CHARLOTTE, Mich., Aug. 4, 2016 /PRNewswire/ -- 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.
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/spartan-motors-reports-second-quarter-2016-eps-of-013-300308978.html
SOURCE Spartan Motors, Inc.