0001140361-18-033591.txt : 20180726 0001140361-18-033591.hdr.sgml : 20180726 20180726114137 ACCESSION NUMBER: 0001140361-18-033591 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180726 DATE AS OF CHANGE: 20180726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANDARD MOTOR PRODUCTS INC CENTRAL INDEX KEY: 0000093389 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 111362020 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04743 FILM NUMBER: 18970877 BUSINESS ADDRESS: STREET 1: 37 18 NORTHERN BLVD CITY: LONG ISLAND CITY STATE: NY ZIP: 11101 BUSINESS PHONE: 7183920200 MAIL ADDRESS: STREET 1: 3718 NORTHERN BLVD CITY: LONG ISLAND CITY STATE: NY ZIP: 11101 8-K 1 form8k.htm 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2018

STANDARD MOTOR PRODUCTS, INC.
(Exact Name of Registrant as Specified in its Charter)

New York
1-4743
11-1362020
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employee Identification Number)

37-18 Northern Boulevard, Long Island City, New York 11101
(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code:  718-392-0200

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 


Item 2.02.
Results of Operations and Financial Condition

On July 26, 2018, Standard Motor Products, Inc. (the “Company”) issued a press release announcing its financial results for the three months and six months ended June 30, 2018. A copy of such press release is furnished as Exhibit 99.1 hereto.

Such press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.
Financial Statements and Exhibits

 
(d)
Exhibits.

  99.1
Press release dated July 26, 2018 announcing Standard Motor Products, Inc.’s financial results for the three months and six months ended June 30, 2018.
 
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
STANDARD MOTOR PRODUCTS, INC.
     
 
By:
/s/ James J. Burke
   
James J. Burke
   
Executive Vice President Finance and
   
Chief Financial Officer
 
Date: July 26, 2018
 
2

Exhibit Index
 
Exhibit No.
 
Description
     
     
99.1
 

 
3

EX-99.1 2 ex99_1.htm EXHIBIT 99.1

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

Second Quarter 2018 Results and a Quarterly Dividend
 
New York, NY, July 26, 2018......Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, reported today its consolidated financial results for the three months and six months ending June 30, 2018.

Consolidated net sales for the second quarter of 2018 were $286.6 million, compared to consolidated net sales of $312.7 million during the comparable quarter in 2017. Earnings from continuing operations for the second quarter of 2018 were $16.8 million or 73 cents per diluted share, compared to $18.3 million or 78 cents per diluted share in the second quarter of 2017. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the second quarter of 2018 were $17 million or 74 cents per diluted share, compared to $18.8 million or 81 cents per diluted share in the second quarter of 2017.
 

37-18 Northern Blvd., Long Island City, NY  11101
(718) 392-0200
www.smpcorp.com
 

Consolidated net sales for the six month period ended June 30, 2018, were $548.5 million, compared to consolidated net sales of $595.1 million during the comparable period in 2017.  Earnings from continuing operations for the six month period ended June 30, 2018, were $25.4 million or $1.11 per diluted share, compared to $34.6 million or $1.48 per diluted share in the comparable period of 2017.  Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the six months ended June 30, 2018, and 2017 were $27.5 million or $1.20 per diluted share and $36 million or $1.54 per diluted share, respectively.

Mr. Eric P. Sills, Standard Motor Products’ Chief Executive Officer and President stated, “We are obviously not pleased with our financial results so far this year. However, as we said in our last conference call, the shortfall was the result of temporary or timing-related issues, which were expected to continue into the second quarter.  We anticipate improvement over the balance of the year as these issues move behind us.

“Engine Management sales were down for both the quarter and the half. A portion of the decrease stems from our Wire and Cable business, which is an older technology used on fewer cars, and is experiencing, as anticipated, a gradual decline.

“The balance of the shortfall is related to large pipeline orders placed in the first half of 2017 by certain accounts, which were not repeated this year. Excluding these pipelines, our Engine Management business experienced increases in the low single digits, in line with our long term forecast for the division.  Meanwhile, our customers are reporting increases in Engine Management sell-through, showing sequential improvement over the last few quarters, which bodes well for the future.
 

“As stated in our first quarter commentary, Engine Management gross margin continues to be impacted by temporary costs associated with plant moves. The largest of these is the transfer of General Cable’s ignition wire assembly operation from Nogales, Mexico to Reynosa, Mexico, which has required the hiring and training of hundreds new employees. We are almost fully staffed, and have begun to see improvement in efficiencies as these new employees gain experience.

“Turning to Temperature Control, sales remained depressed through April and May, the result of a poor selling season in 2017 followed by a cool early spring. However, in mid-May, the weather finally turned warm, and we began to see a large influx of orders in June. A portion of these were shipped in June, with the balance carrying over into July.

