CHARLOTTE, Mich., Feb. 23, 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 fourth quarter
and full year periods ending December
31, 2016.
Full Year 2016 Highlights
For the full year 2016 compared to the full year 2015:
- Sales increased $40.4 million,
or 7.3%, to $590.8 million from
$550.4 million
- Gross profit margin improved 370 basis points to 12.3% of
sales from 8.6% of sales
- Operating income rose $21.1
million, or 169.1%, to $8.6
million from an operating loss of $12.5 million
- Adjusted operating income increased 222.1 % to $14.5 million, or 2.5% of sales, from
$4.5 million, or 0.8% of
sales
- Net income improved $25.6
million, or 150.7%, to $8.6
million, or $0.25 per share,
from a net loss of $17.0 million, or
$0.50 per share
- Adjusted net income improved 68.3% to $11.1 million, or $0.32 per share, from $6.6
million, or $0.20 per
share
- Cash, net of debt increased 15.9% to $32.0 million at December
31, 2016 compared to $27.6
million at December 31,
2015
Fourth Quarter 2016 Highlights
For the fourth quarter of 2016 compared to the fourth quarter of
2015:
- Sales increased 3.7% to $145.9
million from $140.6
million
- Gross profit margin improved 850 basis points to 12.3% of
sales from 3.8% of sales
- Operating income rose $11.0
million, or 109.6%, to $1.0
million from an operating loss of $10.0 million
- Adjusted operating income increased 182.6% to $1.9 million, or 1.3% of sales, from a loss of
$2.3 million
- Net income improved $10.4
million, or 110.0%, to $0.9
million, or $0.03 per share,
from a net loss of $9.5 million, or
$0.28 per share
- Adjusted net income improved 158.9% to $1.5 million, or $0.04 per share from $0.6
million, or $0.02 per
share
"Spartan closed 2016, on a high note with a profitable fourth
quarter performance, our fourth profitable quarter in a row," said
Daryl Adams, President and Chief
Executive Officer. "While 2016 goes in the books as the
strongest financial performance Spartan has had since 2009, we are
most proud of the progress we have made to date, on behalf of our
shareholders. Our performance in 2016 reflects great progress
toward key operational milestones as the positive momentum we
sparked and fanned in 2015 started to accelerate and deliver on our
turnaround initiatives, some well ahead of schedule. Take a look at
2016, and you are looking at a company whose head is squarely in
the game, and it is one we intend to win."
Full Year 2016 Segment Results
For the full year 2016 compared to the full year 2015:
Fleet Vehicles and Services (FVS)
FVS segment sales increased 22.3% to $278.4 million from $227.7
million. Revenue growth was primarily due to a favorable
revenue mix and higher volume at vehicle up-fit centers.
Operating income increased $14.2
million, or 97.9%, to $28.7
million, or 10.3% of sales, from $14.5 million, or 6.4% of sales, a year
ago. Higher volume and favorable mix resulted in an increase
in operating income compared to last year.
The Segment backlog at December 31,
2016, totaled $89.5 million,
compared to $96.1 million at
December 31, 2015. In January, 2017,
FVS received approximately $37.0
million in new orders, up approximately 20% over new orders
received in January 2016.
Specialty Chassis & Vehicles (SCV)
SCV segment sales remained comparable at $129.4 million. Sales of motorhome chassis
decreased to $98.0 million from
$103.3 million, primarily due to
lower shipments year-over-year. Other Specialty Vehicle
revenue increased 52.2% to $21.1
million from $13.8 million,
primarily due to increased contract manufacturing.
Operating income increased 39.5% to $6.8
million, or 5.3% of sales, from $4.9
million, or 3.8% of sales, a year ago. Favorable mix
and increased contract manufacturing resulted in an increase in
operating income compared to last year.
The Segment backlog at December 31,
2016, totaled $20.0 million,
compared to $18.4 million at
December 31, 2015.
Emergency Response (ER)
ER segment sales decreased 5.3% to $183.0
million from $193.2
million. Lower revenue resulted from fewer shipments
of complete fire apparatus and custom cab and chassis compared to a
year ago.
