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): November 3, 2016

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.)	

1541 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 November 3, 2016, Spartan Motors, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2016, along with an accompanying investor presentation. Copies of the press release and investor presentation are attached to this Current Report as Exhibits 99.1 and 99.2.

The information in this Item 2.02 and the attached Exhibits 99.1 and 99.2 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.

 
Item 9.01     Financial Statements and Exhibits
 
(d)	Exhibits	
 	 	 	
 	99.1	Press Release dated November 3, 2016 regarding the financial results for the quarter ended September 30, 2016.	
 	99.2	Investor presentation dated November 3, 2016 regarding the financial results for the quarter ended September 30, 2016.	
 
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.

 	SPARTAN MOTORS, INC.	

Dated: November 3, 2016	/S/Frederick J. Sohm                             	
 	By: Frederick J. Sohm	
 	Its: Chief Financial Officer and Treasurer	

2

Exhibit 99.1

	

 
SPARTAN MOTORS REPORTS THIRD QUARTER NET INCOME OF
$2.7 MILLION, RISES 147%, ON 9% SALES GROWTH
THIRD-QUARTER EPS OF $0.08; 2016 EPS GUIDANCE UNCHANGED
 
CHARLOTTE, Mich., November 3, 2016 - Spartan Motors, Inc. (NASDAQ: SPAR) (“Spartan” or the “Company”) today reported operating results for the third quarter of 2016. The Company reported net income of $2.7 million, or $0.08 per share, compared to a net loss of $5.8 million, or $0.17 per share, in the third quarter of 2015.
 
THIRD QUARTER 2016HIGHLIGHTS
 
For the third quarter of 2016 compared to the third quarter of 2015:
 
●	Sales increased 8.9% to $148.7 million from $136.6 million	
 
●	Gross margin improved 270 basis points to 12.1% of sales compared to 9.4% of sales	
 
●	Operating margin increased 200 basis points to 1.7% of sales from (0.3%) of sales	
 
●	Operating income improved $3.1 million to $2.6 million from an operating loss of $0.5 million	
 
●	Adjusted operating income rose 35.1% to $5.0 million from $3.7 million	
 
●	Net income rose 147% to $2.7 million, or $0.08 per share, versus a net loss of $5.8 million, or $0.17 per share	
 
●	Adjusted net income rose 161.5% to $3.4 million, or $0.10 per share, versus $1.3 million, or $0.04 per share	
 
●	Cash balance increased 91% to $40.0 million at September 30, 2016, from $20.9 million at September 30, 2015	
 
●	Order backlog was $272.1 million at September 30, 2016, compared to $275.3 million at September 30, 2015	

“Our solid third-quarter 2016 financial performance was primarily led by another strong contribution from our Fleet Vehicles and Services segment that continued to help drive both revenue and profit growth,” said Daryl Adams, President and Chief Executive Officer of Spartan Motors. “Our other businesses performed as anticipated during the quarter, and we are very pleased to see our improvement efforts continuing to gain momentum across all three of our business segments, as we achieved our most profitable year-to-date results since 2009. Our talented and dedicated team remained focused on delivering the operational efficiencies and improved processes that are part of our ongoing, multi-year turnaround plan for the Company.”

 

 
 
Fleet Vehicles and Services (FVS) Third Quarter Results
 
FVS segment revenue grew to $78.0 million from $54.2 million, an increase of 43.9%. Revenue growth was primarily due to favorable revenue mix and higher volume at vehicle up-fit centers.
 
Operating income for the segment increased $5.5 million to $9.6 million, or 12.3% of sales, from $4.1 million, or 7.5% of sales, a year ago. Growth in operating income was primarily due to favorable revenue mix and the continued positive impact of process improvement and lean initiatives introduced earlier this year.
 
Segment backlog at September 30, 2016, totaled $102.2 million compared to $107.7 million at September 30, 2015.
 
Specialty Chassis & Vehicles (SCV) Third Quarter Results
 
SCV segment revenue decreased $10.1 million, or 26.1%, to $28.6 million from $38.7 million. Sales of motorhome chassis declined 31.1% to $22.3 million from $32.4 million, due primarily to lower unit shipments year-over-year, resulting from a customer implemented, one-time inventory adjustment related to its dealer and on-hand inventory. Shipments to this customer are expected to return to pre-adjustment levels during the current fourth quarter.
 
Operating income decreased to $0.9 million from $2.4 million last year, a 63% decrease, reflecting the lower sales volume.
 
Segment backlog at September 30, 2016, totaled $20.1 million compared to $22.6 million at September 30, 2015.
 
