CHARLOTTE, Mich., May 4, 2017 /PRNewswire/ -- Spartan Motors,
Inc. (NASDAQ: SPAR) ("Spartan" or the "Company"), a global leader
in specialty chassis and vehicle design, manufacturing and
assembly, today reported operating results for the first quarter
ending March 31,
2017.
First Quarter 2017 Highlights
For the first quarter of 2017 compared to the first quarter of
2016:
- Sales increased 24.9% to $167.1
million from $133.7 million
and reflects $35.2 million in sales
from the Smeal Fire Apparatus acquisition, which excludes
$5.5 million of Spartan inter-company
chassis sales
- Net income declined $1.6
million to a loss of $1.1
million, or $0.03 per share,
from income of $0.5 million, or
$0.02 per share, reflecting
$2.6 million of acquisition and
restructuring related expenses compared to $0.3 million a year ago
- Adjusted net income rose 142.1% to $1.3 million, or $0.04 per share, from $0.5
million, or $0.02 per share
- Adjusted EBITDA increased 45.7% to $4.2 million, or 2.5% of sales, from $2.9 million, or 2.1% of sales
- Backlog increased $101.8
million to $351.3 million at
March 31, 2017 from $249.5 million at December
31, 2016 and reflects $78.6
million in backlog from the Smeal Fire Apparatus
acquisition
- Cash increased 10.6% to $35.4
million at March 31, 2017
compared to $32.0 million at
December 31, 2016
"We are very pleased with the operating results achieved for the
quarter. On an adjusted basis, this marks our fifth
profitable quarter in a row," said Daryl
Adams, President and Chief Executive Officer. "Our
solid performance was driven by the continued operational
improvements we have made in labor and manufacturing productivity,
as a result of implementing the Spartan Production System, lean
manufacturing and continuous improvement initiatives."
Fleet Vehicles and Services (FVS)
FVS segment
sales decreased 9.1% to $53.9 million
from $59.3 million. The revenue
decline was primarily due to lower volume at vehicle up-fit
centers.
Adjusted EBITDA decreased $0.3
million to $6.2 million, or
11.6% of sales, from $6.5 million, or
10.9% of sales, a year ago. Unfavorable mix resulted in the
decrease in adjusted EBITDA compared to last year. Despite
this decrease, EBITDA margin increased 70 basis points reflecting
improved labor and manufacturing productivity.
The Segment backlog at March 31,
2017 totaled $114.0 million
compared to $89.5 million at
December 31, 2016.
Specialty Chassis & Vehicles (SCV)
SCV
segment sales remained comparable at $33.0
million. Revenues were impacted by a defense order
that did not reoccur in 2017.
Adjusted EBITDA decreased 3.9% to $1.5
million, or 4.7% of sales, from $1.6
million, or 4.8% of sales, a year ago, mainly due to a
defense order that did not reoccur in 2017.
The Segment backlog at March 31,
2017 totaled $22.8 million
compared to $20.1 million at
December 31, 2016.
Emergency Response (ER)
ER segment sales
increased $39.1 million to
$80.2 million, or 95.1%, from
$41.1 million. The Smeal
acquisition contributed $35.2 million
of the increase (excludes $5.5
million of Spartan inter-company chassis sales), offset by
fewer shipments of complete fire apparatus and custom cab and
chassis compared to a year ago, as the Company continues to focus
on profitable sales.
Adjusted EBITDA improved $1.8
million, to a loss of $1.3
million from a loss of $3.1
million a year ago. The improvement was primarily the
result of improved quality, increased labor efficiencies and
manufacturing productivity.
The Segment backlog at March 31,
2017 totaled $214.5 million
compared to $139.9 million at
December 31, 2016, and reflects
$78.6 million in backlog from Smeal
Fire Apparatus.
Acquisition Update
As previously announced,
the Company completed the acquisition of Smeal Fire Apparatus Co.
