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 5, 2015

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 5, 2015, Spartan Motors, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2015, 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 5, 2015 regarding the financial results for the quarter ended September 30, 2015.	
 	99.2	Investor presentation dated November 5, 2015 regarding the financial results for the quarter ended September 30, 2015.	

 
 
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 5, 2015	 	/S/ Frederick J. Sohm	
 	 	By:	Frederick J. Sohm 	
 	 	Its:	Chief Financial Officer and Treasurer 	

2

Exhibit 99.1

 
 
DRAFT, NOT FOR IMMEDIATE RELEASE

 
SPARTAN MOTORS REPORTS THIRD QUARTER 2015 RESULTS

CHARLOTTE, Mich., November 5, 2015 - Spartan Motors, Inc. (NASDAQ: SPAR) (“Spartan” or the “Company”) today reported operating results for the third quarter of 2015. The Company posted a net loss of $5.8 million, or ($0.17) per share, on revenue of $136.6 million versus net income of $3.2 million, or $0.09 per share, on revenue of $144.2 million in the third quarter of 2014. Results for the third quarter of 2015 include non-cash, pre-tax asset impairment charges of $2.2 million and a non-cash valuation allowance on deferred tax assets of $3.2 million, plus restructuring expenses of $0.5 million in the Emergency Response (ER) segment, compared to $0.3 million in the third quarter of 2014.
 
Third Quarter 2015 Overview
 
For the third quarter of 2015 compared to the third quarter of 2014:
 
●	Net sales of $136.6 million, down 5.3% from $144.2 million	
●	Gross margin of 9.4% of sales versus 12.5%*	
●	Operating loss of $0.5 million versus operating income of $4.3 million	
●	Adjusted operating income of $2.2 million excluding asset impairment and restructuring charges versus $4.5 million	
●	Quarterly tax provision of $5.2 million includes $3.2 million valuation allowance of deferred tax assets	
●	Net loss of $5.8 million, or ($0.17) per share, versus net income of $3.2 million, or $0.09 per share	
●	Adjusted net loss of $0.1 million, or ($0.00) per share, compared to adjusted net income of $3.4 million, or $0.10 per share	
●	Order backlog increased to $275.3 million at September 30, 2015, from $233.4 million at September 30, 2014	
 
(*Cost of goods sold for both periods includes certain engineering expenses that were previously classified as operating expenses. There was no impact on operating income or net income for either period.)

Daryl Adams, Spartan’s Chief Executive Officer, stated, “Spartan continues to focus on our operational goals of implementing efficient manufacturing practices and improving quality in order to deliver consistent, positive financial performance. Delivery & Service Vehicle (DSV) and Specialty Chassis & Vehicle (SCV) both reported revenue growth, with DSV more than doubling operating income compared to last year, while the Emergency Response (ER) business continues to be challenging.
 
“A year ago, the company announced a multi-year strategic restructuring plan for the ER segment. These efforts resulted in operational improvement during the first half of 2015, but we experienced production setbacks during the third quarter. As a result, we have changed leadership and named John Slawson as President of Spartan Emergency Response. His extensive ER industry expertise is an important asset as we pursue our top priority of turning around the performance of the ER business,” said Adams.

 

 
 
THIRD QUARTER 2015 SEGMENT RESULTS:
 
Delivery & Service Vehicles (DSV)
 
(In thousands)	 	 	 	 	 	 	 	
 	 	Third Quarter	 	 	 	 	 	
 	 	2015	 	 	2014	 	 	% Change	 	
Delivery and Service Vehicles	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	
Vehicles	 	$	45,526	 	 	$	44,739	 	 	 	1.8	%	
Aftermarket & Service	 	 	8,711	 	 	 	7,730	 	 	 	12.7	%	
Total revenue	 	$	54,237	 	 	$	52,469	 	 	 	3.4	%	
Operating income (loss)	 	$	4,064	 	 	$	1,845	 	 	 	120.3	%	
 
 	●	Total revenue increased to $54.2 million from $52.5 million in the third quarter of 2014, driven primarily by higher aftermarket parts and vehicle up-fit center sales. Favorable vehicle mix yielded a modest increase in revenue, despite lower unit shipments compared to the third quarter of 2014.	
 
