Standard Motor Products (SMP) 8-K First Quarter 2015 Results and a Quarterly Dividend

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

First Quarter 2015 Results and a Quarterly Dividend

New York, NY, April 30, 2015......Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, reported today its consolidated financial results for the three months ending March 31, 2015.

Consolidated net sales for the first quarter of 2015 were $227.6 million, compared to consolidated net sales of $232.8 million during the comparable quarter in 2014. Earnings from continuing operations for the first quarter of 2015 were $9.3 million or 40 cents per diluted share, compared to $12.4 million or 53 cents per diluted share in the first quarter of 2014. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2015 were $9.2 million or 40 cents per diluted share, compared to $12.4 million or 53 cents per diluted share in the first quarter of 2014.

37-18 Northern Blvd., Long Island City, NY  11101

(718) 392-0200

www.smpcorp.com

Commenting on the results, Mr. Lawrence I. Sills, Standard Motor Products’ Chairman and Chief Executive Officer, stated, “Our results were negatively impacted by foreign exchange movements, plus several other relatively short term events. While obviously not pleased with the first quarter results, we remain confident for the balance of the year.

“Our net sales were down from the first quarter of 2014 by roughly $5 million, of which $2 million—close to 40%—resulted from foreign exchange fluctuations.

“In Engine Management, January was a soft month, partially caused by lost days due to ice and snow in certain parts of the country. However, February and March sales bounced back to healthy levels and April sales appear solid as well.

“For Temperature Control, the first quarter essentially represents pre-season stocking orders. Coming after two cool summers in a row, it is not surprising that pre-season sales were slightly down. The test will be in the second and third quarters, which constitute the bulk of the selling season.

“Gross profit was also down slightly from the prior year. In Temperature Control, we have previously advised that gross margin would continue to be negatively impacted in the first half of 2015 as a result of the production cutbacks in the second half of 2014.

“In Engine Management, we incurred several million dollars expense in the first quarter related to our new production line for rebuilt diesel fuel injectors as we strive to ensure the highest possible quality. We believe these costs will continue, though at a reduced rate, in the second quarter. The diesel business has significant growth potential and these costs represent an excellent investment for the future.

“General and Administrative expenses, as we previously announced, are higher than a year ago, primarily from the year-over-year reduction in amortization of prior service cost as we wind down our retiree medical program. The program will end December 2016.

“All the above negatively affected our first quarter results. However, as we have said, most of these were either foreign exchange related or relatively short term in nature.

On the positive side, sales since January have been healthy; industry demographics continue to be positive; and we continue to upgrade and improve our recent acquisitions. We are optimistic for the balance of the year.

The Board of Directors has approved payment of a quarterly dividend of fifteen cents per share on the common stock outstanding. The dividend will be paid on June 1, 2015 to stockholders of record on May 15, 2015.

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, April 30, 2015. The dial in number is 800-895-1715 (domestic) or 785-424-1059 (international). The playback number is 800-839-5123 (domestic) or 402-220-2689 (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.

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STANDARD MOTOR PRODUCTS, INC.

Consolidated Statements of Operations

(In thousands, except per share amounts)
	THREE MONTHS ENDED
	MARCH 31,
	2015			2014
	(Unaudited)
NET SALES	$	227,589		$	232,752
COST OF SALES		163,700			164,842
GROSS PROFIT		63,889			67,910
SELLING, GENERAL & ADMINISTRATIVE EXPENSES		49,198			47,594
RESTRUCTURING AND INTEGRATION EXPENSES		57			171
OTHER INCOME, NET		281			260
OPERATING INCOME		14,915			20,405
OTHER NON-OPERATING INCOME (EXPENSE), NET		151			(413	)
INTEREST EXPENSE		426			308
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		14,640			19,684
PROVISION FOR INCOME TAXES		5,301			7,277
EARNINGS FROM CONTINUING OPERATIONS		9,339			12,407
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(391	)		(682	)
NET EARNINGS	$	8,948		$	11,725
NET EARNINGS PER COMMON SHARE:
BASIC EARNINGS FROM CONTINUING OPERATIONS	$	0.41		$	0.54
DISCONTINUED OPERATION		(0.02	)		(0.03	)
NET EARNINGS PER COMMON SHARE - BASIC	$	0.39		$	0.51
DILUTED EARNINGS FROM CONTINUING OPERATIONS	$	0.40		$	0.53
DISCONTINUED OPERATION		(0.01	)		(0.03	)
NET EARNINGS PER COMMON SHARE - DILUTED	$	0.39		$	0.50
WEIGHTED AVERAGE NUMBER OF COMMON SHARES		22,910,889			22,947,241
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES		23,238,050			23,224,698

STANDARD MOTOR PRODUCTS, INC.

