CHARLOTTE, Mich., Oct. 28 /PRNewswire-FirstCall/ -- Spartan Motors,
Inc. (Nasdaq: SPAR) today reported improved sales and solid
profitability for its 2010 third quarter. The results also
included the sale of the assets of its Road Rescue ambulance
business for approximately $8
million. Spartan's third quarter performance was
highlighted by increased sales of specialty vehicles and motorhome
products, and substantially reduced operating expense as a
percentage of sales compared to the same quarter of 2009.
Third quarter highlights:
- Net sales of $120.6 million (up
39.7 percent from Q3 2009 which did not include Utilimaster)
- Gross margin of 16.4 percent of sales (down from 18.8 percent
in Q3 2009)
- Operating expenses of 11.9 percent of sales (down from 15.8
percent in Q3 2009)
- Net earnings from continuing operations of $3.5 million
(up 112.1 percent from Q3 2009)
- Cash balance of $16.7 million (up
$6.5 million from Q2 2010)
- Debt of $15.3 million (down
$5.0 million from Q2 2010)
- Consolidated backlog of $172.6
million (down from $205.7
million in Q2 2010)
"We are pleased with our accomplishments in the quarter.
Our focus on creating compelling products and driving growth
in profitable markets continues to serve us well. Our
profitable results were complemented by the sale of Road Rescue,
which was completed well ahead of expectations. The
improvements made to our cost structure earlier in the year – while
very difficult – contributed greatly to our performance in the
quarter," said John Sztykiel,
President and CEO of Spartan Motors. "Innovation is a core
element of our culture, which continues to prove vital to our
success at creating products for transforming markets and driving
profitable market share. Our progress is evident as we
recently showcased our 2010 emergency-response cab and chassis at
the Fire-Rescue International Conference (FRI) with a 2010
EPA-certified Cummins diesel engine. In addition, the
next-generation commercial vehicle and the N-Series gasoline
chassis, generated through our new partnership with Isuzu,
strategically position Spartan for significant long-term growth as
we look to the delivery and service market."
Continued Investment in Profitable Growth
Opportunities
- Spartan Chassis remains committed to its emergency response
chassis OEM base and end-users with continued investment in its
product offerings. This commitment includes the redesign of
its three cab and chassis models to develop a solution that affords
a more common architecture among its product offerings. This
approach results in greater opportunity for customization, while
meeting all 2010 emission standards.
- Spartan Chassis received approval from Cummins on the
installation of their 2010 EPA-certified 15-liter ISX diesel
engine, which Spartan Chassis showcased at the FRI tradeshow.
- The next-generation commercial vehicle program continues to
progress, with vehicle durability testing and customer reviews
started. Production remains on track to begin in mid-2011
with initial shipments planned for the third quarter of 2011.
- The N-series chassis assembly continues on schedule as
machinery, equipment and tooling have been ordered, installation of
equipment in existing facilities has begun, and the process of
hiring and training associates is in progress.
- The "Transformer," Crimson Fire's new offering, continues to
gain momentum in the marketplace with numerous requests for
regional configurations underway.
- Crimson Fire Aerial is relocating to a leased purpose-built
aerial manufacturing plant that will improve efficiencies, reduce
overall costs of production and provide incremental growth
opportunity.
- Crimson Fire Aerial has entered the growing refurbishment
business, to be performed in the new facility, and has already
received contracts within this new niche.
- Achieving ISO certification for the defense and government
segment was a significant milestone this quarter as it positions
Spartan to expand its portfolio of defense-related contracts.
- Motorhome sales show continued stability with sales in the
quarter up 94 percent from the same quarter of 2009, and
sequentially up 3 percent from the second quarter of 2010.
Sale of Road Rescue Operations
- Spartan fulfilled its commitment to exit the Road Rescue
operations. Substantially all the assets of Road Rescue were
sold for approximately $8.0 million
in cash, resulting in a small gain of approximately $0.5 million before tax, pending final purchase
price adjustments for working capital.