 	●	Operating profit was $4.1 million in the third quarter of 2015, more than doubling from $1.8 million a year ago. A favorable product mix and higher aftermarket parts sales, plus better material utilization and reductions in operating expenses, drove higher operating income compared to the third quarter of 2014.	
   
 	●	The DSV segment’s backlog at the end of the third quarter of 2015 stood at $107.7 million, compared to $54.8 million at September 30, 2014.	
 
Emergency Response (ER)
 
(In thousands)	 	 	 	 	 	 	 	
 	 	Third Quarter	 	 	 	 	 	
 	 	2015	 	 	2014	 	 	% Change	 	
Emergency Response	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	42,030	 	 	$	60,656	 	 	 	-30.7	%	
Operating income (loss)	 	$	(5,991	)	 	$	1,658	 	 	NMF	 	
 
 	●	ER segment revenue decreased to $42.0 million from $60.7 million as a result of a substantial decline in units shipped as compared to the third quarter of 2014. Revenue in the third quarter of 2014 included approximately $14 million from the shipment of 46 units of a 70-unit order to Peru.	
 
 	●	The ER segment posted an operating loss of $6.0 million in the third quarter, compared to operating income of $1.7 million in the prior year. Unfavorable product mix and lower unit shipments accounted for $4.6 million of the decrease in operating profit compared to the third quarter of 2014. Other factors contributing to an operating loss in the third quarter were non-cash asset impairment charges of $2.2 million, restructuring expenses of $0.5 million and $1.4 million in one-time service campaign and warranty reserve accruals.	
 
 	●	Backlog decreased to $145.1 million at September 30, 2015, compared to $156.0 million at September 30, 2014.	

2

 
 
Specialty Chassis & Vehicles (SCV)
 
(In thousands)	 	 	 	 	 	 	 	
 	 	Third Quarter	 	 	 	 	 	
 	 	2015	 	 	2014	 	 	% Change	 	
Specialty Chassis & Vehicles	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	
Motorhome chassis	 	$	32,367	 	 	$	23,370	 	 	 	38.5	%	
Parts and Assemblies	 	 	5,550	 	 	 	5,208	 	 	 	6.6	%	
Other Specialty Vehicle	 	 	2,388	 	 	 	2,536	 	 	 	-5.8	%	
Total revenue	 	$	40,305	 	 	$	31,114	 	 	 	29.5	%	
Operating income (loss)	 	$	2,776	 	 	$	2,930	 	 	 	-5.3	%	
 
 	●	The SCV segment reported revenue for the third quarter of $40.3 million, an increase of 29.5 percent from $31.1 million in the third quarter of 2014. Motorhome chassis sales increased to $32.4 million from $23.4 million, due to higher unit shipments year-over-year. Aftermarket Parts & Assemblies (APA) sales rose to $5.6 million from $5.2 million, while Other Specialty Vehicle revenue declined to $2.4 million from $2.5 million due to lower contract manufacturing activity compared to the third quarter of 2014.	
 
 	●	Operating income decreased 5.3 percent to $2.8 million from $2.9 million a year ago due to $0.7 million in additional warranty accruals for a steering gear bracket recall and a less favorable chassis mix, largely offset by higher sales volume.	
 
 	●	Backlog at September 30, 2015, totaled $22.5 million versus $22.6 million at September 30, 2014.	
 
Financial Summary and Outlook
 
Rick Sohm, Spartan’s Chief Financial Officer, commented, “DSV’s operating income more than doubled from last year’s third quarter, and SCV’s third quarter operating income was flat with 2014, despite a $0.7 million warranty accrual recorded in the third quarter of 2015. Still, consolidated operating results for the third quarter of 2015 were disappointing, with the Company reporting an operating loss of $0.5 million. Third quarter 2015 results included non-cash asset impairment charges of $2.2 million, restructuring charges of $0.5 million and $2.1 million in one-time warranty accruals. Excluding the asset impairment and restructuring charges, the Company’s adjusted operating income was $2.2 million. We also recorded a non-cash valuation allowance on our deferred tax assets of $3.2 million that is included in our income tax provision of $5.2 million for the quarter and is a major factor in our net loss of $5.8 million.”
 
