CHARLOTTE, Mich., May 2, 2019 /PRNewswire/ -- Spartan Motors,
Inc. (NASDAQ: SPAR) ("Spartan" or the "Company"), the North
American leader in specialty vehicle manufacturing and assembly for
the commercial and retail vehicle industries, as well as for the
emergency response and recreational vehicle markets, today reported
operating results for the first quarter ending March 31, 2019.
"We are pleased with the positive start to the year, as many of
the initiatives we pursued last year are gaining traction," said
Daryl Adams, President and Chief
Executive Officer. "With the hard work and concentrated
efforts of our entire team, we were able mitigate continued
tariff-related commodity headwinds and post solid operating results
to start the year. We also achieved new business wins in
several key markets in all three of our business units, which we
expect will help drive our results for the remainder of the
year."
First Quarter 2019 Highlights
For the first quarter of
2019 compared to the first quarter of 2018:
- Sales increased $61.0 million,
or 35.2%, to $234.0 million from
$173.0 million.
- As anticipated, the first quarter 2019 results included
incremental tariff-related commodity cost increases and higher
component costs totaling $2.3
million, or $0.05 per share,
that negatively impacted net income, adjusted net income and
adjusted EBITDA.
- Gross profit margin declined 230 basis points to 10.5% of
sales from 12.8% of sales. Of the decline, 170 basis points were
attributable to $32.5 million of USPS
chassis pass-through sales and an additional 100 basis points were
due to the tariff-related headwinds, partially offset by pricing
and operational improvements.
- Net income decreased to $1.4
million, or $0.04 per share,
from $4.2 million, or $0.12 per share. Prior-year net income
includes a net working capital adjustment of $1.5 million, or $0.03 per share, relating to the Smeal
acquisition and a tax benefit of $1.4
million, or $0.04 per share,
related to the appreciation in value of equity-based compensation
that vested during the year-ago quarter. Excluding these items, net
income was comparable to the prior year.
- Adjusted EBITDA decreased 17.9% to $4.6 million, or 2.0% of sales, from $5.6 million, or 3.2% of sales.
- Adjusted net income decreased $1.8
million, or 54.5%, to $1.5
million, or $0.04 per share,
from $3.3 million, or $0.09 per share. Excluding the $1.4 million tax benefit from the first quarter
of 2018, adjusted net income decreased $0.4
million, or 21.1%, from the prior year.
- Consolidated backlog, excluding the one-time
multi-year USPS truck body order at March
31, 2019, totaled $359.2
million, up $18.6 million, or
5.5%, compared to $340.6 million at
March 31, 2018. Including the USPS
order, consolidated backlog totaled $432.3
million compared to $554.6
million a year ago.
"The hard work, resourcefulness and determination of our teams
have set a positive foundation for long-term performance,"
continued Adams. "Each business unit has made progress on
several fronts, and we are confident that this effort has set the
stage for sustained revenue growth, improved profitability and
broader geographic reach."
Fleet Vehicles and Services (FVS)
The FVS
business unit continues to invest in new product development and
geographic expansion to support the growth in last-mile
delivery. During the quarter, FVS introduced two new electric
vehicle (EV) platforms at the NTEA Work Truck Show in Indianapolis alongside a
temperature-controlled truck body, which was specifically developed
for last-mile grocery delivery. Additionally, to support its
growing upfit business, FVS secured a new facility in North Charleston, South Carolina, near the new
Mercedes-Benz Sprinter plant. This multi-purpose facility
will initially operate as a Sprinter upfit ship-thru facility and
is capable of handling FVS's entire product line. By joining
this facility with existing plants in Ephrata, Pennsylvania, and Pompano Beach, Florida – a result of the
Strobes-R-Us acquisition – FVS is better positioned on the East
Coast to support customer demands.
FVS segment sales increased 105.4% to $122.6 million from $59.7
million. A substantial portion of the revenue increase was
due to pass-through sales on the USPS truck body order
($32.5 million) in addition to
increased volume related to walk-in-van, truck body and upfits.
Excluding the pass-through sales impact from the USPS order,
FVS sales increased 51.0% from the prior year.
Adjusted EBITDA increased $2.4
million to $7.0 million, or
5.7% of sales, from $4.6 million, or
7.7% of sales, a year ago. The increase was primarily due to
the USPS truck body order, partially offset by mix and higher
material and component costs.
