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THREE MONTHS ENDED
SEPTEMBER 30,
|
NINE MONTHS ENDED
SEPTEMBER 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
296,619
|
$
|
281,058
|
$
|
845,081
|
$
|
876,165
|
||||||||
COST OF SALES
|
209,313
|
198,523
|
603,897
|
618,854
|
||||||||||||
GROSS PROFIT
|
87,306
|
82,535
|
241,184
|
257,311
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
60,137
|
54,963
|
175,604
|
172,726
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
6
|
1,132
|
3,073
|
3,914
|
||||||||||||
OTHER INCOME, NET
|
15
|
316
|
328
|
946
|
||||||||||||
OPERATING INCOME
|
27,178
|
26,756
|
62,835
|
81,617
|
||||||||||||
OTHER NON-OPERATING INCOME, NET
|
351
|
482
|
800
|
2,372
|
||||||||||||
INTEREST EXPENSE
|
1,254
|
595
|
3,137
|
1,785
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
26,275
|
26,643
|
60,498
|
82,204
|
||||||||||||
PROVISION FOR INCOME TAXES
|
7,002
|
9,535
|
15,801
|
30,468
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
19,273
|
17,108
|
44,697
|
51,736
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(3,524
|
)
|
(3,983
|
)
|
(5,014
|
)
|
(5,113
|
)
|
||||||||
NET EARNINGS
|
$
|
15,749
|
$
|
13,125
|
$
|
39,683
|
$
|
46,623
|
||||||||
NET EARNINGS PER COMMON SHARE:
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.86
|
$
|
0.75
|
$
|
1.99
|
$
|
2.27
|
||||||||
DISCONTINUED OPERATION
|
(0.16
|
)
|
(0.17
|
)
|
(0.22
|
)
|
(0.22
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.70
|
$
|
0.58
|
$
|
1.77
|
$
|
2.05
|
||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.84
|
$
|
0.74
|
$
|
1.95
|
$
|
2.22
|
||||||||
DISCONTINUED OPERATION
|
(0.15
|
)
|
(0.17
|
)
|
(0.22
|
)
|
(0.22
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.69
|
$
|
0.57
|
$
|
1.73
|
$
|
2.00
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
22,424,962
|
22,660,157
|
22,464,697
|
22,774,927
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,938,925
|
23,174,700
|
22,954,649
|
23,287,052
|
THREE MONTHS ENDED
SEPTEMBER 30, |
NINE MONTHS ENDED
SEPTEMBER 30, |
|||||||||||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||
Ignition, Emission and Fuel System Parts
|
$
|
159,101
|
$
|
155,544
|
$
|
482,640
|
$
|
498,802
|
||||||||||||||||||||
Wire and Cable
|
38,469
|
41,232
|
117,847
|
132,637
|
||||||||||||||||||||||||
Engine Management
|
197,570
|
196,776
|
600,487
|
631,439
|
||||||||||||||||||||||||
Compressors
|
54,842
|
44,733
|
131,680
|
132,278
|
||||||||||||||||||||||||
Other Climate Control Parts
|
41,237
|
36,427
|
105,000
|
106,563
|
||||||||||||||||||||||||
Temperature Control
|
96,079
|
81,160
|
236,680
|
238,841
|
||||||||||||||||||||||||
All Other
|
2,970
|
3,122
|
7,914
|
5,885
|
||||||||||||||||||||||||
Revenues
|
$
|
296,619
|
$
|
281,058
|
$
|
845,081
|
$
|
876,165
|
||||||||||||||||||||
Gross Margin
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
57,188
|
28.9
|
%
|
$
|
57,808
|
29.4
|
%
|
$
|
171,440
|
28.6
|
%
|
$
|
187,531
|
29.7
|
%
|
||||||||||||
Temperature Control
|
26,523
|
27.6
|
%
|
21,721
|
26.8
|
%
|
60,990
|
25.8
|
%
|
62,539
|
26.2
|
%
|
||||||||||||||||
All Other
|
3,595
|
3,006
|
8,754
|
7,241
|