“Due to the continuing warm weather, our customers are experiencing substantial POS increases over 2017. Incoming business remains robust, and we anticipate healthy Temperature Control sales in the third quarter.

“As expected, our Temperature Control gross margins bounced back in the second quarter, and with sales remaining strong, we anticipate this to continue for the balance of the year.
 

“Finally, a point about tariffs. As with much of our industry, certain of our products are included in the tariffs recently applied to imports from China. We are confident that we will be able to pass the increases on to our customers.

“To summarize, while we are not satisfied with our results for the first six months, with the steps we have taken, and with most of the one-time events behind us, we are optimistic for the balance of the year.”

The Board of Directors has approved payment of a quarterly dividend of 21 cents per share on the common stock outstanding. The dividend will be paid on September 4, 2018 to stockholders of record on August 15, 2018.

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, July 26, 2018.  The dial-in number is 866-342-8591 (domestic) or 203-518-9822 (international). The playback number is 800-839-2434 (domestic) or 402-220-7211 (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
JUNE 30,
   
SIX MONTHS ENDED
JUNE 30,
 
   
2018
   
2017
   
2018
   
2017
 
   
(Unaudited)
   
(Unaudited) 
 
NET SALES
 
$
286,636
   
$
312,729
   
$
548,462
   
$
595,107
 
                                 
COST OF SALES
   
205,347
     
222,063
     
394,584
     
420,331
 
                                 
GROSS PROFIT
   
81,289
     
90,666
     
153,878
     
174,776
 
                                 
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
   
57,750
     
60,346
     
115,467
     
117,763
 
RESTRUCTURING AND INTEGRATION EXPENSES
   
231
     
1,235
     
3,067
     
2,782
 
OTHER INCOME, NET
   
42
     
314
     
313
     
630
 
                                 
OPERATING INCOME
   
23,350
     
29,399
     
35,657
     
54,861
 
                                 
OTHER NON-OPERATING INCOME, NET
   
480
     
1,010
     
449
     
1,890
 
                                 
INTEREST EXPENSE
   
1,251
     
722
     
1,883
     
1,190
 
                                 
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
   
22,579
     
29,687
     
34,223
     
55,561
 
                                 
PROVISION FOR INCOME TAXES
   
5,752
     
11,426
     
8,799
     
20,933
 
                                 
EARNINGS FROM CONTINUING OPERATIONS
   
16,827
     
18,261
     
25,424
     
34,628
 
                                 
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
   
(882
)
   
(497
)
   
(1,490
)
   
(1,130
)
                                 
NET EARNINGS
 
$
15,945
   
$
17,764
   
$
23,934
   
$
33,498
 
                                 
NET EARNINGS PER COMMON SHARE:
                               
                                 
BASIC EARNINGS FROM CONTINUING OPERATIONS
 
$
0.75
   
$
0.80
   
$
1.13
   
$
1.52
 
DISCONTINUED OPERATION
   
(0.04
)
   
(0.02
)
   
(0.07
)
   
(0.05
)
NET EARNINGS PER COMMON SHARE - BASIC
 
$
0.71
   
$
0.78
   
$
1.06
   
$
1.47
 
                                 
                                 
DILUTED EARNINGS FROM CONTINUING OPERATIONS
 
$
0.73
   
$
0.78
   
$
1.11
   
$
1.48
 
DISCONTINUED OPERATION
   
(0.04
)
   
(0.02
)
   
(0.07
)
   
(0.04
)
NET EARNINGS PER COMMON SHARE - DILUTED
 
$
0.69
   
$
0.76
   
$
1.04
   
$
1.44
 
                                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
   
22,471,428
     
22,820,079
     
22,484,894
     
22,833,263
 
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
   
22,958,469
     
23,329,082
     
22,962,049
     
23,332,480
 
 

STANDARD MOTOR PRODUCTS, INC.
Segment Revenues and Operating Income
(In thousands)

   
THREE MONTHS ENDED
         
SIX MONTHS ENDED
         
   
JUNE 30,
         
JUNE 30,
         
   
2018
         
2017
         
2018
         
2017
         
   
(Unaudited)
         
(Unaudited) 
         
