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
Fourth Quarter and 2019 Year-End Results
New York, NY, February 19, 2020......Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, reported today its
consolidated financial results for the three months and twelve months ended December 31, 2019.
Consolidated net sales for the fourth quarter of 2019 were $241.3 million, compared to consolidated net sales of $247 million during the comparable quarter in 2018.
Earnings from continuing operations for the fourth quarter of 2019 were $12.7 million or 56 cents per diluted share, compared to $12.2 million or 53 cents per diluted share in the fourth 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 fourth quarter of 2019 were $13.6 million or 59 cents per diluted share, compared to $11.8 million or 52 cents per diluted share in
the fourth quarter of 2018.
37-18 Northern Blvd., Long Island City, NY 11101
(718) 392-0200
www.smpcorp.com
Consolidated net sales for 2019 were $1,137.9 million, compared to consolidated net sales of $1,092.1 million during 2018. Earnings from continuing operations for 2019
were $69.1 million or $3.03 per diluted share, compared to $56.9 million or $2.48 per diluted share in 2018. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from
continuing operations for the twelve months ended December 31, 2019 and 2018 were $70.8 million or $3.10 per diluted share and $58.5 million or $2.55 per diluted share, respectively.
Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “We are quite pleased with our 2019 results, as we set records for both sales and
earnings. We achieved this despite some softness in sales in the fourth quarter, which was anticipated and previously announced.
“Engine Management sales were up 5.7% for the year. Excluding sales of $28 million from the Pollak acquisition, acquired on April 1, 2019, and wire and cable, a product
line in secular decline, Engine Management sales were up 4.6% for the year.
“In the fourth quarter, Engine Management sales, excluding Pollak and wire and cable, were down 3.9%. As we stated in our third quarter release, for much of the year and
for a variety of reasons, Engine Management sales ran ahead of the reported customer POS volume. As we know, these balance out over time. The drop in the fourth quarter represented a migration to our customers’ POS results and towards our long-term
forecast for Engine Management of low single digit growth.
“Engine Management gross margins improved one percentage point for the year to 29.6% and 1.8 percentage points for the quarter to 30.6%. This reflects the completion of
the integration of our wire operations in Mexico and a continued emphasis on cost reduction activities. We are quite pleased with the progress we have made, returning to our historic margin levels.
“Temperature Control sales were flat for the year, as we were up against a very warm 2018. However, in the fourth quarter sales were down 12%. Temperature Control sales
can vary significantly quarter to quarter based on the timing and size of pre-season orders and how hot it gets during the short selling season. For this product line, it is far more meaningful to look at the year as whole.
“The improvement in Temperature Control SG&A expenses in 2019 of $3.2 million primarily reflects savings in distribution costs as we continue to refine and improve
our new automated warehouse system in Lewisville, Texas.
“We completed one acquisition and one business investment during 2019. In April, we acquired Pollak, a long time and highly respected manufacturer of sensors, switches
and connectors, primarily for the OE, heavy duty and commercial vehicle markets. We have just completed moving the operation from Canton, Massachusetts and Juarez, Mexico to existing facilities in Reynosa, Mexico and Independence, Kansas, which
will improve our cost structure. We plan to grow this product line in the years ahead.
“In August, we acquired a minority interest in Cheyijia New Energy Technology Co., Ltd. (CYJ), a manufacturer of air conditioning compressors for electric vehicles,
located in Changzhou, China. While CYJ is less than four years old and is still in its early stages, we are pleased that we are now in a position to provide compressors for the rapidly growing electric vehicle market.
“Our combined investment for these two businesses of less than $44 million was funded by the $77 million cash generated from operations in 2019. At year-end, our debt
position was $57 million.”
Finally, on January 31, 2020, the Board of Directors of Standard Motor Products approved an increase in its quarterly dividend from 23 cents per share to 25 cents per
share, payable on March 2, 2020.
Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, February 19, 2020. The dial-in number is 877-876-9176 (domestic) or
785-424-1670 (international). The playback number is 800-727-6189 (domestic) or 402-220-2671 (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
DECEMBER 31,
|
TWELVE MONTHS ENDED
DECEMBER 31,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
NET SALES
|
$
|
241,252
|
$
|
246,970
|
$
|
1,137,913
|
$
|
1,092,051
|
||||||||
|
COST OF SALES
|
168,408
|
175,367
|
806,113
|
779,264
|
||||||||||||
|
GROSS PROFIT
|
72,844
|
71,603
|
331,800
|
312,787
|
||||||||||||
|
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
54,232
|
55,732
|
234,715
|
231,336
|
||||||||||||
|
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,116
|
1,437
|
2,585
|
4,510
|
||||||||||||
|
OTHER INCOME (EXPENSE), NET
|
10
|
3,999
|
(5
|
)
|
4,327
|
|||||||||||
|
OPERATING INCOME
|
17,506
|
18,433
|
94,495
|
81,268
|
||||||||||||
|
OTHER NON-OPERATING INCOME (EXPENSE), NET
|
305
|
(1,211
|
)
|
2,587
|
(411
|
)
|
||||||||||
|
INTEREST EXPENSE
|
967
|
889
|
5,286
|
4,026
|
||||||||||||
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
16,844
|
16,333
|
91,796
|
76,831
|
||||||||||||
|
PROVISION FOR INCOME TAXES
|
4,106
|
4,176
|
22,745
|
19,977
|
||||||||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
12,738
|
12,157
|
69,051
|
56,854
|
||||||||||||
|
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(1,220
|
)
|
(8,837
|
)
|
(11,134
|
)
|
(13,851
|
)
|
||||||||
|
NET EARNINGS
|
$
|
11,518
|
$
|
3,320
|
$
|
57,917
|
$
|
43,003
|
||||||||
|
NET EARNINGS PER COMMON SHARE:
|
||||||||||||||||
|
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.57
|
$
|
0.54
|
$
|
3.09
|
$
|
2.53
|
||||||||
|
DISCONTINUED OPERATION
|
(0.06
|
)
|
(0.39
|
)
|
(0.50
|
)
|
(0.62
|
)
|
||||||||
|
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.51
|
$
|
0.15
|
$
|
2.59
|
$
|
1.91
|
||||||||
|
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.56
|
$
|
0.53
|
$
|
3.03
|
$
|
2.48
|
||||||||
|
DISCONTINUED OPERATION
|
(0.06
|
)
|
(0.39
|
)
|
(0.49
|
)
|
(0.60
|
)
|
||||||||
|
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.50
|
$
|
0.14
|
$
|
2.54
|
$
|
1.88
|
||||||||
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
22,434,134
|
22,432,095
|
22,378,414
|
22,456,480
|
||||||||||||
|
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,882,235
|
22,941,271
|
22,818,451
|
22,931,723
|
||||||||||||
STANDARD MOTOR PRODUCTS, INC.
