CHARLOTTE,
Mich.,
Oct. 30,
2012 /PRNewswire/
-- Spartan Motors, Inc. (NASDAQ: SPAR) ("Spartan" or the
"Company") today announced operating results for the third quarter
of 2012. Revenues totaled $112.9 million compared to $120.3 million in the third quarter of
2011. Spartan reported a net loss of
$0.3 million for the third quarter of
2012, or ($0.01) per diluted share
compared to net income of $3.2
million, or $0.10 per diluted
share in the third quarter of 2011. Excluding
pre-tax restructuring charges of $1.6
million, Spartan posted adjusted operating earnings for the
quarter of $0.02 per diluted
share.
For the quarter ended
Sept. 30, 2012, Spartan began
reporting its operating results in three segments: Emergency
Response (ER), Delivery & Service Vehicles (DSV) and Specialty
Vehicles (SV). Results for these segments are
included
below.
Third Quarter 2012
Summary:
- Net sales of $112.9 million (down 6% from Q3 2011 sales of
$120.3
million):
- Emergency Response sales
totaled $39.9 million, up 12.9% from
$35.3 million in Q3
2011
- Delivery & Service
Vehicle sales totaled $49.0 million,
down 20.0% from $61.2 million in Q3
2011
- Specialty Vehicles sales
totaled $23.9 million, up 0.8% from
$23.8 million in Q3
2011
- GAAP results (including
restructuring
charges):
- Gross margin of 11.5% of
sales, down from 17.0% in Q3
2011
- Operating loss of
$0.3 million and operating margin of
(0.2)%, compared to operating income of $5.3
million and operating margin of 4.4% in Q3
2011
- Net loss of $0.3 million, or ($0.01) per diluted
share
- Adjusted operating results
(non-GAAP, excluding restructuring
charges):
- Adjusted gross margin of
12.9% of sales
- Adjusted operating income
of $1.4 million, or 1.2% of
sales
- Adjusted net income of
$0.7 million, or $0.02 per diluted
share
- Restructuring charges
totaled $1.6 million, or $0.03 per diluted share in Q3 2012, mostly
related to the previously disclosed sale of the Wakarusa, Ind. campus and move to Bristol,
Ind.
- Tax expense for the quarter
included $0.2 million related to a
prior period tax
position
- Earnings before interest,
taxes, depreciation and amortization (EBITDA) was $3.6 million in Q3 2012 versus $7.6 million in Q3
2011
- Ending consolidated backlog
of $168.3 million at Sept. 30, 2012 versus $173.3 million at June 30,
2012 and $142.6 million at
Sept. 30, 2011; Q3 2012 new orders
totaled $108.1
million
- Sales to businesses and
consumers were 61% of total revenue versus 63% in Q2
2011
- Cash balance of
$26.7 million at Sept. 30, 2012 compared to $33.3 million at June 30,
2012
John
Sztykiel, Chief Executive Officer of Spartan Motors, Inc.,
commented on the third quarter, "Spartan continued its trend of
generating an adjusted operating profit through the third quarter
of 2012 as our Emergency Response and Specialty Vehicles units
posted growth in revenue and order backlog compared to the third
quarter of 2011. The improved performance of
these units underscores the importance of our diversification
strategy as the growth in these segments partially offset a slower
quarter in our Delivery & Service Vehicles
unit. We are executing our plan and continuing
our momentum in returning our ER and Specialty Vehicles units to
growth and taking action to improve our
operations."
Emergency Response
Vehicles and Specialty Vehicles Gain in Third Quarter
2012
- Spartan's Emergency
Response Vehicles segment, which includes both the Emergency
Response Chassis and Emergency Response Bodies operations, posted a
sales gain of $4.6 million, or 12.9%,
in the third quarter of 2012 compared to the prior
year. Sales of Spartan's custom chassis
accounted for most of the increase, as the market gradually
recovered and responded favorably to Spartan's new product
offerings. During the quarter, Spartan shipped
the first few ER chassis equipped with the Spartan APS advanced
airbag restraint
system.
- The Specialty Vehicles
segment generated revenue of $23.9
million in the third quarter of 2012, up 0.8% from
$23.8 million in the year-ago third
quarter. Most of the increase came from higher
sales of recreational vehicle chassis, which totaled $17.1 million for the third quarter of 2012, an
increase of $3.0 million, or 20.9%,
over the third quarter of 2011. RV chassis sales
increased as RV manufacturers using Spartan's custom chassis
increased their sales and market share during the third quarter of
2012.