Excluding the one-time multi-year USPS truck body order,
sequential segment backlog at March 31,
2019, increased 9.9% to $115.4
million, reflecting the continuing order momentum among
last-mile delivery customers. Reported segment backlog
at March 31, 2019, totaled
$188.5 million compared $335.3 million a year ago, reflecting the
progress made on the USPS contract.
Emergency Response (ER)
The ER business unit
remains focused on improvement initiatives that will drive
profitable results, which include manufacturing optimization and
ongoing dealer network realignment. The segment also
continues to invest in new products to support long-term revenue
and earnings growth, including several innovative products focused
on the emerging needs of first responders, particularly in tight,
urban markets. These emergent products, launched at the most recent
FDIC Expo, have resulted in a new eight-unit order for the city of
Philadelphia, and, most recently,
an 11-unit order for the city of St.
Louis.
First quarter ER segment sales decreased $4.9 million to $61.8
million, or 7.4%, from $66.7
million. The decline reflects decreased market demand
for higher content vehicles and continued efforts to realign the
dealer network. These efforts were completed last month with the
addition of a new, Georgia-based
dealership, which is authorized to sell and service the full
Spartan fire apparatus portfolio.
Adjusted EBITDA decreased to a loss of $2.3 million, or 3.7% of sales, from adjusted
EBITDA of $1.2 million a year ago,
primarily due to product mix, increased material costs, higher
warranty expense, and operating inefficiencies resulting from
temporary production disruptions due to severe weather-related
flooding surrounding the Company's Nebraska facilities.
The segment backlog at March 31,
2019, totaled $214.7 million,
up 13.2%, compared to $189.6 million
at March 31, 2018, reflecting an
increase in orders from an improved dealer network.
Specialty Chassis & Vehicles (SCV)
The SCV
business unit continues to drive growth and operating performance
through product innovation and market share gains within the luxury
motor coach segment, particularly in the faster-growing,
less-than-40-foot diesel market, which is favored by younger
consumers. Additionally, SCV continues to grow its
relationships with existing customers through exclusive supply
agreements, highlighting the demand for Spartan chassis within the
luxury diesel motor coach segment. These wins are a result of
ongoing innovation efforts to integrate automotive technology into
the luxury motor coach market. For example, Spartan chassis
now utilizes "Mobile Eye," which includes pedestrian detection,
speed limit sign detection, vehicle-ahead indicator, and
forward-collision warning to the luxury motor coach segment.
SCV segment sales increased 7.2% to $51.7
million from $48.2 million a
year ago, representing continued growth on top of a 46% growth rate
in the prior year. Revenues were driven mainly by increased
contract manufacturing and pricing from luxury motor coach chassis
sales, offset by lower sales of Reach vehicles due to timing.
Adjusted EBITDA increased $1.9
million to $5.0 million, or
9.6% of sales, from $3.1 million, or
6.5% of sales, a year ago, mainly due to mix from increased
contract manufacturing, partially offset by higher material
costs.
The segment backlog at March 31,
2019, totaled $29.1 million,
essentially flat compared to $29.7
million at March 31, 2018,
reflecting pricing from luxury motor coach as well as strength in
contract manufacturing.
Maintaining 2019 Guidance
"Spartan's first
quarter results reflect top-line growth and continued operational
improvements throughout our business, and we remain encouraged in
our outlook for the remainder of 2019," commented Rick Sohm, Chief Financial Officer. "As a
result, we are maintaining our previous top-line and profitability
guidance for the full year."
- Revenue to be in the range of $865 - $905
million
- Net income of $19.5 -
$22.6 million
- Adjusted EBITDA of $37.1 -
$41.1 million
- Effective tax rate of approximately 24%
- Earnings per share of $0.56 -
$0.64
- Adjusted earnings per share of $0.57 - $0.65
Adams concluded, "We are pleased with the results of our
progress in the first quarter, as our team put forth tremendous
efforts to drive improvements across all of our operations.
Despite the solid performance, we understand the need to carry the
momentum forward and improve our operations to enhance
productivity, efficiency, and ultimately, profitability to the
benefit of our shareholders. With the growth in last-mile
delivery driving FVS, continued focus on operational improvements
in ER, and expanding addressable markets within SCV, we are
confident in our ability to deliver increased results in 2019 and
beyond."
