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): August 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 August 4, 2016, Spartan Motors, Inc. issued a press release announcing its financial results for the quarter ended June 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 August 4, 2016 regarding the financial results for the quarter ended June 30, 2016.	
 	99.2	Investor presentation dated August 4, 2016 regarding the financial results for the quarter ended June 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: August 4, 2016 	 	/S/ Frederick J. Sohm 	
 	 	By: Frederick J. Sohm
Its: Chief Financial Officer and Treasurer	

2

Exhibit 99.1

SPARTAN MOTORS REPORTS SECOND QUARTER 2016 EPS OF $0.13
SECOND-QUARTER NET INCOME $4.4 MILLION, RISES 272%, ON 12% SALES GROWTH
RAISES 2016 MIDPOINT EPS GUIDANCE BY 12.5%
 
CHARLOTTE, Mich., August 4, 2016 - Spartan Motors, Inc. (NASDAQ: SPAR) (“Spartan” or the “Company”) today reported operating results for the second quarter of 2016. The Company reported net income of $4.4 million, or $0.13 per share, compared to a $1.2 million, or $0.03 per share in the second quarter of 2015.
 
SECOND QUARTER 2016 HIGHLIGHTS
 
For the second quarter of 2016 compared to the second quarter of 2015:
 
●	Sales increased 12.2% to $162.5 million from $144.8 million	
 	 	
●	Gross margin improved 80 basis points to 12.8% of sales compared to 12.0% of sales	
 	 	
●	Operating expenses declined 30 basis points to 10.1% of sales from 10.4% of sales	
 	 	
●	Operating income increased 86.7% to $4.4 million from $2.3 million	
 	 	
●	Adjusted operating income rose 111.2% to $6.3 million from $3.0 million	
 	 	
●	Net income grew 272% to $4.4 million, or $0.13 per share, versus $1.2 million, or $0.03 per share	
 	 	
●	Adjusted net income rose $4.2 million to $6.3 million, or $0.19 per share, versus $2.1 million, or $0.06 per share	
 	 	
●	Cash balance increased 93% to $39.8 million at June 30, 2016, up from $20.6 million at June 30, 2015	
 	 	
●	Order backlog increased to $304.0 million at June 30, 2016, from $262.7 million at June 30, 2015	
 	 	
●	Repurchased 421,692 shares at an average price of $4.74 per share, or $2 million in the aggregate	
 
“We are pleased with the operating results achieved for the quarter as we continue to show improvement and incremental, sequential quarterly progress in all three business segments,” said Daryl Adams, President and Chief Executive Officer of Spartan Motors. “Our process improvement and lean initiatives introduced as part of our multi-year turnaround plan, together with a focused execution of our business plan, are generating operational efficiencies and driving increased profitability. Our employees have embraced this transformation, and, as a result of their contributions, we are pleased to report Spartan’s strongest profitable quarter since the second quarter of 2009.”

 

 
 
Fleet Vehicles and Services (FVS) Second Quarter Results (formerly Delivery & Service Vehicles)
 
FVS segment revenue grew to $73.8 million from $52.8 million, an increase of 39.8%. Revenue growth was primarily due to increased vehicle sales and higher volume at vehicle up-fit centers.
 
Operating income for the segment increased $3.2 million to $6.5 million, or to 8.8% of sales, from $3.3 million, or 6.2% 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 during the first quarter.
 
Segment backlog at June 30, 2016 totaled $139.7 million compared to $137.7 million at March 31, 2016.
 
Specialty Chassis & Vehicles (SCV) Second Quarter Results
 
SCV segment revenue grew to $36.3 million from $29.2 million, an increase of 24.3%. Sales of motorhome chassis rose 24.2% to $24.5 million from $19.7 million, due primarily to higher unit shipments year-over-year and to a lesser extent, from price changes enacted during the current quarter. Increased levels of contract manufacturing combined with sales from the completion of our defense vehicle build accounted for the majority of the revenue growth. Operating income increased to $3.1 million from $1.7 million last year, an 83% increase.
 