Operating loss improved $10.1
million, or 42.4%, to $13.7
million from $23.7 million a
year ago. The improvement was primarily the result of
improved operating efficiencies and a reduction in charges recorded
in 2016, compared to 2015, relating to asset impairment
($1.8 million), restructuring
($1.8 million), product repair
campaign and warranty reserves ($1.6
million), and a non-recurring NHTSA fine ($0.7 million).
Adjusted operating loss improved $0.9
million, or 9.8%, to $8.7
million from $9.6 million last
year.
The Segment backlog at December 31,
2016, totaled $139.9 million,
compared to $156.3 million at
December 31, 2015.
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 2016 revenues of approximately $70
million, which excludes revenues associated with Smeal's
sale of approximately $30 million of
chassis purchased from Spartan. In connection with the
transaction, the cash consideration paid of approximately
$32.5 million was funded primarily
through borrowings from the Company's existing $100 million line of credit.
The Company results for the fourth quarter and full year ended
December 31, 2016, include
approximately $0.7 million, or
$0.02 per share, and $0.9 million, or $0.03 per share, respectively, of acquisition
related expenses.
"As Spartan shared from the beginning, we expect the transaction
to be accretive to 2017 earnings and to further accelerate the
turnaround of the Spartan Emergency Response business unit. What we
could not measure at the beginning of the acquisition were the
benefits we would see from a reinvigorated dealer channel and a
motivated workforce," continued Adams. "We understood
immediately how important integrating Smeal and its Ladder Tower
and UST brands was going to be for the success of our combined
Company. Today, we are happy to report that our dealer channel is
excited about our increasingly expanding product portfolio, and our
combined employees are happy and optimistic about the expanded
employment opportunities a larger publically traded company
brings."
2017 Outlook
"Our balance sheet at year end, with essentially zero long-term
debt, remains strong," said Rick
Sohm, Chief Financial Officer of Spartan Motors.
"Cash, net of debt, improved $4.4
million year-over-year to end at $32.0 million. Our strong operating results
continued to generate cash in excess of our working capital
requirements, which enabled us to repay our $5 million senior note and repurchase
approximately 422,000 shares at an average price of $4.74 per share, or $2.0
million in the aggregate, during 2016.
"As we move into 2017, we will continue with a disciplined
working capital management approach, as well as being opportunistic
as market conditions dictate, to support future growth and maximize
shareholder value. As a result of the Smeal acquisition, our
2017 forecast was adjusted for certain acquisition related costs
and adjustments ($0.4 million, net of
tax) and the impact from the one-time lag in recognizing sales and
gross margin on chassis sales ($2.4
million, net of tax) that are now inter-company."
Outlook for full year 2017 is expected to be as follows (which
includes the Smeal acquisition):
- Revenue to be in the range of $615.0 -
$685.0 million
- Acquisition costs and inter-company chassis impact of
approximately $2.8 million, net of
tax
- Adjusted EBITDA of $25.1 - $28.3
million
- Income tax expense of $1.7 - $2.8
million
- Interest expense of approximately $1.0
million
- Adjusted earnings per share of $0.30 -
$0.36, assuming approximately 34.8 million shares
outstanding
"Progress like Spartan has experienced in such a short amount of
time took a great deal of hard work and a commitment to excellence,
across the organization. Implementing key process improvement
methodologies and keenly focusing on enhancing our products has
gone a long way to help us ensure this success will continue.
That said, we are incredibly optimistic that 2017 will bring
increasingly positive outcomes to shareholders and customers
alike," Adams concluded.
Reconciliation of Non-GAAP Financial Measures
This
release contains adjusted operating income, adjusted net income
attributable to Spartan Motors, Inc., forecasted EBITDA (earnings
before interest, taxes, depreciation and amortization), forecasted
adjusted EBITDA, and adjusted earnings per share, 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, accruals
for product recalls and regulatory settlements, non-cash asset
impairment charges, expenses related to a recent business
acquisition and a non-cash deferred tax asset valuation
allowance. 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.
The adjusted Non-GAAP measures are not measurements of our
financial performance under GAAP and should not be considered as an
alternative to operating income, 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 operating income (loss) to
adjusted operating income (loss), net income (loss) attributable to
Spartan Motors to adjusted net income (loss) attributable to
Spartan Motors, forecasted net income to EBITDA and adjusted EBITDA
and forecasted earnings (loss) per share to adjusted earnings
(loss) per share for the periods indicated.