Conference Call, Webcast, Investor Presentation and
Investor Information
Spartan Motors will host a
conference call for analysts and portfolio managers at 10 a.m. EDT today to discuss these results and
current business trends. The conference call and webcast will
be available via:
Webcast: www.spartanmotors.com/investor-relations/webcasts
Conference Call: 1-844-868-8845 (domestic) or 412-317-6591
(international); passcode: 10130566
For more information about Spartan, please visit
www.spartanmotors.com.
About Spartan Motors
Spartan Motors, Inc. is the North
American leader in specialty vehicle manufacturing and assembly for
the commercial and retail vehicle industries (including last-mile
delivery, specialty service, and vocation-specific upfit segments),
as well as for the emergency response and recreational vehicle
markets. The Company is organized into three core business
segments, including Spartan Fleet Vehicles and Services, Spartan
Emergency Response, and Spartan Specialty Vehicles. Today,
its family of brands also include Spartan Authorized Parts, Spartan
Factory Service Centers, Utilimaster®, Strobes-R-Us™, Smeal, Ladder
Tower™, and UST®. Spartan Motors and its go-to-market
brands are well known in their respective industries for quality,
durability, aftermarket product support, and first-to-market
innovation. The Company employs approximately 2,300 associates, and
operates facilities in Michigan,
Indiana, Pennsylvania, South
Carolina, Florida,
Missouri, Nebraska, South
Dakota; Saltillo, Mexico;
and Lima, Peru. Spartan reported
sales of $816 million in 2018.
Learn more about Spartan Motors at www.spartanmotors.com.
This release contains several forward-looking statements that
are not historical facts, including statements concerning our
business, strategic position, financial projections, financial
strength, future plans, objectives, and the performance of our
products and operations. These statements can be identified
by words such as "believe," "expect," "intend," "potential,"
"future," "may," "will," "should," and similar expressions
regarding future expectations. These forward-looking
statements involve various known and unknown risks, uncertainties,
and assumptions that are difficult to predict with regard to
timing, extent, and likelihood. Therefore, actual performance
and results may materially differ from what may be expressed or
forecasted in such forward-looking statements. Factors that could
contribute to these differences include operational and other
complications that may arise affecting the implementation of our
plans and business objectives; continued pressures caused by
economic conditions and the pace and extent of the economic
recovery; challenges that may arise in connection with the
integration of new businesses or assets we acquire or the
disposition of assets; restructuring of our operations, and/or our
expansion into new geographic markets; issues unique to government
contracting, such as competitive bidding processes, qualification
requirements, and delays or changes in funding; disruptions within
our dealer network; changes in our relationships with major
customers, suppliers, or other business partners, including Isuzu;
changes in the demand or supply of products within our markets or
raw materials needed to manufacture those products; and changes in
laws and regulations affecting our business. Other factors
that could affect outcomes are set forth in our Annual Report on
Form 10-K and other filings we make with the Securities and
Exchange Commission (SEC), which are available at www.sec.gov or
our website. All forward-looking statements in this release
are qualified by this paragraph. Investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. We undertake no obligation to publicly update
or revise any forward-looking statements in this release, whether
as a result of new information, future events, or
otherwise.
CONTACT:
|
|
Juris
Pagrabs
|
|
Group Treasurer
&
|
|
Director of Investor
Relations
|
|
Spartan Motors,
Inc.