("Smeal") and its subsidiaries effective January 1, 2017. Smeal, an industry-leading
innovator and manufacturer of fire apparatus in North America, generated first quarter 2017
revenues of $35.2 million (excludes
$5.5 million of Spartan inter-company
chassis sales). Smeal is expected to generate approximately
$105 million in sales, excluding
inter-company shipments, during 2017.
The Company results for the 2017 first quarter include
approximately $2.6 million, or
$0.07 per share of acquisition and
restructuring related adjustments and expenses.
"Our team has been working tirelessly and our Smeal integration
efforts are running ahead of schedule and are already generating
positive outcomes," continued Adams. "Not only have we
identified more synergistic opportunities than originally
anticipated, we are also experiencing significantly increased
interest and excitement in our expanded product portfolio from our
dealers and customers. We are excited to share that not only
do we have the right team in place to make these integration
efforts successful, we're also applying lessons learned and
documenting the process required for future acquisitions.
These developments further abbreviate the timeline needed to
accelerate the turnaround of the Emergency Response business and it
remains on track to return to profitability on an adjusted basis in
2017."
Raising 2017 Guidance
"Our strong first
quarter performance reflects the favorable impact of successfully
implementing lean manufacturing, continuous improvement initiatives
across all production facilities and the Smeal integration that is
ahead of schedule," said Rick Sohm,
Chief Financial Officer of Spartan Motors. "Looking ahead to the
remainder of the year, we expect to see continued year-over-year
operational improvements and additional synergies realized from the
Smeal integration, which gives us comfort in raising the 2017
guidance."
Outlook for the full year 2017 is now expected to be as
follows:
- Revenue of $650.0 - $700.0
million, up from previous guidance of $615.0 - $685.0 million
- Restructuring, acquisition costs and inter-company chassis
impact of approximately $3.2 million,
net of tax, up from previous guidance of $2.8 million
- Adjusted EBITDA of $26.5 - $29.0
million, up from previous guidance of $25.1 - $28.3 million
- Income tax expense of $1.5 - $2.3
million, down from previous guidance of $1.7 - $2.8 million
- Interest expense of approximately $0.8
million, down from previous guidance of $1.0 million
- Adjusted earnings per share of $0.36 -
$0.41, up from previous guidance of $0.30 - $0.36, assuming approximately 35.0
million shares outstanding, up from previous guidance of 34.8
million shares
"The confidence you see from the Spartan team is
undeniable. Not only have we made marked improvements toward
the Emergency Response business' turnaround and condensed its
associated timeline, we've realized additional synergies and in
short order have simultaneously managed to improve our base
business. There is a drum beat driving this
quarter-by-quarter profitability, and it's not going to stop
here. I am incredibly excited to share that confidence with
our shareholder community in the form of increased guidance.
The progress you see to date as we execute on the Smeal integration
plan is only the beginning," Adams concluded.
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 (Click on
"Investor Relations" then "Webcasts")
Conference Call: 1-844-868-8845 (domestic) or 412-317-6591
(international); passcode: 10105698
For more information about Spartan, please visit
www.spartanmotors.com.
About Spartan Motors
Spartan Motors, Inc. is a
leading designer, engineer, manufacturer and marketer of a broad
range of specialty vehicles, specialty chassis, vehicle bodies and
parts for the fleet and delivery, recreational vehicle (RV),
emergency response, defense forces and contract assembly
(light/medium duty truck) markets. The Company's brand names —
Spartan Motors, Spartan Specialty Vehicles, Spartan Emergency
Response, Spartan Parts and Accessories, Smeal and its family of
brands, including Ladder Tower™ and UST®; and Utilimaster®, a
Spartan Motors Company — are known for quality, durability,
performance, customer service and first-to-market innovation. The
Company employs approximately 2,200 associates, and operates
facilities in Michigan,
Indiana, Pennsylvania, Missouri, Wisconsin, Nebraska, South
Dakota; Saltillo, Mexico;
and Lima, Peru. Spartan reported
sales of $591 million in 2016. 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 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.