Financial Summary
(Non-GAAP)
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
Spartan Motors,
Inc.
|
2016
|
% of
sales
|
|
2015
|
% of
sales
|
|
2016
|
% of
sales
|
|
2015
|
% of
sales
|
Operating income
(loss)
|
$
965
|
0.7%
|
|
$(10,008)
|
-7.1%
|
|
$
8,625
|
1.5%
|
|
$(12,478)
|
-2.3%
|
Add
(subtract):
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges
|
224
|
|
|
427
|
|
|
1,095
|
|
|
2,855
|
|
Asset
impairment
|
-
|
|
|
-
|
|
|
406
|
|
|
2,234
|
|
Product
recall
|
-
|
|
|
6,300
|
|
|
3,457
|
|
|
8,600
|
|
NHTSA
settlement
|
-
|
|
|
-
|
|
|
-
|
|
|
2,269
|
|
Joint venture
expenses
|
1
|
|
|
982
|
|
|
13
|
|
|
1,015
|
|
Acquisition related
expenses
|
723
|
|
|
-
|
|
|
882
|
|
|
-
|
|
Adjusted operating
income (loss)
|
$
1,913
|
1.3%
|
|
$
(2,299)
|
-1.6%
|
|
$
14,478
|
2.5%
|
|
$
4,495
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Spartan
Motors, Inc.
|
$
942
|
0.6%
|
|
$
(9,450)
|
-6.7%
|
|
$
8,610
|
1.5%
|
|
$(16,972)
|
-3.1%
|
Add
(subtract):
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges
|
224
|
|
|
427
|
|
|
1,095
|
|
|
2,855
|
|
Asset
impairment
|
-
|
|
|
-
|
|
|
406
|
|
|
2,234
|
|
Product
recall
|
-
|
|
|
6,300
|
|
|
3,457
|
|
|
8,600
|
|
NHTSA
settlement
|
-
|
|
|
-
|
|
|
-
|
|
|
2,269
|
|
Joint venture
expenses
|
1
|
|
|
491
|
|
|
7
|
|
|
508
|
|
Acquisition related
expenses
|
723
|
|
|
-
|
|
|
882
|
|
|
-
|
|
Deferred tax asset
valuation allowance
|
(282)
|
|
|
3,928
|
|
|
(2,932)
|
|
|
9,472
|
|
Tax effect of
adjustments
|
(104)
|
|
|
(1,115)
|
|
|
(460)
|
|
|
(2,392)
|
|
Adjusted net income
(loss) attributable to
Spartan Motors, Inc.
|
$
1,504
|
1.0%
|
|
$
581
|
0.4%
|
|
$
11,065
|
1.9%
|
|
$
6,574
|
1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
$
0.03
|
|
|
$
(0.28)
|
|
|
$
0.25
|
|
|
$
(0.50)
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges
|
-
|
|
|
0.01
|
|
|
0.03
|
|
|
0.08
|
|
Asset
impairment
|
-
|
|
|
-
|
|
|
0.01
|
|
|
0.07
|
|
Product
recall
|
-
|
|
|
0.19
|
|
|
0.10
|
|
|
0.25
|
|
NHTSA
settlement
|
-
|
|
|
-
|
|
|
-
|
|
|
0.07
|
|
Joint venture
expenses
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.02
|
|
Acquisition related
expenses
|
0.02
|
|
|
-
|
|
|
0.03
|
|
|
-
|
|
Deferred tax asset
valuation allowance
|
(0.01)
|
|
|
0.12
|
|
|
(0.09)
|
|
|
0.28
|
|
Tax effect of
adjustments
|
-
|
|
|
(0.03)
|
|
|
(0.01)
|
|
|
(0.07)
|
|
Adjusted Diluted net
earnings (loss) per share
|
$
0.04
|
|
|
$
0.02
|
|
|
$
0.32
|
|
|
$
0.20
|
|
Financial Summary
(Non-GAAP)
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
Emergency Response
Segment
|
2016
|
% of
sales
|
|
2015
|
% of
sales
|
|
2016
|
% of
sales
|
|
2015
|
% of
sales
|
ER segment operating
(loss)
|
$
(3,750)
|
-7.9%
|
|
$(12,051)
|
-28.7%
|
|
$(13,660)
|
-7.5%
|
|
$(23,723)
|
-12.3%
|
Add
(subtract):
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges
|
224
|
|
|
427
|
|
|
1,095
|
|
|
2,855
|
|
Asset
impairment
|
-
|
|
|
-
|
|
|
406
|
|
|
2,234
|
|
Product
recall
|
-
|
|
|
5,900
|
|
|
3,457
|
|
|
7,300
|
|
NHTSA
settlement
|
-
|
|
|
-
|
|
|
-
|
|
|
684
|
|
Joint venture
expenses
|
1
|
|
|
982
|
|
|
13
|
|
|
1,015
|
|
