NEW YORK -- Standard Motor Products has reported its consolidated financial results for the three months and for the year ended Dec. 31, 2009.

Consolidated net sales for the fourth quarter of 2009 were $160.1 million, compared to consolidated net sales of $148.9 million during the comparable quarter in 2008.

Losses from continuing operations for the fourth quarter of 2009 were $5.2 million or 25 cents per diluted share, compared to losses of $34.1 million or $1.84 per diluted share in the fourth quarter of 2008. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the fourth quarter of 2009 were $398 thousand or 2 cents per diluted share, compared to losses in the comparable quarter in 2008 of $5.5 million or 29 cents per diluted share.

Consolidated net sales for 2009 were $735.4 million, compared to consolidated net sales of $775.2 million during the comparable period in 2008. Earnings from continuing operations for 2009 were $5.9 million or 31 cents per diluted share, compared to losses of $21.1 million or $1.14 per diluted share in the comparable period of 2008. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for 2009 were $13.5 million or 70 cents per diluted share compared to losses for 2008 of $2 million or 11 cents per diluted share.

Lawrence Sills, Standard Motor Products' chairman and chief executive officer, commented, "We are pleased with our results, both for the fourth quarter and the full year 2009. For the second quarter in a row, sales were ahead of the comparable quarter in 2008.

"Fourth quarter 2009 sales were aided by new wire business to NAPA and new customers in Temperature Control. In addition, the aftermarket, which accounts for roughly 90 percent of our total sales, remains quite healthy. And while it is still early in the year, these trends appear to be continuing into 2010, as our volume through February is running ahead of 2009.

"Gross margins continue to improve, as a result of increased volume and savings from our low-cost Mexican operations. SG&A expenses remain under control, as a result of substantial cost-cutting and the reduction of nearly 10 percent of our salaried workforce.

"Perhaps our biggest achievement in 2009 was in the area of cash flow. Over the 12-month period, we reduced our total debt by $117.8 million from $194.2 million to $76.4 million. This included the retirement of our July 2009 convertible debt obligations. Our debt to adjusted EBITDA ratio, excluding special items, went from 6.2 times to a very healthy 1.7 times. This improvement was aided by a successful equity offering in October, in which we received net proceeds of $27.5 million. All this took a tremendous effort throughout the company, and we are extremely proud of our people for what they have been able to accomplish.

"In addition, based on our 2009 performance and our outlook for 2010, we reinstated our quarterly dividend that was suspended at the end of 2008. On March 1, we paid a dividend of 5 cents per share to stockholders of record on Feb. 15."