UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 28, 2010
SPARTAN MOTORS, INC.
(Exact Name of Registrant as Specified in Its Charter)
|
Michigan (State or Other Jurisdiction of Incorporation) |
0-13611 (Commission File No.) |
38-2078923 (IRS Employer Identification No.) |
|
1000 Reynolds Road, Charlotte, Michigan (Address of Principal Executive Offices) |
48813 (Zip Code) |
517-543-6400
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£ Written communications pursuant to Rule 425 under the Section Act (17 CFR 230.425)
£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)
£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On October 28, 2010, Spartan Motors, Inc. (the "Corporation") issued a press release announcing its financial results for the quarter ended September 30, 2010. A copy of the press release is attached to this Current Report as Exhibit 99.1.
The information in this Item 2.02 and the attached Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Section 8.01 Other Events
On October 28, 2010, the Corporation issued a press release announcing a $0.05 per share semi-annual dividend which will be paid December 9, 2010 to shareholders of record as of November 11, 2010.
Section 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release dated October 28, 2010 regarding the financial results for the quarter ended September 30, 2010
99.2 Press Release dated October 28, 2010 regarding dividend
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Dated: October 28, 2010 |
|
SPARTAN MOTORS, INC.
/s/ Joseph M. Nowicki By: Joseph M. Nowicki Its: Chief Financial Officer |
3
EXHIBIT 99.1
|
SPARTAN MOTORS, INC. |
| 1000 REYNOLDS RD. CHARLOTTE, MI 48813 USA | |
| TELEPHONE 517.543.6400 FACSIMILE 517.543.5403 | |
| WEB PAGE – WWW.SPARTANMOTORS.COM | |
FOR IMMEDIATE RELEASE
Spartan Motors Reports Solid Growth in Sales and Earnings
for the Third Quarter of 2010
CHARLOTTE, Mich., October 28, 2010 – Spartan Motors, Inc. (NASDAQ: SPAR) today reported improved sales and solid profitability for its 2010 third quarter. The results also included the sale of the assets of its Road Rescue ambulance business for approximately $8 million. Spartan’s third quarter performance was highlighted by increased sales of specialty vehicles and motorhome products, and substantially reduced operating expense as a percentage of sales compared to the same quarter of 2009.
Third quarter highlights:
- Net sales of $120.6 million (up 39.7 percent from Q3 2009 which did not include Utilimaster)
- Gross margin of 16.4 percent of sales (down from 18.8 percent in Q3 2009)
- Operating expenses of 11.9 percent of sales (down from 15.8 percent in Q3 2009)
- Net earnings from continuing operations of $3.5 million (up 112.1 percent from Q3 2009)
- Cash balance of $16.7 million (up $6.5 million from Q2 2010)
- Debt of $15.3 million (down $5.0 million from Q2 2010)
- Consolidated backlog of $172.6 million (down from $205.7 million in Q2 2010)
“We are pleased with our accomplishments in the quarter. Our focus on creating compelling products and driving growth in profitable markets continues to serve us well. Our profitable results were complemented by the sale of Road Rescue, which was completed well ahead of expectations. The improvements made to our cost structure earlier in the year – while very difficult – contributed greatly to our performance in the quarter,” said John Sztykiel, President and CEO of Spartan Motors. “Innovation is a core element of our culture, which continues to prove vital to our success at creating products for transforming markets and driving profitable market share. Our progress is evident as we recently showcased our 2010 emergency-response cab and chassis at the Fire-Rescue International Conference (FRI) with a 2010 EPA-c ertified Cummins diesel engine. In addition, the next-generation commercial vehicle and the N-Series gasoline chassis, generated through our new partnership with Isuzu, strategically position Spartan for significant long-term growth as we look to the delivery and service market.”
Continued Investment in Profitable Growth Opportunities
- Spartan Chassis remains committed to its emergency response chassis OEM base and end-users with continued investment in its product offerings. This commitment includes the redesign of its three cab and chassis models to develop a solution that affords a more common architecture among its product offerings. This approach results in greater opportunity for customization, while meeting all 2010 emission standards.
- Spartan Chassis received approval from Cummins on the installation of their 2010 EPA-certified 15-liter ISX diesel engine, which Spartan Chassis showcased at the FRI tradeshow.
- The next-generation commercial vehicle program continues to progress with vehicle durability testing and customer reviews started. Production remains on track to begin in mid-2011 with initial shipments planned for the third quarter of 2011.