Adjusted ER segment
operating (loss)
|
$
(3,525)
|
-7.4%
|
|
$
(4,742)
|
-10.3%
|
|
$
(8,689)
|
-4.7%
|
|
$(9,635)
|
-5.0%
|
|
|
Forecast
Year Ending December 31, 2017
|
Spartan Motors,
Inc
|
|
Low
|
|
Mid
|
|
High
|
Net income
|
|
$
7,755
|
|
$
8,775
|
|
$
9,800
|
Add:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
11,131
|
|
11,131
|
|
11,131
|
Interest
expense
|
|
1,000
|
|
1,000
|
|
1,000
|
Taxes
|
|
1,700
|
|
2,250
|
|
2,800
|
EBITDA
|
|
$
21,586
|
|
$
23,156
|
|
$
24,731
|
|
|
|
|
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
Acquisition related
expenses
|
|
426
|
|
426
|
|
426
|
Chassis shipment
delay
|
|
3,125
|
|
3,125
|
|
3,125
|
Adjusted
EBITDA
|
|
$
25,137
|
|
$
26,707
|
|
$
28,282
|
|
|
|
|
|
|
|
Earnings per
share
|
|
$
0.22
|
|
$
0.25
|
|
$
0.28
|
Add:
|
|
|
|
|
|
|
Acquisition related
expenses
|
|
0.01
|
|
0.01
|
|
0.01
|
Chassis shipment
delay
|
|
0.09
|
|
0.09
|
|
0.09
|
Less tax effect of
adjustments
|
|
(0.02)
|
|
(0.02)
|
|
(0.02)
|
Adjusted earnings per
share
|
|
$
0.30
|
|
$
0.33
|
|
$
0.36
|
Conference Call, Webcast, Investor Presentation and
Investor Information
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. 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: 10101442
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, and Utilimaster®, a
Spartan Motors Company— are known for quality, durability,
performance, customer service and first-to-market innovation. The
Company operates facilities in Michigan, Indiana, Pennsylvania, Kansas, 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 par value)
|
|
|
December
31,
|
|
|
|
2016
|
|
December
31,
|
|
(Unaudited)
|
|
2015
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
32,041
|
|
$
32,701
|
Accounts receivable,
less allowance of $487 and $130
|
65,441
|
|
56,617
|
Inventories
|
58,896
|
|
60,558
|
Income taxes
receivable
|
1,287
|
|
1,755
|
Other current
assets
|
4,526
|
|
3,506
|
Total current
assets
|
162,191
|
|
155,137
|
|
|
|
|
Property, plant
and equipment, net
|
53,116
|
|
47,320
|
Goodwill
|
15,961
|
|
15,961
|
Intangible assets,
net
|
6,385
|
|
7,093
|
Deferred income
taxes, net
|
3,310
|
|
644
|
Other
assets
|
2,331
|
|
1,996
|
TOTAL
ASSETS
|
$
243,294
|
|
$
228,151
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
31,336
|
|
$
27,318
|
Accrued
warranty
|
19,334
|
|
16,610
|
Accrued compensation
and related taxes
|
13,188
|
|
8,684
|
Deposits from
customers
|
16,142
|
|
13,095
|
Other current
liabilities and accrued expenses
|
7,659
|
|
6,603
|
Current portion of
long-term debt
|
65
|
|
63
|
Total current
liabilities
|
87,724
|
|
72,373
|
|
|
|
|
Long-term debt,
less current portion
|
74
|
|
5,124
|
Other non-current
liabilities
|
2,544
|
|
2,163
|
Total liabilities
|
90,342
|
|
79,660
|
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; 34,383 and 34,271
outstanding
|
344
|
|
343
|
Additional paid in
capital
|
76,837
|
|
76,472
|
Retained
earnings
|
76,428
|
|
72,326
|
Total Spartan
Motors, Inc. shareholders' equity
|
153,609
|
|
149,141
|
Non-controlling
interest
|
(657)
|
|
(650)
|
Total shareholders'
equity
|
152,952
|
|
148,491
