CHARLOTTE, Mich., Aug. 2, 2017 /PRNewswire/ -- Spartan Motors, Inc.
(NASDAQ: SPAR) ("Spartan" or the "Company"), a global leader in
specialty chassis and vehicle design, manufacturing and assembly,
today reported operating results for the second quarter ending
June 30, 2017.
Second Quarter 2017 Results
For the second quarter of 2017 compared to the second quarter of
2016:
- Sales of $169.7 million
compared to $162.5 million
- Net income of $1.1 million, or
$0.03 per share, compared to
$4.4 million, or $0.13 per share, reflecting $1.2 million of acquisition and restructuring
related expenses compared to $0.2
million a year ago
- Adjusted net income of $2.4
million, or $0.07 per share,
compared to $6.3 million, or
$0.19 per share
- Adjusted EBITDA of $4.9
million, or 2.9% of sales, compared to $8.2 million, or 5.0% of sales
- Backlog of $372.8 million at
June 30, 2017 compared to
$351.3 million at March 31, 2017
- Paid down $10 million of
acquisition debt to $22.8 million
from $32.8 million
"We are pleased with the operating results achieved for the
quarter, which on an adjusted basis, marks our sixth profitable
quarter in a row, despite being up against difficult comparisons
from the prior-year period," said Daryl
Adams, President and Chief Executive Officer of Spartan
Motors. "As expected, our results for the quarter were
impacted by volume and mix, a defense order that did not reoccur in
2017 and the timing of the previously announced Reach vehicle
order. We anticipate revenues in the second half of 2017 to
increase significantly and as a result of continued operational
improvements in labor, manufacturing productivity and synergies
from the Smeal acquisition, expect strong growth in profitability
for the full year, allowing us to increase our 2017 midpoint
adjusted EPS guidance by 28%."
Fleet Vehicles and Services (FVS)
FVS segment
sales decreased 27.5% to $53.5
million from $73.8 million.
The revenue decline was primarily due to volume and mix during the
quarter.
Adjusted EBITDA decreased $0.9
million to $6.2 million, or
11.5% of sales, from $7.1 million, or
9.6% of sales, a year ago. Despite this decrease, adjusted
EBITDA margin increased 190 basis points reflecting improved labor
and manufacturing productivity, which more than offset the decrease
in adjusted EBITDA resulting from volume and mix.
The Segment backlog at June 30,
2017 totaled $131.3 million,
up 15.2%, compared to $114.0 million
at March 31, 2017.
Specialty Chassis & Vehicles (SCV)
SCV
segment sales decreased 5.3% to $35.8
million from $37.8 million.
Revenues in the second quarter of 2016 included a
$4.4 million defense order that did
not reoccur in 2017.
Adjusted EBITDA decreased $0.6
million to $2.8 million, or
7.7% of sales, from $3.4 million, or
9.0% of sales, a year ago, primarily due to the defense order that
did not reoccur in 2017.
The Segment backlog at June 30,
2017 totaled $26.7 million, up
17.1%, compared to $22.8 million at
March 31, 2017 and up 118.9%
year-over-year.
Emergency Response (ER)
ER segment sales
increased $28.4 million to
$80.8 million, or 54.2%, from
$52.4 million. Revenues from
the Smeal acquisition contributed to the increase, which were
offset by fewer shipments of complete fire apparatus and custom cab
and chassis compared to a year ago, as the Company continues to
focus on profitable sales.
Adjusted EBITDA loss was $0.7
million compared to a loss of $0.3
million a year ago. The decline was primarily the
result of increased health care costs of approximately $1.0 million, or $0.03 per share, offset by improvements in
quality, increased labor efficiencies and manufacturing
productivity. Adjusted EBITDA loss in the 2016 second quarter
included an adjustment of $1.7
million relating to a legacy product recall.
The Segment backlog at June 30,
2017 totaled $214.8 million,
up 0.1%, compared to $214.5 million
at March 31, 2017.
Acquisition Update
Smeal Fire Apparatus Co. ("Smeal"), which was acquired effective
January 1, 2017, is expected to
generate approximately $105 million
in sales during 2017. The consolidated Company results for
the 2017 second quarter include approximately $0.9 million, or $0.03 per share, of acquisition and restructuring
related adjustments and expenses.
"We are pleased with the progress we have made to date with our
integration efforts, which continue to run ahead of schedule," said
Adams. "The first half of 2017 was focused on integrating and
identifying synergistic opportunities. Because of these
efforts, the entire Emergency Response business unit will deliver
strong year-over-year growth in profitability in the second half of
2017 and it remains on track to return to profitability on an
adjusted basis for full year 2017."
