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): May 4, 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 May 4, 2016, Spartan Motors, Inc. issued a press release announcing its financial results for the quarter ended March 31, 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 May 4, 2016 regarding the financial results for the quarter ended March 31, 2016.
99.2     Investor presentation dated May 4, 2016 regarding the financial results for the quarter ended March 31, 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: May 4, 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 FIRST QUARTER 2016 EPS OF $0.02
ALL BUSINESS SEGMENTS REPORT IMPROVED RESULTS FROM 2015
 
CHARLOTTE, Mich., May 4, 2016 - Spartan Motors, Inc. (NASDAQ: SPAR) (“Spartan” or the “Company”) today reported operating results for the first quarter of 2016. The Company reported net income of $0.5 million, or $0.02 per share, compared to a loss of $2.9 million, or ($0.09) per share in the first quarter of 2015.
 
FIRST QUARTER 2016 OVERVIEW
 
For the first quarter of 2016 compared to the first quarter of 2015:
 
●	Net sales of $133.7 million, an increase of 4.1% from $128.4 million	
 
●	Gross margin of 11.8% of sales compared to 9.0% of sales	
 
●	Operating income of $0.7 million versus operating loss of $4.4 million, including:	
 
 	o	Restructuring expenses of $0.3 million versus $1.2 million	
 
 	o	Operating expenses declined to 11.3% of sales, down from 12.4% of sales	
 
●	Adjusted operating income (excluding restructuring) of $1.0 million versus an operating loss of $3.2 million	
 
●	Net income of $0.5 million, or $0.02 per share, versus net loss of $2.9 million, or ($0.09) per share	
 
●	Cash balance of $36.8 million at March 31, 2016, up from $12.0 million at March 31, 2015	
 
●	Order backlog increased to $318.9 million at March 31, 2016, from $264.6 million at March 31, 2015	
 
Daryl Adams, Spartan’s Chief Executive Officer, commented, “Results for the quarter showed considerable improvement year-over-year as we continued to implement our 2016 Focal Points. The multi-year turnaround plan we began in 2015 is yielding positive operating results through new business, improved product mix and lower operating expenses. We are pleased to report a profitable first quarter, Spartan’s first since 2010.”
 
Delivery & Service Vehicles (DSV) First Quarter Results
 
DSV segment revenue grew to $59.3 million from $54.9 million, an increase of 8.0%. Revenue growth was primarily due to higher volume at vehicle up-fit centers.
 
Operating income for the segment more than doubled to $5.6 million, equal to 9.4% of sales, from $2.6 million, or 4.7% of sales, a year ago. Growth in operating income was due to favorable revenue mix, the positive impact of operational improvement initiatives and essentially flat operating expenses compared to the first quarter of 2015.

 

 
 
Implementation of the Spartan Production System at DSV began during the first quarter and contributed to improved operating efficiency. In addition, we began the process of consolidating DSV’s truck body operations into the Bristol facility, which we expect to be completed by the end of the second quarter.
 
Segment backlog at March 31, 2016 totaled $137.7 million, compared to $96.1 million at December 31, 2015.
 
Emergency Response (ER) First Quarter Results
 
ER segment revenue declined 8.8% to $39.4 million from $43.2 million. Lower revenue resulted from fewer shipments of complete fire apparatus compared to the first quarter of 2015, while revenue from custom cab and chassis was unchanged from last year.
 
The ER segment reported an operating loss of $3.9 million in the first quarter, a reduction of $1.5 million from an operating loss of $5.4 million in the first quarter of 2015. Ongoing operational initiatives positively impacted the ER business, including better manufacturing performance, cost control and reductions in operating expenses. Excluding restructuring expenses, the ER segment had an adjusted operating loss of $3.6 million compared to an adjusted operating loss of $4.2 million, an improvement of 14.3% from the first quarter of 2015
 
Backlog totaled $160.4 million at March 31, 2016 versus $156.3 million at December 31, 2015.
 