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
$
243,294
|
|
$
228,151
|
Spartan Motors,
Inc. and Subsidiaries
Consolidated
Statements of Operations
(In thousands,
except per share data)
(Unaudited)
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Sales
|
$ 145,850
|
|
$
140,647
|
|
$
590,777
|
|
$
550,414
|
Cost of products
sold
|
127,907
|
|
135,262
|
|
518,113
|
|
502,783
|
Restructuring
charge
|
53
|
|
56
|
|
136
|
|
519
|
Gross
profit
|
17,890
|
|
5,329
|
|
72,528
|
|
47,112
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
2,363
|
|
1,473
|
|
6,772
|
|
4,560
|
Selling, general and
administrative
|
14,391
|
|
13,493
|
|
56,172
|
|
52,695
|
Restructuring
charge
|
171
|
|
371
|
|
959
|
|
2,336
|
Total operating
expenses
|
16,925
|
|
15,337
|
|
63,903
|
|
59,591
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
965
|
|
(10,008)
|
|
8,625
|
|
(12,479)
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(96)
|
|
(72)
|
|
(410)
|
|
(365)
|
Interest and other
income
|
183
|
|
123
|
|
488
|
|
244
|
Total other income
(expense)
|
87
|
|
51
|
|
78
|
|
(121)
|
Income (loss) before
taxes
|
1,052
|
|
(9,957)
|
|
8,703
|
|
(12,600)
|
|
|
|
|
|
|
|
|
Taxes
|
111
|
|
(16)
|
|
100
|
|
4,880
|
|
|
|
|
|
|
|
|
Net Income
(loss)
|
941
|
|
(9,941)
|
|
8,603
|
|
(17,480)
|
|
|
|
|
|
|
|
|
Less: net loss
attributable to non-controlling interest
|
(1)
|
|
(491)
|
|
(7)
|
|
(508)
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Spartan Motors Inc.
|
$
942
|
|
$
(9,450)
|
|
$
8,610
|
|
$
(16,972)
|
|
|
|
|
|
|
|
|
Basic net earnings
(loss) per share
|
$
0.03
|
|
$
(0.28)
|
|
$
0.25
|
|
$
(0.50)
|
|
|
|
|
|
|
|
|
Diluted net
earnings (loss) per share
|
$
0.03
|
|
$
(0.28)
|
|
$
0.25
|
|
$
(0.50)
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares outstanding
|
34,417
|
|
33,886
|
|
34,405
|
|
33,826
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares outstanding
|
34,417
|
|
33,886
|
|
34,405
|
|
33,826
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2016 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
Emergency
Response
|
|
Fleet
Vehicles &
Services
|
|
Specialty
Chassis &
Vehicles
|
|
Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
175,730
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
175,730
|
Fleet vehicle
sales
|
-
|
|
206,248
|
|
-
|
|
-
|
|
206,248
|
Motorhome chassis
sales
|
-
|
|
-
|
|
97,999
|
|
-
|
|
97,999
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
21,074
|
|
-
|
|
21,074
|
Aftermarket parts and
assemblies
|
7,251
|
|
72,141
|
|
10,334
|
|
-
|
|
89,726
|
Total
Sales
|
$
182,981
|
|
$
278,389
|
|
$
129,407
|
|
$
-
|
|
$
590,777
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss)
|
(13,660)
|
|
28,740
|
|
6,846
|
|
(13,301)
|
|
8,625
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2015 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Emergency
Response
|
|
Fleet
Vehicles &
Services
|
|
Specialty
Chassis &
Vehicles
|
|
Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
187,127
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
187,127
|
Fleet vehicle
sales
|
-
|
|
193,772
|
|
|
|
|
|
193,772