- The Delivery & Service
Vehicles segment posted third quarter 2012 revenue of $49.0 million, down from $61.2 million in the third quarter of
2011. The revenue decline was largely due to the
decline in aftermarket accessory sales during the most recent third
quarter. Vehicle sales in Q3 2012 were adversely
affected to a lesser extent by a decline in walk-in van sales
compared to Q3 2011 when DSV shipped a record number of units to a
major customer. Shortages of some materials also
pushed out production of some walk-in van units beyond Q3
2012. Partially offsetting the decline in
walk-in van sales was an increase in truck body sales in Q3 2012
compared to Q3 2011. In addition, production of
the Reach van in Charlotte
commenced during the third quarter, with 182 units shipped during
the
period.
- Spartan's gross margin
excluding restructuring items was 12.9% in the third quarter of
2012 versus 17.0% in the third quarter of 2011.
Compared to the third quarter of 2011, the gross margin was
negatively impacted by lower revenue, including the absence of
keyless entry sales at DSV. Including
restructuring items of $1.5 million
in the third quarter of 2012, gross margin was 11.5% of
sales.
- Restructuring charges were
related to the relocation of DSV's Utilimaster operations to
Bristol, Ind., including
$0.9 million in impairment charges to
the value of the Wakarusa, Ind.
campus. The additional impairment was taken to reflect the expected
realizable value of the buildings as discussed in the Company's
prior releases.
- Operating expenses in the
third quarter of 2012 declined by $2.1
million to $13.1 million, or
11.6% of sales, excluding restructuring charges, compared to
$15.2 million, or 12.6% of sales, in
the third quarter of 2011. Including
restructuring charges of $0.1
million, or 0.1% of sales, operating expenses for the third
quarter of 2012 amounted to $13.2
million, or 11.7% of sales. Operating expenses declined year
over year due to management's ongoing efforts to control
expenses.
- Tax expense for the third
quarter of 2012 was $0.1
million.
The Company's effective tax
rate was impacted unfavorably due to a state court ruling regarding
a prior period tax position that occurred in the third
quarter. This event was a non-recurring,
discrete event for tax purposes that required recognizing the
entire impact of the uncertain tax position in the third
quarter.
Investment at Bristol
Continues, Inventories Rise Due to Product Shipment
Timing
- At the end of the third
quarter of 2012, the Company's cash balance stood at $26.7 million, down from $33.3 million at the end of the second quarter of
2012. Cash balances were reduced by $6.6 million due to an increase in inventory of
$13.3 million, partially offset by an
increase in accounts payable of $7.6
million. Inventories in the ER segment
increased by $6.6 million, largely
due to delays in receiving commercial chassis that pushed out
production schedules and shipment dates beyond Sept. 30, 2012. During the
quarter, the Company invested $4.3
million in capital equipment, including $3.6 million for the Bristol, Ind.
facility.
Gradual Recovery in
Markets Continues, Management Cautiously
Optimistic
Joe
Nowicki, Spartan's Chief Financial Officer, stated regarding
the Company's third quarter performance and outlook, "Our Emergency
Response and Specialty Vehicles units performed well in the third
quarter of 2012 and are expected to maintain that momentum through
the end of 2012. The third quarter was also a
period of significant investment in Bristol which, along with higher inventories
in the DSV and ER units, reduced our cash
balances. We expect inventories to be reduced
during the fourth quarter of 2012, along with lower capital
spending. With orders booked for the rest of the
year, we look for 2012 revenue to increase from 2011 in the mid- to
upper-single digits and expect the adjusted gross margin for the
year to be in the 14 – 14.5% range, with adjusted operating
expenses of 12 – 12.5%. Looking ahead to 2013,
we expect revenue to grow in the mid-single digits over
2012. We will continue to manage our cost
structure and expect to make progress toward our goals of 17% gross
margins, 11% operating expenses, and 6% operating
income."
John
Sztykiel concluded, "Despite the challenging year-over-year
comparison to the third quarter of 2011, we kept moving forward
toward our goals. Some of our accomplishments
include moving Reach production to Charlotte and shipping 182 units during the
quarter, making more progress on relocating Utilimaster to
Bristol, Ind. and receiving
additional orders for the Reach from UPS and
FedEx. Operationally, the fourth quarter of 2012
is important as we start the move of Utilimaster from Wakarusa, Ind. to Bristol, which we expect to yield annualized
savings of $4
million. The investments we made in
Emergency Response are paying off and our business is becoming
stronger. In closing, we have two strong brands,
Utilimaster and Spartan, as demonstrated by the 18% growth in
backlog compared to the third quarter of 2011, that are leading us
forward in these challenging times. Recognizing
the positives with the challenges, we will continually refine and
execute our plan to ensure that we move Spartan
forward."