-more-
- The N-series chassis assembly continues on schedule as machinery, equipment and tooling have been ordered, installation of equipment in existing facilities has begun, and the process of hiring and training associates is in progress.
- The “Transformer,” Crimson Fire’s new offering, continues to gain momentum in the marketplace with numerous requests for regional configurations underway.
- Crimson Fire Aerial is relocating to a leased purpose-built aerial manufacturing plant that will improve efficiencies, reduce overall costs of production and provide incremental growth opportunity.
- Crimson Fire Aerial has entered the growing refurbishment business, to be performed in the new facility, and has already received contracts within this new niche.
- Achieving ISO certification for the defense and government segment of our business was a significant milestone this quarter as it positions Spartan to expand its portfolio of defense-related contracts.
- Motorhome sales show continued stability with sales in the quarter up 94 percent from the same quarter of 2009, and sequentially up 3 percent from the second quarter of 2010.
Sale of Road Rescue Operations
- Spartan fulfilled its commitment to exit the Road Rescue operations. Substantially all the assets of Road Rescue were sold for approximately $8.0 million in cash, resulting in a small gain of approximately $0.5 million before tax, pending final purchase price adjustments for working capital.
Joe Nowicki, Chief Financial Officer, said: “We made solid progress on redefining our cost structure. Our collective focus on cost containment and process improvement paid off as operating expense as a percent of sales fell from 15.8 percent to 11.9 percent year-over-year Without the impact of restructuring charges, there was a 320 basis point drop over these same periods. Cash balances were up almost $7 million from last quarter, while debt was down $5 million. Our relentless efforts to enhance efficiencies, streamline operations, curb costs and strengthen our balance sheet have paved the way for delivering improved results in a challenging market.”
Financial Overview
- Consolidated net sales for the quarter were $120.6 million, up 39.7 percent from the same quarter last year due to increased sales of motorhomes and specialty vehicles and incremental revenues from delivery and service vehicles not present in 2009. Specialty vehicle sales for the quarter were comprised of Iraqi Light Armored Vehicles (ILAV), Special Operations Command (SOCOM) units and drill rigs.
- Consolidated sales were also up sequentially by $4.9 million from second quarter of 2010, driven by service and delivery vehicle sales.
- Gross margin in the third quarter of 2010 fell to 16.4 percent of sales from the third quarter of 2009 due to a shift in mix toward lower margin products.
- Gross margin was up significantly compared to the second quarter of 2010, from 14.3 percent due to increased volumes at Utilimaster and improved efficiencies in the emergency response market.
- As a percent of revenues, operating expense fell from 15.8 percent in the third quarter of 2009 to 11.9 percent in the current quarter driven by restructuring efforts over the past year.
- Net earnings from continuing operations for the quarter increased $1.9 million or 112.1 percent from $1.6 million, or $0.05 per diluted share in the prior year’s third quarter to $3.5 million, or $0.11 per diluted share in the third quarter of 2010.
- Debt was reduced by $31.1 million from Dec. 31, 2009 to $15.3 million at Sept. 30, 2010.
- Consolidated backlog at Sept. 30, 2010 was $172.6 million, down from $205.7 million last quarter due to the overall economic climate and accelerated orders previously received and filled in advance of the 2010 engine emission change.
-more-
Spartan Motors / Page 3 of 8
Sztykiel concluded: “While there were a significant number of positive results posted in our third quarter, we remain cautious as we look forward given the continued uncertainty in the economic climate in North America. Mounting budgetary pressure will continue to impact purchasing decisions at the government, municipal, business and personal levels. Although these present challenges, which in some respect is reflected in the backlog, we have strategic and operational plans to deliver improved performance and visionary products that will serve the evolving specialty vehicle markets.”
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.”
Spartan also will update the financial information on its Roadcast “digital roadshow” 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. (www.spartanmotors.com) designs, engineers and manufactures specialty chassis, specialty vehicles and truck bodies and aftermarket parts for the outdoor recreation/RV, emergency-response, defense, government services, and delivery and service markets. The Company’s brand names – Spartan™, Crimson Fire™, Crimson Fire Aerials™ and Utilimaster® – are known for quality, value, service and being the first to market with innovative products. The Company employs approximately 1,600 at facilities in Michigan, Pennsylvania, South Dakota, Indiana and Texas. Spartan reported sales of $430 million in 2009 and is focused on becoming a global leader in the manufacture of specialty vehicles and chassis.