Joe Nowicki, Chief Financial
Officer, said: "We made solid progress on redefining our cost
structure. Our collective focus on cost containment and
process improvement paid off as operating expense as a percent of
sales fell from 15.8 percent to 11.9 percent year-over-year.
Without the impact of restructuring charges, there was a 320
basis point drop over these same periods. Cash balances were
up almost $7 million from last
quarter, while debt was down $5
million. Our relentless efforts to enhance
efficiencies, streamline operations, curb costs and strengthen our
balance sheet have paved the way for delivering improved results in
a challenging market."
Financial Overview
- Consolidated net sales for the quarter were $120.6 million, up 39.7 percent from the same
quarter last year due to increased sales of motorhomes and
specialty vehicles and incremental revenues from delivery and
service vehicles not present in 2009. Specialty vehicle sales
for the quarter were comprised of Iraqi Light Armored Vehicles
(ILAV), Special Operations Command (SOCOM) units and drill rigs.
- Consolidated sales were also up sequentially by $4.9 million from second quarter of 2010, driven
by service and delivery vehicle sales.
- Gross margin in the third quarter of 2010 fell to 16.4 percent
of sales from the third quarter of 2009 due to a shift in mix
toward lower margin products.
- Gross margin was up significantly compared to the second
quarter of 2010, from 14.3 percent due to increased volumes at
Utilimaster and improved efficiencies in the emergency response
market.
- As a percent of revenues, operating expense fell from 15.8
percent in the third quarter of 2009 to 11.9 percent in the current
quarter driven by restructuring efforts over the past year.
- Net earnings from continuing operations for the quarter
increased $1.9 million or 112.1
percent from $1.6 million, or
$0.05 per diluted share in the prior
year's third quarter to $3.5 million,
or $0.11 per diluted share in the
third quarter of 2010.
- Debt was reduced by $31.1 million
from Dec. 31, 2009 to $15.3 million at Sept. 30,
2010.
- Consolidated backlog at Sept. 30,
2010 was $172.6 million, down
from $205.7 million last quarter due
to the overall economic climate and accelerated orders previously
received and filled in advance of the 2010 engine emission
change.
Sztykiel concluded: "While there were a significant number
of positive results posted in our third quarter, we remain cautious
as we look forward given the continued uncertainty in the economic
climate in North America.
Mounting budgetary pressure will continue to impact
purchasing decisions at the government, municipal, business and
personal levels. Although these present challenges, which in
some respect are reflected in the backlog, we have strategic and
operational plans to deliver improved performance and visionary
products that will serve the evolving specialty vehicle markets."
Conference Call, Webcast and Roadcast™
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."
Spartan also will update the financial information on its
Roadcast "digital roadshow" for investors. To launch the
Spartan Motors Roadcast, please visit www.spartanmotors.com and
look for the "Virtual Road Show" link on the right side of the
page.
About Spartan Motors
Spartan Motors, Inc. (www.spartanmotors.com) designs, engineers
and manufactures specialty chassis, specialty vehicles and truck
bodies and aftermarket parts for the outdoor recreation/RV,
emergency-response, defense, government services, and delivery and
service markets. The Company's brand names – Spartan™,
Crimson Fire™, Crimson Fire Aerials™ and Utilimaster® – are known
for quality, value, service and being the first to market with
innovative products. The Company employs approximately 1,600
at facilities in Michigan,
Pennsylvania, South Dakota, Indiana and Texas. Spartan reported sales of
$430 million in 2009 and is focused
on becoming a global leader in the manufacture of specialty
vehicles and chassis.
This release contains several forward-looking statements that
are not historical facts, including statements concerning our
business, strategic position, financial strength, future plans,
objectives, and the performance of our products. 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; 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 relationship 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.