Emergency Response (ER) Third Quarter Results
 
ER segment revenue decreased $1.6 million, or 3.7%, to $42.1 million from $43.7 million. Lower revenue resulted from fewer shipments of complete fire apparatus and custom cab and chassis compared to a year ago.
 
The ER segment reported an operating loss of $3.8 million, an improvement of $1.8 million, or 31.8%, from $5.6 million last year.
 
ER adjusted operating loss for the quarter was $1.4 million, improving $0.9 million, or 40.3%, from $2.3 million last year.
 
Segment backlog at September, 2016 totaled $149.8 million compared to $145.1 million at September 30, 2015.
 
Fourth Quarter and 2016 Outlook
 
“Our balance sheet remains strong, with cash on hand improving by $19.1 million year-over-year to $40.0 million,” said Rick Sohm, Chief Financial Officer of Spartan Motors. “Our performance to date has enabled us to further improve our liquidity and strengthen our balance sheet. On October 31, 2016, we repaid our $5 million senior note due December 1, 2016 with cash on hand and we entered into a new, three-year, $100 million revolving credit facility with essentially the same terms as our previous $70 million facility.

 

 
 
“Looking ahead to the fourth quarter of 2016, which is typically our lowest sales volume quarter, we expect to see continued year-over-year operational improvements resulting in a profitable quarter. This will represent our fourth quarter in a row, an achievement not accomplished since 2009. The above factors will allow us to maintain our previously stated 2016 mid-point EPS guidance of $0.225.”
 
The company expects 2016 results as follows:
 
 	●	Revenue in the range of $570 - $590 million, unchanged from previous guidance	
 	●	Operating income of $8.0 - $10.0 million, including restructuring expenses of $0.5 - $1.0 million, unchanged from previous guidance	
 	●	Income tax expense of essentially zero, a decrease from previous guidance of $1.0 - $1.2 million	
 	●	Earnings per share of $0.20 to $0.25 (midpoint $0.225), assuming approximately 34.5 million shares outstanding, unchanged from previous guidance	
 
Adams added, “While we are about one-third of the way into our multi-year turnaround plan, our results through the nine months ended September 30, 2016, indicate that we continue to make great strides in our transformation. We intend to continue implementing and executing our multi-year turnaround plan as one Spartan team. Our focus remains on improving our processes while maintaining financial discipline, in order to drive growth, profitability and increase shareholder value.”
 
Reconciliation of Non-GAAP Financial Measures
 
This release contains adjusted operating income, adjusted net income and adjusted earnings per share, which are Non-GAAP financial measures. These 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, along with non-recurring charges related to a regulatory settlement, asset impairments and product repair campaigns. 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 a measurement of our financial performance under GAAP and should not be considered as an alternative to operating income, net income and 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 to adjusted net income and earnings per share to adjusted earnings per share for the periods indicated. Amounts may not sum due to rounding.
 
Financial Summary (Non-GAAP)	
(In thousands, except per share data)	
(Unaudited)	
 
