Net Sales of $164.7M and GAAP Net Loss of
$0.6M
Bus Average Selling Price up 9.7%
Electric Bus Sales up 50%
Adjusted EBITDA of $7.5M in Second
Lowest-Volume Quarter with 1,489 Buses Sold
Blue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leading
independent designer and manufacturer of school buses, announced
today its fiscal 2021 second quarter results. GAAP net loss for the
quarter of $0.6 million was equal to the comparable FY2020 fiscal
period. Adjusted EBITDA for the quarter was $7.5 million, $4.7
million below last year, reflecting 1,105 lower unit sales
resulting from the pandemic impact on schools.
Highlights
(in millions except Unit Sales and EPS
data)
Three Months Ended
April 3, 2021
B/(W)
2020
Six Months Ended
April 3, 2021
B/(W)
2020
Unit Sales
1,489
(1,105)
2,744
(1,310)
GAAP Measures:
Revenue
$
164.7
$
(90.7)
$
295.1
$
(113.5)
Net Loss
$
(0.6)
$
—
$
(2.2)
$
(1.2)
Diluted Loss per Share
$
(0.02)
$
—
$
(0.08)
$
(0.04)
Non-GAAP Measures1:
Adjusted EBITDA
$
7.5
$
(4.7)
$
13.3
$
(7.0)
Adjusted Net Income
$
1.4
$
(1.1)
$
1.4
$
(3.1)
Adjusted Diluted Earnings per
Share
$
0.05
$
(0.04)
$
0.05
$
(0.12)
1 Reconciliation to relevant GAAP metrics
shown below
“We are very pleased with our second quarter performance and
results," said Phil Horlock, President and Chief Executive Officer
of Blue Bird Corporation. “The Blue Bird team executed well despite
the pandemic resulting in the majority of schools operating in
virtual or hybrid mode for most of the second quarter and supply
chain issues creating inefficiencies in our manufacturing
operations; nevertheless, we increased our gross margin by 1.7 pts.
compared with last year, despite a 43% drop in unit sales. We are
increasingly confident in schools fully reopening for in-classroom
teaching as we head toward the next school year, supported by
progressively higher quote and order rate activity during the
quarter and our firm-order backlog, which is now 15% above the
prior-year quarter.
"As we move toward a school-bus industry recovery beginning in
the second half of our fiscal year, I am encouraged with our
progress in improving our underlying business structure, which is
key to achieving our near-term EBITDA margin target of at least
10%. We increased our second quarter average selling price per bus
by $8,900, or 9.7%, over last year. We realized manufacturing
efficiency improvements, despite the supplier disruptions we
experienced, and benefited from lower operating expenses as a
result of cost control actions that we implemented last year. Our
alternative-powered bus sales mix was 43% in the quarter, slightly
below prior year. This decline was entirely driven by the March
launch timing of our all-new and exclusive Ford and Roush CleanTech
propane and gasoline engines. We expect full-year alternative power
sales mix to exceed 50% of total sales, supported by a very strong
order backlog for our new and class-leading 7.3L V8 engine, and we
are a strong #1 in North American market share in both electric and
propane-powered school buses over the past year. The interest in
electric buses is unprecedented and our Fiscal 2021 bookings and
order backlog has grown 10% over prior year, with second quarter
sales up 50% from a year ago. In fact, our total sold units and
order backlog since we began production just three years ago, is
now approaching 500 electric buses, covering Type A, C and D
configurations. With the growth rate we are seeing, and the breadth
of chassis and powertrain choices that we offer, we are increasing
our focus and resources in the EV business. We previously announced
our intention to offer Blue Bird chassis with factory-installed
electric drivetrains to commercial vehicle manufacturers and are in
preliminary discussions with a number of commercial-vehicle
customers. With the new Administration’s proposed $20-25 billion
infrastructure-related bills to accelerate the adoption of
electric-powered school buses in the U.S. over the next 8-10 years,
these are exciting times at Blue Bird!
"With our business structure and margin improvements, we are
well positioned to capitalize on the market recovery as schools
continue to resume full in-classroom learning. We have a history of
robust cash generation and strong liquidity, a culture of winning
and leadership in growing segments, a clearly defined margin-growth
strategy and an experienced team with a proven track record of
delivering results and handling difficult times. As COVID-19
vaccinations accelerate, coupled with the new Administration’s
commitment to open schools within 100 days of its term start, we
are confident that an industry rebound is in sight, and our
increased order rate supports this. We are maintaining our
previously provided guidance for net revenue of $750M-975M, Adj.