Raising 2017 Guidance
"Looking ahead to the
remainder of the year, we expect to see stronger year-over-year
revenue growth, primarily driven by last-mile delivery vehicle
orders, including Reach and walk-in vans, motorhomes and production
ramp-up from the new Isuzu F-Series," said Rick Sohm, Chief Financial Officer of Spartan
Motors. "This revenue growth, together with strong first-half
and year-over-year operational improvements, as well as continued
synergies from the Smeal acquisition, give us comfort in
significantly raising our 2017 financial guidance."
Outlook for the full year 2017 is now expected to be as
follows:
- Revenue of $680.0 - $720.0
million, up from previous guidance of $650.0 - $700.0 million
- Adjusted EBITDA of $28.3 - $31.3
million, up from previous guidance of $26.5 - $29.0 million
- Restructuring, acquisition costs and inter-company chassis
impact of approximately $3.7 million,
up from previous guidance of $3.2
million
- Income tax expense of $0.7 - $2.2
million, down from previous guidance of $1.5 - $2.3 million
- Interest expense of $0.6 million,
down from previous guidance of $0.8
million
- Adjusted earnings per share of $0.48 -
$0.52, up 28% from previous guidance of $0.36 - $0.41, based on 35.0 million shares
outstanding, unchanged from previous guidance
"With our continued market share gains and growing backlog,
together with our earnings momentum evidenced by the increased
guidance, we are confident about our projected 2017 second half
performance," concluded Adams.
Conference Call, Webcast, Investor Presentation and
Investor Information
Spartan Motors will host a
conference call for analysts and portfolio managers at 10 a.m. EDT 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: 10110533
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) markets. The Company's
brand names — Spartan Motors, Spartan Specialty Vehicles, Spartan
Emergency Response, Spartan Parts and Accessories, Smeal and its
family of brands, including Ladder Tower™ and UST®; and
Utilimaster®, a Spartan Motors Company — are known for quality,
durability, performance, customer service and first-to-market
innovation. The Company employs approximately 2,200 associates, and
operates facilities in Michigan,
Indiana, Pennsylvania, Missouri, Wisconsin, Nebraska, South
Dakota; Saltillo, Mexico;
and Lima, Peru. Spartan reported
sales of $591 million in 2016. 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 per share data)
|
|
|
June 30,
2017
|
|
December
31,
|
|
(Unaudited)
|
|
2016
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
21,240
|
|
$
32,041
|
Accounts receivable,
less allowance of $176 and $487
|
81,951
|
|
65,441
|
Inventories
|
88,444
|
|
58,896
|
Income taxes
receivable
|
669
|
|
1,287
|
Other current
assets
|
5,283
|
|
4,526
|
Total current
assets
|
197,587
|
|
162,191
|
|
|
|
|
Property, plant
and equipment, net
|
57,078
|
|
53,116
|
Goodwill
|
25,823
|
|
15,961
|
Intangible assets,
net
|
9,856
|
|
6,385
|
Other
assets
|
2,788
|
|
2,331
|
Net deferred tax
assets
|
3,212
|
|
3,310
|
TOTAL
ASSETS
|
$
296,344
|
|
$
243,294
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
41,991
|
|
$
31,336
|
Accrued
warranty
|
19,084
|
|
19,334
|
Accrued compensation
and related taxes
|
9,862
|
|
13,188
|
Deposits from
customers
|
33,661
|
|
16,142
|
Other current
liabilities and accrued expenses
|
11,654
|
|
7,659
|
Current portion of
long-term debt
|
58
|
|
65
|
Total current
liabilities
|
116,310
|
|
87,724
|
|
|
|
|
Other non-current
liabilities
|
4,877
|
|
2,544
|
Long-term debt,
less current portion
|
22,849
|
|
74
|
Total
liabilities
|
144,036
|
|
90,342
|
Commitments and
contingencies
|
|
|
|
Shareholders'
equity:
|
|
|
|
Preferred stock, no
