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): February 25, 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 February 25, 2016, Spartan Motors, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 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 February 25, 2016 regarding the financial results for the quarter and year ended December 31, 2015.	
 	99.2	Investor presentation dated February 25, 2016 regarding the financial results for the quarter and year ended December 31, 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: February 25, 2016 	 	/S/ Frederick J. Sohm	
 	 	By: Frederick J. Sohm	
 	 	Its: Chief Financial Officer and Treasurer	

2

Exhibit 99.1

 

 
FOR IMMEDIATE RELEASE
 
SPARTAN MOTORS REPORTS FOURTH QUARTER AND FULL YEAR 2015 RESULTS
FOURTH QUARTER 2015 SALES INCREASE MORE THAN 18 PERCENT YEAR OVER YEAR

CHARLOTTE, Mich., February 25, 2016 - Spartan Motors, Inc. (NASDAQ: SPAR) (“Spartan” or the “Company”) today reported operating results for the fourth quarter and full year 2015.
 
FOURTH QUARTER 2015 OVERVIEW
 
For the fourth quarter of 2015 compared to the fourth quarter of 2014:
 
●	Net sales of $140.6 million, an increase of 18.4% from $118.8 million	
●	Operating loss of $10.0 million versus operating loss of $1.9 million, including:	
 	o	Non-recurring warranty accruals of $6.3 million	
 	o	Charge of $1.0 million for wind-down of joint venture with Gimaex ($0.5 million attributable to Spartan)	
 	o	Restructuring expenses of $0.4 million	
●	Adjusted operating loss of $2.3 million excluding restructuring, warranty and joint venture expenses versus adjusted operating income of $0.2 million	
●	Net loss of $9.5 million, or ($0.28) per share, versus net loss of $0.1 million, or ($0.00) per share	
●	Cash balance of $32.7 million at December 31, 2015, up from $28.6 million at December 31, 2014	
●	Order backlog increased to $270.8 million at December 31, 2015, from $243.7 million at December 31, 2014	
 
Daryl Adams, Spartan’s Chief Executive Officer, said, “One year ago, we began our multi-year effort to transform Spartan Motors. Results for the fourth quarter and full year demonstrated both the progress and the remaining challenges we face in executing our turnaround plan. Past issues have been addressed, as shown in the non-recurring charges taken for warranty accruals and asset impairments. New product designs and engineering changes should reduce future warranty expense, while gains in operating efficiency should drive greater profitability.”
 
Delivery & Service Vehicles (DSV) Fourth Quarter Results
 
DSV segment revenue increased 51.7% to $65.7 million from $43.3 million. Revenue increased due to favorable vehicle mix, higher volume at vehicle up-fit centers and in aftermarket parts sales.

 

 
 
Operating income more than doubled to $4.5 million in the fourth quarter of 2015, from $2.2 million a year ago. Higher volume and favorable mix, combined with flat operating expenses resulted in an increase in operating income compared to last year.
 
The DSV segment’s backlog at the end of 2015 stood at $96.1 million, compared to $60.6 million at December 31, 2014.
 
Emergency Response (ER) Fourth Quarter Results
 
ER segment revenue decreased to $40.6 million from $45.8 million due to a decline in units shipped compared to the fourth quarter of 2014. Revenue in the fourth quarter of 2014 included approximately $5.0 million from the shipment of the final 14 units of a 70-unit export order.
 
The ER segment posted an operating loss of $12.2 million in the fourth quarter, compared to an operating loss of $3.6 million a year ago that included profit of $0.9 million from part of a large export order. The increase in operating loss was due in part to lower unit shipments and an increase in warranty accruals of approximately $5.9 million. Spartan ER also recorded a charge of $1.0 million related to the termination of its joint venture with Gimaex.
 
Backlog decreased to $156.3 million at December 31, 2015, compared to $160.7 million at December 31, 2014. Management has concentrated on accepting only orders it expects to be profitable and has declined certain orders that do not meet targets for profitability.
 
