CHARLOTTE, Mich., Oct. 26, 2011 /PRNewswire/ -- Spartan Motors,
Inc. (NASDAQ: SPAR) today announced improved operating results for
the third quarter of 2011 reflecting significant gains in its
Delivery and Service Vehicles segment and the ongoing benefits of
actions taken earlier in the year to realign operations.
Revenues were $120.3 million, up
21 percent from the second quarter, driven by increased sales in
the Delivery and Service segment ahead of the peak holiday season,
which offset softness in other markets Spartan serves. Also
contributing to the improvement in third quarter revenues were
sizable orders for Aftermarket Parts and Assemblies (APA).
Improved product mix and initial cost savings due to
Spartan's operational realignment in the previous quarter resulted
in net income of $3.2 million, or
$0.10 per diluted share.
Third quarter 2011 results:
- Net sales of $120.3 million (flat
with Q3 2010 sales of $120.6
million)
- Gross margin of 17.0 percent of sales (up from 16.4 percent in
Q3 2010)
- Operating expense of $15.2
million (up $0.8 million
compared to Q3 2010)
- Net income of $3.2 million
($0.10 per diluted share)
- Cash from continuing operations of $26.4
million (for the first nine months of 2011)
- Ending consolidated backlog of $142.8
million (down 20.4 percent from Q2 2011)
- Total debt of $5.2 million
- Cash balance of $30.5 million (up
$16.0 million from Q4 2010)
"Our top line performance highlighted the strength of our
diversified business lines as solid growth in Utilimaster's
business drove outstanding results in our Delivery and Service
Vehicles segment," said John
Sztykiel, President and CEO of Spartan Motors. "The
performance at Utilimaster helped to offset softness in the
recreational vehicle (RV), emergency response and defense markets
and helped reduce our exposure to government-dependent revenue
streams. Utilimaster's performance helped drive our
business-to-business (B2B) and business-to-consumer (B2C) revenues
to 63 percent of the total – leaving our business-to-government
(B2G) revenues at just 37 percent. This is a dramatic improvement
over the 2008 timeframe when 88 percent of our revenue was B2G
derived and just 12% was B2B/B2C. This further demonstrates the
insight of the diversified growth strategy we implemented in
2009.
"Our net income for the third quarter validates the
restructuring actions we have taken over the last several months
and demonstrates our ability to drive significant leverage to the
bottom line. Our relationship with Isuzu grows stronger as we
approach full capacity with production of the N-Series Gas cab and
chassis. As we begin generating sales of the Reach™ commercial van
that will also help us achieve a more diversified revenue mix."
Profitable Growth Opportunities and Compelling
Products
- The Reach, a commercial van offering up to 35 percent better
fuel economy with improved safety and operational performance, was
launched into market during the third quarter. The Reach is
being offered by a nationwide network of Isuzu dealers. The
first orders were received near the end of the third quarter, with
initial shipments expected in the fourth quarter.
- Classic Fire has been fully integrated into Spartan's emergency
response vehicle lineup, creating a more diversified product line
to meet the needs of the budget-sensitive market. The Classic
Series of emergency response vehicles has been added to the Legend
and Star Series, and will be focused on the lower-priced niche of
the fire truck market.
- Spartan Chassis has been developing an ADA-compliant "low
floor" chassis for use in the shuttle bus market. Expansion
into this market illustrates Spartan's efforts to penetrate
adjacent chassis markets that have countercyclical growth cycles to
current markets served.
- Spartan Chassis was awarded orders for 23 Metro Star® emergency
response cab and chassis for multiple fire departments in
China. The latest orders
represent another step forward in Spartan's efforts to expand sales
globally and bring the total number of units sold to China to 94. These orders are expected
to be delivered in the fourth quarter of 2011 and the first quarter
of 2012.
- Production of the Isuzu N-Series Gas cab and chassis increased
to 21 units per day, or 5,000 per year, during the quarter. The
N-Series contributes significantly to Isuzu's position as America's
top selling low cab forward truck, a position Isuzu has enjoyed
since 1986.