Specialty Chassis & Vehicles (SCV) First Quarter Results
 
SCV segment revenue grew to $35.1 million from $30.3 million, an increase of 15.8%. Sales of motorhome chassis rose 13.3% to $26.4 million from $23.3 million, due to higher unit shipments year-over-year. Increased levels of contract manufacturing accounted for approximately $1.2 million of revenue growth and our defense business contributed $0.6 million of revenue growth as we built additional ILAVs compared to a year ago. Operating income increased to $1.7 million from $1.0 million last year, a 70% increase.
 
Backlog at March 31, 2016 totaled $20.8 million compared to $18.4 million at December 31, 2015.
 
Raising 2016 Guidance
 
Rick Sohm, Spartan’s Chief Financial Officer, said, “Looking forward to the rest of 2016, we anticipate stronger sales and operating profit. Growth in our vehicle up-fit business, as well as increased demand across most of our product offerings, is driving higher revenue expectations. We are pleased that this growth, combined with a more favorable product mix and operational improvements, allows us to raise our guidance for 2016.”
 
The company now expects 2016 results as follows:
 
 	●	Revenue in the range of $570 - $590 million	
 	●	Operating income of $7.0 - $10.0 million, including restructuring expenses of $0.5 - $1.0 million	
 	●	Income tax expense of $1.0 - $1.2 million	
 	●	Earnings per share of $0.15 to $0.25, assuming approximately 34.5 million shares outstanding	
 
2016 Outlook
 
Adams concluded his remarks, stating, “Based on our performance in the first quarter, it is clear that our new management team is gaining momentum on our business objectives that will increase as the year progresses. Due to the fact that we are still in the early stages of our transformation plan, we are excited about the potential to improve and grow the business as we remain focused on increasing value for our shareholders.”

 

 
 
Reconciliation of Non-GAAP Financial Measures
 
This release contains adjusted operating income, which is a Non-GAAP financial measure. Adjusted operating income is 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. We present this adjusted Non-GAAP measure because we consider it to be an important supplemental measure of our performance and believe it 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 measure is not a measurement of our financial performance under GAAP and should not be considered as an alternative to operating income under GAAP. This adjusted Non-GAAP measure has limitations as an analytical tool 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 measure, 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 measure 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) for the periods indicated.
 
Financial Summary (Non-GAAP)
(In thousands)
(Unaudited)
 
 	 	Three Months Ended March 31,	 	
 	 	2016	 	 	2015	 	
Consolidated operating income (loss)	 	$	691	 	 	$	(4,358	)	
Add back: restructuring charges	 	 	339	 	 	 	1,155	 	
Adjusted consolidated operating income (loss)	 	$	1,030	 	 	$	(3,203	)	
 
 	 	Three Months Ended March 31,	 	
 	 	2016	 	 	2015	 	
ER segment operating loss	 	$	(3,904	)	 	$	(5,386	)	
Add back: restructuring charges	 	 	339	 	 	 	1,155	 	
Adjusted ER segment operating loss	 	$	(3,565	)	 	$	(4,231	)	

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.
 
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	

 

 
 
Spartan Motors, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except par value)
 
 	 	March 31,	 	 	 	 	 	
 	 	2016	 	 	December 31,	 	
 	 	(Unaudited)	 	 	2015	 	
ASSETS	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	36,785	 	 	$	32,701	 	
Accounts receivable, less allowance of $419 and $130	 	 	59,532	 	 	 	56,617	 	
Inventories	 	 	71,177	 	 	 	60,558	 	
Deferred income tax assets	 	 	3,164	 	 	 	3,164	 	
 	 	 	 	 	 	 	 	 	
Income taxes receivable	 	 	813	 	 	 	1,755	 	
Other current assets	 	 	3,732	 	 	 	3,506	 	
Total current assets	 	 	175,203	 	 	 	158,301	 	
 	 	 	 	 	 	 	 	 	