Segment Revenues and Operating Income
(In thousands)
|
THREE MONTHS ENDED
DECEMBER 31,
|
TWELVE MONTHS ENDED
DECEMBER 31,
|
|||||||||||||||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||
|
Revenues
|
||||||||||||||||||||||||||||
|
Ignition, Emission Control, Fuel & Safety Related System Products
|
$
|
167,276
|
$
|
165,630
|
$
|
705,994
|
$
|
648,270
|
||||||||||||||||||||
|
Wire and Cable
|
34,681
|
37,370
|
143,167
|
155,217
|
||||||||||||||||||||||||
|
Engine Management
|
201,957
|
203,000
|
849,161
|
803,487
|
||||||||||||||||||||||||
|
Compressors
|
15,405
|
16,736
|
160,485
|
148,416
|
||||||||||||||||||||||||
|
Other Climate Control Parts
|
21,319
|
25,040
|
117,870
|
130,040
|
||||||||||||||||||||||||
|
Temperature Control
|
36,724
|
41,776
|
278,355
|
278,456
|
||||||||||||||||||||||||
|
All Other
|
2,571
|
2,194
|
10,397
|
10,108
|
||||||||||||||||||||||||
|
Revenues
|
$
|
241,252
|
$
|
246,970
|
$
|
1,137,913
|
$
|
1,092,051
|
||||||||||||||||||||
|
Gross Margin
|
||||||||||||||||||||||||||||
|
Engine Management
|
$
|
61,823
|
30.6
|
%
|
$
|
58,509
|
28.8
|
%
|
$
|
251,560
|
29.6
|
%
|
$
|
229,949
|
28.6
|
%
|
||||||||||||
|
Temperature Control
|
8,349
|
22.7
|
%
|
9,571
|
22.9
|
%
|
70,064
|
25.2
|
%
|
70,561
|
25.3
|
%
|
||||||||||||||||
|
All Other
|
2,672
|
3,523
|
10,176
|
12,277
|
||||||||||||||||||||||||
|
Gross Margin
|
$
|
72,844
|
30.2
|
%
|
$
|
71,603
|
29.0
|
%
|
$
|
331,800
|
29.2
|
%
|
$
|
312,787
|
28.6
|
%
|
||||||||||||
|
Selling, General & Administrative
|
||||||||||||||||||||||||||||
|
Engine Management
|
$
|
34,439
|
17.1
|
%
|
$
|
34,588
|
17.0
|
%
|
$
|
145,162
|
17.1
|
%
|
$
|
141,003
|
17.5
|
%
|
||||||||||||
|
Temperature Control
|
11,364
|
30.9
|
%
|
13,058
|
31.3
|
%
|
56,397
|
20.3
|
%
|
59,569
|
21.4
|
%
|
||||||||||||||||
|
All Other
|
8,429
|
8,086
|
33,156
|
30,764
|
||||||||||||||||||||||||
|
Selling, General & Administrative
|
$
|
54,232
|
22.5
|
%
|
$
|
55,732
|
22.6
|
%
|
$
|
234,715
|
20.6
|
%
|
$
|
231,336
|
21.2
|
%
|
||||||||||||
|
Operating Income
|
||||||||||||||||||||||||||||
|
Engine Management
|
$
|
27,384
|
13.6
|
%
|
$
|
23,921
|
11.8
|
%
|
$
|
106,398
|
12.5
|
%
|
$
|
88,946
|
11.1
|
%
|
||||||||||||
|
Temperature Control
|
(3,015
|
)
|
-8.2
|
%
|
(3,487
|
)
|
-8.3
|
%
|
13,667
|
4.9
|
%
|
10,992
|
3.9
|
%
|
||||||||||||||
|
All Other
|
(5,757
|
)
|
(4,563
|
)
|
(22,980
|
)
|
(18,487
|
)
|
||||||||||||||||||||
|
Subtotal
|
18,612
|
7.7
|
%
|
15,871
|
6.4
|
%
|
97,085
|
8.5
|
%
|
81,451
|
7.5
|
%
|
||||||||||||||||
|
Restructuring & Integration
|
(1,116
|
)
|
-0.5
|
%
|
(1,437
|
)
|
-0.6
|
%
|
(2,585
|
)
|
-0.2
|
%
|
(4,510
|
)
|
-0.4
|
%
|
||||||||||||
|
Other Income (Expense), Net
|
10
|
0.0
|
%
|
3,999
|
1.6
|
%
|
(5
|
)
|
0.0
|
%
|
4,327
|
0.4
|
%
|
|||||||||||||||
|
Operating Income
|
$
|
17,506
|
7.3
|
%
|
$
|
18,433
|
7.5
|
%
|
$
|
94,495
|
8.3
|
%
|
$
|
81,268
|
7.4
|
%
|
||||||||||||
STANDARD MOTOR PRODUCTS, INC.