- Utilimaster fulfilled significant orders of Aftermarket Parts
and Assemblies for a large fleet customer in the third quarter.
This helped to boost revenues and gross margins in the
segment, and Utilimaster is pursuing additional profitable field
service growth opportunities. These solutions enable existing
customer fleets to achieve performance improvement, increased
safety and the ability to retrofit new vocational packages.
These achievements highlight Spartan's success in APA by
capturing improved revenue opportunities and contribution
margin.
Managing Costs and Strengthening the Balance Sheet
In the third quarter, Spartan completed a number of actions
designed to reduce expenses in all areas of the Company's business.
These actions are part of a constant discipline to improve
operating leverage and match operating expenses to current market
demands. In addition, Spartan made the decision to transition
production for RV chassis to facilities in Wakarusa, Ind. to better meet the needs of RV
manufacturer customers in Elkhart County,
Ind. By moving production closer to customers, Spartan
expects to reduce transportation costs and be more responsive to
customer demand through improved speed and agility. As part
of this transition, Spartan intends to move production of the Reach
commercial van to Charlotte, Mich.
to bring this operation closer to the engineering and production
resources of the Isuzu team.
"Beyond the major restructuring actions we've taken over the
past few years, we have remained vigilant in evaluating and
refining our business model to reflect current market conditions
and support our long-term strategic plan," said Joe Nowicki, Chief Financial Officer.
"These efforts are not simply about cutting costs to improve
profitability. They are also about improving customer focus
through strategic production locations and investing in new
business development. Our acquisition and integration of
Utilimaster demonstrates how we are successfully investing to grow
our business. Lastly, because of our relentless focus on the
balance sheet, we ended the quarter with more than $30 million in cash, which marks a dramatic
improvement and allows us the capital flexibility to grow."
- Consolidated net sales for the quarter were $120.3 million, down slightly from the same
quarter last year, reflecting seasonal strength in the Delivery and
Service market offsetting market declines in the RV, emergency
response and military markets.
- Gross margin rose to 17.0 percent in the third quarter, from
16.4 percent for the same period in 2010, driven by a product mix
shift toward fewer emergency response and military vehicles and
higher delivery and service revenues.
- Operating expenses increased by $0.8
million from the third quarter of 2010, driven by the
addition of the Classic Fire acquisition in the current year and a
$0.6 million accrual for contingent
earn-out payments associated with the greater-than-expected
performance at Utilimaster. Partially offsetting these items
were lower fixed operating expenses as a result of the annualized
$4 million savings from restructuring
actions taken earlier in the year.
- Excluding the Company's discontinued operations, the cash
conversion cycle improved by 17 days, quarter over quarter, through
better management of both accounts receivable and inventory.
Mr. Sztykiel concluded: "As we look ahead, we expect the
challenges in some of our markets to continue, even as we face some
seasonal decreases in demand, which were reflected in the lower
backlog levels at the end of the third quarter. However, we
remain focused on our blended growth strategy of penetrating
diversified end markets through acquisitions, alliances or organic
growth, while continually evolving our cost structure to ensure a
sound balance sheet and profitability. The good news is that our
third quarter results clearly reflected the benefits of our
strategy."
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."
For more information about Spartan, please view the Company's
Roadcast "digital road show" designed 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. designs, engineers and manufactures
specialty chassis, specialty vehicles, truck bodies and aftermarket
parts for the recreational vehicle (RV), emergency response,
government services, defense, and delivery and service markets. The
Company's brand names – Spartan™, Crimson Fire™, Crimson Fire
Aerials™, and Utilimaster® - are known for quality, value, service
and first-to-market innovation. The Company employs approximately
1,900 associates at facilities in Michigan, Pennsylvania, South
Dakota, Indiana,
Florida and Texas. Spartan reported sales of $481 million in 2010 and is focused on becoming a
global leader in the design, engineering and manufacture of
specialty vehicles and chassis. Visit Spartan Motors at
www.spartanmotors.com.