Reconciliation of
Non-GAAP Financial
Measures
This release contains
adjusted gross profit, adjusted gross margin, adjusted operating
expenses, adjusted operating income, adjusted net earnings (loss)
and adjusted earnings (loss) per share measures, as well as
earnings before interest, taxes, depreciation and amortization
(EBITDA), which are all Non-GAAP financial measures. These are
calculated by excluding items that we believe to be infrequent or
not indicative of our operating performance. For
the periods covered by this release such items consist of expenses
associated with restructuring actions taken to improve the
efficiency and profitability of certain of our manufacturing
operations and adjust our cost structure to the current business
climate. We present these adjusted Non-GAAP
measures because we consider them to be important supplemental
measures of our performance and believe them to be useful to show
ongoing results from operations distinct from items that are
infrequent or not indicative of our operating
performance. We define EBITDA as operating
income (loss) excluding restructuring charges, less depreciation
and amortization. We believe EBITDA is a useful
tool that allows comparison of financial performance by eliminating
the impact of differences in capital structure, restructuring
charges and capital spending, among others, between different time
periods or
industries.
The adjusted Non-GAAP
measures are not measurements of our financial performance under
GAAP and should not be considered as an alternative to gross
profit, gross margin, operating expense, operating income, net
earnings (loss) or earnings (loss) per share under GAAP. These
adjusted Non-GAAP measures have limitations as analytical tools and
should not be considered in isolation or as a substitute for
analysis of our results as reported under GAAP. In addition, in
evaluating the adjusted Non-GAAP measures, you should be aware that
in the future we may incur expenses similar to the adjustments in
this presentation, despite our assessment that such expenses are
infrequent or not indicative of our operating
performance. Our presentation of the adjusted
Non-GAAP measures should not be construed as an inference that our
future results will be unaffected by unusual or infrequent items.
We compensate for these limitations by providing equal prominence
of our GAAP results and using adjusted Non-GAAP measures only as a
supplement.
The following table
reconciles gross profit to adjusted gross profit, gross margin to
adjusted gross margin, operating income to adjusted operating
income, operating expense to adjusted operating expense, net
earnings (loss) to adjusted net earnings (loss), earnings (loss)
per share to adjusted earnings (loss) per share and operating
income (loss) to EBITDA for the periods
indicated.
Financial Summary
(Non-GAAP)
|
(In thousands, except per
share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2012
|
% of
sales
|
|
2011
|
% of
sales
|
|
2012
|
% of
sales
|
|
2011
|
% of
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit/Gross
margin
|
$12,968
|
11.5
|
|
$20,446
|
17.0
|
|
$45,456
|
13.1
|
|
$46,136
|
14.7
|
Add back: restructuring
charges
|
1,543
|
1.4
|
|
-
|
-
|
|
5,760
|
1.7
|
|
1,731
|
0.5
|
Adjusted gross
profit/Adjusted gross margin
|
$
14,511
|
12.9
|
|
$20,446
|
17.0
|
|
$
51,216
|
14.8
|
|
$47,867
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
$
13,243
|
11.7
|
|
$15,170
|
12.6
|
|
$
45,266
|
13.1
|
|
$45,831
|
14.6
|
Less: restructuring
charges
|
100
|
0.1
|
|
-
|
-
|
|
1,976
|
0.6
|
|
1,050
|
0.3
|
Adjusted operating
