STANDARD MOTOR PRODUCTS, INC. ANNOUNCES
RECLASSIFICATION OF DEBT
New York, NY, November 5, 2003......Standard Motor Products, Inc. (NYSE:SMP), an automotive replacement parts manufacturer and distributor, announced today that based upon a re-examination of the provisions of its revolving credit facility and interpretation of applicable accounting rules, the Company will reclassify its credit facility from long-term to short-term debt, from our 2002 Annual Report forward.
Mr. James Burke, Standard Motor Products, Chief Financial Officer, said, “Even though our existing credit facility does not mature until 2008, under the accounting rules we are required to reclassify our debt. We will be amending our prior 2002 Annual Report and 2003 Quarterly Reports to re-classify our borrowings under the credit facility as short-term debt. As previously mentioned, we remain in compliance with all of our debt covenants, and we believe that the reclassification of our revolving credit facility to short-term debt will have no effect on our liquidity, cash flows, debt amortization, profits or other terms within any of our debt facilities.”
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, and 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.