This release contains several forward-looking statements that
are not historical facts, including statements concerning our
business, strategic position, financial 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 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.
Spartan
Motors, Inc. and Subsidiaries
|
|
Condensed
Consolidated Statements of Income
|
|
(In
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30,
|
|
|
|
|
2011
|
|
% of
sales
|
|
2010
|
|
% of
sales
|
|
Sales
|
|
$ 120,303
|
|
|
|
$ 120,572
|
|
|
|
Cost of products sold
|
99,857
|
|
|
|
100,802
|
|
|
|
Gross profit
|
20,446
|
|
17.0
|
|
19,770
|
|
16.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
3,274
|
|
2.7
|
|
4,001
|
|
3.3
|
|
|
Selling, general and
administrative
|
11,896
|
|
9.9
|
|
10,400
|
|
8.6
|
|
Total operating
expenses
|
15,170
|
|
12.6
|
|
14,401
|
|
11.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
5,276
|
|
4.4
|
|
5,369
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
(88)
|
|
(0.1)
|
|
(238)
|
|
(0.2)
|
|
|
Interest and other income
(expense)
|
(72)
|
|
(0.1)
|
|
305
|
|
0.3
|
|
Total other income
(expense)
|
(160)
|
|
(0.1)
|
|
67
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before taxes
|
5,116
|
|
4.3
|
|
5,436
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes
|
|
1,918
|
|
1.6
|
|
1,952
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing
operations
|
3,198
|
|
2.7
|
|
3,484
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from discontinued
operations
|
-
|
|
-
|
|
(167)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
$
3,198
|
|
2.7
|
|
$
3,317
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
Earnings from continuing
operations
|
$
0.10
|
|
|
|
$
0.11
|
|
|
|
|
Loss from discontinued
operations
|
-
|
|
|
|
(0.01)
|
|
|
|
|
|
|
$
0.10
|
|
|
|
$
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
Earnings from continuing
operations
|
$
0.10
|
|
|
|
$
0.11
|
|
|
|
|
Loss from discontinued
operations
|
-
|
|
|
|
(0.01)
|
|
|
|
|
|
|
$
0.10
|
|
|
|
$
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding
|
33,506
|
|
|
|
33,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common
shares outstanding
|
33,525
|
|
|
|
33,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spartan
Motors, Inc. and Subsidiaries
|
|
Condensed
Consolidated Statements of Income
|
|
(In
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30,
|
|
|
|
2011
|
|
% of
sales
|
|
2010
|
|
% of
sales
|
|
Sales
|
$ 314,800
|
|
|
|
$ 353,861
|
|
|
|
Cost of products sold
|
266,933
|
|
|
|
299,767
|
|
|
|
Restructuring charges
|
1,731
|
|
|
|
990
|
|
|
|
Gross profit
|
46,136
|
|
14.7
|
|
53,104
|
|
15.0
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
10,472
|
|
3.3
|
|
12,943
|
|
3.7
|
|
|
Selling, general and
administrative
|
34,309
|
|
10.9
|
|
32,990
|
|
9.3
|
|
|
Restructuring charges
|
1,050
|
|
0.3
|
|
1,006
|
|
0.3
|
|
Total operating
expenses
|
45,831
|
|
14.6
|
|
46,939
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
305
|
|
0.1
|
|
6,165
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
(260)
|
|
(0.1)
|
|
(812)
|
|
(0.2)
|
|
|
Interest and other
income
|
83
|
|
0.0
|
|
238
|
|
0.1
|
|
Total other income
(expense)
|
(177)
|
|
(0.1)
|
|
(574)
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before taxes
|
128