EBITDA between $40M-$65M and Adjusted Free Cash Flow of
$(5)-$20M.”
Fiscal 2021 Second Quarter Results
Net Sales
Net sales were $164.7 million for the second quarter of fiscal
2021, a decrease of $90.7 million, or 35.5%, from prior-year
period. Bus unit sales were 1,489 units for the quarter compared
with 2,594 units for the same period last year.
Gross Profit
Second quarter gross profit of $18.5 million represented a
decrease of $5.7 million from the second quarter of last year. The
decline was primarily driven by lower bus and parts volumes. Gross
profit margin improved 1.7 points to 11.2% as price increases,
coupled with improved manufacturing efficiency and lower
manufacturing overhead more than offset the loss of fixed cost
absorption from lower volume.
Net Loss
Net loss was $0.6 million for the second quarter of fiscal 2021,
which was comparable with the same period last year.
Adjusted Net Income
Adjusted Net Income was $1.4 million, representing a decrease of
$1.1 million compared with the same period last year.
Adjusted EBITDA
Adjusted EBITDA was $7.5 million, which was a decrease of $4.7
million compared with the second quarter last year. The decrease
was driven by lower volume, partially offset by bus pricing and
cost and efficiency improvements.
Year-to-Date 2021
Results
Net Sales
Net sales were $295.1 million for the six months ended April 3,
2021, a decrease of $113.5 million, or 27.8%, compared with the
prior year. Bus unit sales were 2,744 units for the six months
ended April 3, 2021 compared with 4,054 units for the same period
last year.
Gross Profit
Full year gross profit was $33.0 million, a decrease of $12.5
million from the prior year.
Net Loss
Net loss was $2.2 million for the six months ended April 3,
2021, which was $1.2 million below the prior year.
Adjusted Net Income
Year-to-date Adjusted Net Income was $1.4 million, representing
a decrease of $3.1 million compared with the prior year.
Adjusted EBITDA
Adjusted EBITDA was $13.3 million for the six months ended April
3, 2021, a decrease of $7.0 million from the prior year. The
decrease was driven entirely by lower volume, partially offset by
bus pricing and cost and efficiency improvements.
Conference Call Details
Blue Bird will discuss its second quarter and full year 2021
results in a conference call at 4:30 PM ET today. Participants may
listen to the audio portion of the conference call either through a
live audio webcast on the Company's website or by telephone. The
slide presentation and webcast can be accessed via the Investor
Relations portion of Blue Bird's website at www.blue-bird.com.
- Webcast participants should log on and register at least 15
minutes prior to the start time on the Investor Relations homepage
of Blue Bird’s website at http://investors.blue-bird.com. Click the
link in the events box on the Investor Relations landing page.
- Participants desiring audio only should dial 1-877-407-0784 or
1-201-689-8560
A replay of the webcast will be available approximately two
hours after the call concludes via the same link on Blue Bird’s
website.
About Blue Bird
Corporation
Blue Bird is the leading independent designer and manufacturer
of school buses, with more than 570,000 buses sold since its
formation in 1927 and approximately 180,000 buses in operation
today. Blue Bird’s longevity and reputation in the school bus
industry have made it an iconic American brand. Blue Bird
distinguishes itself from its principal competitors by its singular
focus on the design, engineering, manufacture and sale of school
buses and related parts. As the only manufacturer of chassis and
body production specifically designed for school bus applications,
Blue Bird is recognized as an industry leader for school bus
innovation, safety, product quality/reliability/durability,
operating costs and drivability. In addition, Blue Bird is the
market leader in alternative fuel applications with its
propane-powered and compressed natural gas-powered school buses.
Blue Bird manufactures school buses at two facilities in Fort
Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service
and after-market parts are distributed from Blue Bird’s parts
distribution center located in Delaware, Ohio.
