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Standard Motor Products, Inc. 2008 Annual Automotive Aftermarket Symposium, November 3rd – 5th Larry Sills – Chairman & CEO Jim Burke – VP Finance & CFO Forward Looking Statements

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standard motor products inc

Standard Motor Products, Inc.

2008 Annual Automotive Aftermarket Symposium, November 3rd – 5th

slide2
Larry Sills – Chairman & CEO
  • Jim Burke – VP Finance & CFO
forward looking statements
Forward Looking Statements

You should be aware that except for historical information, the matters discussed herein are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements, including projections and anticipated levels of future performance, are based on current information and assumptions and involve risks and uncertainties which may cause actual results to differ materially from those discussed herein. You are urged to review our filings with the SEC and our press releases from time to time for details of these risks and uncertainties.

slide4
Jim Burke

Vice President and Chief Financial Officer

september ytd income statement non gaap
September YTD Income StatementNon – GAAP

($ In Millions)

*Excludes restructuring charges

  • Engine Management division sales are up 2.8% over prior year driven by growth in our OE/OES business
  • Temperature Control division sales down 5.5% driven by pricing
  • Gross margins improving from first half of the year as we ramp up production in Reynosa and put the overhang from the plant closings behind us
engine management gross margin historical 2005 3q 2008
Engine Management Gross MarginHistorical 2005 - 3Q 2008
  • Q1 Puerto Rico and LIC plant closures resulting in reduced production
  • Q2 duplicate cost from Puerto Rico and LIC overhang
  • Q3 ramp up of production in Reynosa
  • 2009 Progress toward historical average
  • ‘05 Dana acquisition integration
  • ’06 - ’07 Transition complete – margins recover
temperature control gross margin historical 2005 3q 2008
Temperature Control Gross MarginHistorical 2005 - 3Q 2008
  • ‘05 – ’07 price reductions to compete against low cost imports
  • Q1- Q3 $6-7M price reductions for 2008
  • 2009 Plan:
    • Price increase
    • 75% compressor remanufacturing in Reynosa
    • Sell Grapevine TX. manufacturing facility
condensed balance sheet
Condensed Balance Sheet

($ In Millions)

  • Improved free cash flow
    • Inventory Management
    • A/R factoring
    • Sale of real-estate
  • Reduced debt by $24.7M
    • Bought back $20.6M in outstanding bonds at a discount
    • Bought back an additional $8.5M in October
    • Debt to total capitalization ratio of 52.8% vs. 56.1% in the prior year
slide10
Larry Sills

Chairman & Chief Executive Officer

macro trends in the aftermarket
Macro trends in the Aftermarket
  • New car sales down more older cars on the road
  • Gas prices down miles driven should increase
  • Commodity prices down
  • Car leasing down
  • Car dealerships closing
strategic initiatives
Strategic Initiatives
  • Increase OE/OES Business
  • Plant Rationalization
  • Globalization: Global Sourcing
increase oe oes business
Increase OE/OES Business

$160

$100

$80

$63

2006

2007

2008 Estimate

2010 Goal

All figures in millions of dollars

plant rationalization
Plant Rationalization

57%

41%

29%

16%

2005

2007

2008 Estimate

2010 Goal

% production labor hours in low cost facilities

globalization global sourcing
Globalization: Global Sourcing

50%

45%

42%

38%

2005

2007

2008 Estimate

2010 Goal

% purchased from low cost suppliers

standard motor products
Standard Motor Products
  • Low Cost Supplier
  • Highly Diversified Customer Base
  • Well Positioned for the Future