par value: 2,000 shares authorized (none issued)
|
-
|
|
-
|
Common stock, $0.01
par value; 80,000 shares authorized; 35,097 and 34,383
outstanding
|
351
|
|
344
|
Additional paid in
capital
|
77,916
|
|
76,837
|
Retained
earnings
|
74,699
|
|
76,428
|
Total Spartan
Motors, Inc. shareholders' equity
|
152,966
|
|
153,609
|
Non-controlling interest
|
(658)
|
|
(657)
|
Total shareholders'
equity
|
152,308
|
|
152,952
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
$
296,344
|
|
$
243,294
|
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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Sales
|
$ 169,739
|
|
$ 162,537
|
|
$
336,814
|
|
$
296,263
|
Cost of products
sold
|
150,232
|
|
141,730
|
|
300,763
|
|
259,635
|
Restructuring
charges
|
6
|
|
-
|
|
156
|
|
-
|
Gross
profit
|
19,501
|
|
20,807
|
|
35,895
|
|
36,628
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
1,524
|
|
1,807
|
|
3,666
|
|
3,031
|
Selling, general and
administrative
|
16,503
|
|
14,397
|
|
31,104
|
|
27,962
|
Restructuring
charges
|
319
|
|
227
|
|
812
|
|
567
|
Total operating
expenses
|
18,346
|
|
16,431
|
|
35,582
|
|
31,560
|
|
|
|
|
|
|
|
|
Operating
income
|
1,155
|
|
4,376
|
|
313
|
|
5,068
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(129)
|
|
(88)
|
|
(393)
|
|
(202)
|
Interest and other
income
|
190
|
|
95
|
|
280
|
|
154
|
Total other income
(expense)
|
61
|
|
7
|
|
(113)
|
|
(48)
|
Income before
taxes
|
1,216
|
|
4,383
|
|
200
|
|
5,020
|
|
|
|
|
|
|
|
|
Taxes
|
92
|
|
9
|
|
175
|
|
102
|
|
|
|
|
|
|
|
|
Net Income
|
1,124
|
|
4,374
|
|
25
|
|
4,918
|
|
|
|
|
|
|
|
|
Less: net loss
attributable to non-controlling interest
|
-
|
|
(5)
|
|
(1)
|
|
(5)
|
|
|
|
|
|
|
|
|
Net income
attributable to Spartan Motors Inc.
|
$
1,124
|
|
$
4,379
|
|
$
26
|
|
$
4,923
|
|
|
|
|
|
|
|
|
Basic net earnings
per share
|
$
0.03
|
|
$
0.13
|
|
$
0.00
|
|
$
0.14
|
|
|
|
|
|
|
|
|
Diluted net
earnings per share
|
$
0.03
|
|
$
0.13
|
|
$
0.00
|
|
$
0.14
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares outstanding
|
35,127
|
|
34,512
|
|
34,768
|
|
34,396
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares outstanding
|
35,127
|
|
34,512
|
|
34,768
|
|
34,396
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2017 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
Emergency
Response
|
|
Fleet
Vehicles
and
Services
|
|
Specialty
Chassis and
Vehicles
|
|
Eliminations
and Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
78,757
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
78,757
|
Fleet vehicle
sales
|
-
|
|
44,186
|
|
427
|
|
(427)
|
|
44,186
|
Motorhome chassis
sales
|
-
|
|
-
|
|
28,162
|
|
-
|
|
28,162
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
4,193
|
|
-
|
|
4,193
|
Aftermarket parts and
accessories
|
2,091
|
|
9,344
|
|
3,006
|
|
-
|
|
14,441
|
Total
Sales
|
|
$
80,848
|
|
$
53,530
|
|
$
35,788
|
|
$
(427)
|
|
$
169,739
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
(652)
|
|
$
6,174
|
|
$
2,765
|
|
$ (3,339)
|
|
$
4,948
|
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
and
Services
|
|
Specialty
Chassis and
Vehicles
|
|
Eliminations
and Other
|
|
Consolidated
|
Emergency response
vehicle sales
|
$
50,511
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
50,511
|
Fleet vehicle
sales
|
-
|
|
57,048
|
|
1,436
|
|
(1,436)
|
|
57,048
|
Motorhome chassis
sales
|
-
|
|
-
|
|
24,479
|
|
-
|
|
24,479
|
Other specialty
chassis and vehicles
|
-
|
|
-
|
|
8,226
|
|
-
|
|
8,226
|
Aftermarket parts and
accessories
|
1,867
|
|
16,768
|
|
3,638
|
|
-
|
|
22,273
|
Total
Sales
|
|
$
52,378
|
|
$
73,816
|
|
$
37,779
|
|
$
(1,436)
|
|
$
162,537
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
(253)
|
|
$
7,122
|
|
$
3,383