Spartan Motors,
Inc. and Subsidiaries
Consolidated
Balance Sheets
(In thousands,
except per share data)
|
|
|
March 31,
2017
|
|
December
31,
|
|
(Unaudited)
|
|
2016
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
35,412
|
|
$
32,041
|
Accounts receivable,
less allowance of $300 and $487
|
64,189
|
|
65,441
|
Inventories
|
109,153
|
|
58,896
|
Income taxes
receivable
|
-
|
|
1,287
|
Other current
assets
|
5,318
|
|
4,526
|
Total current
assets
|
214,072
|
|
162,191
|
|
|
|
|
Property, plant
and equipment, net
|
58,134
|
|
53,116
|
Goodwill
|
25,630
|
|
15,961
|
Intangible assets,
net
|
10,071
|
|
6,385
|
Other
assets
|
2,675
|
|
2,331
|
Net deferred tax
asset
|
3,227
|
|
3,310
|
TOTAL
ASSETS
|
$
313,809
|
|
$
243,294
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
35,890
|
|
$
31,336
|
Accrued
warranty
|
20,191
|
|
19,334
|
Accrued compensation
and related taxes
|
8,353
|
|
13,188
|
Deposits from
customers
|
48,692
|
|
16,142
|
Other current
liabilities and accrued expenses
|
11,143
|
|
7,659
|
Current portion of
long-term debt
|
63
|
|
65
|
Total current
liabilities
|
124,332
|
|
87,724
|
|
|
|
|
Other non-current
liabilities
|
4,908
|
|
2,544
|
Long-term debt,
less current portion
|
32,860
|
|
74
|
Total
liabilities
|
37,768
|
|
90,342
|
Commitments and
contingencies
|
|
|
|
Shareholders'
equity:
|
|
|
|
Preferred stock, no
par value: 2,000 shares authorized (none issued)
|
-
|
|
-
|
Common stock, $0.01
par value; 40,000 shares authorized; 35,123 and 34,383
outstanding
|
351
|
|
344
|
Additional paid in
capital
|
76,686
|
|
76,837
|
Retained
earnings
|
75,330
|
|
76,428
|
Total Spartan
Motors, Inc. shareholders' equity
|
152,367
|
|
153,609
|
Non-controlling interest
|
(658)
|
|
(657)
|
Total shareholders'
equity
|
151,709
|
|
152,952
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
$
313,809
|
|
$
243,294
|
|
|
|
|
Spartan Motors,
Inc. and Subsidiaries
Consolidated
Statements of Operations
(In thousands,
except per share data)
(Unaudited)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2017
|
|
% of
sales
|
|
2016
|
|
% of
sales
|
Sales
|
|
$
167,075
|
|
|
|
$
133,726
|
|
|
Cost of products
sold
|
|
150,531
|
|
90.1
|
|
117,906
|
|
88.2
|
Restructuring
charges
|
|
150
|
|
0.1
|
|
-
|
|
0.0
|
Gross
profit
|
|
16,394
|
|
9.8
|
|
15,820
|
|
11.8
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
2,142
|
|
1.3
|
|
1,224
|
|
0.9
|
Selling, general and
administrative
|
|
14,602
|
|
8.7
|
|
13,566
|
|
10.1
|
Restructuring
charges
|
|
492
|
|
0.3
|
|
339
|
|
0.3
|
Total operating
expenses
|
|
17,236
|
|
10.3
|
|
15,129
|
|
11.3
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(842)
|
|
(0.5)
|
|
691
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(264)
|
|
(0.2)
|
|
(114)
|
|
(0.1)
|
Interest and other
income
|
|
90
|
|
0.1
|
|
59
|
|
0.0
|
Total other income
(expense)
|
|
(174)
|
|
(0.1)
|
|
(55)
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes
|
|
(1,016)
|
|
(0.6)
|
|
636
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
Taxes
|
|
83
|
|
0.0
|
|
93
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(1,099)
|
|
(0.7)
|
|
543
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
Less: Net
income (loss) attributable to non-controlling interest
|
|
(1)
|
|
0.0
|
|
-
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Spartan Motors, Inc.