||||||||||||||||||||||||
Gross Margin
|
$
|
87,306
|
29.4
|
%
|
$
|
82,535
|
29.4
|
%
|
$
|
241,184
|
28.5
|
%
|
$
|
257,311
|
29.4
|
%
|
||||||||||||
Selling, General &
Administrative
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
35,553
|
18.0
|
%
|
$
|
34,289
|
17.4
|
%
|
$
|
106,415
|
17.7
|
%
|
$
|
108,497
|
17.2
|
%
|
||||||||||||
Temperature Control
|
17,961
|
18.7
|
%
|
13,665
|
16.8
|
%
|
46,511
|
19.7
|
%
|
41,215
|
17.3
|
%
|
||||||||||||||||
All Other
|
6,623
|
7,009
|
22,678
|
23,014
|
||||||||||||||||||||||||
Selling, General & Administrative
|
$
|
60,137
|
20.3
|
%
|
$
|
54,963
|
19.6
|
%
|
$
|
175,604
|
20.8
|
%
|
$
|
172,726
|
19.7
|
%
|
||||||||||||
Operating Income
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
21,635
|
11.0
|
%
|
$
|
23,519
|
12.0
|
%
|
$
|
65,025
|
10.8
|
%
|
$
|
79,034
|
12.5
|
%
|
||||||||||||
Temperature Control
|
8,562
|
8.9
|
%
|
8,056
|
9.9
|
%
|
14,479
|
6.1
|
%
|
21,324
|
8.9
|
%
|
||||||||||||||||
All Other
|
(3,028
|
)
|
(4,003
|
)
|
(13,924
|
)
|
(15,773
|
)
|
||||||||||||||||||||
Subtotal
|
27,169
|
9.2
|
%
|
27,572
|
9.8
|
%
|
65,580
|
7.8
|
%
|
84,585
|
9.7
|
%
|
||||||||||||||||
Restructuring & Integration
|
(6
|
)
|
0.0
|
%
|
(1,132
|
)
|
-0.4
|
%
|
(3,073
|
)
|
-0.4
|
%
|
(3,914
|
)
|
-0.4
|
%
|
||||||||||||
Other Income, Net
|
15
|
0.0
|
%
|
316
|
0.1
|
%
|
328
|
0.0
|
%
|
946
|
0.1
|
%
|
||||||||||||||||
Operating Income
|
$
|
27,178
|
9.2
|
%
|
$
|
26,756
|
9.5
|
%
|
$
|
62,835
|
7.4
|
%
|
$
|
81,617
|
9.3
|
%
|
THREE MONTHS ENDED
SEPTEMBER 30, |
NINE MONTHS ENDED
SEPTEMBER 30, |
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
19,273
|
$
|
17,108
|
$
|
44,697
|
$
|
51,736
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
6
|
1,132
|
3,073
|
3,914
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
(144
|
)
|
(463
|
)
|
(144
|
)
|
(463
|
)
|
||||||||
GAIN FROM SALE OF BUILDINGS
|
-
|
(262
|
)
|
(218
|
)
|
(786
|
)
|
|||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(1
|
)
|
(348
|
)
|
(742
|
)
|
(1,251
|
)
|
||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
19,134
|
$
|
17,167
|
$
|
46,666
|
$
|
53,150
|
||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING
OPERATIONS
|
||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.84
|
$
|
0.74
|
$
|
1.95
|
$
|
2.22
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
0.05
|
0.13
|
0.16
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
(0.01
|
)
|
(0.02
|
)
|
(0.01
|
)
|
(0.02
|
)
|
||||||||
GAIN FROM SALE OF BUILDINGS
|
-
|
(0.01
|
)
|
(0.01
|
)
|
(0.03
|
)
|
|||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
-
|
(0.02
|
)
|
(0.03
|
)
|
(0.05
|
)
|
|||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.83
|
$
|
0.74
|
$
|
2.03
|
$
|
2.28
|
||||||||
OPERATING INCOME
|
||||||||||||||||
GAAP OPERATING INCOME
|
$
|
27,178
|
$
|
26,756
|
$
|
62,835
|
$
|
81,617
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
6
|
1,132
|
3,073
|
3,914
|
||||||||||||
OTHER INCOME, NET
|
(15
|
)
|
(316
|
)
|
(328
|
)
|
(946
|
)
|
||||||||
NON-GAAP OPERATING INCOME
|
$
|
27,169
|
$
|
27,572
|
$
|
65,580
|
$
|
84,585
|
September 30,
2018
|
December 31,
2017