Segment backlog at June 30, 2016 totaled $12.2 million compared to $20.8 million at March 31, 2016.
 
Emergency Response (ER) Second Quarter Results
 
ER segment revenue decreased $10.4 million, or 16.6%, to $52.4 million from $62.8 million. Lower revenue resulted from fewer shipments of complete fire apparatus and custom cab and chassis compared to the second quarter of 2015, which included an international multi-unit order.
 
The ER segment reported an operating loss of $2.4 million in the second quarter, an increase of $1.5 million from an operating loss of $0.9 million in the second quarter of 2015. ER adjusted operating loss for the quarter improved $0.4 million to $0.5 million from an adjusted operating loss of $0.9 million last year.
 
Segment backlog at June 30, 2016 totaled $152.2 million compared to $160.4 million at March 31, 2016.
 
Second Half 2016 Outlook
 
“Our balance sheet remains strong, with cash on hand improving by $19.2 million year-over-year to $39.8 million,” said Rick Sohm, Chief Financial Officer of Spartan Motors. “Our strong operating results continue to generate cash in excess of our working capital requirements, which enabled us to repurchase in open market transactions approximately 422,000 shares for $2.0 million during the quarter. Looking forward to the second-half of 2016, we anticipate modest year-over-year sales growth and continued operational improvements allowing us to raise the mid-point of our EPS guidance by 12.5%.”
 
The company now 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, up from previous guidance of $7.0 - $10.0 million	
 	●	Income tax expense of $1.0 - $1.2 million, unchanged	
 	●	Earnings per share of $0.20 to $0.25 (midpoint $0.225) up from previous guidance of $0.15 to $0.25 (midpoint $0.20), assuming approximately 34.5 million shares outstanding	

 

 
 
Adams added, “Although we are still implementing and executing a multi-year turnaround plan, our first-half performance indicates strong progress in our transformation, as we work as one Spartan team to engage with customers and create superior products and services, improve our profitability and increase our 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 regulatory settlement and a multi-unit order fulfilled in 2015. 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 June 30,	 	 	Six Months Ended June 30,	 	
Spartan Motors, Inc	 	2016	 	 	% of sales	 	 	2015	 	 	% of sales	 	 	2016	 	 	% of sales	 	 	2015	 	 	% of sales	 	
Operating income (loss)	 	$	4,376	 	 	 	2.7	%	 	$	2,345	 	 	 	1.6	%	 	$	5,068	 	 	 	1.7	%	 	$	(2,012	)	 	 	-0.7	%	
Add (subtract):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Restructuring charges	 	 	227	 	 	 	 	 	 	 	811	 	 	 	 	 	 	 	567	 	 	 	 	 	 	 	1,967	 	 	 	 	 	
Product recall	 	 	1,715	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	1,715	 	 	 	 	 	 	 	-	 	 	 	 	 	
Non-recurring multi-unit orders	 	 	-	 	 	 	 	 	 	 	(1,221	)	 	 	 	 	 	 	-	 	 	 	 	 	 	 	(1,221	)	 	 	 	 	
NHTSA settlement	 	 	-	 	 	 	 	 	 	 	1,057	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	2,269	 	 	 	 	 	
Adjusted operating income (loss)	 	$	6,318	 	 	 	3.9	%	 	$	2,992	 	 	 	2.1	%	 	$	7,350	 	 	 	2.5	%	 	$	1,003	 	 	 	0.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	4,379	 	 	 	2.7	%	 	$	1,177	 	 	 	0.8	%	 	$	4,923	 	 	 	1.7	%	 	$	(1,703	)	 	 	-0.6	%	
Add (subtract):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Restructuring charges, net of tax	 	 	227	 	 	 	 	 	 	 	650	 	 	 	 	 	 	 	567	 	 	 	 	 	 	 	1,403	 	 	 	 	 	
Product recall, net of tax	 	 	1,715	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	1,715	 	 	 	 	 	 	 	-	 	 	 	 	 	
Non-recurring multi-unit orders, net of tax	 	 	-	 	 	 	 	 	 	 	(871	)	 	 	 	 	 	 	-	 	 	 	 	 	 	 	(871	)	 	 	 	 	
NHTSA settlement, net of tax	 	 	-	 	 	 	 	 	 	 	1,116	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	1,905	 	 	 	 	 	
Adjusted net income (loss)	 	$	6,321	 	 	 	3.9	%	 	$	2,072	 	 	 	1.4	%	 	$	7,205	 	 	 	2.4	%	 	$	734	 	 	 	0.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted net earnings (loss) per share	 	$	0.13	 	 	 	 	 	 	$	0.03	 	 	 	 	 	 	$	0.14	 	 	 	 	 	 	$	(0.05	)	 	 	 	 	
Add (subtract):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Restructuring charges, net of tax	 	 	0.01	 	 	 	 	 	 	 	0.02	 	 	 	 	 	 	 	0.02	 	 	 	 	 	 	 	0.04	 	 	 	 	 	
Product recall, net of tax	 	 	0.05	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	0.05	 	 	 	 	 	 	 	-	 	 	 	 	 	
Non-recurring multi-unit orders, net of tax	 	 	-	 	 	 	 	 	 	 	(0.03	)	 	 	 	 	 	 	-	 	 	 	 	 	 	 	(0.03	)	 	 	 	 	
NHTSA settlement, net of tax	 	 	-	 	 	 	 	 	 	 	0.03	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	0.06	 	 	 	 	 	
Adjusted Diluted net earnings (loss) per share	 	$	0.19	 	 	 	 	 	 	$	0.06	 	 	 	 	 	 	$	0.21	 	 	 	 	 	 	$	0.02	 	 	 	 	 	
 
