546,224
|
||||||
|
PROPERTY, PLANT AND EQUIPMENT, NET
|
88,835
|
90,754
|
||||||
|
OPERATING LEASE RIGHT-OF-USE ASSETS
|
34,055
|
-
|
||||||
|
GOODWILL
|
77,664
|
67,321
|
||||||
|
OTHER INTANGIBLES, NET
|
66,857
|
48,411
|
||||||
|
DEFERRED INCOME TAXES
|
39,105
|
42,334
|
||||||
|
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
39,030
|
32,469
|
||||||
|
OTHER ASSETS
|
18,081
|
15,619
|
||||||
|
TOTAL ASSETS
|
$
|
920,683
|
$
|
843,132
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
NOTES PAYABLE
|
$
|
78,211
|
$
|
43,689
|
||||
|
CURRENT PORTION OF OTHER DEBT
|
5,225
|
5,377
|
||||||
|
ACCOUNTS PAYABLE
|
71,139
|
94,357
|
||||||
|
ACCRUED CUSTOMER RETURNS
|
53,984
|
57,433
|
||||||
|
ACCRUED CORE LIABILITY
|
26,045
|
31,263
|
||||||
|
OTHER CURRENT LIABILITIES
|
95,056
|
80,467
|
||||||
|
TOTAL CURRENT LIABILITIES
|
329,660
|
312,586
|
||||||
|
OTHER LONG-TERM DEBT
|
132
|
153
|
||||||
|
NONCURRENT OPERATING LEASE LIABILITIES
|
27,214
|
-
|
||||||
|
ACCRUED ASBESTOS LIABILITIES
|
49,894
|
45,117
|
||||||
|
OTHER LIABILITIES
|
19,731
|
18,075
|
||||||
|
TOTAL LIABILITIES
|
426,631
|
375,931
|
||||||
|
TOTAL STOCKHOLDERS’ EQUITY
|
494,052
|
467,201
|
||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
920,683
|
$
|
843,132
|
||||
STANDARD MOTOR PRODUCTS, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
|
NINE MONTHS ENDED
SEPTEMBER 30,
|
||||||||
|
2019
|
2018
|
|||||||
|
(Unaudited)
|
||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
|
NET EARNINGS
|
$
|
46,399
|
$
|
39,683
|
||||
|
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
|
||||||||
|
DEPRECIATION AND AMORTIZATION
|
19,261
|
17,745
|
||||||
|
OTHER
|
21,623
|
12,220
|
||||||
|
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
|
ACCOUNTS RECEIVABLE
|
(16,583
|
)
|
(23,428
|
)
|
||||
|
INVENTORIES
|
11,824
|
2,761
|
||||||
|
ACCOUNTS PAYABLE
|
(24,107
|
)
|
5,193
|
|||||
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
(6,502
|
)
|
1,202
|
|||||
|
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
(2,551
|
)
|
12,828
|
|||||
|
OTHER
|
(6,260
|
)
|
(619
|
)
|
||||
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
43,104
|
67,585
|
||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
|
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
(43,490
|
)
|
(9,852
|
)
|
||||
|
NET PROCEEDS FROM SALE OF FACILITY
|
4,801
|
-
|
||||||
|
CAPITAL EXPENDITURES
|
(12,329
|
)
|
(15,633
|
)
|
||||
|
OTHER INVESTING ACTIVITIES
|
47
|
37
|
||||||
|
NET CASH USED IN INVESTING ACTIVITIES
|
(50,971
|
)
|
(25,448
|
)
|
||||
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
NET CHANGE IN DEBT
|
34,656
|
(10,537
|
)
|
|||||
|
PURCHASE OF TREASURY STOCK
|
(10,738
|
)
|
(9,271
|
)
|
||||
|
DIVIDENDS PAID
|
(15,429
|
)
|
(14,144
|
)
|
||||
|
OTHER FINANCING ACTIVITIES
|
1,109
|
1,382
|
||||||
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
9,598
|
(32,570
|
)
|
|||||
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
390
|
431
|
||||||
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
2,121
|
9,998
|
||||||
|
CASH AND CASH EQUIVALENTS at beginning of Period
|
11,138
|
17,323
|
||||||
|
CASH AND CASH EQUIVALENTS at end of Period
|
$
|
13,259
|
$
|
27,321
|
||||