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
Spartan Motors, Inc	 	2016	 	 	% of
sales	 	 	2015	 	 	% of
sales	 	 	2016	 	 	%
of sales	 	 	2015	 	 	% of
sales	 	
Operating income (loss)	 	$	2,592	 	 	 	1.7	%	 	$	(458	)	 	 	-0.3	%	 	$	7,660	 	 	 	1.7	%	 	$	(2,471	)	 	 	-0.6	%	
Add (subtract):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Restructuring charges	 	 	304	 	 	 	 	 	 	 	462	 	 	 	 	 	 	 	871	 	 	 	 	 	 	 	2,429	 	 	 	 	 	
Asset impairment	 	 	406	 	 	 	 	 	 	 	2,234	 	 	 	 	 	 	 	406	 	 	 	 	 	 	 	2,234	 	 	 	 	 	
Product repair campaign	 	 	1,742	 	 	 	 	 	 	 	1,421	 	 	 	 	 	 	 	3,457	 	 	 	 	 	 	 	1,421	 	 	 	 	 	
NHTSA settlement	 	 	-	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	2,269	 	 	 	 	 	
Adjusted operating income (loss)	 	$	5,044	 	 	 	3.4	%	 	$	3,659	 	 	 	2.7	%	 	$	12,394	 	 	 	2.8	%	 	$	5,882	 	 	 	1.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	2,744	 	 	 	1.8	%	 	$	(5,819	)	 	 	-4.3	%	 	$	7,662	 	 	 	1.7	%	 	$	(7,539	)	 	 	-1.8	%	
Add (subtract):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Restructuring charges, net of tax	 	 	193	 	 	 	 	 	 	 	306	 	 	 	 	 	 	 	553	 	 	 	 	 	 	 	1,610	 	 	 	 	 	
Asset impairment, net of tax	 	 	406	 	 	 	 	 	 	 	2,216	 	 	 	 	 	 	 	406	 	 	 	 	 	 	 	2,216	 	 	 	 	 	
Product repair campaign, net of tax	 	 	1,742	 	 	 	 	 	 	 	1,421	 	 	 	 	 	 	 	3,457	 	 	 	 	 	 	 	1,421	 	 	 	 	 	
NHTSA settlement, net of tax	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	1,841	 	 	 	 	 	
Deferred tax asset valuation allowance	 	 	(1,716	)	 	 	 	 	 	 	3,151	 	 	 	 	 	 	 	(2,650	)	 	 	 	 	 	 	3,151	 	 	 	 	 	
Adjusted net income (loss)	 	$	3,369	 	 	 	2.3	%	 	$	1,275	 	 	 	0.9	%	 	$	9,428	 	 	 	2.1	%	 	$	2,700	 	 	 	0.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted net earnings (loss) per share	 	$	0.08	 	 	 	 	 	 	$	(0.17	)	 	 	 	 	 	$	0.22	 	 	 	 	 	 	$	(0.22	)	 	 	 	 	
Add (subtract):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Restructuring charges, net of tax	 	 	0.01	 	 	 	 	 	 	 	0.01	 	 	 	 	 	 	 	0.02	 	 	 	 	 	 	 	0.05	 	 	 	 	 	
Asset impairment, net of tax	 	 	0.01	 	 	 	 	 	 	 	0.07	 	 	 	 	 	 	 	0.01	 	 	 	 	 	 	 	0.07	 	 	 	 	 	
Product repair campaign, net of tax	 	 	0.05	 	 	 	 	 	 	 	0.04	 	 	 	 	 	 	 	0.10	 	 	 	 	 	 	 	0.04	 	 	 	 	 	
NHTSA settlement, net of tax	 	 	-	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	0.05	 	 	 	 	 	
Deferred tax asset valuation allowance	 	 	(0.05	)	 	 	 	 	 	 	0.09	 	 	 	 	 	 	 	(0.08	)	 	 	 	 	 	 	0.09	 	 	 	 	 	
Adjusted Diluted net earnings (loss) per share	 	$	0.10	 	 	 	 	 	 	$	0.04	 	 	 	 	 	 	$	0.27	 	 	 	 	 	 	$	0.08	 	 	 	 	 	
 
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
Emergency Response Segment	 	2016	 	 	% of
sales	 	 	2015	 	 	% of
sales	 	 	2016	 	 	% of
sales	 	 	2015	 	 	% of
sales	 	
ER segment operating (loss)	 	$	(3,837	)	 	 	-9.1	%	 	$	(5,627	)	 	 	-12.9	%	 	$	(9,911	)	 	 	-7.3	%	 	$	(11,671	)	 	 	-7.7	%	
Add (subtract):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Restructuring charges	 	 	304	 	 	 	 	 	 	 	462	 	 	 	 	 	 	 	871	 	 	 	 	 	 	 	2,429	 	 	 	 	 	
Asset impairment	 	 	406	 	 	 	 	 	 	 	2,234	 	 	 	 	 	 	 	406	 	 	 	 	 	 	 	2,234	 	 	 	 	 	
Product recall campaign	 	 	1,742	 	 	 	 	 	 	 	613	 	 	 	 	 	 	 	3,457	 	 	 	 	 	 	 	613	 	 	 	 	 	
NHTSA settlement	 	 	-	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	684	 	 	 	 	 	
Adjusted ER segment operating (loss)	 	$	(1,385	)	 	 	-3.3	%	 	$	(2,318	)	 	 	-5.3	%	 	$	(5,177	)	 	 	-3.8	%	 	$	(5,711	)	 	 	-3.8	%	

 

 
 
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: 10090028
 
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: Class 3, 4 and 5) 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 employs approximately 1,800 associates at facilities in Michigan, Pennsylvania, South Dakota and Indiana. Spartan reported sales of $550 million in 2015. 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.