Specialty Chassis & Vehicles (SCV) Fourth Quarter Results
 
The SCV segment reported revenue growth in the fourth quarter of 2015 with sales of $34.3 million versus $29.6 million in the prior year, an increase of 15.9%. Sales of motorhome chassis increased to $27.8 million from $23.2 million, due to higher unit shipments year-over-year. Aftermarket Parts & Assemblies (APA) declined to $3.4 million from $4.0 million, while Other Specialty Vehicle revenue increased to $3.0 million from $2.4 million. Operating income decreased to $0.2 million from $2.4 million a year ago due to competitive pricing actions on certain motorhome chassis taken earlier in the year and additional warranty accruals.
 
Backlog at December 31, 2015, totaled $18.4 million versus $22.4 million at December 31, 2014. 
 
FULL YEAR 2015 OVERVIEW
 
For the full year 2015 compared to the full year 2014:
 
●	Revenue of $550.4 million, up 8.6%, versus $506.8 million	
●	Operating loss of $12.5 million versus an operating loss of $1.2 million	
 	o	Operating loss for 2015 included pre-tax charges totaling $17.0 million, including:	
 	■	Asset impairment charges of $2.2 million	
 	■	Regulatory settlement costs of $2.3 million	
 	■	Restructuring charges of $2.9 million	
 	■	Non-recurring service campaign and warranty accruals of $8.6 million	
 	■	Charge of $1.0 million to wind-down our joint venture with Gimaex ($0.5 million attributable to Spartan)	
●	Adjusted operating income of $4.5 million versus adjusted operating income of $1.3 million, excluding charges and non-recurring expenses in both years	

2

 
 
●	Spartan recorded income tax expense of $4.9 million for the year, due primarily to an increase of $5.1 million in the valuation allowance for deferred tax assets	
●	Net loss of $17.0 million, or ($0.50) per share, compared to net income of $1.2 million, or $0.03 per share	
   
Delivery & Service Vehicles (DSV) 2015 Results
 
Revenue in the DSV segment for the full year increased 8.2% to $227.7 million from $210.5 million with both vehicle and aftermarket revenue increasing from the prior year. Operating income increased nearly 75% to $14.5 million from $8.3 million. Growth in operating income was due to higher revenue from aftermarket parts and up-fit centers in particular, as well as a slight decline in operating expenses compared to 2014.
 
Emergency Response (ER) 2015 Results
 
ER revenue for 2015 rose to $187.1 million from $184.5 million on higher unit shipments. The ER segment reported an operating loss of $24.8 million versus an operating loss of $7.1 million in 2014. The higher operating loss in 2015 was due to several factors that included:
 
 	●	Increase in one-time warranty and service campaign accruals of $7.2 million	
 	●	Asset impairment charges of $2.2 million	
 	●	NHTSA settlement costs of $0.7 million	
 	●	Restructuring charges of $2.9 million	
 	●	Unfavorable mix and production inefficiencies resulting from relocating operations from Ocala, Fla. to Brandon, S. Dak. and Charlotte, Mich. of approximately $6.9 million	
  
Specialty Chassis & Vehicles (SCV) 2015 Results
 
SCV revenue increased 21.4% to $135.6 million in 2015 from $111.7 million, with all business units reporting revenue growth for the year. Operating income declined to $6.0 million from $7.4 million due to competitive pricing actions on motorhome chassis, NHTSA settlement costs and higher warranty accruals.
 
