NEW YORK, Jan. 30, 2013 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE :SMP ), an automotive replacement parts manufacturer and distributor, announced today that its Board of Directors has approved an increase in its quarterly common stock dividend from nine cents per share to eleven cents per share, payable on March 1, 2013 to stockholders of record on February 15, 2013.
Lawrence I. Sills, Standard Motor Products' Chairman and Chief Executive Officer, stated, "We are pleased to announce that, for the third consecutive year, we have been able to increase our dividend rate as a result of our continued financial performance improvements. Our Board's decision to increase the dividend reflects our commitment to delivering returns to our investors."
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.
SOURCE Standard Motor Products, Inc.