|
|
$
(1,098)
|
|
(0.7)
|
|
$
543
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
net income (loss) per share
|
|
$
( 0.03)
|
|
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
weighted average common shares outstanding
|
|
33,725
|
|
|
|
34,280
|
|
|
|
|
|
|
|
|
|
|
|
|
Spartan Motors,
Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
|
|
Three Months Ended
March 31, 2017 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Emergency
Response
|
|
Fleet
Vehicles and
Services
|
|
Specialty Chassis
&Vehicles
|
|
Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
77,985
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
77,985
|
Fleet vehicle
sales
|
-
|
|
43,142
|
|
-
|
|
-
|
|
43,142
|
Motorhome chassis
sales
|
-
|
|
-
|
|
26,084
|
|
-
|
|
26,084
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
4,822
|
|
-
|
|
4,822
|
Aftermarket parts and
assemblies
|
2,217
|
|
10,778
|
|
2,047
|
|
-
|
|
15,042
|
Total
Sales
|
|
$
80,202
|
|
$
53,920
|
|
$
32,953
|
|
$
-
|
|
$
167,075
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
(1,337)
|
|
$
6,244
|
|
$
1,533
|
|
$
(2,251)
|
|
$
4,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Emergency
Response
|
|
Fleet
Vehicles and Services
|
|
Specialty Chassis
&Vehicles
|
|
Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
39,384
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
39,384
|
Fleet vehicle
sales
|
-
|
|
40,305
|
|
-
|
|
-
|
|
40,305
|
Motorhome chassis
sales
|
-
|
|
-
|
|
26,431
|
|
-
|
|
26,431
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
4,405
|
|
-
|
|
4,405
|
Aftermarket parts and
assemblies
|
1,754
|
|
18,987
|
|
2,460
|
|
-
|
|
23,201
|
Total
Sales
|
|
$
41,138
|
|
$
59,292
|
|
$
33,296
|
|
$
-
|
|
$
33,726
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
(3,119)
|
|
$
6,462
|
|
$
1,595
|
|
$ (2,063)
|
|
$
2,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spartan Motors,
Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
|
|
Period End Backlog
(amounts in thousands of dollars)
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sept. 30,
2016
|
|
June 30,
2016
|
|
Mar. 31,
2016
|
Emergency Response
Vehicles*
|
$
214,463
|
|
$
139,870
|
|
$
149,752
|
|
$
152,177
|
|
$
160,392
|
|
|
|
|
|
|
|
|
|
|
Fleet Vehicles and
Services*
|
113,960
|
|
89,549
|
|
102,218
|
|
139,655
|
|
137,717
|
|
|
|
|
|
|
|
|
|
|
Motorhome Chassis *
|
21,772
|
|
18,749
|
|
19,114
|
|
11,197
|
|
16,235
|
Other Vehicles
|
-
|
|
-
|
|
-
|
|
-
|
|
3,737
|
Aftermarket Parts and Assemblies
|
1,075
|
|
1,288
|
|
1,012
|
|
1,005
|
|
815
|
Total Specialty
Chassis & Vehicles
|
22,847
|
|
20,037
|
|
20,126
|
|
12,202
|
|
20,787
|
|
|
|
|
|
|
|
|
|
|
Total
Backlog
|
$
351,270
|
|
$
249,546
|
|
$
272,096
|
|
$
304,034
|
|
$
318,896
|
|
|
|
|
|
|
|
|
|
|
* Anticipated time to
fill backlog orders at March 31, 2017; 13 months or less for
emergency response vehicles; 3 months or less for motorhome
chassis; 7 months or less for fleet vehicles and services; 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), adjusted net income attributable to
Spartan Motors, Inc., adjusted earnings per share, forecasted
Adjusted EBITDA, and forecasted adjusted earnings per share, which
are all Non-GAAP financial measures. Our management uses
Adjusted EBITDA to evaluate the performance of and allocate
resources to our segments. These non-GAAP measures 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, expenses
related to a recent business acquisition, the impact of the step-up
in inventory value associated with the recent business acquisition,
and the impact of the business acquisition on the timing of chassis
revenue recognition. 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 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
operating performance.