|
|
(517)
997-3862
|
Spartan Motors,
Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(In thousands, except
par value)
|
(Unaudited)
|
|
|
March
31,
2019
|
|
December
31,
2018
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
21,368
|
|
$
27,439
|
|
Accounts receivable,
less allowance of $148 and $133
|
104,399
|
|
106,801
|
|
Contract
assets
|
44,055
|
|
36,027
|
|
Inventories
|
84,457
|
|
69,992
|
|
Other current
assets
|
5,437
|
|
5,070
|
|
Total current
assets
|
259,716
|
|
245,329
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
56,175
|
|
56,567
|
|
Right of use
assets – operating leases
|
12,930
|
|
-
|
|
Goodwill
|
33,823
|
|
33,823
|
|
Intangible assets,
net
|
8,407
|
|
8,611
|
|
Net deferred tax
asset
|
7,705
|
|
7,141
|
|
Other
assets
|
3,303
|
|
2,313
|
|
TOTAL
ASSETS
|
$
382,059
|
|
$
353,784
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
87,803
|
|
$
76,399
|
|
Accrued
warranty
|
16,482
|
|
16,090
|
|
Accrued compensation
and related taxes
|
9,253
|
|
10,520
|
|
Deposits from
customers
|
19,150
|
|
22,632
|
|
Operating lease
liability
|
2,547
|
|
-
|
|
Other current
liabilities and accrued expenses
|
18,326
|
|
12,396
|
|
Current portion of
long-term debt
|
19
|
|
60
|
|
Total current
liabilities
|
153,580
|
|
138,097
|
|
|
|
|
|
|
Other non-current
liabilities
|
5,269
|
|
4,058
|
|
Long-term
operating lease liability
|
10,517
|
|
-
|
|
Long-term debt,
less current portion
|
26,042
|
|
25,547
|
|
Total
liabilities
|
195,408
|
|
167,702
|
|
Commitments and
contingencies
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Preferred stock, no
par value: 2,000 shares authorized (none issued)
|
-
|
|
-
|
|
Common stock, $0.01
par value; 80,000 shares authorized; 35,350 and
35,321 outstanding
|
353
|
|
353
|
|
Additional paid in
capital
|
82,517
|
|
82,816
|
|
Retained
earnings
|
104,299
|
|
103,571
|
|
Total Spartan
Motors, Inc. shareholders' equity
|
187,169
|
|
186,740
|
|
Non-controlling interest
|
(518)
|
|
(658)
|
|
Total shareholders'
equity
|
186,651
|
|
186,082
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
$
382,059
|
|
$
353,784
|
|
Spartan Motors,
Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Operations
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2019
|
|
2018
|
Sales
|
$
233,963
|
|
$
173,038
|
Cost of products
sold
|
209,387
|
|
150,880
|
Restructuring
charges
|
49
|
|
-
|
Gross
profit
|
24,527
|
|
22,158
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
2,374
|
|
1,389
|
|
Selling, general and
administrative
|
20,501
|
|
17,873
|
|
Restructuring
charges
|
63
|
|
20
|
Total operating
expenses
|
22,938
|
|
19,282
|
|
|
|
|
|
Operating
income
|
1,589
|
|
2,876
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Interest
expense
|
(374)
|
|
(323)
|
|
Interest and other
income
|
335
|
|
1,593
|
Total other income
(expense)
|
(39)
|
|
1,270
|
|
|
|
|
|
Income before
taxes
|
1,550
|
|
4,146
|
|
|
|
|
|
Taxes
|
13
|
|
(48)
|
|
|
|
|
|
Net income
|
1,537
|
|
4,194
|
|
|
|
|
|
Less: Net
income attributable to non-controlling interest
|
140
|
|
-
|
|
|
|
|
|
Net income
attributable to Spartan Motors, Inc.
|
$
1,397
|
|
$
4,194
|
|
|
|
|
|
Basic and diluted
net income per share
|
$
0.04
|
|
$
0.12
|
|
|
|
|
|
Basic and diluted
weighted average common shares outstanding
|
35,265
|
|
35,094
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2019 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Fleet
Vehicles and
Services
|
|
Emergency
Response
|
|
Specialty
Chassis &
Vehicles
|
|
Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
-
|
|
$
58,568
|
|
$
-
|
|
$
-
|
|
$
58,568
|
Fleet vehicle
sales
|
96,319
|
|
-
|
|
2,128
|
|
(2,128)
|
|
96,319
|
Motorhome chassis
sales
|
-
|
|
-
|
|
40,286
|
|
-
|
|
40,286
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
6,858
|
|
-
|
|
6,858
|
Aftermarket parts and
assemblies
|
26,330
|
|
3,189
|
|
2,413
|
|
-
|
|
31,932
|
Total
sales
|
|
$
122,649
|
|
$
61,757
|
|
$
51,685
|
|
$
(2,128)
|
|
$
233,963
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
6,975
|
|
$
(2,292)
|
|
$
4,964
|
|
$
(5,015)
|
|
$
4,632
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2018 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