|
|
0.0
|
|
5,591
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
Taxes
|
48
|
|
0.0
|
|
2,009
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing
operations
|
80
|
|
0.0
|
|
3,582
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from discontinued
operations
|
-
|
|
-
|
|
(2,872)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
$
80
|
|
0.0
|
|
$
710
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings (loss) per
share
|
|
|
|
|
|
|
|
|
|
Earnings from continuing
operations
|
$
0.00
|
|
|
|
$
0.11
|
|
|
|
|
Loss from discontinued
operations
|
-
|
|
|
|
(0.09)
|
|
|
|
|
|
$
0.00
|
|
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings (loss) per
share
|
|
|
|
|
|
|
|
|
|
Earnings from continuing
operations
|
$
0.00
|
|
|
|
$
0.11
|
|
|
|
|
Loss from discontinued
operations
|
-
|
|
|
|
(0.09)
|
|
|
|
|
|
$
0.00
|
|
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding
|
33,391
|
|
|
|
32,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common
shares outstanding
|
33,459
|
|
|
|
33,043
|
|
|
|
|
|
|
|
|
|
|
|
|
Spartan
Motors, Inc. and Subsidiaries
|
|
Condensed
Consolidated Balance Sheets
|
|
(In
thousands, except par value)
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
|
|
|
2011
|
|
December
31,
|
|
|
|
(Unaudited)
|
|
2010
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
30,505
|
|
$
14,507
|
|
Accounts receivable, less
allowance of $733 and $996
|
44,225
|
|
52,542
|
|
Inventories
|
64,877
|
|
60,161
|
|
Deferred income tax
assets
|
6,218
|
|
6,218
|
|
Income taxes
receivable
|
2,821
|
|
2,890
|
|
Other current
assets
|
1,660
|
|
3,636
|
|
Total
current assets
|
150,306
|
|
139,954
|
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
66,820
|
|
71,268
|
|
Goodwill
|
|
20,815
|
|
18,418
|
|
Intangible assets,
net
|
12,118
|
|
10,946
|
|
Other assets
|
1,313
|
|
1,163
|
|
TOTAL ASSETS
|
$
251,372
|
|
$
241,749
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
27,897
|
|
$
17,970
|
|
Accrued
warranty
|
6,054
|
|
5,702
|
|
Accrued customer
rebates
|
1,131
|
|
1,205
|
|
Accrued compensation and
related taxes
|
4,055
|
|
3,680
|
|
Accrued
vacation
|
1,600
|
|
1,635
|
|
Deposits from
customers
|
2,252
|
|
3,902
|
|
Other current liabilities
and accrued expenses
|
8,862
|
|
7,528
|
|
Current portion of
long-term debt
|
64
|
|
102
|
|
Total
current liabilities
|
51,915
|
|
41,724
|
|
|
|
|
|
|
|
Other non-current
liabilities
|
3,426
|
|
4,284
|
|
Long-term debt, less current
portion
|
5,098
|
|
5,122
|
|
Deferred income tax
liabilities
|
7,640
|
|
7,640
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Preferred stock, no par
value: 2,000
|
|
|
|
|
shares authorized (none
issued)
|
-
|
|
-
|
|
Common stock, $0.01 par
value; 40,000 shares
|
|
|
|
|
authorized; 33,579 and
33,215 outstanding
|
336
|
|
332
|
|
Additional paid in
capital
|
70,616
|
|
68,715
|
|
Retained
earnings
|
112,341
|
|
113,932
|
|
Total
shareholders' equity
|
183,293
|
|
182,979
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$
251,372
|
|
$
241,749
|
|
|
|
|
|
|
Spartan
Motors, Inc. and Subsidiaries
|
|
Sales and
Other Financial Information by Business Segment
|
|
Three and
Nine Months Ended September 30, 2011
|
|
Unaudited
|
|
|
|
Three Months Ended September 30,
2011 (amounts in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