The adjusted Non-GAAP measures are not measurements of our
financial performance under GAAP and should not be considered as an
alternative to net income attributable to Spartan Motors, Inc. or
earnings 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 tables reconcile net income (loss) attributable
to Spartan Motors, Inc. to Adjusted EBITDA, net income (loss)
attributable to Spartan Motors, Inc. to adjusted net income (loss)
attributable to Spartan Motors Inc., earnings (loss) per share to
adjusted earnings per share, forecasted net income attributable to
Spartan Motors, Inc. to Adjusted EBITDA and forecasted earnings
(loss) per share to adjusted earnings (loss) per share for the
periods indicated.
Financial Summary
(Non-GAAP)
|
Consolidated
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Spartan Motors,
Inc.
|
|
2017
|
% of sales
|
|
2016
|
% of sales
|
|
Net income (loss)
attributable to Spartan Motors, Inc.
|
|
$
(1,098)
|
-0.7%
|
|
$
543
|
0.4%
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
642
|
|
|
339
|
|
|
Impact of acquisition
on timing of chassis revenue recognition
|
|
1,112
|
|
|
-
|
|
|
Impact of step-up in
inventory value resulting from acquisition
|
|
189
|
|
|
-
|
|
|
Acquisition related
expenses
|
|
672
|
|
|
|
|
|
Deferred tax asset
valuation allowance
|
|
466
|
|
|
(235)
|
|
|
Tax effect of
adjustments
|
|
(719)
|
|
|
(125)
|
|
|
Adjusted net income
attributable to Spartan Motors, Inc.
|
|
$
1,264
|
0.8%
|
|
$
522
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Spartan Motors, Inc.
|
|
$
(1,098)
|
-0.7%
|
|
$
543
|
0.4%
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,325
|
|
|
1,786
|
|
|
Taxes on
income
|
|
83
|
|
|
93
|
|
|
Interest
expense
|
|
264
|
|
|
114
|
|
|
EBITDA
|
|
$
1,574
|
0.9%
|
|
$
2,536
|
1.9%
|
|
|
|
|
|
|
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
642
|
|
|
339
|
|
|
Impact of acquisition
on timing of chassis revenue recognition
|
|
1,112
|
|
|
-
|
|
|
Impact of step-up in
inventory value resulting from acquisition
|
|
189
|
|
|
-
|
|
|
Acquisition related
expenses
|
|
672
|
|
|
-
|
|
|
Adjusted
EBITDA
|
|
$
4,189
|
2.5%
|
|
$
2,875
|
2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
|
$
(0.03)
|
|
|
$
0.02
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
0.02
|
|
|
0.01
|
|
|
Impact of acquisition
on timing of chassis revenue recognition
|
|
0.03
|
|
|
-
|
|
|
Impact of step-up in
inventory value resulting from acquisition
|
|
0.01
|
|
|
-
|
|
|
Acquisition related
expenses
|
|
0.02
|
|
|
-
|
|
|
Deferred tax asset
valuation allowance
|
|
0.01
|
|
|
(0.01)
|
|
|
Tax effect of
adjustments
|
|
(0.02)
|
|
|
-
|
|
|
Adjusted Diluted net
earnings per share
|
|
$
0.04
|
|
|
$
0.02
|
|
|
Emergency Response
Vehicles Segment (Non-GAAP)
(In thousands, unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
% of sales
|
|
2016
|
% of
sales
|
Net income (loss)
attributable to Emergency Response
|
|
$
(3,589)
|
-4.5%
|
|
$
(3,664)
|
-8.9%
|
Add
(subtract):
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
552
|
|
|
206
|
|
Taxes on
income
|
|
-
|
|
|
-
|
|
Interest
expense
|
|
-
|
|
|
-
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