Sohm continued, “We expect both DSV and SCV to be profitable in the fourth quarter but project operational challenges in ER to result in a consolidated operating loss for the fourth quarter of 2015, as well as the full year. Our balance sheet at September 30 remained strong, with cash of $20.9 million. We expect cash to be above this level at the end of 2015 as we work to reduce accounts receivable and inventory balances during the fourth quarter.”

3

 
 
Daryl Adams concluded, “Our priority is on turning around operations in the ER business. With new leadership, we will work to return the ER business to planned operating performance levels by the end of the year while we support the profitable growth of our other two business units, positioning the company for improved performance in 2016.”
 
Reconciliation of Non-GAAP Financial Measures
 
This release contains adjusted operating income, adjusted net income (loss) attributable to Spartan Motors and adjusted earnings (loss) per share measures, 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, non-cash asset impairment charges 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 (loss) attributable to Spartan Motors or earnings (loss) per share under GAAP. These adjusted Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, in evaluating the adjusted Non-GAAP measures, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation, despite our assessment that such expenses are infrequent or not indicative of our operating performance. Our presentation of the adjusted Non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or infrequent items. We compensate for these limitations by providing equal prominence of our GAAP results and using adjusted Non-GAAP measures only as a supplement.
 
The following table reconciles operating income (loss) to adjusted operating income, net income (loss) attributable to Spartan Motors to adjusted net income (loss) attributable to Spartan Motors and earnings (loss) per share to adjusted earnings (loss) per share for the periods indicated.

4

 
 
Financial Summary (Non-GAAP)
(In thousands, except per share data)
(Unaudited)
 
 	 	Three Months Ended September 30,	 	
 	 	2015	 	 	% of sales	 	 	2014	 	 	% of sales	 	
Operating income (loss)/Operating margin	 	$	(458	)	 	 	-0.3	%	 	$	4,255	 	 	 	2.9	%	
Add back: restructuring charges	 	 	462	 	 	 	0.3	%	 	 	275	 	 	 	0.2	%	
Add back: asset impairment	 	 	2,234	 	 	 	1.6	%	 	 	-	 	 	 	0.0	%	
Adjusted operating income (loss)/Adjusted operating margin	 	$	2,238	 	 	 	1.6	%	 	$	4,530	 	 	 	3.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Spartan Motors	 	$	(5,818	)	 	 	-4.3	%	 	$	3,199	 	 	 	2.2	%	
Add back: restructuring charges, net of tax	 	 	306	 	 	 	0.2	%	 	 	221	 	 	 	0.2	%	
Add back: asset impairment, net of tax	 	 	2,216	 	 	 	1.6	%	 	 	-	 	 	 	0.0	%	
Add back: deferred tax asset valuation allowance	 	 	3,151	 	 	 	2.3	%	 	 	-	 	 	 	0.0	%	
Adjusted net income (loss) attributable to Spartan Motors	 	$	(145	)	 	 	-0.1	%	 	$	3,420	 	 	 	2.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings (loss) per share - basic and diluted	 	$	(0.17	)	 	 	0.0	%	 	$	0.09	 	 	 	0.0	%	
Add back: restructuring charges, net of tax	 	 	0.01	 	 	 	0.0	%	 	 	0.01	 	 	 	0.0	%	
Add back: asset impairment, net of tax	 	 	0.07	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	
Add back: deferred tax asset valuation allowance	 	 	0.09	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	
Adjusted net earnings (loss) per share - diluted	 	$	(0.00	)	 	 	0.0	%	 	$	0.10	 	 	 	0.0	%	
 
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. To listen to a live webcast of the call, please visit  www.spartanmotors.com , click on “Shareholders,” and then on “Webcasts.” To view the investor presentation that accompanies this press release, please visit the “Shareholders” section, then “Investor Presentations”. For more information about Spartan, please visit  www.spartanmotors.com .
 
About Spartan Motors
Spartan Motors, Inc. designs, engineers and manufactures specialty chassis, specialty vehicles, truck bodies and aftermarket parts for the recreational vehicle (RV), emergency response, government services, defense, and delivery and service markets. The Company's brand names – Spartan™, Spartan Chassis™, Spartan ER™, Spartan ERV™ and Utilimaster® - are known for quality, performance, service and first-to-market innovation. The Company employs approximately 1,600 associates at facilities in Michigan, Pennsylvania, South Dakota and Indiana. Spartan reported sales of $507 million in 2014 and is focused on becoming a global leader in the design, engineering and manufacture of specialty vehicles and chassis. Visit Spartan Motors at www.spartanmotors.com.
 