 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 	
Emergency Response Segment	 	2016	 	 	% of sales	 	 	2015	 	 	% of sales	 	 	2016	 	 	% of sales	 	 	2015	 	 	% of sales	 	
ER segment operating (loss)	 	$	(2,407	)	 	 	-4.6	%	 	$	(909	)	 	 	-1.4	%	 	$	(6,074	)	 	 	-6.6	%	 	$	(6,044	)	 	 	-5.7	%	
Add (subtract):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Restructuring charges	 	 	227	 	 	 	 	 	 	 	811	 	 	 	 	 	 	 	567	 	 	 	 	 	 	 	1,967	 	 	 	 	 	
Product recall	 	 	1,715	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	1,715	 	 	 	 	 	 	 	-	 	 	 	 	 	
Non-recurring multi-unit orders	 	 	-	 	 	 	 	 	 	 	(1,221	)	 	 	 	 	 	 	-	 	 	 	 	 	 	 	(1,221	)	 	 	 	 	
NHTSA settlement	 	 	-	 	 	 	 	 	 	 	434	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	684	 	 	 	 	 	
Adjusted ER segment operating (loss)	 	$	(465	)	 	 	-0.9	%	 	$	(885	)	 	 	-1.4	%	 	$	(3,792	)	 	 	-4.1	%	 	$	(4,614	)	 	 	-4.4	%	

 

 
 
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)
 
 	 	June 30,	 	 	 	 	 	
 	 	2016	 	 	December 31,	 	
 	 	(Unaudited)	 	 	2015	 	
ASSETS	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	39,764	 	 	$	32,701	 	
Accounts receivable, less allowance of $702 and $130	 	 	69,625	 	 	 	56,617	 	
Inventories	 	 	59,829	 	 	 	60,558	 	
Income taxes receivable	 	 	1,314	 	 	 	1,755	 	
Other current assets	 	 	3,869	 	 	 	3,506	 	
Total current assets	 	 	174,401	 	 	 	155,137	 	
 	 	 	 	 	 	 	 	 	