Spartan
Motors, Inc. and Subsidiaries
|
|
Condensed
Consolidated Statements of Income
|
|
Three Months
Ended September 30, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2010
|
September
30, 2009
|
|
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
$-000-
|
%
|
$-000-
|
%
|
|
|
|
|
|
|
|
|
|
Sales
|
|
120,572
|
|
86,306
|
|
|
Cost of products sold
|
|
100,802
|
|
69,885
|
|
|
Restructuring charges
|
|
-
|
|
223
|
|
|
Gross profit
|
|
19,770
|
16.4
|
16,198
|
18.8
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Research and
development
|
|
4,001
|
3.3
|
3,958
|
4.6
|
|
|
Selling, general and
administrative
|
|
10,400
|
8.6
|
9,077
|
10.6
|
|
|
Restructuring charges
|
|
-
|
0.0
|
550
|
0.6
|
|
Total operating
expenses
|
|
14,401
|
11.9
|
13,585
|
15.8
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
5,369
|
4.5
|
2,613
|
3.0
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest expense
|
|
(238)
|
(0.2)
|
(324)
|
(0.4)
|
|
|
Interest and other
income
|
|
305
|
0.2
|
223
|
0.3
|
|
Total other income
(expense)
|
|
67
|
0.0
|
(101)
|
(0.1)
|
|
|
|
|
|
|
|
|
|
Earnings before taxes
|
|
5,436
|
4.5
|
2,512
|
2.9
|
|
|
|
|
|
|
|
|
|
Taxes
|
|
1,952
|
1.6
|
869
|
1.0
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing
operations
|
|
3,484
|
2.9
|
1,643
|
1.9
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations (net of tax),
|
|
|
|
|
|
|
including gain on sale in
2010
|
|
(167)
|
(0.1)
|
(894)
|
(1.0)
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
3,317
|
2.8
|
749
|
0.9
|
|
|
|
|
|
|
|
|
|
Basic net earnings (loss) per
share
|
|
|
|
|
|
|
|
Earnings from continuing
operations
|
|
|
|
|
|
|
|
Loss from discontinued
operations
|
|
$ 0.11
|
|
$ 0.05
|
|
|
|
|
|
(0.01)
|
|
(0.03)
|
|
|
|
|
|
$
0.10
|
|
$ 0.02
|
|
|
Diluted net earnings (loss) per
share
|
|
|
|
|
|
|
|
Earnings from continuing
operations
|
|
$ 0.11
|
|
$ 0.05
|
|
|
|
Loss from discontinued
operations
|
|
(0.01)
|
|
(0.03)
|
|
|
|
|
|
$
0.10
|
|
$ 0.02
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted Average Common
Shares Outstanding
|
|
33,056
|
|
32,914
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Common
Shares Outstanding
|
|
33,079
|
|
33,126
|
|
|
|
|
|
|
|
|
|
Spartan
Motors, Inc. and Subsidiaries
|
|
Condensed
Consolidated Statements of Income
|
|
Nine Months
Ended September 30, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2010
|
September
30, 2009
|
|
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
$-000-
|
%
|
$-000-
|
%
|
|
|
|
|
|
|
|
|
|
Sales
|
|
353,861
|
|
313,002
|
|
|
Cost of products sold
|
|
299,767
|
|
246,762
|
|
|
Restructuring charges
|
|
990
|
|
264
|
|
|
Gross profit
|
|
53,104
|
15.0
|
65,976
|
21.1
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Research and
development
|
|
12,943
|
3.7
|
12,753
|
4.1
|
|
|
Selling, general and
administrative
|
|
32,990
|
9.3
|
32,432
|
10.4
|
|
|
Restructuring charges
|
|
1,006
|
0.3
|
556
|
0.2
|
|
Total operating
expenses
|
|
46,939
|
13.3
|
45,741
|
14.7
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
6,165
|
1.7
|
20,235
|
6.4
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest expense
|
|
(812)
|
(0.2)
|
(973)
|
(0.3)
|
|
|
Interest and other
income
|
|
238
|
0.1
|
549
|
0.2
|
|
Total other income
(expense)
|
|
(574)
|
(0.1)
|
(424)
|
(0.1)
|
|
|
|
|
|
|
|
|
|
Earnings before taxes
|
|
5,591
|
1.6
|
19,811
|
6.3
|