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts)
|
THREE MONTHS ENDED
DECEMBER 31,
|
TWELVE MONTHS ENDED
DECEMBER 31,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
EARNINGS FROM CONTINUING OPERATIONS
|
||||||||||||||||
|
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
12,738
|
$
|
12,157
|
$
|
69,051
|
$
|
56,854
|
||||||||
|
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,116
|
1,437
|
2,585
|
4,510
|
||||||||||||
|
IMPAIRMENT OF OUR INVESTMENT IN ORANGE ELECTRONICS CO.,LTD
|
-
|
1,683
|
-
|
1,683
|
||||||||||||
|
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
-
|
-
|
(144
|
)
|
(144
|
)
|
||||||||||
|
GAIN FROM SALE OF BUILDINGS
|
-
|
(3,940
|
)
|
-
|
(4,158
|
)
|
||||||||||
|
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(291
|
)
|
492
|
(673
|
)
|
(250
|
)
|
|||||||||
|
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
13,563
|
$
|
11,829
|
$
|
70,819
|
$
|
58,495
|
||||||||
|
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
||||||||||||||||
|
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.56
|
$
|
0.53
|
$
|
3.03
|
$
|
2.48
|
||||||||
|
RESTRUCTURING AND INTEGRATION EXPENSES
|
0.05
|
0.06
|
0.11
|
0.20
|
||||||||||||
|
IMPAIRMENT OF OUR INVESTMENT IN ORANGE ELECTRONICS CO.,LTD
|
-
|
0.07
|
-
|
0.07
|
||||||||||||
|
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
-
|
-
|
(0.01
|
)
|
(0.01
|
)
|
||||||||||
|
GAIN FROM SALE OF BUILDINGS
|
-
|
(0.17
|
)
|
-
|
(0.18
|
)
|
||||||||||
|
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(0.02
|
)
|
0.03
|
(0.03
|
)
|
(0.01
|
)
|
|||||||||
|
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.59
|
$
|
0.52
|
$
|
3.10
|
$
|
2.55
|
||||||||
|
OPERATING INCOME
|
||||||||||||||||
|
GAAP OPERATING INCOME
|
$
|
17,506
|
$
|
18,433
|
$
|
94,495
|
$
|
81,268
|
||||||||
|
RESTRUCTURING AND INTEGRATION EXPENSES
|
1,116
|
1,437
|
2,585
|
4,510
|
||||||||||||
|
OTHER (INCOME) EXPENSE, NET
|
(10
|
)
|
(3,999
|
)
|
5
|
(4,327
|
)
|
|||||||||
|
NON-GAAP OPERATING INCOME
|
$
|
18,612
|
$
|
15,871
|
$
|
97,085
|
$
|
81,451
|
||||||||
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)
|
December 31,
2019
|
December 31,
2018
|
|||||||
|
(Unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
CASH
|
$
|
10,372
|
$
|
11,138
|
||||
|
ACCOUNTS RECEIVABLE, GROSS
|
140,728
|
163,222
|
||||||
|
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
5,212
|
5,687
|
||||||
|
ACCOUNTS RECEIVABLE, NET
|
135,516
|
157,535
|
||||||
|
INVENTORIES
|
368,221
|
349,811
|
||||||
|
UNRETURNED CUSTOMER INVENTORY
|
19,722
|
20,484
|
||||||
|
OTHER CURRENT ASSETS
|
15,602
|
7,256
|
||||||
|
TOTAL CURRENT ASSETS
|
549,433
|
546,224
|
||||||
|
PROPERTY, PLANT AND EQUIPMENT, NET
|
89,649
|
90,754
|
||||||
|
OPERATING LEASE RIGHT-OF-USE ASSETS
|
36,020
|
-
|
||||||
|
GOODWILL
|
77,802
|
67,321
|
||||||
|
OTHER INTANGIBLES, NET
|
64,861
|
48,411
|
||||||
|
DEFERRED INCOME TAXES
|
37,272
|
42,334
|
||||||
|