2015 Financial Commentary
 
Rick Sohm, Chief Financial Officer at Spartan, said, ”While 2015 was a difficult year, adjusted fourth quarter results were generally in line with our guidance and we’re making solid progress toward our objectives. Due to disciplined working capital management in the fourth quarter, we strengthened the balance sheet and ended the year with more than $32 million in cash. After reviewing our capital spending and working capital projections for 2016, we expect to have cash in excess of our requirements for the year. The Company has authority to repurchase approximately 618,000 shares under our existing share repurchase plan that we will consider exercising as we monitor cash needs throughout the year. ”
 
2016 Outlook
 
Outlook for full year 2016:
 
 	●	Revenue to be in the range of $560 - $580 million	
 	●	Operating income of $3.0 - $5.0 million, including restructuring expenses of $1.0 - $1.5 million	
 	●	Income tax expense of $0.2 - $0.4 million	
 	●	Earnings per share of $0.05 - $0.10, assuming approximately 35 million shares outstanding	

3

 
 
Adams commented, “Our outlook for 2016 is improving as our turnaround plan continues to yield results. We believe that our continued focus on growing Spartan’s customer base, improving our cost structure and building the strength of our leadership team will enhance the value of Spartan for our shareholders. During my first year as Spartan’s CEO, actions we have taken have generated positive momentum that we are using to propel our transformation and return the company to profitability 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 December 31,	 	
 	 	2015	 	 	% of sales	 	 	2014	 	 	% of sales	 	
Operating income (loss)/Operating margin	 	$	(10,008	)	 	 	-7.1	%	 	$	(1,895	)	 	 	-1.6	%	
Add back: restructuring charges	 	 	427	 	 	 	0.3	%	 	 	1,882	 	 	 	1.6	%	
Add back: NHTSA settlement	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	
Add back: asset impairment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	
Add back: warranty accruals	 	 	6,300	 	 	 	4.5	%	 	 	-	 	 	 	0.0	%	
Add back: joint venture expenses	 	 	982	 	 	 	0.7	%	 	 	236	 	 	 	0.2	%	
Adjusted operating income (loss)/Adjusted operating margin	 	$	(2,299	)	 	 	-1.6	%	 	$	223	 	 	 	0.2	%	
 
 	 	Year Ended December 31,	 	
 	 	2015	 	 	% of sales	 	 	2014	 	 	% of sales	 	
Operating income (loss)/Operating margin	 	$	(12,479	)	 	 	-2.3	%	 	$	(1,151	)	 	 	-0.2	%	
Add back: restructuring charges	 	 	2,855	 	 	 	0.5	%	 	 	2,157	 	 	 	0.4	%	
Add back: NHTSA settlement	 	 	2,269	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	
Add back: asset impairment	 	 	2,234	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	
Add back: warranty accruals	 	 	8,600	 	 	 	1.4	%	 	 	-	 	 	 	0.0	%	
Add back: joint venture expenses	 	 	1,015	 	 	 	0.2	%	 	 	289	 	 	 	0.1	%	
Adjusted operating income (loss)/Adjusted operating margin	 	$	4,494	 	 	 	0.7	%	 	$	1,295	 	 	 	0.3	%	

 
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. 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 1,700 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 .

5

 
 
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	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)
 
 	 	December 31,	 	 	 	 	 	
 	 	2015	 	 	December 31,	 	
 	 	(Unaudited)	 	 	2014	 	
ASSETS	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	32,701	 	 	$	28,570	 	
Accounts receivable, less allowance of $130 and $144	 	 	56,617	 	 	 	48,362	 	
Inventories	 	 	60,558	 	 	 	71,163	 	
Deferred income tax assets	 	 	3,164	 	 	 	7,799	 	
Income taxes receivable	 	 	1,755	 	 	 	1,696	 	
Other current assets	 	 	3,506	 	 	 	3,661	 	
Total current assets	 	 	158,301	 	 	 	161,251	 	
 	 	 	 	 	 	 	 	 	