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 t he 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; 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 relationship with major customers, suppliers, or other business partners, including Isuzu; changes in the demand or supply of products within our markets or raw materials needed to manufacture those products; and changes in laws and regulations affecting our business. Other factors that could affect outcomes are set forth in our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission (SEC), which are available at www.sec.gov or our website. All forward-looking statements in this release are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. We undertake no obligation to publicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.
|
CONTACT: John Sztykiel, CEO, or Joseph Nowicki, CFO Spartan Motors, Inc. (517) 543-6400 |
|
Paula Droste Director of Investor Relations and Treasury Spartan Motors, Inc. (517) 543-6400 extension 3458 paula.droste@spartanmotors.com |
###
Spartan Motors / Page 4 of 8
|
|
Spartan Motors, Inc. and Subsidiaries |
|
|
Condensed Consolidated Statements of Income |
| |
|
Three Months Ended September 30, 2010 and 2009 |
|
|
|
|
|
September 30, 2010 |
September 30, 2009 |
|||||||||||||
|
|
(Unaudited) |
(Unaudited) |
|||||||||||||||
|
|
|
|
$-000- |
% |
$-000- |
% |
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||
|
Sales |
120,572 |
|
86,306 |
|
|||||||||||||
|
Cost of products sold |
100,802 |
|
69,885 |
|
|||||||||||||
|
Restructuring charges |
- |
|
223 |
|
|||||||||||||
|
Gross profit |
19,770 |
16.4 |
16,198 |
18.8 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Operating expenses: |
|
|
|
||||||||||||||
|
|
Research and development |
4,001 |
3.3 |
3,958 |
4.6 |
||||||||||||
|
|
Selling, general and administrative |
10,400 |
8.6 |
9,077 |
10.6 |
||||||||||||
|
|
Restructuring charges |
- |
0.0 |
550 |
0.6 |
||||||||||||
|
Total operating expenses |
14,401 |
11.9 |
13,585 |
15.8 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Operating income |
5,369 |
4.5 |
2,613 |
3.0 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Other income (expense): |
|
|
|
||||||||||||||
|
|
Interest expense |
(238 |
) |
(0.2 |
) |
(324 |
) |
(0.4 |
) | ||||||||
|
|
Interest and other income |
305 |
0.2 |
223 |
0.3 |
||||||||||||
|
Total other income (expense) |
67 |
0.0 |
(101 |
) |
(0.1 |
) | |||||||||||
|
|
|
|
|
||||||||||||||
|
Earnings before taxes |
5,436 |
4.5 |
2,512 |
2.9 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Taxes |
1,952 |
1.6 |
869 |
1.0 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Net earnings from continuing operations |
3,484 |
2.9 |
1,643 |
1.9 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Loss from discontinued operations (net of tax), |
|
|
|
||||||||||||||
|
including gain on sale in 2010 |
(167 |
) |
(0.1 |
) |
(894 |
) |
(1.0 |
) | |||||||||
|
|
|
|
|
||||||||||||||
|
Net earnings |
3,317 |
2.8 |
749 |
0.9 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Basic net earnings (loss) per share |
|
|
|
||||||||||||||
|
|
Earnings from continuing operations |
|
|
|
|||||||||||||
|
|
Loss from discontinued operations |
$ |
0.11 |
|
$ |
0.05 |
|
||||||||||
|
|
(0.01 |
) |
|
(0.03 |
) |
|
|||||||||||
|
|
$ |
0.10 |
|
$ |
0.02 |
|
|||||||||||
|
Diluted net earnings (loss) per share |
|
|
|
||||||||||||||
|
|
Earnings from continuing operations |
$ |
0.11 |
|
$ |
0.05 |
|
||||||||||
|
|
Loss from discontinued operations |
(0.01 |
) |
|
(0.03 |
) |
|
||||||||||
|
|
$ |
0.10 |
|
$ |
0.02 |
|
|||||||||||
|
|
|
|
|
||||||||||||||
|
Basic Weighted Average Common Shares Outstanding |
33,056 |
|
32,914 |
|
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Diluted Weighted Average Common Shares Outstanding |
33,079 |
|
33,126 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Spartan Motors / Page 5 of 8
|
|
Spartan Motors, Inc. and Subsidiaries |
|
|
Condensed Consolidated Statements of Income |
| |
|
Nine Months Ended September 30, 2010 and 2009 |
|
|
|
|
|
September 30, 2010 |
September 30, 2009 |
|||||||||||||
|
|
(Unaudited) |
(Unaudited) |
|||||||||||||||
|
|
|
|
$-000- |
% |
$-000- |
% |
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||
|
Sales |
353,861 |
|
313,002 |
|
|||||||||||||
|
Cost of products sold |
299,767 |
|
246,762 |
|
|||||||||||||
|
Restructuring charges |
990 |
|
264 |
|