Property, plant and equipment, net	 	 	49,904	 	 	 	47,320	 	
Goodwill	 	 	15,961	 	 	 	15,961	 	
Intangible assets, net	 	 	6,739	 	 	 	7,093	 	
Deferred income taxes, net	 	 	644	 	 	 	644	 	
Other assets	 	 	2,124	 	 	 	1,996	 	
TOTAL ASSETS	 	$	249,773	 	 	$	228,151	 	
 	 	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS' EQUITY	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Accounts payable	 	$	38,664	 	 	$	27,318	 	
Accrued warranty	 	 	17,030	 	 	 	16,610	 	
Accrued customer rebates	 	 	2,076	 	 	 	2,681	 	
Accrued compensation and related taxes	 	 	11,162	 	 	 	8,684	 	
Deposits from customers	 	 	18,615	 	 	 	13,095	 	
Other current liabilities and accrued expenses	 	 	4,248	 	 	 	3,922	 	
Current portion of long-term debt	 	 	64	 	 	 	63	 	
Total current liabilities	 	 	91,859	 	 	 	72,373	 	
 	 	 	 	 	 	 	 	 	
Long-term debt, less current portion	 	 	5,105	 	 	 	5,124	 	
Other non-current liabilities	 	 	2,330	 	 	 	2,163	 	
Total liabilities	 	 	99,294	 	 	 	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; 34,431 and 34,271 outstanding	 	 	344	 	 	 	343	 	
Additional paid in capital	 	 	76,329	 	 	 	76,472	 	
Retained earnings	 	 	74,461	 	 	 	72,326	 	
Total Spartan Motors, Inc. shareholders' equity	 	 	151,134	 	 	 	149,141	 	
Non-controlling interest	 	 	(655	)	 	 	(650	)	
Total shareholders' equity	 	 	150,479	 	 	 	148,491	 	
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	249,773	 	 	$	228,151	 	

 

 
 
Spartan Motors, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
 
 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 	
 	 	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales	 	$	162,537	 	 	$	144,824	 	 	$	296,263	 	 	$	273,196	 	
Cost of products sold	 	 	141,730	 	 	 	127,263	 	 	 	259,635	 	 	 	243,765	 	
Restructuring charge	 	 	-	 	 	 	119	 	 	 	-	 	 	 	455	 	
Gross profit	 	 	20,807	 	 	 	17,442	 	 	 	36,628	 	 	 	28,976	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	 	1,807	 	 	 	1,164	 	 	 	3,031	 	 	 	2,633	 	
Selling, general and administrative	 	 	14,397	 	 	 	13,241	 	 	 	27,962	 	 	 	26,843	 	
Restructuring charge	 	 	227	 	 	 	692	 	 	 	567	 	 	 	1,512	 	
Total operating expenses	 	 	16,431	 	 	 	15,097	 	 	 	31,560	 	 	 	30,988	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	 	4,376	 	 	 	2,345	 	 	 	5,068	 	 	 	(2,012	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(88	)	 	 	(112	)	 	 	(202	)	 	 	(202	)	
Interest and other income	 	 	95	 	 	 	31	 	 	 	154	 	 	 	157	 	
Total other income (expense)	 	 	7	 	 	 	(81	)	 	 	(48	)	 	 	(45	)	
Income (loss) before taxes	 	 	4,383	 	 	 	2,264	 	 	 	5,020	 	 	 	(2,057	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Taxes	 	 	9	 	 	 	1,088	 	 	 	102	 	 	 	(338	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income (loss)	 	 	4,374	 	 	 	1,176	 	 	 	4,918	 	 	 	(1,719	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less: net loss attributable to non-controlling interest	 	 	(5	)	 	 	(1	)	 	 	(5	)	 	 	(16	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Spartan Motors Inc.	 	$	4,379	 	 	$	1,177	 	 	$	4,923	 	 	$	(1,703	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net earnings (loss) per share	 	$	0.13	 	 	$	0.03	 	 	$	0.14	 	 	$	(0.05	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted net earnings (loss) per share	 	$	0.13	 	 	$	0.03	 	 	$	0.14	 	 	$	(0.05	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic weighted average common shares outstanding	 	 	34,512	 	 	 	34,280	 	 	 	34,396	 	 	 	33,767	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted weighted average common shares outstanding	 	 	34,512	 	 	 	34,281	 	 	 	34,396	 	 	 	33,767	 	

 

 
 
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
 
Three Months Ended June 30, 2016 (in thousands of dollars)	
 