|
|
$ (2,061)
|
|
$
8,191
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
(Unaudited)
|
|
Period End Backlog
(amounts in thousands of dollars)
|
|
June 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sept. 30,
2016
|
|
June 30,
2016
|
Emergency Response
Vehicles*
|
$
214,794
|
|
$
214,463
|
|
$
139,870
|
|
$
149,752
|
|
$
152,177
|
|
|
|
|
|
|
|
|
|
|
Fleet Vehicles and
Services*
|
131,280
|
|
113,960
|
|
89,549
|
|
102,218
|
|
139,655
|
|
|
|
|
|
|
|
|
|
|
Motorhome Chassis *
|
25,823
|
|
21,772
|
|
18,749
|
|
19,114
|
|
11,197
|
Aftermarket Parts and Accessories
|
892
|
|
1,075
|
|
1,288
|
|
1,012
|
|
1,005
|
Total Specialty
Chassis & Vehicles
|
26,715
|
|
22,847
|
|
20,037
|
|
20,126
|
|
12,202
|
|
|
|
|
|
|
|
|
|
|
Total
Backlog
|
$
372,789
|
|
$
351,270
|
|
$
249,546
|
|
$
272,096
|
|
$
304,034
|
|
|
|
|
|
|
|
|
|
|
* Anticipated time to
fill backlog orders at June 30, 2017; 13 months or less for
emergency response vehicles; 3
months or less for motorhome chassis; 9 months or less for fleet
vehicles and services; and 1 month or less for
other products.
|
Reconciliation of Non-GAAP Financial Measures
This release contains Adjusted EBITDA (earnings before interest,
taxes, depreciation and amortization), adjusted net income,
adjusted earnings per share, forecasted Adjusted EBITDA, and
forecasted adjusted earnings per share, which are all Non-GAAP
financial measures. Our management uses Adjusted EBITDA to
evaluate the performance of and allocate resources to our segments.
These non-GAAP 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, expenses related to a recent business
acquisition, the impact of the step-up in inventory value
associated with the recent business acquisition, and the impact of
the business acquisition on the timing of chassis revenue
recognition. 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 improve the
comparability of our results from period to period and with our
competitors, as well as 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 measurements of our
financial performance under GAAP and should not be considered as an
alternative to net income or 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 net income to Adjusted EBITDA,
net income to adjusted net income, earnings per share to adjusted
earnings per share, forecasted net income to Adjusted EBITDA and
forecasted earnings per share to adjusted earnings per share for
the periods indicated.
Financial Summary
(Non-GAAP)
|
Consolidated
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Spartan Motors,
Inc.
|
|
2017
|
% of
sales
|
|
2016
|
% of
sales
|
|
Net income
|
|
$
1,124
|
0.7%
|
|
$
4,374
|
2.7%
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
325
|
|
|
227
|
|
|
Impact of acquisition
on timing of chassis revenue recognition
|
|
853
|
|
|
-
|
|
|
Recall
expense
|
|
-
|
|
|
1,715
|
|
|
Acquisition related
expenses
|
|
60
|
|
|
-
|
|
|
Adjusted net
income
|
|
$
2,362
|
1.4%
|
|
$
6,316
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
1,124
|
0.7%
|
|
$
4,374
|
2.7%
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,365
|
|
|
1,778
|
|
|
Taxes on
income
|
|
92
|
|
|
9
|
|
|
Interest
expense
|
|
129
|
|
|
88
|
|
|
EBITDA
|
|
$
3,710
|
2.2%
|
|
$
6,249
|
3.8%
|
|
|
|
|
|
|
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
325
|
|
|
227
|
|
|
Impact of acquisition
on timing of chassis revenue recognition
|
|
853
|
|
|
-
|
|
|
Recall
expense
|
|
-
|
|
|
1,715
|
|
|
Acquisition related
expenses
|
|
60
|
|
|
-
|
|
|
Adjusted
EBITDA
|
|
$
4,948
|
2.9%
|
|
$
8,191
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
|
$
0.03
|
|
|
$
0.13
|
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
0.01
|
|
|
0.01
|
|
|
Impact of acquisition