|||||||||||||
|
Gross profit |
53,104 |
15.0 |
65,976 |
21.1 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Operating expenses: |
|
|
|
||||||||||||||
|
|
Research and development |
12,943 |
3.7 |
12,753 |
4.1 |
||||||||||||
|
|
Selling, general and administrative |
32,990 |
9.3 |
32,432 |
10.4 |
||||||||||||
|
|
Restructuring charges |
1,006 |
0.3 |
556 |
0.2 |
||||||||||||
|
Total operating expenses |
46,939 |
13.3 |
45,741 |
14.7 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Operating income |
6,165 |
1.7 |
20,235 |
6.4 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Other income (expense): |
|
|
|
||||||||||||||
|
|
Interest expense |
(812 |
) |
(0.2 |
) |
(973 |
) |
(0.3 |
) | ||||||||
|
|
Interest and other income |
238 |
0.1 |
549 |
0.2 |
||||||||||||
|
Total other income (expense) |
(574 |
) |
(0.1 |
) |
(424 |
) |
(0.1 |
) | |||||||||
|
|
|
|
|
||||||||||||||
|
Earnings before taxes |
5,591 |
1.6 |
19,811 |
6.3 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Taxes |
2,009 |
0.6 |
6,742 |
2.1 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Net earnings from continuing operations |
3,582 |
1.0 |
13,069 |
4.2 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Loss from discontinued operations (net of tax), |
|
|
|
||||||||||||||
|
including gain on sale in 2010 |
(2,872 |
) |
(0.8 |
) |
(884 |
) |
(0.3 |
) | |||||||||
|
|
|
|
|
||||||||||||||
|
Net earnings |
710 |
0.2 |
12,185 |
3.9 |
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Basic net earnings (loss) per share |
|
|
|
||||||||||||||
|
|
Earnings from continuing operations |
|
|
|
|||||||||||||
|
|
Loss from discontinued operations |
$ |
0.11 |
|
$ |
0.40 |
|
||||||||||
|
|
(0.09 |
) |
|
(0.03 |
) |
|
|||||||||||
|
|
$ |
0.02 |
|
$ |
0.37 |
|
|||||||||||
|
Diluted net earnings (loss) per share |
|
|
|
||||||||||||||
|
|
Earnings from continuing operations |
$ |
0.11 |
|
$ |
0.40 |
|
||||||||||
|
|
Loss from discontinued operations |
(0.09 |
) |
|
(0.03 |
) |
|
||||||||||
|
|
$ |
0.02 |
|
$ |
0.37 |
|
|||||||||||
|
|
|
|
|
||||||||||||||
|
Basic Weighted Average Common Shares Outstanding |
32,961 |
|
32,678 |
|
|||||||||||||
|
|
|
|
|
||||||||||||||
|
Diluted Weighted Average Common Shares Outstanding |
33,043 |
|
32,892 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Spartan Motors / Page 6 of 8
|
|
Spartan Motors, Inc. and Subsidiaries |
|
|
Condensed Consolidated Balance Sheets |
| |
|
|
|
|
|
|
|
|
|
September 30, 2010 |
December 31, 2009 |
||||
|
|
(Unaudited) |
(Unaudited) |
||||||||
|
|
|
|
|
|
$-000- |
$-000- |
||||
|
|
|
|
|
|
|
|
||||
|
ASSETS |
|
|
||||||||
|
Current assets: |
|
|
||||||||
|
|
Cash and cash equivalents |
$ |
16,742 |
$ |
18,475 |
|||||
|
|
Accounts receivable, net |
49,976 |
44,974 |
|||||||
|
|
Inventories |
78,451 |
96,330 |
|||||||
|
|
Deferred income tax assets |
6,984 |
6,984 |
|||||||
|
|
Income taxes receivable |
2,966 |
4,212 |
|||||||
|
|
Other current assets |
3,566 |
3,223 |
|||||||
|
|
Other current assets from discontinued operations |
- |
10,562 |
|||||||
|
|
Total current assets |
158,685 |
184,760 |
|||||||
|
|
|
|
||||||||
|
Property, plant and equipment, net |
72,930 |
77,581 |
||||||||
|
Goodwill and other intangible assets, net |
29,441 |
29,895 |
||||||||
|
Other assets |
1,039 |
1,041 |
||||||||
|
Total assets |
$ |
262,095 |
$ |
293,277 |
||||||
|
|
|
|
||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
||||||||
|
Current liabilities: |
|
|
||||||||
|
|
Accounts payable |
$ |
29,218 |
$ |
19,523 |
|||||
|
|
Accrued warranty |
5,738 |
6,296 |
|||||||
|
|
Accrued compensation and related taxes |
3,873 |
5,410 |
|||||||
|
|
Accrued vacation |
1,750 |
1,783 |
|||||||
|
|
Accrued customer rebates |
1,542 |
1,324 |
|||||||
|
|
Deposits from customers |
5,063 |
11,571 |
|||||||
|
|
Other current liabilities and accrued expenses |
6,527 |
6,200 |
|||||||
|
|
Current portion of long-term debt |
10,109 |
11,146 |
|||||||
|
|
Other current liabilities from discontinued operations |
- |
1,770 |
|||||||
|
|
Total current liabilities |
63,820 |
65,023 |
|||||||
|
|
|
|
||||||||
|
Other non-current liabilities |
4,066 |
4,189 |
||||||||
|
Long-term debt, less current portion |
5,142 |
35,204 |
||||||||
|
Deferred income tax liabilities |
8,341 |
8,341 |
||||||||
|
|
|
|
||||||||
|
Shareholders' equity: |
|
|
||||||||
|
|
Common stock |
332 |
329 |
|||||||
|
|
Additional paid in capital |