Property, plant and equipment, net	 	 	47,320	 	 	 	50,417	 	
Goodwill	 	 	15,961	 	 	 	15,961	 	
Intangible assets, net	 	 	7,093	 	 	 	8,958	 	
Other assets	 	 	1,996	 	 	 	2,226	 	
TOTAL ASSETS	 	$	230,671	 	 	$	238,813	 	
 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS' EQUITY	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Accounts payable	 	$	27,318	 	 	$	22,762	 	
Accrued warranty	 	 	16,610	 	 	 	9,237	 	
Accrued customer rebates	 	 	2,681	 	 	 	2,166	 	
Accrued compensation and related taxes	 	 	8,684	 	 	 	8,226	 	
Deposits from customers	 	 	13,095	 	 	 	11,524	 	
Other current liabilities and accrued expenses	 	 	3,922	 	 	 	6,646	 	
Current portion of long-term debt	 	 	63	 	 	 	59	 	
Total current liabilities	 	 	72,373	 	 	 	60,620	 	
 	 	 	 	 	 	 	 	 	
Other non-current liabilities	 	 	2,163	 	 	 	2,365	 	
Long-term debt, less current portion	 	 	5,124	 	 	 	5,202	 	
Deferred income tax liabilities	 	 	2,520	 	 	 	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; 34,271 and 34,094 outstanding	 	 	343	 	 	 	341	 	
Additional paid in capital	 	 	76,472	 	 	 	75,695	 	
Retained earnings	 	 	72,326	 	 	 	92,724	 	
Total Spartan Motors, Inc. shareholders' equity	 	 	149,141	 	 	 	168,760	 	
Non-controlling interest	 	 	(650	)	 	 	(142	)	
Total shareholders' equity	 	 	148,491	 	 	 	168,618	 	
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	230,671	 	 	$	238,813	 	

7

 
 
Spartan Motors, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
 
 	 	Three Months Ended
December 31,	 	 	Year Ended December 31,	 	
 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales	 	$	140,647	 	 	$	118,771	 	 	$	550,414	 	 	$	506,764	 	
Cost of products sold	 	 	135,262	 	 	 	104,472	 	 	 	502,783	 	 	 	450,702	 	
Restructuring charges	 	 	56	 	 	 	808	 	 	 	519	 	 	 	808	 	
Gross profit	 	 	5,329	 	 	 	13,491	 	 	 	47,112	 	 	 	55,254	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	 	1,473	 	 	 	1,090	 	 	 	4,560	 	 	 	3,851	 	
Selling, general and administrative	 	 	13,493	 	 	 	13,222	 	 	 	52,695	 	 	 	51,205	 	
Restructuring charge	 	 	371	 	 	 	1,074	 	 	 	2,336	 	 	 	1,349	 	
Total operating expenses	 	 	15,337	 	 	 	15,386	 	 	 	59,591	 	 	 	56,405	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	 	(10,008	)	 	 	(1,895	)	 	 	(12,479	)	 	 	(1,151	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(72	)	 	 	(77	)	 	 	(365	)	 	 	(341	)	
Interest and other income	 	 	123	 	 	 	167	 	 	 	244	 	 	 	418	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other income (expense)	 	 	51	 	 	 	90	 	 	 	(121	)	 	 	77	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss before taxes	 	 	(9,957	)	 	 	(1,805	)	 	 	(12,600	)	 	 	(1,074	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Taxes	 	 	(16	)	 	 	(1,566	)	 	 	4,880	 	 	 	(2,103	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	 	(9,941	)	 	 	(239	)	 	 	(17,480	)	 	 	1,029	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less: net loss attributable to non-controlling interest	 	 	(491	)	 	 	(118	)	 	 	(508	)	 	 	(144	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Spartan Motors Inc.	 	$	(9,450	)	 	$	(121	)	 	$	(16,972	)	 	$	1,173	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net earnings (loss) per share	 	$	( 0.28	)	 	$	0.00	 	 	$	(0.50	)	 	$	0.03	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted net earnings (loss) per share	 	$	( 0.28	)	 	$	0.00	 	 	$	(0.50	)	 	$	0.03	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic weighted average common shares outstanding	 	 	33,886	 	 	 	33,650	 	 	 	33,826	 	 	 	34,251	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted weighted average common shares outstanding	 	 	33,886	 	 	 	33,650	 	 	 	33,826	 	 	 	34,256	 	