Fleet Vehicles and
Services
|
|
Emergency
Response
|
|
Specialty Chassis
& Vehicles
|
|
Other
|
|
Consolidated
|
|
Emergency response
vehicle sales
|
$
-
|
|
$
64,107
|
|
$
-
|
|
$
-
|
|
$
64,107
|
|
Fleet vehicle
sales
|
49,825
|
|
-
|
|
1,601
|
|
(1,601)
|
|
49,825
|
|
Motorhome chassis
sales
|
-
|
|
-
|
|
39,567
|
|
-
|
|
39,567
|
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
5,367
|
|
-
|
|
5,367
|
|
Aftermarket parts and
assemblies
|
9,866
|
|
2,605
|
|
1,701
|
|
-
|
|
14,172
|
|
Total
sales
|
|
$
59,691
|
|
$
66,712
|
|
$
48,236
|
|
$
(1,601)
|
|
$
173,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
4,590
|
|
$
1,242
|
|
$
3,121
|
|
$
(3,350)
|
|
$
5,603
|
|
Sales and Other
Financial Information by Business Segment
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Period End Backlog
(amounts in thousands of dollars)
|
|
|
Mar 31,
2019
|
|
Dec 31,
2018
|
|
Sept. 30,
2018
|
|
Jun. 30,
2018
|
|
Mar. 31,
2018
|
Fleet Vehicles and
Services*
|
$
188,528
|
|
$
218,775
|
|
$
275,216
|
|
$
313,374
|
|
$
335,325
|
|
|
|
|
|
|
|
|
|
|
Emergency Response
Vehicles*
|
214,659
|
|
216,526
|
|
175,699
|
|
175,603
|
|
189,627
|
|
|
|
|
|
|
|
|
|
|
Motorhome Chassis
*
|
28,470
|
|
36,584
|
|
32,137
|
|
33,511
|
|
28,463
|
Other
Vehicles
|
-
|
|
-
|
|
-
|
|
-
|
|
36
|
Aftermarket
Parts and Accessories
|
667
|
|
1,072
|
|
1,861
|
|
1,612
|
|
1,164
|
Total Specialty
Chassis & Vehicles
|
29,137
|
|
37,656
|
|
33,998
|
|
35,123
|
|
29,663
|
|
|
|
|
|
|
|
|
|
|
Total
Backlog
|
$
432,324
|
|
$
472,957
|
|
$
484,913
|
|
$
524,100
|
|
$
554,615
|
|
* Anticipated time to
fill backlog orders at March 31, 2019; 6 months or less for fleet
vehicles and services, except for the USPS truck body order which
will be fulfilled throughout 2019; 10 months or less for emergency
response vehicles; 3 months or less for motorhome chassis; and 1
month or less for other products.
|
Reconciliation of Non-GAAP Financial Measures
This
release contains adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization), which is a non-GAAP financial
measure. This non-GAAP measure is calculated by excluding items
that we believe to be infrequent or not indicative of our
continuing operating performance. For the periods covered by this
release such include expenses associated with restructuring actions
taken to improve the efficiency and profitability of our
manufacturing operations, various items related to business
acquisition and litigation activities, and the impact of temporary
production disruptions due to severe weather-related flooding
surrounding the Company's Nebraska
facilities.
We present the non-GAAP measure adjusted EBITDA because we
consider it to be an important supplemental measure of our
performance. The presentation of adjusted EBITDA enables investors
to better understand our operations by removing items that we
believe are not representative of our continuing operations and may
distort our longer term operating trends. We believe this measure
to be useful to improve the comparability of our results from
period to period and with our competitors, as well as to show
ongoing results from operations distinct from items that are
infrequent or not indicative of our continuing operating
performance. We believe that presenting this non-GAAP measure is
useful to investors because it permits investors to view
performance using the same tools that management uses to budget,
make operating and strategic decisions, and evaluate our historical
performance. We believe that the presentation of this non-GAAP
measure, when considered together with the corresponding GAAP
financial measures and the reconciliations to that measure,
provides investors with additional understanding of the factors and
trends affecting our business than could be obtained in the absence
of this disclosure.
Our management uses adjusted EBITDA to evaluate the performance
of and allocate resources to our segments. Adjusted EBITDA is also
used, along with other financial and non-financial measures, for
purposes of determining certain incentive compensation for our
management team.