Key Non-GAAP Financial Measures We Use
to Evaluate Our Performance
This press release includes the following non-GAAP financial
measures “Adjusted EBITDA,” "Adjusted EBITDA Margin," "Adjusted Net
Income," "Adjusted Diluted Earnings per Share," “Free Cash Flow”
and “Adjusted Free Cash Flow”. Adjusted EBITDA and Free Cash Flow
are financial metrics that are utilized by management and the board
of directors to determine (a) the annual cash bonus payouts, if
any, to be made to certain members of management based upon the
terms of the Company’s Management Incentive Plan, and (b) whether
the performance criteria have been met for the vesting of certain
equity awards granted annually to certain members of management
based upon the terms of the Company’s Omnibus Equity Incentive
Plan. Additionally, consolidated EBITDA, which is an adjusted
EBITDA metric defined by our Amended Credit Agreement that could
differ from Adjusted EBITDA discussed above as the adjustments to
the calculations are not uniform, is used to determine the
Company's ongoing compliance with several financial covenant
requirements, including being utilized in the denominator of the
calculation of the Total Net Leverage Ratio. Accordingly,
management views these non-GAAP financial metrics as key for the
above purposes and as a useful way to evaluate the performance of
our operations as discussed further below.
Adjusted EBITDA is defined as net income prior to interest
income; interest expense including the component of operating lease
expense (which is presented as a single operating expense in
selling, general and administrative expenses in our GAAP financial
statements) that represents interest expense on lease liabilities;
income taxes; and depreciation and amortization including the
component of operating lease expense (which is presented as a
single operating expense in selling, general and administrative
expenses in our GAAP financial statements) that represents
amortization charges on right-of-use lease assets; as adjusted for
certain non-cash charges or credits that we may record on a
recurring basis such as stock-compensation expense and unrealized
gains or losses on certain derivative financial instruments; net
gains or losses on the disposal of assets as well as certain
charges such as (i) significant product design changes; (ii)
transaction related costs; (iii) discrete expenses related to major
cost cutting initiatives; or (iv) costs directly attributed to the
COVID-19 pandemic. While certain of the charges that are added back
in the Adjusted EBITDA calculation, such as transaction related
costs and operational transformation and major product redesign
initiatives, represent operating expenses that may be recorded in
more than one annual period, the significant project or transaction
giving rise to such expenses is not considered to be indicative of
the Company’s normal operations. Accordingly, we believe that
these, as well as the other credits and charges that comprise the
amounts utilized in the determination of Adjusted EBITDA described
above, should not be used in evaluating the Company’s ongoing
annual operating performance. We define Adjusted EBITDA Margin as
Adjusted EBITDA as a percentage of net sales. Adjusted EBITDA and
Adjusted EBITDA Margin are not measures of performance defined in
accordance with GAAP. The measures are used as a supplement to GAAP
results in evaluating certain aspects of our business, as described
below.
We believe that Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Net Income, and Adjusted Diluted Earnings per Share are
useful to investors in evaluating our performance because the
measures consider the performance of our ongoing operations,
excluding decisions made with respect to capital investment,
financing, and certain other significant initiatives or
transactions as outlined in the preceding paragraph. We believe the
non-GAAP measures offer additional financial metrics that, when
coupled with the GAAP results and the reconciliation to GAAP
results, provide a more complete understanding of our results of
operations and the factors and trends affecting our business.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and
Adjusted Diluted Earnings per Share should not be considered as
alternatives to net income or GAAP earnings per share as an
indicator of our performance or as alternatives to any other
measure prescribed by GAAP as there are limitations to using such
non-GAAP measures. Although we believe the non-GAAP measures may
enhance an evaluation of our operating performance based on recent
revenue generation and product/overhead cost control because they
exclude the impact of prior decisions made about capital
investment, financing, and other expenses, (i) other companies in
Blue Bird’s industry may define Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted Net Income, and Adjusted Diluted Earnings per
Share differently than we do and, as a result, they may not be
comparable to similarly titled measures used by other companies in
Blue Bird’s industry, and (ii) Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted Net Income, and Adjusted Diluted Earnings per
Share exclude certain financial information that some may consider
important in evaluating our performance.
We compensate for these limitations by providing disclosure of
the differences between Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Net Income, and Adjusted Diluted Earnings per Share and
GAAP results, including providing a reconciliation to GAAP results,
to enable investors to perform their own analysis of our operating
results.
