NOVI, Mich., May 7, 2020 /PRNewswire/ -- Spartan Motors,
Inc. (NASDAQ: SPAR) ("Spartan" or the "Company"), a North
American leader in specialty vehicle manufacturing and assembly for
the commercial and retail vehicle industries, as well as for the
recreational vehicle markets, today reported operating results for
the first quarter ending March 31,
2020.
As previously announced, the Company divested its Emergency
Response (ER) business effective February
1, 2020. Accordingly, the financial results of
ER have been classified as discontinued operations for all periods
presented. Unless otherwise noted, financial results presented are
based on continuing operations.
First Quarter 2020 Highlights from Continuing
Operations
For the first quarter of 2020 compared to the first quarter of
2019:
- Sales increased $4.7 million,
or 2.8%, to $176.9 million from
$172.2 million. Sales increased
$37.4 million, or 26.8%, excluding
$32.7 million of pass-through
revenues from the one-time USPS truck body order in the prior
year.
- Gross profit margin improved 850 basis points to 20.5% of
sales from 12.0% of sales.
- Income from continuing operations increased $6.9 million, or 142.9%, to $11.7 million, or $0.33 per share, from $4.8
million, or $0.13 per
share. Income from continuing operations includes a
$2.6 million, or $0.08 per share, income tax gain resulting from
the recognition of a loss carryback relating to the divestiture of
ER and available under the newly enacted CARES Act.
- Adjusted EBITDA increased $10.0
million, or 119.4%, to $18.4
million, or 10.4% of sales, from $8.4
million, or 4.9% of sales. The prior year adjusted
EBITDA as a percentage of sales was negatively impacted by
approximately 110 basis points due to pass-through sales from the
one-time USPS truck body order.
- Adjusted net income increased $6.1
million, or 115.1%, to $11.4
million, or $0.32 per share,
from $5.3 million, or $0.15 per share.
- Consolidated backlog at March
31, 2020, totaled $344.7
million, up $200.1 million, or
138.4%, compared to $144.6 million at
March 31, 2019, excluding the
one-time, multi-year USPS truck body order of $73.1 million.
"Despite the severity of the market conditions we are currently
experiencing, we are pleased with the strong start to the year, as
many of the transformative initiatives we pursued last year are
gaining traction," said Daryl Adams,
President and Chief Executive Officer. "With the divestiture
of ER, we benefited from operating in a more focused core market
within an expanded geographic footprint, as a result of our recent
acquisitions in the delivery and specialty vehicle markets.
Though we continued to manufacture in this challenging environment,
our operations were impacted by the pandemic. Near the end of
the first quarter, we took a series of aggressive actions to
mitigate the Covid impact, including actions to safeguard our
employees and adjust production on a plant-by-plant basis to keep
up with customer demand."
Fleet Vehicles and Services (FVS)
FVS segment sales increased 10.6% to $135.7 million from $122.6
million due to increased volume related to walk-in-van,
truck body and upfits. Sales increased 50.9%, or
$45.8 million, excluding the
$32.7 million of chassis pass-through
revenues from the USPS order in the prior year.
Adjusted EBITDA increased $14.7
million to $21.7 million, or
16.0% of sales, from $7.0 million, or
5.7% of sales, a year ago. The increase was primarily due to
sales volume, product mix, lower material and component costs and
the impact of pass-through revenues from the USPS order in the
prior year.
The segment backlog at March 31,
2020, totaled $302.2 million,
up 161.9%, compared to $115.4 million
at March 31, 2019, excluding the
one-time, multi-year USPS truck body order. This increase
reflects strong demand for vehicles across the segment's entire
product portfolio.
Specialty Chassis and Vehicles (SCV)
SCV segment sales decreased 20.2% to $41.3 million from $51.7
million a year ago. This was primarily due to a
decrease in luxury motor coach chassis sales, partially offset by
sales from Royal Truck Body (Royal) as a result of the acquisition
completed in September 2019.
Adjusted EBITDA decreased $1.2
million to $3.7 million, or
9.0% of sales, from $4.9 million, or
9.6% of sales, a year ago. The decrease was primarily due to
lower luxury motor coach chassis and contract manufacturing sales
volume, partially offset by the Royal acquisition.
The segment backlog at March 31,
2020, totaled $42.4 million,
up 45.6% compared to $29.1 million at
March 31, 2019, primarily due to the
Royal acquisition.
Liquidity and COVID-19 Virus Impact
Under the Cybersecurity & Infrastructure Security Agency
("CISA") guidelines, Spartan's products are considered essential
and that allowed us to produce and finish vehicles to customers and
dealers. These vehicles are used in critical applications,
including shipping and delivery services, infrastructure
maintenance and federal, state and local governments.