on timing of chassis revenue recognition
|
|
0.03
|
|
|
-
|
|
|
Recall
expense
|
|
-
|
|
|
0.05
|
|
|
Acquisition related
expenses
|
|
-
|
|
|
-
|
|
|
Deferred tax asset
valuation allowance
|
|
-
|
|
|
-
|
|
|
Tax effect of
adjustments
|
|
-
|
|
|
-
|
|
|
Adjusted Diluted net
earnings per share
|
|
$
0.07
|
|
|
$
0.19
|
|
|
Emergency Response
Vehicles Segment (Non-GAAP)
|
(In thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
2017
|
% of
sales
|
|
2016
|
% of
sales
|
|
Net income (loss)
attributable to Emergency Response
|
|
$
(2,100)
|
-2.6%
|
|
$
(2,475)
|
-4.7%
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
584
|
|
|
210
|
|
|
Taxes on
income
|
|
-
|
|
|
70
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
(1,516)
|
-1.9%
|
|
$
(2,195)
|
-4.2%
|
|
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
(1,516)
|
-1.9%
|
|
$
(2,195)
|
-4.2%
|
|
Restructuring
charges
|
|
10
|
|
|
227
|
|
|
Impact of acquisition
on timing of chassis revenue recognition
|
|
854
|
|
|
-
|
|
|
Recall
expense
|
|
-
|
|
|
1,715
|
|
|
Adjusted earnings
before interest, taxes, depreciation and amortization
|
|
$
(652)
|
-0.8%
|
|
$
(253)
|
-0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet Vehicles and
Services Segment (Non-GAAP)
|
(In thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
2017
|
% of
sales
|
|
2016
|
% of
sales
|
|
Net income (loss)
attributable to Fleet Vehicles and Services
|
|
$
4,968
|
9.3%
|
|
$
6,260
|
8.5%
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
887
|
|
|
842
|
|
|
Taxes on
income
|
|
-
|
|
|
-
|
|
|
Interest
expense
|
|
12
|
|
|
21
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
5,867
|
11.0%
|
|
$
7,122
|
9.6%
|
|
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
5,867
|
11.0%
|
|
$
7,122
|
9.6%
|
|
Restructuring
charges
|
|
307
|
|
|
-
|
|
|
Adjusted earnings
before interest, taxes, depreciation and amortization
|
|
$
6,174
|
11.5%
|
|
$
7,122
|
9.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Chassis
and Vehicles Segment (Non-GAAP)
|
(In thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
2017
|
% of
sales
|
|
2016
|
% of
sales
|
|
Net income (loss)
attributable to Specialty Chassis and Vehicles
|
|
$
2,502
|
7.0%
|
|
$
3,260
|
8.6%
|
|
Add
(subtract):
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
263
|
|
|
123
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
2,765
|
7.7%
|
|
$
3,383
|
9.0%
|
|
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
2,765
|
7.7%
|
|
$
3,383
|
9.0%
|
|
Restructuring
charges
|
|
-
|
|
|
-
|
|
|
Adjusted earnings
before interest, taxes, depreciation and amortization
|
|
$
2,765
|
7.7%
|
|
$
3,383
|
9.0%
|
|
FINANCIAL SUMMARY
(Non-GAAP)
|
CONSOLIDATED
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Forecast
Year Ending December 31, 2017
|
|
|
Low
|
|
Mid
|
|
High
|
Net income
|
|
$
13,000
|
|
$
13,750
|
|
$
14,500
|
Add:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
10,278
|
|
10,278
|
|
10,278
|
Interest
expense
|
|
600
|
|
600
|
|
600
|
Taxes
|
|
700
|
|
1,450
|
|
2,200
|
EBITDA
|
|
$
24,578
|
|
$
26,078
|
|
$
27,578
|
Add
(subtract):
|
|
|
|
|
|
|
Restructuring
charges
|
|
965
|
|
965
|
|
965
|
Chassis shipment
delay (plus acquisition related)
|
|
2,725
|
|
2,725
|
|
2,725
|
Adjusted
EBITDA
|
|
$
28,268
|
|
$
29,768
|
|
$
31,268
|
|
|
|
|
|
|
|
Earnings per
share
|
|
$
0.37
|
|
$
0.39
|
|
$
0.41
|
Add:
|
|
|
|
|
|
|
Acquisition related
expenses
|
|
0.03
|
|
0.03
|
|
0.03
|
Chassis shipment
delay
|
|
0.08
|
|
0.08
|
|
0.08
|
Adjusted earnings per
share
|
|
$
0.48
|
|
$
0.50
|
|
$
0.52
|
View original
content:http://www.prnewswire.com/news-releases/spartan-motors-reports-second-quarter-2017-results-300497988.html
SOURCE Spartan Motors, Inc.