CONTACT:
 
Rick Sohm
Chief Financial Officer
Spartan Motors, Inc.
(517) 543-6400	Juris Pagrabs, Group Treasurer &
Director of Investor Relations
Spartan Motors, Inc.
(517) 543-6400	

 

 
 
 Spartan Motors, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except par value)
 	 	September 30,	 	 	 	 	 	
 	 	2016	 	 	December 31,	 	
 	 	(Unaudited)	 	 	2015	 	
ASSETS	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	39,986	 	 	$	32,701	 	
Accounts receivable, less allowance of $412 and $130	 	 	70,482	 	 	 	56,617	 	
Inventories	 	 	67,960	 	 	 	60,558	 	
Income taxes receivable	 	 	696	 	 	 	1,755	 	
Other current assets	 	 	3,044	 	 	 	3,506	 	
Total current assets	 	 	182,168	 	 	 	155,137	 	
 	 	 	 	 	 	 	 	 	
Property, plant and equipment, net	 	 	50,998	 	 	 	47,320	 	
Goodwill	 	 	15,961	 	 	 	15,961	 	
Intangible assets, net	 	 	6,562	 	 	 	7,093	 	
Deferred income taxes, net	 	 	3,313	 	 	 	644	 	
Other assets	 	 	2,246	 	 	 	1,996	 	
TOTAL ASSETS	 	$	261,248	 	 	$	228,151	 	
 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS' EQUITY	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Accounts payable	 	$	44,140	 	 	$	27,318	 	
Accrued warranty	 	 	18,673	 	 	 	16,610	 	
Accrued customer rebates	 	 	1,760	 	 	 	2,681	 	
Accrued compensation and related taxes	 	 	12,217	 	 	 	8,684	 	
Deposits from customers	 	 	17,546	 	 	 	13,095	 	
Other current liabilities and accrued expenses	 	 	5,719	 	 	 	3,922	 	
Current portion of long-term debt	 	 	5,065	 	 	 	63	 	
Total current liabilities	 	 	105,120	 	 	 	72,373	 	
 	 	 	 	 	 	 	 	 	
Long-term debt, less current portion	 	 	90	 	 	 	5,124	 	
Other non-current liabilities	 	 	2,467	 	 	 	2,163	 	
Total liabilities	 	 	107,677	 	 	 	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; 34,419 and 34,271 outstanding	 	 	344	 	 	 	343	 	
Additional paid in capital	 	 	76,678	 	 	 	76,472	 	
Retained earnings	 	 	77,205	 	 	 	72,326	 	
Total Spartan Motors, Inc. shareholders' equity	 	 	154,227	 	 	 	149,141	 	
Non-controlling interest	 	 	(656	)	 	 	(650	)	
Total shareholders' equity	 	 	153,571	 	 	 	148,491	 	
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	261,248	 	 	$	228,151	 	

 

 
 
Spartan Motors, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
 
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales	 	$	148,664	 	 	$	136,572	 	 	$	444,927	 	 	$	409,767	 	
Cost of products sold	 	 	130,571	 	 	 	123,755	 	 	 	390,206	 	 	 	367,520	 	
Restructuring charge	 	 	83	 	 	 	9	 	 	 	83	 	 	 	464	 	
Gross profit	 	 	18,010	 	 	 	12,808	 	 	 	54,638	 	 	 	41,783	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	 	1,377	 	 	 	454	 	 	 	4,408	 	 	 	3,087	 	
Selling, general and administrative	 	 	13,820	 	 	 	12,359	 	 	 	41,782	 	 	 	39,202	 	
Restructuring charge	 	 	221	 	 	 	453	 	 	 	788	 	 	 	1,965	 	
Total operating expenses	 	 	15,418	 	 	 	13,266	 	 	 	46,978	 	 	 	44,254	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	 	2,592	 	 	 	(458	)	 	 	7,660	 	 	 	(2,471	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(112	)	 	 	(91	)	 	 	(314	)	 	 	(293	)	
Interest and other income	 	 	151	 	 	 	(36	)	 	 	305	 	 	 	121	 	
Total other income (expense)	 	 	39	 	 	 	(127	)	 	 	(9	)	 	 	(172	)	
Income (loss) before taxes	 	 	2,631	 	 	 	(585	)	 	 	7,651	 	 	 	(2,643	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Taxes	 	 	(113	)	 	 	5,234	 	 	 	(11	)	 	 	4,896	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income (loss)	 	 	2,744	 	 	 	(5,819	)	 	 	7,662	 	 	 	(7,539	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less: net loss attributable to non-controlling interest	 	 	(1	)	 	 	(1	)	 	 	(6	)	 	 	(17	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Spartan Motors Inc.	 	$	2,745	 	 	$	(5,818	)	 	$	7,668	 	 	$	(7,522	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net earnings (loss) per share	 	$	0.08	 	 	$	(0.17	)	 	$	0.22	 	 	$	(0.22	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted net earnings (loss) per share	 	$	0.08	 	 	$	(0.17	)	 	$	0.22	 	 	$	(0.22	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic weighted average common shares outstanding	 	 	34,439	 	 	 	33,885	 	 	 	34,406	 	 	 	33,806	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted weighted average common shares outstanding	 	 	34,439	 	 	 	33,885	 	 	 	34,406	 	 	 	33,806	 	

