NEW YORK -- Standard Motor Products' Board of Directors has approved the reinstatement of a quarterly dividend for the company's shareholders. The board approved a dividend of 5 cents per share on the common stock outstanding to be paid on March 1, to stockholders of record as of Feb. 15.

Lawrence Sills, Standard Motor Products' chairman and chief executive officer, stated, "Our board's decision to reinstate the dividend reflects our improved financial performance. The aggressive steps we have taken over the past 12 months have strengthened our financial and liquidity position, which has now allowed us to return to providing cash dividends to our shareholders."