|
Motorhome chassis
sales
|
-
|
|
-
|
|
103,264
|
|
|
|
103,264
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
13,849
|
|
|
|
13,849
|
Aftermarket parts and
assemblies
|
6,093
|
|
33,911
|
|
12,398
|
|
|
|
52,402
|
Total
Sales
|
$
193,220
|
|
$
227,683
|
|
$
129,511
|
|
$
-
|
|
$
550,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss)
|
(23,722)
|
|
14,530
|
|
4,906
|
|
(8,193)
|
|
(12,479)
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Emergency
Response
|
|
Fleet
Vehicles &
Services
|
|
Specialty
Chassis &
Vehicles
|
|
Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
45,651
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
45,651
|
Fleet vehicle
sales
|
-
|
|
51,475
|
|
-
|
|
-
|
|
51,475
|
Motorhome chassis
sales
|
-
|
|
-
|
|
24,745
|
|
-
|
|
24,745
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
4,351
|
|
-
|
|
4,351
|
Aftermarket parts and
assemblies
|
1,696
|
|
15,848
|
|
2,084
|
|
-
|
|
19,628
|
Total
Sales
|
$
47,347
|
|
$
67,323
|
|
$
31,180
|
|
$
-
|
|
$
145,850
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss)
|
(3,750)
|
|
7,093
|
|
1,441
|
|
(3,820)
|
|
965
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Emergency
Response
|
|
Fleet
Vehicles &
Services
|
|
Specialty
Chassis &
Vehicles
|
|
Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
40,642
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
40,642
|
Fleet vehicle
sales
|
-
|
|
55,176
|
|
|
|
|
|
55,176
|
Motorhome chassis
sales
|
-
|
|
-
|
|
27,834
|
|
|
|
27,834
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
3,020
|
|
|
|
3,020
|
Aftermarket parts and
assemblies
|
1,356
|
|
10,541
|
|
2,078
|
|
|
|
13,975
|
Total
Sales
|
$
41,998
|
|
$
65,717
|
|
$
32,932
|
|
$
-
|
|
$
140,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss)
|
(12,051)
|
|
4,524
|
|
100
|
|
(2,581)
|
|
(10,008)
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
Unaudited
|
|
Period End Backlog
(amounts in thousands of dollars)
|
|
Dec. 31,
2016
|
|
Sept. 30,
2016
|
|
June 30,
2016
|
|
Mar. 31,
2016
|
|
Dec. 31,
2015
|
Emergency Response
Vehicles*
|
$
139,870
|
|
$
149,752
|
|
$
152,177
|
|
$
160,392
|
|
$
156,270
|
|
|
|
|
|
|
|
|
|
|
Fleet Vehicles and
Services*
|
89,549
|
|
102,218
|
|
139,655
|
|
137,717
|
|
96,120
|
|
|
|
|
|
|
|
|
|
|
Motorhome Chassis *
|
18,749
|
|
19,114
|
|
11,197
|
|
16,235
|
|
12,401
|
Other Vehicles
|
-
|
|
-
|
|
-
|
|
3,737
|
|
4,949
|
Aftermarket Parts and Assemblies
|
1,288
|
|
1,012
|
|
1,005
|
|
815
|
|
1,019
|
Total Specialty
Chassis & Vehicles
|
20,037
|
|
20,126
|
|
12,202
|
|
20,787
|
|
18,369
|
|
|
|
|
|
|
|
|
|
|
Total
Backlog
|
$
249,546
|
|
$
272,096
|
|
$
304,034
|
|
$
318,896
|
|
$
270,759
|
|
|
|
|
|
|
|
|
|
|
* Anticipated time to
fill backlog orders at December 31, 2016; 11 months or less for
emergency response
vehicles; 3 months or less for motorhome chassis; 6 months or less
for fleet vehicles and services; and 1 month or
less for other products.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/spartan-motors-delivers-strong-fourth-quarter-and-full-year-2016-results-300412236.html
SOURCE Spartan Motors, Inc.