Property, plant and equipment, net	 	 	47,439	 	 	 	47,320	 	
Goodwill	 	 	15,961	 	 	 	15,961	 	
Intangible assets, net	 	 	6,916	 	 	 	7,093	 	
Other assets	 	 	2,075	 	 	 	1,996	 	
TOTAL ASSETS	 	$	247,594	 	 	$	230,671	 	
 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS' EQUITY	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Accounts payable	 	$	41,292	 	 	$	27,318	 	
Accrued warranty	 	 	16,217	 	 	 	16,610	 	
Accrued customer rebates	 	 	2,056	 	 	 	2,681	 	
Accrued compensation and related taxes	 	 	8,583	 	 	 	8,684	 	
Deposits from customers	 	 	15,582	 	 	 	13,095	 	
Other current liabilities and accrued expenses	 	 	4,365	 	 	 	3,922	 	
Current portion of long-term debt	 	 	63	 	 	 	63	 	
Total current liabilities	 	 	88,158	 	 	 	72,373	 	
 	 	 	 	 	 	 	 	 	
Other non-current liabilities	 	 	2,270	 	 	 	2,163	 	
Long-term debt, less current portion	 	 	5,124	 	 	 	5,124	 	
Deferred income tax liabilities	 	 	2,520	 	 	 	2,520	 	
Total liabilities	 	 	98,072	 	 	 	82,180	 	
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; 34,861 and 34,271 outstanding	 	 	349	 	 	 	343	 	
Additional paid in capital	 	 	76,954	 	 	 	76,472	 	
Retained earnings	 	 	72,869	 	 	 	72,326	 	
Total Spartan Motors, Inc. shareholders' equity	 	 	150,172	 	 	 	149,141	 	
Non-controlling interest	 	 	(650	)	 	 	(650	)	
Total shareholders' equity	 	 	149,522	 	 	 	148,491	 	
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	247,954	 	 	$	230,671	 	

 

 
 
Spartan Motors, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
 
 	 	Three Months Ended March 31,	 	
 	 	2016	 	 	% of sales	 	 	2015	 	 	% of sales	 	
Sales	 	$	133,726	 	 	 	 	 	 	$	128,372	 	 	 	 	 	
Cost of products sold	 	 	117,906	 	 	 	88.2	 	 	 	116,504	 	 	 	90.8	 	
Restructuring charges	 	 	-	 	 	 	0.0	 	 	 	335	 	 	 	0.3	 	
Gross profit	 	 	15,820	 	 	 	11.8	 	 	 	11,533	 	 	 	9.0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	 	1,224	 	 	 	0.9	 	 	 	1,469	 	 	 	1.1	 	
Selling, general and administrative	 	 	13,566	 	 	 	10.1	 	 	 	13,602	 	 	 	10.6	 	
Restructuring charges	 	 	339	 	 	 	0.3	 	 	 	820	 	 	 	0.6	 	
Total operating expenses	 	 	15,129	 	 	 	11.3	 	 	 	15,891	 	 	 	12.4	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	 	691	 	 	 	0.5	 	 	 	(4,358	)	 	 	(3.4	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(114	)	 	 	(0.1	)	 	 	(90	)	 	 	(0.1	)	
Interest and other income	 	 	59	 	 	 	0.0	 	 	 	127	 	 	 	0.1	 	
Total other income (expense)	 	 	(55	)	 	 	0.0	 	 	 	37	 	 	 	0.0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before taxes	 	 	636	 	 	 	0.5	 	 	 	(4,321	)	 	 	(3.4	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Taxes	 	 	93	 	 	 	0.1	 	 	 	(1,426	)	 	 	(1.1	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	 	543	 	 	 	0.4	 	 	 	(2,895	)	 	 	(2.3	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less: Net income (loss) attributable to non-controlling interest	 	 	-	 	 	 	0.0	 	 	 	(15	)	 	 	0.0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Spartan Motors, Inc.	 	$	543	 	 	 	0.4	 	 	$	(2,880	)	 	 	(2.2	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income (loss) per share	 	$	0.02	 	 	 	 	 	 	$	(0.09	)	 	 	 	 	
Diluted net income (loss) per share	 	$	0.02	 	 	 	 	 	 	$	(0.09	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic weighted average common shares outstanding	 	 	34,280	 	 	 	 	 	 	 	33,661	 	 	 	 	 	
Diluted weighted average common shares outstanding	 	 	34,280	 	 	 	 	 	 	 	33,661	 	 	 	 	 	