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CASH
|
$
|
27,321
|
$
|
17,323
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
168,846
|
145,024
|
||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
5,537
|
4,967
|
||||||
ACCOUNTS RECEIVABLE, NET
|
163,309
|
140,057
|
||||||
INVENTORIES
|
318,420
|
326,411
|
||||||
UNRETURNED CUSTOMER INVENTORY
|
21,295
|
-
|
||||||
OTHER CURRENT ASSETS
|
11,681
|
12,300
|
||||||
TOTAL CURRENT ASSETS
|
542,026
|
496,091
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
91,735
|
89,103
|
||||||
GOODWILL
|
67,387
|
67,413
|
||||||
OTHER INTANGIBLES, NET
|
50,263
|
56,261
|
||||||
DEFERRED INCOME TAXES
|
34,907
|
32,420
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
33,785
|
31,184
|
||||||
OTHER ASSETS
|
16,284
|
15,095
|
||||||
TOTAL ASSETS
|
$
|
836,387
|
$
|
787,567
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
NOTES PAYABLE
|
$
|
45,000
|
$
|
57,000
|
||||
CURRENT PORTION OF OTHER DEBT
|
5,980
|
4,699
|
||||||
ACCOUNTS PAYABLE
|
84,031
|
77,990
|
||||||
ACCRUED CUSTOMER RETURNS
|
53,717
|
35,916
|
||||||
ACCRUED CORE LIABILITY
|
30,002
|
11,899
|
||||||
OTHER CURRENT LIABILITIES
|
90,221
|
98,393
|
||||||
TOTAL CURRENT LIABILITIES
|
308,951
|
285,897
|
||||||
OTHER LONG-TERM DEBT
|
26
|
79
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
35,319
|
33,376
|
||||||
OTHER LIABILITIES
|
18,039
|
14,561
|
||||||
TOTAL LIABILITIES
|
362,335
|
333,913
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
474,052
|
453,654
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
836,387
|
$
|
787,567
|
NINE MONTHS ENDED
SEPTEMBER 30, |
||||||||
2018
|
2017
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
39,683
|
$
|
46,623
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
17,745
|
17,439
|
||||||
OTHER
|
12,220
|
14,065
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(23,428
|
)
|
(27,753
|
)
|
||||
INVENTORY
|
2,761
|
(18,746
|
)
|
|||||
ACCOUNTS PAYABLE
|
5,193
|
90
|
||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
1,202
|
(4,805
|
)
|
|||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
12,828
|
8,728
|
||||||
OTHER
|
(619
|
)
|
1,120
|
|||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
67,585
|
36,761
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
(9,852
|
)
|
-
|
|||||
CAPITAL EXPENDITURES
|
(15,633
|
)
|
(17,710
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
37
|
6
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(25,448
|
)
|
(17,704
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
(10,537
|
)
|
18,153
|
|||||
PURCHASE OF TREASURY STOCK
|
(9,271
|
)
|
(20,000
|
)
|
||||
DIVIDENDS PAID
|
(14,144
|
)
|
(12,990
|
)
|
||||
OTHER FINANCING ACTIVITIES
|
1,382
|
658
|
||||||
NET CASH USED IN FINANCING ACTIVITIES
|
(32,570
|
)
|
(14,179
|
)
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
431
|
724
|
||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
9,998
|
5,602
|
||||||
CASH AND CASH EQUIVALENTS at beginning of Period
|
17,323
|
19,796
|
||||||
CASH AND CASH EQUIVALENTS at end of Period
|
$
|
27,321
|
$
|
25,398
|
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