Revenues
                                                 
Ignition, Emission and Fuel System Parts
 
$
162,462
         
$
178,105
         
$
323,539
         
$
343,258
         
Wire and Cable
   
40,967
           
45,244
           
79,378
           
91,405
         
Engine Management
   
203,429
           
223,349
           
402,917
           
434,663
         
                                                           
Compressors
   
46,940
           
49,644
           
76,838
           
87,545
         
Other Climate Control Parts
   
33,430
           
37,747
           
63,763
           
70,136
         
Temperature Control
   
80,370
           
87,391
           
140,601
           
157,681
         
                                                           
All Other
   
2,837
           
1,989
           
4,944
           
2,763
         
Revenues
 
$
286,636
         
$
312,729
         
$
548,462
         
$
595,107
         
                                                           
Gross Margin
                                                         
Engine Management
 
$
57,782
   
28.4
%
 
$
65,599
   
29.4
%
 
$
114,252
   
28.4
%
 
$
129,723
   
29.8
%
 
Temperature Control
   
20,800
   
25.9
%
   
23,111
   
26.4
%
   
34,467
   
24.5
%
   
40,818
   
25.9
%
 
All Other
   
2,707
           
1,956
           
5,159
           
4,235
         
Gross Margin
 
$
81,289
   
28.4
%
 
$
90,666
   
29.0
%
 
$
153,878
   
28.1
%
 
$
174,776
   
29.4
%
 
                                                           
Selling, General & Administrative
                                                         
Engine Management
 
$
34,598
   
17.0
%
 
$
38,180
   
17.1
%
 
$
70,862
   
17.6
%
 
$
74,208
   
17.1
%
 
Temperature Control
   
15,721
   
19.6
%
   
14,544
   
16.6
%
   
28,550
   
20.3
%
   
27,550
   
17.5
%
 
All Other
   
7,431
           
7,622
           
16,055
           
16,005
         
Selling, General & Administrative
 
$
57,750
   
20.1
%
 
$
60,346
   
19.3
%
 
$
115,467
   
21.1
%
 
$
117,763
   
19.8
%
 
                                                           
Operating Income                                                          
Engine Management
 
$
23,184
   
11.4
%
 
$
27,419
   
12.3
%
 
$
43,390
   
10.8
%
 
$
55,515
   
12.8
%
 
Temperature Control
   
5,079
   
6.3
%
   
8,567
   
9.8
%
   
5,917
   
4.2
%
   
13,268
   
8.4
%
 
All Other
   
(4,724
)
         
(5,666
)
         
(10,896
)
         
(11,770
)
       
Subtotal
   
23,539
   
8.2
%
   
30,320
   
9.7
%
   
38,411
   
7.0
%
   
57,013
   
9.6
%
 
Restructuring & Integration
   
(231
)
 
-0.1
%
   
(1,235
)
 
-0.4
%
   
(3,067
)
 
-0.6
%
   
(2,782
)
 
-0.5
%
 
Other Income, Net
   
42
   
0.0
%
   
314
   
0.1
%
   
313
   
0.1
%
   
630
   
0.1
%
 
Operating Income
 
$
23,350
   
8.1
%
 
$
29,399
   
9.4
%
 
$
35,657
   
6.5
%
 
$
54,861
   
9.2
%
 
 

STANDARD MOTOR PRODUCTS, INC.
Reconciliation of GAAP and Non-GAAP Measures

(In thousands, except per share amounts)

   
THREE MONTHS ENDED
   
SIX MONTHS ENDED
 
   
JUNE 30,
   
JUNE 30,
 
   
2018
   
2017
   
2018
   
2017
 
   
(Unaudited)
   
(Unaudited)
 
EARNINGS FROM CONTINUING OPERATIONS
                       
                         
GAAP EARNINGS FROM CONTINUING OPERATIONS
 
$
16,827
   
$
18,261
   
$
25,424
   
$
34,628
 
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
   
231
     
1,235
     
3,067
     
2,782
 
GAIN FROM SALE OF BUILDINGS
   
-
     
(262
)
   
(218
)
   
(524
)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
   
(60
)
   
(389
)
   
(741
)
   
(903
)
                                 
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
 
$
16,998
   
$
18,845
   
$
27,532
   
$
35,983
 
                                 
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
                               
                                 
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
 
$
 0.73    
$
0.78
   
$
1.11
   
$
1.48
 
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
   
0.01
     
0.05
     
0.13
     
0.12
 
GAIN FROM SALE OF BUILDINGS
   
-
     
(0.01
)
   
(0.01
)
   
(0.02
)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
   
-
     
(0.01
)
   
(0.03
)
   
(0.04
)
                                 
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
 
$
0.74    
$
0.81
   
$
1.20
   
$
1.54
 
                                 
OPERATING INCOME
                               
                                 
GAAP OPERATING INCOME
 
$
23,350
   
$
29,399
   
$
35,657
   
$
54,861
 
                                 
RESTRUCTURING AND INTEGRATION EXPENSES
   
231
     
1,235
     
3,067
     
2,782
 
OTHER INCOME, NET
   
(42
)
   
(314
)
   
(313
)
   
(630
)
                                 
NON-GAAP OPERATING INCOME
 
$
23,539
   
$
30,320
   
$
38,411
   
$
57,013
 

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)
 