Our measures of “Free Cash Flow” and "Adjusted Free Cash Flow"
are used in addition to and in conjunction with results presented
in accordance with GAAP and free cash flow and adjusted free cash
flow should not be relied upon to the exclusion of GAAP financial
measures. Free cash flow and adjusted free cash flow reflect an
additional way of viewing our liquidity that, when viewed with our
GAAP results, provides a more complete understanding of factors and
trends affecting our cash flows. We strongly encourage investors to
review our financial statements and publicly-filed reports in their
entirety and not to rely on any single financial measure.
We define Free Cash Flow as total cash provided by/used in
operating activities as adjusted for net cash paid for the
acquisition of fixed assets and intangible assets. We use Free Cash
Flow, and ratios based on Free Cash Flow, to conduct and evaluate
our business because, although it is similar to cash flow from
operations, we believe it is a more conservative measure of cash
flow since purchases of fixed assets and intangible assets are a
necessary component of ongoing operations.
Forward Looking
Statements
This press release includes forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to expectations for future financial performance,
business strategies or expectations for our business. Specifically,
forward-looking statements include statements in this press release
regarding guidance, seasonality, product mix and gross profits and
may include statements relating to:
- Inherent limitations of internal controls impacting financial
statements
- Growth opportunities
- Future profitability
- Ability to expand market share
- Customer demand for certain products
- Economic conditions (including tariffs) that could affect fuel
costs, commodity costs, industry size and financial conditions of
our dealers and suppliers
- Labor or other constraints on the Company’s ability to maintain
a competitive cost structure
- Volatility in the tax base and other funding sources that
support the purchase of buses by our end customers
- Lower or higher than anticipated market acceptance for our
products
- Other statements preceded by, followed by or that include the
words “estimate,” “plan,” “project,” “forecast,” “intend,”
“expect,” “anticipate,” “believe,” “seek,” “target” or similar
expressions
These forward-looking statements are based on information
available as of the date of this press release, and current
expectations, forecasts and assumptions, and involve a number of
judgments, risks and uncertainties. Accordingly, forward-looking
statements should not be relied upon as representing our views as
of any subsequent date, and we do not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. The factors described
above, as well as risk factors described in reports filed with the
SEC by us (available at www.sec.gov), could cause our actual
results to differ materially from estimates or expectations
reflected in such forward-looking statements.
BLUE BIRD CORPORATION AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(in thousands except for share data)
April 3, 2021
October 3, 2020
Assets
Current assets
Cash and cash equivalents
$
18,722
$
44,507
Accounts receivable, net
6,502
7,623
Inventories
91,960
56,523
Other current assets
7,141
8,243
Total current assets
$
124,325
$
116,896
Property, plant and equipment, net
105,597
103,372
Goodwill
18,825
18,825
Intangible assets, net
50,448
51,632
Equity investment in affiliate
13,969
14,320
Deferred tax assets
4,828
4,365
Finance lease right-of-use assets
6,234
6,983
Other assets
1,757
1,022
Total assets
$
325,983
$
317,415
Liabilities and Stockholders'
Deficit
Current liabilities
Accounts payable
$
80,843
$
57,602
Warranty
7,438
8,336
Accrued expenses
15,775
15,773
Deferred warranty income
8,038
8,540
Finance lease obligations
1,303
1,280
Other current liabilities
10,052
10,217
Current portion of long-term debt
12,375
9,900
Total current liabilities
$
135,824
$
111,648
Long-term liabilities
Long-term debt
$
156,433
$
164,204
Warranty
11,743
13,038
Deferred warranty income
12,686
14,048
Deferred tax liabilities
477
254
Finance lease obligations
5,208
5,879
Other liabilities
15,076
14,315
Pension
41,124
47,259
Total long-term liabilities
$
242,747
$
258,997
Stockholders' deficit
Preferred stock, $0.0001 par value,
10,000,000 shares authorized, 0 shares
outstanding at April 3, 2021 and October
3, 2020
$
—
$
—
Common stock, $0.0001 par value,
