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Standard Motor Products, Inc. Annual Meeting of Shareholders May 20, 2010
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2010 Annual Meeting of Shareholders ►Larry Sills, Chairman and CEO ►Jim Burke, VP Finance & CFO
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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.
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Larry Sills Chairman and Chief Executive Officer
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Key Priorities – As Per 2009 ►Generate►Generate Cash ►Reduce Debt ►Redeem Convertible Debentures Original Issue $90 MM 6.75% Coupon 10 Year Life Due July 15, 2009
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Actions Taken ►Sold LIC Building ►Reduced Inventory $30 Million in 2009 $20 Million in 2008 ►Reduced Accounts Receivable $50 Million ►Suspended Dividend Reinstated in 2010
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Actions Taken ►Hiring Freeze/ Early Retirement Reduced Salaried Staff ►100 People ►10% of Total ►Reduced Capital Expenditures $7.2mm 2009 $11.5mm Historical Average
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Actions Taken ►Exited Two Businesses Blue Streak Electronics European Distribution ►Rolled Over $17 MM Bonds 2 Years 15% Interest ►Raised Additional Equity 3,450,000 Shares $27.5 MM (Net of Expenses)
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Result ►2009 Debt Reduction $118 Million ►Redeemed Balance of Bonds ►Debt : EBITDA Ratio 2008: 6.2 (x) 2009: 1.7 (x)
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Result
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Other Accomplishments
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Conclusion ►2009 was an Excellent Year ►Redeemed Bonds ►Reduced Cost Structure ►Reduced Debt ►Well Positioned for Future Growth
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Jim Burke Vice President and Chief Financial Officer
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2009 Results
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2009 Income Statement Non - GAAP
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1720082009Target Engine Management Gross Margin % 23.3%24.7%27-28% Temperature Control Gross Margin % 19.3%19.7%23-24% Substantial Margin Improvement
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First Quarter 2010 Results
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1 st Quarter Income Statement Non - GAAP
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Condensed Balance Sheet
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Thank You Standard Motor Products, Inc. Annual Meeting of Shareholders May 20, 2010
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APPENDIX
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Reconciliation of GAAP and Non-GAAP Measures
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