 

 
 
Spartan Motors, Inc. and Subsidiaries	
Sales and Other Financial Information by Business Segment	
Unaudited	
 
Three Months Ended September 30, 2016 (in thousands of dollars)	
 
 	 	Business Segments	 	 	 	 	 	 	 	 	 	
 	 	Emergency
Response	 	 	Fleet
Vehicles &
Services	 	 	Specialty
Chassis
&Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency response vehicle sales	 	$	40,185	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	40,185	 	
Fleet vehicle sales	 	 	-	 	 	 	57,422	 	 	 	-	 	 	 	-	 	 	 	57,422	 	
Motorhome chassis sales	 	 	-	 	 	 	-	 	 	 	22,344	 	 	 	-	 	 	 	22,344	 	
Other specialty chassis and vehicles	 	 	-	 	 	 	-	 	 	 	4,091	 	 	 	-	 	 	 	4,091	 	
Aftermarket parts and assemblies	 	 	1,934	 	 	 	20,537	 	 	 	2,151	 	 	 	-	 	 	 	24,622	 	
Total Sales	 	$	42,119	 	 	$	77,959	 	 	$	28,586	 	 	$	-	 	 	$	148,664	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (Loss)	 	 	(3,837	)	 	 	9,598	 	 	 	852	 	 	 	(4,021	)	 	 	2,592	 	

 
Spartan Motors, Inc. and Subsidiaries	
Sales and Other Financial Information by Business Segment	
Unaudited	
 
Three Months Ended September 30, 2015 (in thousands of dollars)	
 
 	 	Business Segments	 	 	 	 	 	 	 	 	 	
 	 	Emergency
Response	 	 	Fleet
Vehicles &
Services	 	 	Specialty
Chassis
&Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency response vehicle sales	 	$	42,030	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	42,030	 	
Fleet vehicle sales	 	 	-	 	 	 	45,526	 	 	 	 	 	 	 	 	 	 	 	45,526	 	
Motorhome chassis sales	 	 	-	 	 	 	-	 	 	 	32,367	 	 	 	 	 	 	 	32,367	 	
Other specialty chassis and vehicles	 	 	-	 	 	 	-	 	 	 	2,388	 	 	 	 	 	 	 	2,388	 	
Aftermarket parts and assemblies	 	 	1,637	 	 	 	8,711	 	 	 	3,913	 	 	 	 	 	 	 	14,261	 	
Total Sales	 	$	43,667	 	 	$	54,237	 	 	$	38,668	 	 	$	-	 	 	$	136,572	 	

Operating Income (Loss)	 	 	(5,627	)	 	 	4,064	 	 	 	2,412	 	 	 	(1,307	)	 	 	(458	)	

 

 
 
Spartan Motors, Inc. and Subsidiaries	
Sales and Other Financial Information by Business Segment	
Unaudited	
 
Period End Backlog (amounts in thousands of dollars)	 	
 	 	Sept. 30,
2016	 	 	June 30,
2016	 	 	Mar. 31,
2016	 	 	Dec. 31,
2015	 	 	Sept. 30,
2015	 	
Emergency Response Vehicles*	 	$	149,752	 	 	$	152,177	 	 	$	160,392	 	 	$	156,270	 	 	$	145,104	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fleet Vehicles and Services*	 	 	102,218	 	 	 	139,655	 	 	 	137,717	 	 	 	96,120	 	 	 	107,671	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Motorhome Chassis *	 	 	19,114	 	 	 	11,197	 	 	 	16,235	 	 	 	12,401	 	 	 	21,776	 	
Other Vehicles	 	 	-	 	 	 	-	 	 	 	3,737	 	 	 	4,949	 	 	 	-	 	
Aftermarket Parts and Assemblies	 	 	1,012	 	 	 	1,005	 	 	 	815	 	 	 	1,019	 	 	 	783	 	
Total Specialty Chassis & Vehicles	 	 	20,126	 	 	 	12,202	 	 	 	20,787	 	 	 	18,369	 	 	 	22,559	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Backlog	 	$	272,096	 	 	$	304,034	 	 	$	318,896	 	 	$	270,759	 	 	$	275,334	 	
 
* Anticipated time to fill backlog orders at September 30, 2016; 12 months or less for emergency response vehicles; 3 months or less for motorhome chassis; 5 months or less for fleet vehicles and services; and 1 month or less for other products.	

 
Exhibit 99.2