This release contains several forward-looking statements that are not historical facts, including statements concerning our business, strategic position, financial 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.

5

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

6

 
 
Spartan Motors, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except par value)
 
 	 	(Unaudited)	 	 	 	 	 	
 	 	September 30,	 	 	December 31,	 	
 	 	2015	 	 	2014	 	
ASSETS	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	20,887	 	 	$	28,570	 	
Accounts receivable, less allowance of $130 and $144	 	 	68,521	 	 	 	48,362	 	
Inventories	 	 	78,533	 	 	 	71,163	 	
Deferred income tax assets	 	 	4,658	 	 	 	7,799	 	
Income taxes receivable	 	 	-	 	 	 	1,696	 	
Other current assets	 	 	2,901	 	 	 	3,661	 	
Total current assets	 	 	175,500	 	 	 	161,251	 	
 	 	 	 	 	 	 	 	 	
Property, plant and equipment, net	 	 	47,799	 	 	 	50,417	 	
Goodwill	 	 	15,961	 	 	 	15,961	 	
Intangible assets, net	 	 	7,315	 	 	 	8,958	 	
Other assets	 	 	1,910	 	 	 	2,226	 	
TOTAL ASSETS	 	$	248,485	 	 	$	238,813	 	
 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS' EQUITY	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Accounts payable	 	$	38,923	 	 	$	22,762	 	
Accrued warranty	 	 	11,239	 	 	 	9,237	 	
Accrued customer rebates	 	 	3,533	 	 	 	2,166	 	
Accrued compensation and related taxes	 	 	9,183	 	 	 	8,226	 	
Deposits from customers	 	 	11,045	 	 	 	11,524	 	
Other current liabilities and accrued expenses	 	 	5,363	 	 	 	6,646	 	
Current portion of long-term debt	 	 	62	 	 	 	59	 	
Total current liabilities	 	 	79,348	 	 	 	60,620	 	
 	 	 	 	 	 	 	 	 	
Other non-current liabilities	 	 	1,984	 	 	 	2,365	 	
Long-term debt, less current portion	 	 	5,155	 	 	 	5,202	 	
Deferred income tax liabilities	 	 	2,018	 	 	 	2,008	 	
 	 	 	 	 	 	 	 	 	
Shareholders' equity:	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Preferred stock, no par value: 2,000 shares authorized (none issued)	 	 	-	 	 	 	-	 	
Common stock, $0.01 par value; 40,000 shares authorized; 34,275 and 34,094 outstanding	 	 	343	 	 	 	341	 	
Additional paid in capital	 	 	76,307	 	 	 	75,695	 	
Retained earnings	 	 	83,489	 	 	 	92,724	 	
Total Spartan Motors, Inc. shareholders' equity	 	 	160,139	 	 	 	168,760	 	
Non-controlling interest	 	 	(159	)	 	 	(142	)	
Total shareholders' equity	 	 	159,980	 	 	 	168,618	 	
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	248,485	 	 	$	238,813	 	

 

 
 