expenses
|
$
13,143
|
11.6
|
|
$15,170
|
12.6
|
|
$
43,290
|
12.5
|
|
$44,781
|
14.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2012
|
% of
sales
|
|
2011
|
% of
sales
|
|
2012
|
% of
sales
|
|
2011
|
% of
sales
|
Operating income
(loss)/Operating margin
|
$
(275)
|
(0.2)
|
|
$
5,276
|
4.4
|
|
$
190
|
0.1
|
|
$
305
|
0.1
|
Add back: restructuring
charges
|
1,643
|
1.5
|
|
-
|
-
|
|
7,736
|
2.2
|
|
2,781
|
0.9
|
Adjusted operating
income/Adjusted operating margin
|
$
1,368
|
1.2
|
|
$
5,276
|
4.4
|
|
$
7,926
|
2.3
|
|
$
3,086
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(327)
|
(0.3)
|
|
$
3,198
|
2.7
|
|
$
9
|
0.0
|
|
$
80
|
0.0
|
Add back: restructuring charges, net of
tax
|
1,002
|
0.9
|
|
-
|
-
|
|
4,719
|
1.4
|
|
1,796
|
0.6
|
Adjusted net
income
|
$
675
|
0.6
|
|
$
3,198
|
2.7
|
|
$
4,728
|
1.4
|
|
$
1,876
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share -
basic and diluted
|
$
(0.01)
|
|
|
$
0.10
|
|
|
$
-
|
|
|
$
-
|
|
Add back: restructuring charges, net of
tax
|
0.03
|
|
|
-
|
|
|
0.14
|
|
|
0.06
|
|
Adjusted net earnings per
share - diluted
|
$
0.02
|
|
|
$
0.10
|
|
|
$
0.14
|
|
|
$
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
(275)
|
|
|
$
5,276
|
|
|
|
|
|
|
|
Add back: restructuring
charges
|
1,643
|
|
|
-
|
|
|
|
|
|
|
|
Adjusted operating income
(loss)
|
1,368
|
|
|
5,276
|
|
|
|
|
|
|
|
Add back: depreciation and
amortization
|
2,229
|
|
|
2,291
|
|
|
|
|
|
|
|
Earnings before interest,
taxes, depreciation and
amortization
|
$
3,597
|
|
|
$
7,567
|
|
|
|
|
|
|
|
Conference Call, Webcast and
Roadcast®
Spartan Motors will host a conference call for
analysts and portfolio managers at 10 a.m.
ET today to discuss these results and current business
trends. To listen to a live webcast of the call, please
visit
www.spartanmotors.com,
click on "Shareholders," and then on
"Webcasts."
For more information about Spartan, please
view the Company's Roadcast "digital roadshow" designed for
investors. To launch the Spartan Motors Roadcast, please
visit
www.spartanmotors.com
and look for the "Virtual Road Show" link on the
right side of the page.
About Spartan
Motors
Spartan Motors, Inc. designs, engineers and
manufactures specialty chassis, specialty vehicles, truck bodies
and aftermarket parts for the recreational vehicle (RV), emergency
response, government services, defense, and delivery and service
markets. The Company's brand names – Spartan™, Spartan Chassis™,
Spartan ER™, Spartan ERV™ and Utilimaster® - are known for quality,
performance, service and first-to-market innovation. The Company
employs approximately 1,800 associates at facilities in
Michigan, Pennsylvania, South
Dakota, Indiana,
Florida and Texas. Spartan reported sales of $426 million in 2011 and is focused on becoming a
global leader in the design, engineering and manufacture of
specialty vehicles and chassis. Visit 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 strength,
future plans, objectives, and the performance of our products.
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.
Spartan Motors, Inc. and
Subsidiaries
|
Condensed Consolidated
Balance Sheets
|
(In thousands, except
par value)
|
|
|
|
September
30,
|
|
|
|
|
2012
|
|
December
31,
|
|
|
(Unaudited)
|
|
2011
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
26,690
|
|
$
31,677
|
Accounts receivable, less
allowance of $1,010 and $749
|
50,043
|
|
40,042
|
Inventories
|
70,796
|
|
66,991
|
Deferred income tax
assets
|
6,425
|
|
6,425
|
Income taxes
receivable
|
5,368
|
|
1,479
|
Assets held for
sale
|
4,973
|
|
-
|
Other current
assets
|
2,247
|
|
2,455