 	 	Business Segments	 	 	 	 	 	 	 	 	 	
 	 	Emergency
Response	 	 	Fleet
Vehicles &
Services	 	 	Specialty Chassis
&Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency response vehicle sales	 	$	50,511	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	50,511	 	
Fleet vehicle sales	 	 	-	 	 	 	57,048	 	 	 	-	 	 	 	-	 	 	 	57,048	 	
Motorhome chassis sales	 	 	-	 	 	 	-	 	 	 	24,479	 	 	 	-	 	 	 	24,479	 	
Other specialty chassis and vehicles	 	 	-	 	 	 	-	 	 	 	8,226	 	 	 	-	 	 	 	8,226	 	
Aftermarket parts and assemblies	 	 	1,867	 	 	 	16,768	 	 	 	3,638	 	 	 	-	 	 	 	22,273	 	
Total Sales	 	$	52,378	 	 	$	73,816	 	 	$	36,343	 	 	$	-	 	 	$	162,537	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (Loss)	 	$	(2,407	)	 	$	6,460	 	 	$	3,073	 	 	$	(2,750	)	 	$	4,376	 	

 
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
 
Three Months Ended June 30, 2015 (in thousands of dollars)	
 
 	 	Business Segments	 	 	 	 	 	 	 	 	 	
 	 	Emergency
Response	 	 	Fleet
Vehicles &
Services	 	 	Specialty Chassis
&Vehicles	 	 	Other	 	 	Consolidated	 	
Emergency response vehicle sales	 	$	61,249	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	61,249	 	
Fleet vehicle sales	 	 	-	 	 	 	45,038	 	 	 	 	 	 	 	 	 	 	 	45,038	 	
Motorhome chassis sales	 	 	-	 	 	 	-	 	 	 	19,714	 	 	 	 	 	 	 	19,714	 	
Other specialty chassis and vehicles	 	 	-	 	 	 	-	 	 	 	5,904	 	 	 	 	 	 	 	5,904	 	
Aftermarket parts and assemblies	 	 	1,503	 	 	 	7,802	 	 	 	3,614	 	 	 	 	 	 	 	12,919	 	
Total Sales	 	$	62,752	 	 	$	52,840	 	 	$	29,232	 	 	$	-	 	 	$	144,824	 	

Operating Income (Loss)	 	$	(909	)	 	$	3,293	 	 	$	1,679	 	 	$	(1,718	)	 	$	2,345	 	

 

 
 
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
 
Period End Backlog (amounts in thousands of dollars) 	
 
 	 	June 30, 2016	 	 	Mar. 31, 2016	 	 	Dec. 31, 2015	 	 	Sept. 30, 2015	 	 	June 30, 2015	 	
Emergency Response Vehicles*	 	$	152,177	 	 	$	160,392	 	 	$	156,270	 	 	$	145,104	 	 	$	148,762	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fleet Vehicles and Services Backlog *	 	 	139,655	 	 	 	137,717	 	 	 	96,120	 	 	 	107,671	 	 	 	88,526	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Motorhome Chassis *	 	 	11,197	 	 	 	16,235	 	 	 	12,401	 	 	 	21,776	 	 	 	23,196	 	
Other Vehicles	 	 	-	 	 	 	3,737	 	 	 	4,949	 	 	 	-	 	 	 	-	 	
Aftermarket Parts and Assemblies	 	 	1,005	 	 	 	815	 	 	 	1,019	 	 	 	783	 	 	 	2,194	 	
Total Specialty Chassis & Vehicles Backlog	 	 	12,202	 	 	 	20,787	 	 	 	18,369	 	 	 	22,559	 	 	 	25,390	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Backlog	 	$	304,034	 	 	$	318,896	 	 	$	270,759	 	 	$	275,334	 	 	$	262,678	 	
 
* Anticipated time to fill backlog orders at June 30, 2016; 11 months or less for emergency response vehicles; 2 months or less for motorhome chassis; 6 months or less for fleet vehicles and services; and 1 month or less for other products.	

Exhibit 99.2