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,	 	
 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales	 	$	136,572	 	 	$	144,239	 	 	$	409,767	 	 	$	387,993	 	
Cost of products sold	 	 	123,755	 	 	 	126,148	 	 	 	367,520	 	 	 	346,217	 	
Restructuring charges	 	 	9	 	 	 	-	 	 	 	464	 	 	 	-	 	
Gross profit	 	 	12,808	 	 	 	18,091	 	 	 	41,783	 	 	 	41,776	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	 	454	 	 	 	898	 	 	 	3,087	 	 	 	2,762	 	
Selling, general and administrative	 	 	12,359	 	 	 	12,663	 	 	 	39,202	 	 	 	37,983	 	
Restructuring charge	 	 	453	 	 	 	275	 	 	 	1,965	 	 	 	275	 	
Total operating expenses	 	 	13,266	 	 	 	13,836	 	 	 	44,254	 	 	 	41,020	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	 	(458	)	 	 	4,255	 	 	 	(2,471	)	 	 	756	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(91	)	 	 	(80	)	 	 	(293	)	 	 	(265	)	
Interest and other income	 	 	(36	)	 	 	13	 	 	 	121	 	 	 	252	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other income (expense)	 	 	(127	)	 	 	(67	)	 	 	(171	)	 	 	(13	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before taxes	 	 	(585	)	 	 	4,188	 	 	 	(2,643	)	 	 	743	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Taxes	 	 	5,234	 	 	 	1,009	 	 	 	4,896	 	 	 	(537	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	 	(5,819	)	 	 	3,179	 	 	 	(7,539	)	 	 	1,280	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less: net loss attributable to non-controlling interest	 	 	(1	)	 	 	(8	)	 	 	(17	)	 	 	(26	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Spartan Motors Inc.	 	$	(5,818	)	 	$	3,199	 	 	$	(7,522	)	 	$	1,306	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net earnings (loss) per share	 	$	( 0.17	)	 	$	0.09	 	 	$	(0.22	)	 	$	0.04	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted net earnings (loss) per share	 	$	( 0.17	)	 	$	0.09	 	 	$	(0.22	)	 	$	0.04	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic weighted average common shares outstanding	 	 	33,885	 	 	 	34,246	 	 	 	33,806	 	 	 	34,303	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted weighted average common shares outstanding	 	 	33,885	 	 	 	34,249	 	 	 	33,806	 	 	 	34,309	 	

 

 
 
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	 	 	Delivery & Service Vehicles	 	 	Specialty Chassis & Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency Response Vehicle Sales	 	$	42,030	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	42,030	 	
Utilimaster Vehicle Sales	 	 	-	 	 	 	45,526	 	 	 	-	 	 	 	-	 	 	 	45,526	 	
Motorhome Chassis Sales	 	 	-	 	 	 	-	 	 	 	32,367	 	 	 	-	 	 	 	32,367	 	
Other Specialty Vehicles	 	 	-	 	 	 	-	 	 	 	2,388	 	 	 	-	 	 	 	2,388	 	
Aftermarket Parts and Assemblies	 	 	-	 	 	 	8,711	 	 	 	5,550	 	 	 	-	 	 	 	14,261	 	
Total Sales	 	$	42,030	 	 	$	54,237	 	 	$	40,305	 	 	$	-	 	 	$	136,572	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization Expense	 	$	263	 	 	$	928	 	 	$	105	 	 	$	576	 	 	$	1,872	 	
Operating Income (Loss)	 	 	(5,991	)	 	 	4,064	 	 	 	2,776	 	 	 	(1,307	)	 	 	(458	)	
Segment Assets	 	 	70,011	 	 	 	83,945	 	 	 	23,820	 	 	 	70,709	 	 	 	248,485	 	

Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
 
Period End Backlog (amounts in thousands of dollars)	 	
 	 	Sept. 30,
2015	 	 	June 30,
2015	 	 	March 31,
2015	 	 	Dec. 31,
2014	 	 	Sept. 30,
2014	 	
Emergency Response Vehicles*	 	$	145,104	 	 	$	148,762	 	 	$	157,486	 	 	$	160,743	 	 	$	155,968	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Delivery & Service Vehicles Backlog *	 	 	107,671	 	 	 	88,526	 	 	 	87,485	 	 	 	60,630	 	 	 	54,789	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Motorhome Chassis *	 	 	21,776	 	 	 	23,196	 	 	 	13,980	 	 	 	16,436	 	 	 	20,972	 	
Other Vehicles*	 	 	-	 	 	 	-	 	 	 	3,268	 	 	 	3,994	 	 	 	-	 	
Aftermarket Parts and Assemblies	 	 	783	 	 	 	2,194	 	 	 	1,830	 	 	 	1,932	 	 	 	1,676	 	
Total Specialty Chassis & Vehicles Backlog	 	 	22,559	 	 	 	25,390	 	 	 	19,078	 	 	 	22,362	 	 	 	22,648	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Backlog	 	$	275,334	 	 	$	262,678	 	 	$	264,049	 	 	$	243,735	 	 	$	233,405	 	
 
* Anticipated time to fill backlog orders at September 30, 2015; 13 months or less for emergency response vehicles; 3 months or less for motorhome chassis; 5 months or less for delivery and service vehicles; and 1 month or less for other products.	

Exhibit 99.2