|
|
|
|
|
|
|
|
|
Taxes
|
|
2,009
|
0.6
|
6,742
|
2.1
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing
operations
|
|
3,582
|
1.0
|
13,069
|
4.2
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations (net of tax),
|
|
|
|
|
|
|
including gain on sale in
2010
|
|
(2,872)
|
(0.8)
|
(884)
|
(0.3)
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
710
|
0.2
|
12,185
|
3.9
|
|
|
|
|
|
|
|
|
|
Basic net earnings (loss) per
share
|
|
|
|
|
|
|
|
Earnings from continuing
operations
|
|
$ 0.11
|
|
$ 0.40
|
|
|
|
Loss from discontinued
operations
|
|
(0.09)
|
|
(0.03)
|
|
|
|
|
|
$
0.02
|
|
$
0.37
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings (loss) per
share
|
|
|
|
|
|
|
|
Earnings from continuing
operations
|
|
$ 0.11
|
|
$ 0.40
|
|
|
|
Loss from discontinued
operations
|
|
(0.09)
|
|
(0.03)
|
|
|
|
|
|
$
0.02
|
|
$
0.37
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted Average Common
Shares Outstanding
|
|
32,961
|
|
32,678
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Common
Shares Outstanding
|
|
33,043
|
|
32,892
|
|
|
|
|
|
|
|
|
|
Spartan
Motors, Inc. and Subsidiaries
|
|
Condensed
Consolidated Balance Sheets
|
|
Three Months
Ended September 30, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2010
|
December 31,
2009
|
|
|
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
|
$-000-
|
$-000-
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
16,742
|
$
18,475
|
|
|
Accounts receivable,
net
|
|
49,976
|
44,974
|
|
|
Inventories
|
|
78,451
|
96,330
|
|
|
Deferred income tax
assets
|
|
6,984
|
6,984
|
|
|
Income taxes
receivable
|
|
2,966
|
4,212
|
|
|
Other current assets
|
|
3,566
|
3,223
|
|
|
Other current assets from
discontinued operations
|
|
-
|
10,562
|
|
|
|
Total current assets
|
|
158,685
|
184,760
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
|
72,930
|
77,581
|
|
Goodwill and other intangible
assets, net
|
|
29,441
|
29,895
|
|
Other assets
|
|
1,039
|
1,041
|
|
Total assets
|
|
$
262,095
|
$
293,277
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
29,218
|
$
19,523
|
|
|
Accrued warranty
|
|
5,738
|
6,296
|
|
|
Accrued compensation and related
taxes
|
|
3,873
|
5,410
|
|
|
Accrued vacation
|
|
1,750
|
1,783
|
|
|
Accrued customer
rebates
|
|
1,542
|
1,324
|
|
|
Deposits from
customers
|
|
5,063
|
11,571
|
|
|
Other current liabilities and
accrued expenses
|
|
6,527
|
6,200
|
|
|
Current portion of long-term
debt
|
|
10,109
|
11,146
|
|
|
Other current liabilities from
discontinued operations
|
|
-
|
1,770
|
|
|
|
Total current
liabilities
|
|
63,820
|
65,023
|
|
|
|
|
|
|
|
|
Other non-current
liabilities
|
|
4,066
|
4,189
|
|
Long-term debt, less current
portion
|
|
5,142
|
35,204
|
|
Deferred income tax
liabilities
|
|
8,341
|
8,341
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Common stock
|
|
332
|
329
|
|
|
Additional paid in
capital
|
|
68,234
|
67,099
|
|
|
Retained earnings
|
|
112,160
|
113,092
|
|
|
|
Total shareholders'
equity
|
|
180,726
|
180,520
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
262,095
|
$
293,277
|
|
|
|
|
|
|
|
|
|
|
|
|
Spartan
Motors, Inc. and Subsidiaries
|
|
Sales and
Other Financial Information by Business Segment
|
|
Three and
Nine Months Ended September 30, 2010
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, 2010 (amounts in thousands of
dollars) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