100,000,000 shares authorized, 27,153,872
and 27,048,404 shares outstanding at April
3, 2021 and October 3, 2020,
respectively
3
3
Additional paid-in capital
91,078
88,910
Accumulated deficit
(35,697)
(33,464)
Accumulated other comprehensive loss
(57,690)
(58,397)
Treasury stock, at cost, 1,782,568 shares
at April 3, 2021 and October 3, 2020
(50,282)
(50,282)
Total stockholders' deficit
$
(52,588)
$
(53,230)
Total liabilities and stockholders'
deficit
$
325,983
$
317,415
BLUE BIRD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended
Six Months Ended
(in thousands except for share data)
April 3, 2021
April 4, 2020
April 3, 2021
April 4, 2020
Net sales
$
164,698
$
255,412
$
295,132
$
408,629
Cost of goods sold
146,205
231,243
262,171
363,160
Gross profit
$
18,493
$
24,169
$
32,961
$
45,469
Operating expenses
Selling, general and administrative
expenses
17,361
19,858
32,051
40,353
Operating profit
$
1,132
$
4,311
$
910
$
5,116
Interest expense
(2,334)
(5,658)
(4,264)
(7,555)
Interest income
—
—
1
0
Other income, net
422
180
1,065
374
Loss on debt modification
—
—
(598)
0
Loss before income taxes
$
(780)
$
(1,167)
$
(2,886)
$
(2,065)
Income tax benefit
483
817
1,004
1,143
Equity in net loss of non-consolidated
affiliate
(322)
(289)
(351)
(120)
Net loss
$
(619)
$
(639)
$
(2,233)
$
(1,042)
Earnings per share:
Basic weighted average shares
outstanding
27,118,452
26,866,822
27,089,342
26,667,860
Diluted weighted average shares
outstanding
27,118,452
26,866,822
27,089,342
26,667,860
Basic loss per share
$
(0.02)
$
(0.02)
$
(0.08)
$
(0.04)
Diluted loss per share
$
(0.02)
$
(0.02)
$
(0.08)
$
(0.04)
BLUE BIRD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Six Months Ended
(in thousands of dollars)
April 3, 2021
April 4, 2020
Cash flows from operating
activities
Net loss
$
(2,233)
$
(1,042)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
6,811
7,086
Non-cash interest expense
1,458
2,926
Share-based compensation
1,595
2,297
Equity in net loss of non-consolidated
affiliate
351
120
Loss (gain) on disposal of fixed
assets
21
(121)
Deferred taxes
(463)
(291)
Amortization of deferred actuarial pension
losses
931
859
Loss on debt modification
598
—
Changes in assets and liabilities:
Accounts receivable
1,121
3,455
Inventories
(35,437)
(65,112)
Other assets
1,363
(1,350)
Accounts payable
22,832
17,782
Accrued expenses, pension and other
liabilities
(10,146)
(14,818)
Total adjustments
$
(8,965)
$
(47,167)
Total cash used in operating
activities
$
(11,198)
$
(48,209)
Cash flows from investing
activities
Cash paid for fixed assets
(7,007)
(14,251)
Proceeds from sale of fixed assets
—
150
Total cash used in investing
activities
$
(7,007)
$
(14,101)
Cash flows from financing
activities
Borrowings under the revolving credit
facility
$
—
$
30,000
Repayments under the senior term loan
(4,950)
(4,950)
Principal payments on finance leases
(765)
(540)
Cash paid for debt costs
(2,476)
—
Net cash received (paid) for stock option
exercises and employee taxes on vested
restricted shares and stock option
exercises
611
(3,313)
Proceeds from exercises of warrants
—
4,240
Total cash (used in) provided by
financing activities
$
(7,580)
$
25,437
Change in cash and cash
equivalents
(25,785)
(36,873)
Cash and cash equivalents, beginning of
period
44,507
70,959
Cash and cash equivalents, end of
period
$
18,722
$
34,086
Reconciliation of Net Loss to Adjusted EBITDA
Three Months Ended
Six Months Ended
(in thousands of dollars)
April 3, 2021
April 4, 2020
April 3, 2021
April 4, 2020
Net loss
$
(619)
$
(639)
$
(2,233)
$
(1,042)
Adjustments:
Interest expense, net (1)
2,422
5,754
4,434
7,747
Income tax benefit
(483)
(817)
(1,004)
(1,143)
Depreciation, amortization, and disposals
(2)
3,591
3,816
7,267
7,354
Operational transformation initiatives
153
1,765
208
2,879
Share-based compensation
871
1,204
1,595
2,297
Product redesign initiatives
1,081
1,082
1,267
2,092
Restructuring charges
—
—
494
—
Costs directly attributed to the COVID-19
pandemic (3)
527
107
697
107
Loss on debt modification
—
—
598
—
Other
—
—
—
6
Adjusted EBITDA
$
7,543
$
12,272
$
13,323
$
20,297
Adjusted EBITDA margin (percentage of net
sales)
4.6
%
4.8
%
4.5
%
5.0
%
(1) Includes $0.1 million for both
three-month fiscal periods and $0.2 million for both six-month
fiscal periods, representing interest expense on lease liabilities,
which are a component of lease expense and presented as a single
operating expense in selling, general and administrative expenses
on our Condensed Consolidated Statements of Operations.