Specialty
Vehicles
|
|
Delivery
&
Service
Vehicles
|
|
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Emergency Response Chassis
Sales
|
23,589
|
|
|
|
|
|
23,589
|
|
|
Emergency Response Body
Sales
|
11,749
|
|
|
|
|
|
11,749
|
|
|
Motorhome Chassis
Sales
|
14,156
|
|
|
|
|
|
14,156
|
|
|
Utilimaster Product
Sales
|
|
|
42,157
|
|
|
|
42,157
|
|
|
Other Product Sales
|
|
|
|
|
|
|
|
|
|
Vehicles
|
2,910
|
|
|
|
|
|
2,910
|
|
|
Aftermarket Parts and
Assemblies
|
6,688
|
|
19,054
|
|
|
|
25,742
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales
|
59,092
|
|
61,211
|
|
-
|
|
120,303
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
(Income)
|
8
|
|
57
|
|
23
|
|
88
|
|
|
Depreciation and Amortization
Expense
|
1,122
|
|
575
|
|
615
|
|
2,312
|
|
|
Net Earnings (Loss)
|
(723)
|
|
4,786
|
|
(865)
|
|
3,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2011 (amounts in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
Specialty
Vehicles
|
|
Delivery
&
Service
Vehicles
|
|
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Emergency Response Chassis
Sales
|
76,424
|
|
|
|
|
|
76,424
|
|
|
Emergency Response Body
Sales
|
33,603
|
|
|
|
|
|
33,603
|
|
|
Motorhome Chassis
Sales
|
48,560
|
|
|
|
|
|
48,560
|
|
|
Utilimaster Product
Sales
|
|
|
84,446
|
|
|
|
84,446
|
|
|
Other Product Sales
|
|
|
|
|
|
|
|
|
|
Vehicles
|
10,992
|
|
|
|
|
|
10,992
|
|
|
Aftermarket Parts and
Assemblies
|
21,580
|
|
39,195
|
|
|
|
60,775
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
191,159
|
|
123,641
|
|
-
|
|
314,800
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
26
|
|
229
|
|
5
|
|
260
|
|
|
Depreciation and Amortization
Expense
|
3,776
|
|
1,699
|
|
2,035
|
|
7,510
|
|
|
Net Earnings (Loss)
|
(2,660)
|
|
5,464
|
|
(2,724)
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
Spartan
Motors, Inc. and Subsidiaries
|
|
Sales and
Other Financial Information by Business Segment
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Backlog (amounts in
thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
2010
|
|
December
31,
2010
|
|
March
31,
2011
|
|
June
30,
2011
|
|
September
30,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emergency Response
Chassis*
|
67,629
|
|
53,730
|
|
45,351
|
|
50,017
|
|
48,151
|
|
|
Emergency Response
Bodies*
|
22,011
|
|
26,659
|
|
26,477
|
|
30,254
|
|
26,093
|
|
|
Motorhome Chassis
*
|
13,049
|
|
16,146
|
|
12,005
|
|
8,306
|
|
11,725
|
|
|
Other Product
*
|
|
|
|
|
|
|
|
|
|
|
|
Vehicles
|
12,514
|
|
8,073
|
|
7,436
|
|
3,812
|
|
1,715
|
|
|
Aftermarket Parts and Assemblies
|
18,375
|
|
6,019
|
|
1,920
|
|
2,159
|
|
1,203
|
|
|
Total Specialty Vehicles
|
133,578
|
|
110,627
|
|
93,189
|
|
94,548
|
|
88,887
|
|
|
Delivery &
Service Vehicles *
|
38,989
|
|
23,900
|
|
72,904
|
|
84,784
|
|
53,888
|
|
|
Total
Backlog (Continuing Operations)
|
172,567
|
|
134,527
|
|
166,093
|
|
179,332
|
|
142,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Anticipated time to fill
backlog orders at September 30, 2011; 7 months or less for
emergency response chassis; 6 months or less for emergency response
bodies; 2 months or less for motorhome chassis; 5 months or less
for delivery and service vehicles; and 1 month or less for other
products.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Spartan Motors, Inc.