|
|
Specialty
Vehicles
|
|
Delivery
& Service Vehicles
|
|
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire Truck Chassis
Sales
|
|
33,437
|
|
|
|
|
|
33,437
|
|
|
|
Fire Truck Body
Sales
|
|
9,546
|
|
|
|
|
|
9,546
|
|
|
|
Motorhome Chassis
Sales
|
|
21,526
|
|
|
|
|
|
21,526
|
|
|
|
Utilimaster Product
Sales
|
|
|
|
27,616
|
|
|
|
27,616
|
|
|
|
Other Product
Sales
|
|
|
|
|
|
|
|
|
|
|
|
Vehicles
|
|
8,336
|
|
|
|
|
|
8,336
|
|
|
|
Aftermarket Parts
and Assemblies
|
|
20,111
|
|
|
|
|
|
20,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
92,956
|
|
27,616
|
|
-
|
|
120,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
(Income)
|
|
348
|
|
34
|
|
(114)
|
|
268
|
|
|
|
Depreciation and
Amortization Expense
|
|
1,232
|
|
788
|
|
592
|
|
2,612
|
|
|
|
Net Earnings (Loss) from
Continuing Operations
|
|
4,053
|
|
25
|
|
(594)
|
|
3,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30, 2010 (amounts in thousands of
dollars) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
|
|
Specialty
Vehicles
|
|
Delivery
& Service Vehicles
|
|
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire Truck Chassis
Sales
|
|
110,325
|
|
|
|
|
|
110,325
|
|
|
|
Fire Truck Body
Sales
|
|
36,573
|
|
|
|
|
|
36,573
|
|
|
|
Motorhome Chassis
Sales
|
|
69,847
|
|
|
|
|
|
69,847
|
|
|
|
Utilimaster Product
Sales
|
|
|
|
73,825
|
|
|
|
73,825
|
|
|
|
Other Product
Sales
|
|
|
|
|
|
|
|
|
|
|
|
Vehicles
|
|
18,339
|
|
|
|
|
|
18,339
|
|
|
|
Aftermarket Parts
and Assemblies
|
|
44,952
|
|
|
|
|
|
44,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
280,036
|
|
73,825
|
|
-
|
|
353,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
(Income)
|
|
1,051
|
|
101
|
|
(340)
|
|
812
|
|
|
|
Depreciation and
Amortization Expense
|
|
3,705
|
|
2,642
|
|
1,780
|
|
8,127
|
|
|
|
Net Earnings (Loss) from
Continuing Operations
|
|
8,356
|
|
(2,378)
|
|
(2,396)
|
|
3,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts restated
retrospectively for segment reclassification and new discontinued
operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Backlog (amounts in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2009
|
|
December 31,
2009
|
|
March 31,
2010
|
|
June 30,
2010
|
|
September
30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire Truck
Chassis*
|
|
82,386
|
|
123,791
|
|
101,730
|
|
79,336
|
|
67,629
|
|
Fire Truck
Bodies*
|
|
40,381
|
|
27,736
|
|
29,065
|
|
23,475
|
|
22,011
|
|
Motorhome
Chassis *
|
|
9,589
|
|
20,022
|
|
16,731
|
|
13,048
|
|
13,049
|
|
Other
Product *
|
|
|
|
|
|
|
|
|
|
|
|
Vehicles
|
|
4,214
|
|
16,970
|
|
15,396
|
|
14,276
|
|
12,514
|
|
Aftermarket Parts and Assemblies
|
|
8,725
|
|
11,467
|
|
7,864
|
|
32,311
|
|
18,375
|
|
Total Specialty Vehicles
|
|
145,295
|
|
199,986
|
|
170,786
|
|
162,446
|
|
133,578
|
|
Delivery and
Service Vehicles *
|
|
|
|
34,059
|
|
35,146
|
|
43,292
|
|
38,989
|
|
Total Backlog (Continuing
Operations)
|
|
145,295
|
|
234,045
|
|
205,932
|
|
205,738
|
|
172,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Anticipated time to fill
backlog orders; 2 months or less for motorhome chassis, 5 months or
less for Utilimaster and 6 months or less for fire truck and other
products. Beginning in December 2009, Utilimaster was included in
the backlog.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Spartan Motors, Inc.
Copyright . 28 PR Newswire