(3,037)
|
-3.8%
|
|
$
(3,458)
|
-8.4%
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
(3,037)
|
-3.8%
|
|
$
(3,458)
|
-8.4%
|
Restructuring
|
|
399
|
|
|
339
|
|
Impact of acquisition
on timing of chassis revenue recognition
|
|
1,112
|
|
|
-
|
|
Impact of step-up in
inventory value resulting from acquisition
|
|
189
|
|
|
-
|
|
Adjusted earnings
before interest, taxes, depreciation and amortization
|
|
$
(1,337)
|
-1.7%
|
|
$
(3,119)
|
-7.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet Vehicles and
Services Segment (Non-GAAP)
|
(In thousands,
unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
% of sales
|
|
2016
|
% of sales
|
Net income (loss)
attributable to Fleet Vehicles and Services
|
|
$
5,225
|
9.7%
|
|
$
5,544
|
9.4%
|
Add
(subtract):
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
876
|
|
|
873
|
|
Taxes on
income
|
|
-
|
|
|
-
|
|
Interest
expense
|
|
37
|
|
|
45
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
6,139
|
11.4%
|
|
$
6,462
|
10.9%
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
6,139
|
11.4%
|
|
$
6,462
|
10.9%
|
Restructuring
|
|
105
|
|
|
-
|
|
Adjusted earnings
before interest, taxes, depreciation and amortization
|
|
$
6,244
|
11.6%
|
|
$
6,462
|
10.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Chassis
and Vehicles Segment (Non-GAAP)
|
(In thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
% of sales
|
|
2016
|
% of sales
|
Net income (loss)
attributable to Specialty Chassis and Vehicles
|
|
$
1,127
|
3.4%
|
|
$
1,480
|
4.4%
|
Add
(subtract):
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
310
|
|
|
115
|
|
Taxes on
income
|
|
-
|
|
|
-
|
|
Interest
expense
|
|
-
|
|
|
-
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
1,437
|
4.4%
|
|
$
1,595
|
4.8%
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
1,437
|
4.4%
|
|
$
1,595
|
4.8%
|
Restructuring
|
|
96
|
|
|
-
|
|
Adjusted earnings
before interest, taxes, depreciation and amortization
|
|
$
1,533
|
4.7%
|
|
$
1,595
|
4.8%
|
FINANCIAL SUMMARY
(Non-GAAP)
CONSOLIDATED
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
Forecast
Year Ending December 31, 2017
|
|
|
Low
|
|
Mid
|
|
High
|
Net income
|
|
$
10,300
|
|
$
11,150
|
|
$
12,000
|
Add:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
10,741
|
|
10,741
|
|
10,741
|
Interest
expense
|
|
800
|
|
800
|
|
800
|
Taxes
|
|
1,500
|
|
1,900
|
|
2,300
|
EBITDA
|
|
23,341
|
|
24,591
|
|
25,841
|
|
|
|
|
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
Acquisition related
expenses
|
|
672
|
|
672
|
|
672
|
Chassis shipment
delay
|
|
2,487
|
|
2,487
|
|
2,487
|
Adjusted
EBITDA
|
|
$
26,500
|
|
$
27,750
|
|
$
29,000
|
|
|
|
|
|
|
|
Earnings per
share
|
|
$
0.29
|
|
$
0.32
|
|
$
0.34
|
Add:
|
|
|
|
|
|
|
Acquisition related
expenses
|
|
0.02
|
|
0.02
|
|
0.02
|
Chassis shipment
delay
|
|
0.07
|
|
0.07
|
|
0.07
|
Less tax effect of
adjustments
|
|
(0.02)
|
|
(0.02)
|
|
(0.02)
|
Adjusted earnings per
share
|
|
$
0.36
|
|
$
0.39
|
|
$
0.41
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/spartan-motors-reports-first-quarter-2017-results-300451234.html
SOURCE Spartan Motors, Inc.