8

 
 
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	 	 	Delivery & Service Vehicles	 	 	Specialty Chassis &Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency Response Vehicle Sales	 	$	40,642	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	40,642	 	
Utilimaster Vehicle Sales	 	 	-	 	 	 	55,176	 	 	 	-	 	 	 	-	 	 	 	55,176	 	
Motorhome Chassis Sales	 	 	-	 	 	 	-	 	 	 	27,834	 	 	 	-	 	 	 	27,834	 	
Other Specialty Vehicles	 	 	-	 	 	 	-	 	 	 	3,020	 	 	 	-	 	 	 	3,020	 	
Aftermarket Parts and Assemblies	 	 	-	 	 	 	10,541	 	 	 	3,434	 	 	 	-	 	 	 	13,975	 	
Total Sales	 	$	40,642	 	 	$	65,717	 	 	$	34,288	 	 	$	-	 	 	$	140,647	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (Loss)	 	 	(12,178	)	 	 	4,524	 	 	 	227	 	 	 	(2,581	)	 	 	(10,008	)	

 
 
Year Ended December 31, 2015 (in thousands of dollars)	 	
 
 	 	Business Segments	 	 	 	 	 	
 	 	Emergency Response Vehicles	 	 	Delivery and Service Vehicles	 	 	Specialty Chassis and Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency response vehicles sales	 	$	187,127	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	187,127	 	
Delivery and service vehicles sales	 	 	-	 	 	 	193,772	 	 	 	-	 	 	 	-	 	 	 	193,772	 	
Motor home chassis sales	 	 	-	 	 	 	-	 	 	 	103,264	 	 	 	-	 	 	 	103,264	 	
Other specialty vehicles sales	 	 	-	 	 	 	-	 	 	 	13,849	 	 	 	-	 	 	 	13,849	 	
Aftermarket parts and assemblies sales	 	 	-	 	 	 	33,911	 	 	 	18,491	 	 	 	-	 	 	 	52,402	 	
Total sales	 	$	187,127	 	 	$	227,683	 	 	$	135,604	 	 	$	-	 	 	$	550,414	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	 	(24,776	)	 	 	14,530	 	 	 	5,960	 	 	 	(8,193	)	 	 	(12,479	)	

9

 
 
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
 
Period End Backlog (amounts in thousands of dollars) 	
 
 	 	Dec. 31, 2015	 	 	Sept. 30, 2015	 	 	June 30, 2015	 	 	March 31, 2015	 	 	Dec. 31, 2014	 	
Emergency Response Vehicles*	 	$	156,270	 	 	$	145,104	 	 	$	148,762	 	 	$	157,486	 	 	$	160,743	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Delivery & Service Vehicles Backlog *	 	 	96,120	 	 	 	107,671	 	 	 	88,526	 	 	 	87,485	 	 	 	60,630	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Motorhome Chassis *	 	 	12,401	 	 	 	21,776	 	 	 	23,196	 	 	 	13,980	 	 	 	16,436	 	
Other Vehicles*	 	 	4,949	 	 	 	-	 	 	 	-	 	 	 	3,268	 	 	 	3,994	 	
Aftermarket Parts and Assemblies	 	 	1,019	 	 	 	783	 	 	 	2,194	 	 	 	1,830	 	 	 	1,932	 	
Total Specialty Chassis & Vehicles Backlog	 	 	18,369	 	 	 	22,559	 	 	 	25,390	 	 	 	19,078	 	 	 	22,362	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Backlog	 	$	270,759	 	 	$	275,334	 	 	$	262,678	 	 	$	264,049	 	 	$	243,735	 	
 
* Anticipated time to fill backlog orders at December 3, 2015; 9 months or less for emergency response vehicles; 2 months or less for motorhome chassis; 5 months or less for delivery and service vehicles; and 1 month or less for other products.	

10

Exhibit 99.2