(2) Includes $0.2 million for both
three-month fiscal periods $0.4 million for both six-month fiscal
periods, representing amortization charges on right-to-use lease
assets, which are a component of lease expense and presented as a
single operating expense in selling, general and administrative
expenses on our Condensed Consolidated Statements of
Operations.
(3) Primarily costs incurred for third
party cleaning services and personal protective equipment for our
employees in response to the COVID-19 pandemic.
Reconciliation of Free Cash Flow to Adjusted Free Cash Flow
Three Months Ended
Six Months Ended
(in thousands of dollars)
April 3, 2021
April 4, 2020
April 3, 2021
April 4, 2020
Net cash provided by operating
activities
$
299
$
37,779
$
(11,198)
$
(48,209)
Cash paid for fixed assets
(3,690)
(4,964)
(7,007)
(14,251)
Free cash flow
$
(3,391)
$
32,815
$
(18,205)
$
(62,460)
Cash paid for product redesign
initiatives
1,081
4,197
1,267
7,577
Cash paid for operational
transformation
initiatives
153
1,765
208
2,879
Cash paid for restructuring charges
—
—
494
—
Cash paid for costs directly attributed
to
COVID-19
527
107
697
107
Adjusted free cash flow
(1,630)
38,884
(15,539)
(51,897)
Reconciliation of Net Loss to Adjusted Net Income
Three Months Ended
Six Months Ended
(in thousands of dollars)
April 3, 2021
April 4, 2020
April 3, 2021
April 4, 2020
Net loss
$
(619)
$
(639)
$
(2,233)
$
(1,042)
Adjustments, net of tax benefit or expense
(1)
Operational transformation initiatives
115
1,324
156
2,159
Product redesign initiatives
811
812
950
1,569
Share-based compensation
653
903
1,196
1,723
Restructuring charges
—
—
371
—
Costs directly attributed to the
COVID-19
pandemic (2)
395
80
523
80
Loss on debt modification
—
—
449
—
Other
—
—
—
5
Adjusted net income, non-GAAP
$
1,355
$
2,480
1,411
4,494
(1) Amounts are net of estimated statutory
tax rates of 25%.
(2) Primarily costs incurred for third
party cleaning services and personal protective equipment for our
employees.
Reconciliation of Diluted EPS to Adjusted Diluted EPS
Three Months Ended
Six Months Ended
April 3, 2021
April 4, 2020
April 3, 2021
April 4, 2020
Diluted loss per share
$
(0.02)
$
(0.02)
$
(0.08)
$
(0.04)
One-time charge adjustments, net of tax
benefit
or expense
0.07
0.11
0.13
0.21
Adjusted diluted earnings per share,
non-GAAP
$
0.05
$
0.09
$
0.05
$
0.17
Weighted average dilutive shares
outstanding (1)
27,330,267
26,976,324
27,357,778
26,885,398
(1) Weighted average dilutive shares
outstanding for the three months ended April 3, 2021 and April 4,
2020 excluded 211,815 and 109,502 shares, respectively, and
excluded 268,436 and 217,538 shares for the six months ended April
3, 2021 and April 4, 2020, respectively, as their effect would be
anti-dilutive, but were included in the adjusted diluted earnings
per share, non-GAAP calculation as their effect was dilutive.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210512005873/en/
Mark Benfield Profitability & Investor Relations (478)
822-2315 Mark.Benfield@blue-bird.com
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