68,234 |
67,099 |
|||||||
|
|
Retained earnings |
112,160 |
113,092 |
|||||||
|
|
Total shareholders' equity |
180,726 |
180,520 |
|||||||
|
|
|
|
||||||||
|
Total liabilities and shareholders' equity |
$ |
262,095 |
$ |
293,277 |
||||||
|
|
|
|
|
|
|
|
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Spartan Motors / Page 7 of 8
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Spartan Motors, Inc. and Subsidiaries |
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Sales and Other Financial Information by Business Segment |
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Three and Nine Months Ended September 30, 2010 |
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Unaudited |
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Three Months Ended September 30, 2010 (amounts in thousands of dollars) (1) |
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Business Segments |
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Specialty Vehicles |
Delivery & Service Vehicles |
Other |
Consolidated | |||||
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Fire Truck Chassis Sales |
33,437 |
33,437 | ||||||
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Fire Truck Body Sales |
9,546 |
9,546 | ||||||
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Motorhome Chassis Sales |
21,526 |
21,526 | ||||||
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Utilimaster Product Sales |
27,616 |
27,616 | ||||||
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Other Product Sales |
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Vehicles |
8,336 |
8,336 | ||||||
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Aftermarket Parts and Assemblies |
20,111 |
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|
20,111 | ||||
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Total Net Sales |
92,956 |
27,616 |
- |
120,572 | ||||
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Interest Expense (Income) |
348 |
34 |
(114) |
268 | ||||
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Depreciation and Amortization Expense |
1,232 |
788 |
592 |
2,612 | ||||
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Net Earnings (Loss) from Continuing Operations |
4,053 |
25 |
(594) |
3,484 | ||||
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Nine Months Ended September 30, 2010 (amounts in thousands of dollars) (1) |
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Business Segments |
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Specialty Vehicles |
Delivery & Service Vehicles |
Other |
Consolidated | |||||
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Fire Truck Chassis Sales |
110,325 |
110,325 | ||||||
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Fire Truck Body Sales |
36,573 |
36,573 | ||||||
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Motorhome Chassis Sales |
69,847 |
69,847 | ||||||
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Utilimaster Product Sales |
73,825 |
73,825 | ||||||
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Other Product Sales |
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Vehicles |
18,339 |
18,339 | ||||||
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Aftermarket Parts and Assemblies |
44,952 |
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|
44,952 | ||||
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Total Net Sales |
280,036 |
73,825 |
- |
353,861 | ||||
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Interest Expense (Income) |
1,051 |
101 |
(340) |
812 | ||||
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Depreciation and Amortization Expense |
3,705 |
2,642 |
1,780 |
8,127 | ||||
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Net Earnings (Loss) from Continuing Operations |
8,356 |
(2,378) |
(2,396) |
3,582 | ||||
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(1) Amounts restated retrospectively for segment reclassification and new discontinued operations. |
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Spartan Motors / Page 8 of 8
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Spartan Motors, Inc. and Subsidiaries |
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Sales and Other Financial Information by Business Segment |
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Three and Nine Months Ended September 30, 2010 |