|
Total current
assets
|
166,542
|
|
149,069
|
|
|
|
|
|
Property, plant and
equipment, net
|
58,273
|
|
65,399
|
Goodwill
|
|
20,815
|
|
20,815
|
Intangible assets,
net
|
11,275
|
|
11,943
|
Other
assets
|
1,601
|
|
1,383
|
TOTAL
ASSETS
|
$
258,506
|
|
$
248,609
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
30,092
|
|
$
21,649
|
Accrued
warranty
|
6,262
|
|
5,802
|
Accrued customer
rebates
|
2,115
|
|
1,546
|
Accrued compensation and
related taxes
|
6,295
|
|
5,670
|
Deposits from
customers
|
6,550
|
|
7,902
|
Other current liabilities
and accrued expenses
|
8,738
|
|
7,772
|
Current portion of
long-term debt
|
55
|
|
55
|
Total current
liabilities
|
60,107
|
|
50,396
|
|
|
|
|
|
Other non-current
liabilities
|
3,742
|
|
2,932
|
Long-term debt, less
current portion
|
5,046
|
|
5,084
|
Deferred income tax
liabilities
|
7,359
|
|
7,359
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
Preferred stock, no par
value: 2.0
|
|
|
|
shares authorized (none
issued)
|
-
|
|
-
|
Common stock, $0.01 par
value; 40,000 shares
|
|
|
|
authorized; 33,821 and
33,596 outstanding
|
338
|
|
336
|
Additional paid in
capital
|
72,240
|
|
71,145
|
Retained
earnings
|
109,674
|
|
111,357
|
Total shareholders'
equity
|
182,252
|
|
182,838
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$
258,506
|
|
$
248,609
|
Spartan Motors, Inc. and
Subsidiaries
|
Condensed Consolidated
Statements of Operations
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2012
|
|
% of sales
|
|
2011
|
|
% of sales
|
|
2012
|
|
% of sales
|
|
2011
|
|
% of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
$112,857
|
|
|
|
$
120,303
|
|
|
|
$
346,087
|
|
|
|
$
314,800
|
|
|
Cost of products
sold
|
|
|
98,346
|
|
87.1
|
|
99,857
|
|
83.0
|
|
294,871
|
|
85.2
|
|
266,933
|
|
84.8
|
Restructuring
charges
|
|
|
1,543
|
|
1.4
|
|
-
|
|
-
|
|
5,760
|
|
1.7
|
|
1,731
|
|
0.5
|
Gross
profit
|
|
|
12,968
|
|
11.5
|
|
20,446
|
|
17.0
|
|
45,456
|
|
13.1
|
|
46,136
|
|
14.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
2,909
|
|
2.6
|
|
3,274
|
|
2.7
|
|
9,902
|
|
2.9
|
|
10,472
|
|
3.3
|
|
Selling, general and
administrative
|
|
|
10,234
|
|
9.1
|
|
11,896
|
|
9.9
|
|
33,388
|
|
9.6
|
|
34,309
|
|
10.9
|
|
Restructuring
charges
|
|
|
100
|
|
0.1
|
|
-
|
|
-
|
|
1,976
|
|
0.6
|
|
1,050
|
|
0.3
|
Total operating
expenses
|
|
|
13,243
|
|
11.7
|
|
15,170
|
|
12.6
|
|
45,266
|
|
13.1
|
|
45,831
|
|
14.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(275)
|
|
(0.2)
|
|
5,276
|
|
4.4
|
|
190
|
|
0.1
|
|
305
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(81)
|
|
(0.1)
|
|
(88)
|
|
(0.1)
|
|
(253)
|
|
(0.1)
|
|
(260)
|
|
(0.1)
|
|
Interest and other income
(expense)
|
|
178
|
|
0.2
|
|
(72)
|
|
(0.1)
|
|
434
|
|
0.1
|
|
83
|
|
0.0
|
Total other income
(expense)
|
|
|
97
|
|
0.1
|
|
(160)
|
|
(0.1)
|
|
181
|
|
0.1
|
|
(177)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes
|
|
|
(178)
|
|
(0.2)
|
|
5,116
|
|
4.3
|
|
371
|
|
0.1
|
|
128
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes
|
|
|
|
149
|
|
0.1
|
|
1,918
|
|
1.6
|
|
362
|
|
0.1
|
|
48
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
|
|
$
(327)
|
|
(0.3)
|
|
$
3,198
|
|
2.7
|
|
$
9
|
|
0.0
|
|
$
80
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings
(loss) per share
|
|
|
$
(0.01)
|
|
|
|
$
0.10
|
|
|
|
$
0.00
|
|
|
|
$
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
|
|
$
(0.01)
|
|
|
|
$
0.10
|
|
|
|
$
0.00
|
|
|
|
$
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares outstanding
|
|
|
33,374
|
|
|
|
33,506
|
|
|
|
33,795
|
|
|
|
33,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding
|
|
|
33,374
|
|
|
|
33,525
|
|
|
|
33,824
|
|
|
|
33,459
|
|
|
Spartan Motors, Inc. and
Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
(amounts in thousands of
dollars)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2012 (amounts
in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Emergency
Response
Vehicles
|
|
Delivery &
Service
Vehicles
|
|
Specialty
Vehicles
|
|
Other
|
|
Consolidated
|
Emergency Response Chassis
Sales
|
$
29,109
|
|
|
|
|
|
|
|
$
29,109
|
Emergency Response Body
Sales
|
10,781
|
|
|
|
|
|
|
|
10,781
|
Utilimaster Vehicle
Sales
|
|
|
40,329
|
|
|
|
|
|
40,329
|
Motorhome Chassis
Sales
|
|
|
|
|
17,129
|
|
|
|
17,129
|
Other Specialty
Vehicles
|
|
|
|
|
1,279
|
|
|
|
1,279
|
Aftermarket Parts and
Assemblies
|
|
|
8,696
|
|
5,534
|
|
|
|
14,230
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
39,890
|
|
$
49,025
|
|
$
23,942
|
|
$
-
|
|
$112,857
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization Expense
|
$
207
|
|
$
689
|
|
$
162
|
|
$
1,171
|
|
$
2,229
|
Operating Income
(Loss)
|
89
|
|
600
|
|
504
|
|
(1,468)
|
|
(275)
|
Segment
Assets
|
|
71,798
|
|
85,118
|
|
24,483
|
|
77,107
|
|
258,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2012 (amounts
in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Emergency
Response
Vehicles
|
|
Delivery &
Service
Vehicles
|
|
Specialty
Vehicles
|
|
Other
|
|
Consolidated
|
Emergency Response Chassis
Sales
|
$
81,702
|
|
|
|
|
|
|
|
$
81,702
|
Emergency Response Body
Sales
|
35,687
|
|
|
|
|
|
|
|
35,687
|
Utilimaster Vehicle
Sales
|
|
|
103,757
|
|
|
|
|
|
103,757
|
Motorhome Chassis
Sales
|
|
|
|
|
51,715
|
|
|
|
51,715
|
Other Specialty
Vehicles
|
|
|
|
|
6,410
|
|
|
|
6,410
|
Aftermarket Parts and
Assemblies
|
|
|
51,867
|
|
14,949
|
|
|
|
66,816
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
117,389
|
|
$
155,624
|
|
$
73,074
|
|
$
-
|
|
$
346,087
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization Expense
|
$
670
|
|
$
2,025
|
|
$
510
|
|
$
3,665
|
|
$
6,870
|
Operating Income
(Loss)
|
(3,256)
|
|
8,157
|
|
994
|
|
(5,705)
|
|
190
|
Segment
Assets
|
|
71,798
|
|
85,118
|
|
24,483
|
|
77,107
|
|
258,506
|
Spartan Motors, Inc. and
Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Period End Backlog
(amounts in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sept. 30,
2011
|
|
Dec. 31,
2011
|
|
March 31,
2012
|
|
June 30,
2012
|
|
Sept. 30,
2012
|
|
|
|
|
|
|
|
|
|
|
|
Emergency
Response
Chassis*
|
$
48,151
|
|
$
45,567
|
|
$
47,926
|
|
$
48,698
|
|
$
46,633
|
Emergency
Response
Bodies*
|
26,007
|
|
28,432
|
|
34,235
|
|
34,604
|
|
39,279
|
Total Emergency Response
Backlog
|
74,158
|
|
73,999
|
|
82,161
|
|
83,302
|
|
85,912
|
|
|
|
|
|
|
|
|
|
|
|
Motorhome Chassis
*
|
11,640
|
|
10,018
|
|
10,712
|
|
10,885
|
|
12,863
|
Other
Vehicles*
|
1,668
|
|
2,287
|
|
150
|
|
-
|
|
-
|
Aftermarket Parts
and
Assemblies
|
1,203
|
|
2,955
|
|
2,610
|
|
3,989
|
|
4,536
|
Total Specialty Vehicles
Backlog
|
14,511
|
|
15,260
|
|
13,472
|
|
14,874
|
|
17,399
|
|
|
|
|
|
|
|
|
|
|
|
Delivery &
Service Vehicles *
|
53,888
|
|
47,694
|
|
40,032
|
|
75,116
|
|
65,026
|
Total
Backlog
|
|
$
142,557
|
|
$
136,953
|
|
$
135,665
|
|
$
173,292
|
|
$
168,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Anticipated time to fill
backlog orders at September 30, 2012; 5 months or less for
emergency response chassis; 7 months or less for emergency response
bodies; 3 months or less for motorhome chassis; 6 months or less
for delivery and service vehicles; and 1 month or less for other
products.
|
|
|
SOURCE Spartan Motors, Inc.