    
June 30,
2018
     
December 31,
2017
  
   
(Unaudited)
       
             
ASSETS
           
             
CASH
 
$
18,573
   
$
17,323
 
                 
ACCOUNTS RECEIVABLE, GROSS
   
179,394
     
145,024
 
ALLOWANCE FOR DOUBTFUL ACCOUNTS
   
5,533
     
4,967
 
ACCOUNTS RECEIVABLE, NET
   
173,861
     
140,057
 
                 
INVENTORIES
   
331,453
     
326,411
 
UNRETURNED CUSTOMER INVENTORIES
   
18,246
     
-
 
OTHER CURRENT ASSETS
   
16,458
     
12,300
 
                 
TOTAL CURRENT ASSETS
   
558,591
     
496,091
 
                 
PROPERTY, PLANT AND EQUIPMENT, NET
   
91,277
     
89,103
 
GOODWILL
   
67,360
     
67,413
 
OTHER INTANGIBLES, NET
   
52,216
     
56,261
 
DEFERRED INCOME TAXES
   
31,842
     
32,420
 
INVESTMENT IN UNCONSOLIDATED AFFILIATES
   
34,725
     
31,184
 
OTHER ASSETS
   
15,934
     
15,095
 
                 
TOTAL ASSETS
 
$
851,945
   
$
787,567
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
NOTES PAYABLE
 
$
88,528
   
$
57,000
 
CURRENT PORTION OF OTHER DEBT
   
5,169
     
4,699
 
ACCOUNTS PAYABLE
   
94,988
     
77,990
 
ACCRUED CUSTOMER RETURNS
   
42,536
     
35,916
 
ACCRUED CORE LIABILITY
   
26,138
     
11,899
 
OTHER CURRENT LIABILITIES
   
84,394
     
98,393
 
                 
TOTAL CURRENT LIABILITIES
   
341,753
     
285,897
 
                 
OTHER LONG-TERM DEBT
   
34
     
79
 
ACCRUED ASBESTOS LIABILITIES
   
32,339
     
33,376
 
OTHER LIABILITIES
   
15,449
     
14,561
 
                 
 TOTAL LIABILITIES
   
389,575
     
333,913
 
                 
 TOTAL STOCKHOLDERS' EQUITY
   
462,370
     
453,654
 
                 
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
851,945
   
$
787,567
 
 

STANDARD MOTOR PRODUCTS, INC.
Condensed Consolidated Statements of Cash Flows

(In thousands)
 
 
 
SIX MONTHS ENDED
 
 
 
JUNE 30,
 
 
 
2018
   
2017
 
 
 
(Unaudited)
 
       
CASH FLOWS FROM OPERATING ACTIVITIES
           
NET EARNINGS
 
$
23,934
   
$
33,498
 
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
               
DEPRECIATION AND AMORTIZATION
   
11,706
     
11,316
 
OTHER
   
8,641
     
7,498
 
CHANGE IN ASSETS AND LIABILITIES:
               
ACCOUNTS RECEIVABLE
   
(34,524
)
   
(53,069
)
INVENTORIES
   
(6,650
)
   
(27,048
)
ACCOUNTS PAYABLE
   
15,684
     
17,475
 
PREPAID EXPENSES AND OTHER CURRENT ASSETS
   
(2,988
)
   
(943
)
SUNDRY PAYABLES AND ACCRUED EXPENSES
   
(9,115
)
   
5,663
 
OTHER
   
(2,502
)
   
(1,225
)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
   
4,186
     
(6,835
)
 
               
CASH FLOWS FROM INVESTING ACTIVITIES
               
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
   
(8,572
)
   
-
 
CAPITAL EXPENDITURES
   
(11,325
)
   
(8,843
)
OTHER INVESTING ACTIVITIES
   
16
     
2
 
NET CASH USED IN INVESTING ACTIVITIES
   
(19,881
)
   
(8,841
)
 
               
CASH FLOWS FROM FINANCING ACTIVITIES
               
NET CHANGE IN DEBT
   
32,287
     
24,113
 
PURCHASE OF TREASURY STOCK
   
(7,640
)
   
(5,176
)
DIVIDENDS PAID
   
(9,437
)
   
(8,674
)
OTHER FINANCING ACTIVITIES
   
1,990
     
1,488
 
NET CASH PROVIDED BY FINANCING ACTIVITIES
   
17,200
     
11,751
 
 
               
EFFECT OF EXCHANGE RATE CHANGES ON CASH
   
(255
)
   
518
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
   
1,250
     
(3,407
)
CASH AND CASH EQUIVALENTS at beginning of Period
   
17,323
     
19,796
 
CASH AND CASH EQUIVALENTS at end of Period
 
$
18,573
   
$
16,389
 
 
 

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