 

 
 
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
 
Three Months Ended March 31, 2016 (in thousands of dollars)	
 
 	 	Business Segments	 	 	 	 	 	 	 	 	 	
 	 	Emergency Response	 	 	Delivery & Service Vehicles	 	 	Specialty Chassis &Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency response vehicle sales	 	$	39,384	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	39,384	 	
Delivery and service vehicle sales	 	 	-	 	 	 	40,305	 	 	 	-	 	 	 	-	 	 	 	40,305	 	
Motorhome chassis sales	 	 	-	 	 	 	-	 	 	 	26,431	 	 	 	-	 	 	 	26,431	 	
Other specialty chassis and vehicles	 	 	-	 	 	 	-	 	 	 	4,405	 	 	 	-	 	 	 	4,405	 	
Aftermarket parts and assemblies	 	 	-	 	 	 	18,987	 	 	 	4,214	 	 	 	-	 	 	 	23,201	 	
Total Sales	 	$	39,384	 	 	$	59,292	 	 	$	35,050	 	 	$	-	 	 	$	133,726	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (Loss)	 	 	(3,904	)	 	 	5,588	 	 	 	1,717	 	 	 	(2,710	)	 	 	691	 	

 
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
 
Three Months Ended March 31, 2015 (in thousands of dollars)	
 
 	 	Business Segments	 	 	 	 	 	 	 	 	 	
 	 	Emergency Response	 	 	Delivery & Service Vehicles	 	 	Specialty Chassis &Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency response vehicle sales	 	$	43,206	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	43,206	 	
Delivery and service vehicle sales	 	 	 	 	 	 	48,034	 	 	 	 	 	 	 	 	 	 	 	48,034	 	
Motorhome chassis sales	 	 	 	 	 	 	 	 	 	 	23,349	 	 	 	 	 	 	 	23,349	 	
Other specialty chassis and vehicles	 	 	 	 	 	 	 	 	 	 	2,537	 	 	 	 	 	 	 	2,537	 	
Aftermarket parts and assemblies	 	 	 	 	 	 	6,857	 	 	 	4,389	 	 	 	 	 	 	 	11,246	 	
Total Sales	 	$	43,206	 	 	$	54,891	 	 	$	30,275	 	 	$	-	 	 	$	128,372	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (Loss)	 	 	(5,386	)	 	 	2,649	 	 	 	966	 	 	 	(2,587	)	 	 	(4,358	)	

 

 
 
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
 
Period End Backlog (amounts in thousands of dollars) 	
 
 	 	Mar. 31, 2016	 	 	Dec. 31, 2015	 	 	Sept. 30, 2015	 	 	June 30, 2015	 	 	March 31, 2015	 	
Emergency Response Vehicles*	 	$	160,392	 	 	$	156,270	 	 	$	145,104	 	 	$	148,762	 	 	$	158,049	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Delivery & Service Vehicles Backlog *	 	 	137,717	 	 	 	96,120	 	 	 	107,671	 	 	 	88,526	 	 	 	87,485	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Motorhome Chassis *	 	 	16,235	 	 	 	12,401	 	 	 	21,776	 	 	 	23,196	 	 	 	13,980	 	
Other Vehicles*	 	 	3,737	 	 	 	4,949	 	 	 	-	 	 	 	-	 	 	 	3,268	 	
Aftermarket Parts and Assemblies	 	 	815	 	 	 	1,019	 	 	 	783	 	 	 	2,194	 	 	 	1,830	 	
Total Specialty Chassis & Vehicles Backlog	 	 	20,787	 	 	 	18,369	 	 	 	22,559	 	 	 	25,390	 	 	 	19,078	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Backlog	 	$	318,896	 	 	$	270,759	 	 	$	275,334	 	 	$	262,678	 	 	$	264,612	 	
 
* Anticipated time to fill backlog orders at March 31, 2016; 13 months or less for emergency response vehicles; 2 months or less for motorhome chassis; 8 months or less for delivery and service vehicles; 3 months or less for other vehicles; and 1 month or less for other products.

Exhibit 99.2