Segment Revenues and Operating Income

(In thousands)
	THREE MONTHS ENDED
	MARCH 31,
	2015				2014
	(unaudited)
Revenues
Engine Management	$	177,071			$	179,294
Temperature Control		48,728				51,485
All Other		1,790				1,973
	$	227,589			$	232,752
Gross Margin
Engine Management	$	51,702		29.2%	$	53,195		29.7%
Temperature Control		9,827		20.2%		11,885		23.1%
All Other		2,360				2,830
	$	63,889		28.1%	$	67,910		29.2%
Selling, General & Administrative
Engine Management	$	30,004		16.9%	$	28,651		16.0%
Temperature Control		11,190		23.0%		11,272		21.9%
All Other		8,004				7,671
	$	49,198		21.6%	$	47,594		20.4%
Operating Income
Engine Management	$	21,698		12.3%	$	24,544		13.7%
Temperature Control		(1,363	)	-2.8%		613		1.2%
All Other		(5,644	)			(4,841	)
		14,691		6.5%		20,316		8.7%
Restructuring & Integration		(57	)	0.0%		(171	)	-0.1%
Other Income, Net		281		0.1%		260		0.1%
	$	14,915		6.6%	$	20,405		8.8%

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures

(In thousands, except per share amounts)
	THREE MONTHS ENDED
	MARCH 31,
	2015			2014
	(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS
GAAP EARNINGS FROM CONTINUING OPERATIONS	$	9,339		$	12,407
RESTRUCTURING AND INTEGRATION EXPENSES (NET OF TAX)		34			103
GAIN FROM SALE OF BUILDINGS (NET OF TAX)		(157	)		(157	)
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS	$	9,216		$	12,353
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.40		$	0.53
RESTRUCTURING AND INTEGRATION EXPENSES (NET OF TAX)		-			-
GAIN FROM SALE OF BUILDINGS (NET OF TAX)		-			-
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.40		$	0.53
OPERATING INCOME
GAAP OPERATING INCOME	$	14,915		$	20,405
RESTRUCTURING AND INTEGRATION EXPENSES		57			171
OTHER INCOME, NET		(281	)		(260	)
NON-GAAP OPERATING INCOME	$	14,691		$	20,316

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)
	March 31,		December 31,
	2015		2014
	(Unaudited)
ASSETS
CASH	$	8,119	$	13,728
ACCOUNTS RECEIVABLE, GROSS		157,303		132,893
ALLOWANCE FOR DOUBTFUL ACCOUNTS		6,567		6,369
ACCOUNTS RECEIVABLE, NET		150,736		126,524
INVENTORIES		283,701		278,051
OTHER CURRENT ASSETS		45,619		47,730
TOTAL CURRENT ASSETS		488,175		466,033
PROPERTY, PLANT AND EQUIPMENT, NET		65,065		64,611
GOODWILL AND OTHER INTANGIBLES, NET		87,746		89,377
OTHER ASSETS		53,709		53,530
TOTAL ASSETS	$	694,695	$	673,551
LIABILITIES AND STOCKHOLDERS' EQUITY
NOTES PAYABLE	$	71,567	$	56,558
CURRENT PORTION OF LONG TERM DEBT		122		175
ACCOUNTS PAYABLE		76,889		70,674
ACCRUED CUSTOMER RETURNS		35,814		30,621
OTHER CURRENT LIABILITIES		80,630		92,801
TOTAL CURRENT LIABILITIES		265,022		250,829
LONG-TERM DEBT		72		83
ACCRUED ASBESTOS LIABILITIES		33,399		33,462
OTHER LIABILITIES		15,653		15,024
TOTAL LIABILITIES		314,146		299,398
TOTAL STOCKHOLDERS' EQUITY		380,549		374,153
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	694,695	$	673,551

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)
	THREE MONTHS ENDED
	MARCH 31,
	2015			2014
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
NET EARNINGS	$	8,948		$	11,725
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION		4,288			4,084
OTHER		2,100			2,366
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE		(25,289	)		(852	)
INVENTORY		(7,473	)		(12,715	)
ACCOUNTS PAYABLE		5,255			9,310
OTHER		(1,992	)		(4,686	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVTIES		(14,163	)		9,232
CASH FLOWS FROM INVESTING ACTIVITIES
CAPITAL EXPENDITURES		(4,009	)		(2,763	)
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES		-			(12,225	)
OTHER INVESTING ACTIVITIES		26			-
NET CASH USED IN INVESTING ACTIVITIES		(3,983	)		(14,988	)
CASH FLOWS FROM FINANCING ACTIVITIES
NET CHANGE IN DEBT		14,946			11,584
PURCHASE OF TREASURY STOCK		-			(4,526	)
DIVIDENDS PAID		(3,434	)		(2,984	)
OTHER FINANCING ACTIVITIES		1,609			1,049
NET CASH PROVIDED BY FINANCING ACTIVITIES		13,121			5,123
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(584	)		(503	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(5,609	)		(1,136	)
CASH AND CASH EQUIVALENTS at beginning of period		13,728			5,559
CASH AND CASH EQUIVALENTS at end of period	$	8,119		$	4,423