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
38,858
|
32,469
|
||||||
|
OTHER ASSETS
|
18,835
|
15,619
|
||||||
|
TOTAL ASSETS
|
$
|
912,730
|
$
|
843,132
|
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
NOTES PAYABLE
|
$
|
52,460
|
$
|
43,689
|
||||
|
CURRENT PORTION OF OTHER DEBT
|
4,456
|
5,377
|
||||||
|
ACCOUNTS PAYABLE
|
92,535
|
94,357
|
||||||
|
ACCRUED CUSTOMER RETURNS
|
44,116
|
57,433
|
||||||
|
ACCRUED CORE LIABILITY
|
24,357
|
31,263
|
||||||
|
OTHER CURRENT LIABILITIES
|
91,540
|
80,467
|
||||||
|
TOTAL CURRENT LIABILITIES
|
309,464
|
312,586
|
||||||
|
OTHER LONG-TERM DEBT
|
129
|
153
|
||||||
|
NONCURRENT OPERATING LEASE LIABILITIES
|
28,376
|
-
|
||||||
|
ACCRUED ASBESTOS LIABILITIES
|
49,696
|
45,117
|
||||||
|
OTHER LIABILITIES
|
20,837
|
18,075
|
||||||
|
TOTAL LIABILITIES
|
408,502
|
375,931
|
||||||
|
TOTAL STOCKHOLDERS' EQUITY
|
504,228
|
467,201
|
||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
912,730
|
$
|
843,132
|
||||
STANDARD MOTOR PRODUCTS, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
|
TWELVE MONTHS ENDED
DECEMBER 31,
|
||||||||
|
2019
|
2018
|
|||||||
|
(Unaudited)
|
||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
|
NET EARNINGS
|
$
|
57,917
|
$
|
43,003
|
||||
|
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
|
PROVIDED BY OPERATING ACTIVITIES:
|
||||||||
|
DEPRECIATION AND AMORTIZATION
|
25,809
|
24,104
|
||||||
|
DEFERRED INCOME TAXES
|
5,094
|
(10,024
|
)
|
|||||
|
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES
|
11,134
|
13,851
|
||||||
|
OTHER
|
11,359
|
11,749
|
||||||
|
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
|
ACCOUNTS RECEIVABLE
|
17,929
|
(13,699
|
)
|
|||||
|
INVENTORIES
|
(17,901
|
)
|
(30,199
|
)
|
||||
|
ACCOUNTS PAYABLE
|
(1,950
|
)
|
16,894
|
|||||
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
(8,296
|
)
|
4,926
|
|||||
|
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
(18,097
|
)
|
8,407
|
|||||
|
OTHER
|
(6,070
|
)
|
1,246
|
|||||
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
76,928
|
70,258
|
||||||
|
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
|
(16,185
|
)
|
(20,141
|
)
|
||||
|
OTHER INVESTING ACTIVITIES
|
62
|
107
|
||||||
|
NET CASH USED IN INVESTING ACTIVITIES
|
(54,812
|
)
|
(29,886
|
)
|
||||
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
NET CHANGE IN DEBT
|
7,860
|
(12,196
|
)
|
|||||
|
PURCHASE OF TREASURY STOCK
|
(10,738
|
)
|
(14,886
|
)
|
||||
|
DIVIDENDS PAID
|
(20,593
|
)
|
(18,854
|
)
|
||||
|
OTHER FINANCING ACTIVITIES
|
93
|
(185
|
)
|
|||||
|
NET CASH USED IN FINANCING ACTIVITIES
|
(23,378
|
)
|
(46,121
|
)
|
||||
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
496
|
(436
|
)
|
|||||
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(766
|
)
|
(6,185
|
)
|
||||
|
CASH AND CASH EQUIVALENTS at beginning of year
|
11,138
|
17,323
|
||||||
|
CASH AND CASH EQUIVALENTS at end of year
|
$
|
10,372
|
$
|
11,138
|
||||