Financial Summary
(Non-GAAP)
|
Consolidated
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
Spartan Motors,
Inc.
|
|
2019
|
|
|
2018
|
|
|
Net income (loss)
attributable to Spartan Motors, Inc.
|
|
$
1,397
|
|
|
$
4,194
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
112
|
|
|
20
|
|
|
Impact of acquisition
adjustment for net working capital
|
|
-
|
|
|
(1,500)
|
|
|
Acquisition related
expenses
|
|
45
|
|
|
162
|
|
|
Litigation
costs
|
|
43
|
|
|
-
|
|
|
Nebraska flooding
costs
|
|
123
|
|
|
-
|
|
|
Deferred tax asset
valuation allowance
|
|
(99)
|
|
|
74
|
|
|
Tax effect of
adjustments
|
|
(78)
|
|
|
315
|
|
|
Adjusted net income
attributable to Spartan Motors, Inc.
|
|
$
1,543
|
|
|
$
3,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Spartan Motors, Inc.
|
|
$
1,397
|
|
|
$
4,194
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,525
|
|
|
2,452
|
|
|
Taxes on
income
|
|
13
|
|
|
(48)
|
|
|
Interest
expense
|
|
374
|
|
|
323
|
|
|
EBITDA
|
|
$
4,309
|
|
|
$
6,921
|
|
|
|
|
|
|
|
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
112
|
|
|
20
|
|
|
Litigation
costs
|
|
43
|
|
|
-
|
|
|
Nebraska flooding
costs
|
|
123
|
|
|
-
|
|
|
Impact of acquisition
adjustment for net working capital
|
|
-
|
|
|
(1,500)
|
|
|
Acquisition related
expenses
|
|
45
|
|
|
162
|
|
|
Adjusted
EBITDA
|
|
$
4,632
|
|
|
$
5,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
|
$
0.04
|
|
|
$
0.12
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
-
|
|
|
-
|
|
|
Litigation
costs
|
|
-
|
|
|
-
|
|
|
Nebraska flooding
costs
|
|
-
|
|
|
-
|
|
|
Impact of acquisition
adjustment for net working capital
|
|
-
|
|
|
(0.04)
|
|
|
Acquisition related
expenses
|
|
-
|
|
|
-
|
|
|
Tax effect of
adjustments
|
|
-
|
|
|
0.01
|
|
|
Adjusted diluted net
earnings per share
|
|
$
0.04
|
|
|
$
0.09
|
|
|
Financial Summary
(Non-GAAP)
Consolidated
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
Total segment
adjusted EBITDA
|
|
$
9,647
|
|
$
8,953
|
|
Add
(subtract):
|
|
|
|
|
|
|
Interest
expense
|
|
|
(374)
|
|
(323)
|
|
Depreciation and
amortization
|
|
(2,525)
|
|
(2,452)
|
|
Restructuring
expense
|
|
|
(112)
|
|
(20)
|
|
Joint venture
expenses (legal)
|
|
|
(27)
|
|
-
|
|
Acquisition
expense
|
|
|
(45)
|
|
(162)
|
|
Impact of acquisition
adjustment for net working capital
|
-
|
|
1,500
|
|
Litigation costs –
API
|
|
(16)
|
|
-
|
|
Nebraska flooding
costs
|
|
(123)
|
|
-
|
|
Unallocated corporate
expenses
|
|
(5,015)
|
|
(3,350)
|
|
Consolidated income
(loss) before taxes
|
$
1,550
|
|
$
4,146
|
Financial Summary
(Non-GAAP)
|
Consolidated
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Forecast
Year Ending
December 31, 2019
|
|
|
|
Low
|
|
Mid
|
|
High
|
Net income
|
|
|
$
19,539
|
|
$
21,085
|
|
$
22,630
|
Add:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
10,405
|
|
10,405
|
|
10,405
|
Interest
expense
|
|
|
1,281
|
|
1,281
|
|
1,281
|
Taxes
|
|
|
5,649
|
|
6,096
|
|
6,542
|
EBITDA
|
|
|
$
36,874
|
|
$
38,867
|
|
$
40,858
|
|
|
|
|
|
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
200
|
|
200
|
|
200
|
Adjusted
EBITDA
|
|
|
$
37,074
|
|
$
39,067
|
|
$
41,058
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
$
0.56
|
|
$
0.60
|
|
$
0.64
|
Add:
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
0.01
|
|
0.01
|
|
0.01
|
Less tax effect of
adjustments
|
|
|
-
|
|
-
|
|
-
|
Adjusted earnings per
share
|
|
|
$
0.57
|
|
$
0.61
|
|
$
0.65
|
View original
content:http://www.prnewswire.com/news-releases/spartan-motors-posts-solid-first-quarter-results-300842382.html
SOURCE Spartan Motors, Inc.