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Unaudited |
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(Continued) |
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Period End Backlog (amounts in thousands of dollars) |
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September 30, 2009 |
December 31, 2009 |
March 31, 2010 |
June 30, 2010 |
September 30, 2010 | ||||||
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Fire Truck Chassis* |
82,386 |
123,791 |
101,730 |
79,336 |
67,629 | |||||
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Fire Truck Bodies* |
40,381 |
27,736 |
29,065 |
23,475 |
22,011 | |||||
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Motorhome Chassis * |
9,589 |
20,022 |
16,731 |
13,048 |
13,049 | |||||
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Other Product * |
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Vehicles |
4,214 |
16,970 |
15,396 |
14,276 |
12,514 | |||||
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Aftermarket Parts and Assemblies |
8,725 |
11,467 |
7,864 |
32,311 |
18,375 | |||||
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Total Specialty Vehicles |
145,295 |
199,986 |
170,786 |
162,446 |
133,578 | |||||
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Delivery and Service Vehicles * |
|
34,059 |
35,146 |
43,292 |
38,989 | |||||
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Total Backlog (Continuing |
145,295 |
234,045 |
205,932 |
205,738 |
172,567 | |||||
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* Anticipated time to fill backlog orders; 2 months or less for motorhome chassis, 5 months or less for Utilimaster and 6 months or less for fire truck and other products. Beginning in December 2009, Utilimaster was included in the backlog. | ||||||||||
EXHIBIT 99.2
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SPARTAN MOTORS, INC. |
| 1000 REYNOLDS RD. CHARLOTTE, MI 48813 USA | |
| TELEPHONE 517.543.6400 FACSIMILE 517.543.5403 | |
| WEB PAGE – WWW.SPARTANMOTORS.COM | |
FOR IMMEDIATE RELEASE
Spartan Motors Announces Dividend
CHARLOTTE, Michigan, Oct. 28, 2010 – Spartan Motors, Inc. (NASDAQ: SPAR) today announced that its board of directors has declared its semi-annual cash dividend of $0.05 per share of common stock.
The Charlotte, Mich.-based manufacturer of custom chassis, emergency-rescue and service and delivery vehicles reported its semi-annual dividends will be payable on Dec. 9, 2010 to shareholders of record at the close of business on Nov. 11, 2010.
“The Board’s declaration of this semi-annual dividend is an important indication of our continued financial strength and solid balance sheet, as well as the Board’s confidence in our future opportunities for growth.” said John Sztykiel, president and chief executive officer of Spartan Motors. “This marks the twenty-third consecutive year that we have paid a dividend, demonstrating our commitment to our shareholders.”
About Spartan Motors, Inc.
Spartan Motors, Inc. (NASDAQ: SPAR) designs, engineers and manufactures specialty chassis, specialty vehicles and truck bodies and aftermarket parts for the outdoor recreation/RV, emergency-response, defense, delivery and service markets. The company’s brand names – Spartan™, Crimson Fire™, Crimson Fire Aerials™, and Utilimaster® – are known for quality, value, service and being the first to market with innovative products. The company employs approximately 1,600 at facilities in Michigan, Pennsylvania, South Dakota, Indiana and Texas. Spartan reported sales of $430 million in 2009 and is focused on becoming a global leader in the manufacture of specialty vehicles and chassis.
This release contains some forward-looking statements that are not historical facts, including statements concerning our business, 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," and "should." 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; 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 relationship with major customers or suppliers; 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 shou ld not place undue reliance on forward-looking statements as a prediction of actual results. All dividends are considered and declared by our Board of Directors, in its discretion. 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.
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CONTACT: |
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