Spartan's access to capital remains strong, with
$75 million of borrowing availability
and $41 million of cash on hand at
March 31, 2020. Additionally,
the Company has taken proactive measures to further fortify its
balance sheet and ensure its liquidity is adequate as it manages
through the pandemic, including:
- Implementing broad changes in work practices to ensure the
health and safety of employees, including additional personal
protective equipment (PPE), increased the frequency of cleaning and
hygiene procedures and remote work where possible
- Adding cash to the balance sheet above normal operating levels
by using existing credit lines
- Eliminating non-critical capital spending and discretionary
operating expenses
- Deferring employer payroll tax payments under provisions of the
CARES Act
- Implementing temporary furloughs for both salary and hourly
employees in select plant locations
- Provisionally freezing hiring and deferring wage increases
- Temporarily reducing executive and board compensation
"We are confident we have taken the measures necessary to help
ensure the safety and well-being of our employees, while also
implementing actions to help mitigate the financial impact of the
pandemic," continued Adams. "We are currently manufacturing
in approximately 80% of our facilities at full or modified
production levels, and believe we have ample liquidity to fund our
operations as we navigate through this crisis."
Withdrawing Full Year 2020 Guidance
Despite the strong start to the year and the ongoing market
demand for our products, the magnitude and duration of the COVID
impact remain uncertain. The Company currently anticipates
returning to normal production levels by the end of May and has the
backlog position to deliver solid growth for the balance of the
year, excluding USPS chassis pass-through sales. However,
production at any of our facilities may be further impacted by
chassis and component availability, as well as possible future
government, market or Company response related to the
pandemic. For these reasons, Spartan is withdrawing full year
2020 financial guidance and plans to provide an updated outlook
once we have greater clarity regarding the implications of COVID-19
on our business.
"Our strong first quarter results are a major indicator that our
business transformation efforts and strategy are working. As
we weather this storm, we are being deliberate about making the
production adjustments needed to operate the business safely and
efficiently in the short-term, and I'd like to thank the team for
their continued flexibility and cooperation in our joint
response. We believe the disruption to our business is only
temporary. Despite the current headwinds, our strong backlog
position and increasing demand provide us with an added measure of
confidence over the long-term," 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/investor-relations/webcasts
Conference Call: 1-866-652-5200 (domestic) or 412-317-6060
(international); passcode: 10142666
For more information about Spartan, please visit
www.spartanmotors.com.
About Spartan Motors
Spartan Motors, Inc. is a North
American leader in specialty vehicle manufacturing and assembly for
the commercial and retail vehicle industries (including last-mile
delivery, specialty service and vocation-specific upfit markets),
as well as for recreational vehicle markets. The Company is
organized into two core business segments: Spartan Fleet Vehicles
and Services and Spartan Specialty Chassis and Vehicles. Today, its
family of brands also include Utilimaster, Royal Truck Body,
Strobes-R-Us, Spartan Chassis, Spartan Authorized Parts, Spartan
Authorized Service Centers, and Spartan Factory Service Centers.
Spartan Motors and its go-to-market brands are well known in their
respective industries for quality, durability, aftermarket product
support and first-to-market innovation. The Company employs
approximately 2,700 associates, and operates facilities in
Michigan, Indiana, Pennsylvania, South
Carolina, Florida,
Missouri, California, Arizona, Texas, and Saltillo,
Mexico. Spartan reported sales from continuing operations of
$757 million in 2019. Learn more
about 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. Furthermore, statements
contained in this document relating to the recent global outbreak
of the novel coronavirus disease (COVID-19), the impact of which
remains inherently uncertain on our financial results, are
forward-looking statements. 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 future developments
relating to the COVID-19 pandemic, including governmental
responses, supply chain shortages, and potential labor issues;
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)
|
|
|
(Unaudited)
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2020
|
|
2019
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
40,903
|
|
$
19,349
|
|
|
Accounts receivable,
less allowance of $181 and $228
|
70,836
|
|
58,874
|
|
|
Contract
assets
|
14,645
|
|
10,898
|
|
|
Inventories,
net
|
59,289
|
|
59,456
|
|
|
Other receivables -
chassis pool agreements
|
8,832
|
|
8,162
|
|
|
Other current
assets
|
9,503
|
|
5,344
|
|
|
Current assets held
for sale
|
-
|
|
90,725
|
|
|
Total current
assets
|
204,008
|
|
252,808
|
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
40,524
|
|
40,074
|
|
|
Right of use
assets – operating leases
|
30,664
|
|
32,147
|
|
|
Goodwill
|
43,632
|
|
43,632
|
|
|
Intangible assets,
net
|
53,359
|
|
54,061
|
|
|
Other
assets
|
2,237
|
|
2,295
|
|
|
Net deferred tax
asset
|
14,124
|
|
25,520
|
|
|
TOTAL
ASSETS
|
$
388,548
|
|
$
450,537
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
63,480
|
|
$
54,713
|
|
|
Accrued
warranty
|
5,155
|
|
5,694
|
|
|
Accrued compensation
and related taxes
|
9,704
|
|
15,841
|
|
|
Deposits from
customers
|
1,091
|
|
2,640
|
|
|
Operating lease
liability
|
5,634
|
|
5,162
|
|
|
Other current
liabilities and accrued expenses
|
8,652
|
|
15,967
|
|
|
Short-term debt -
chassis pool agreements
|
8,832
|
|
8,162
|
|
|
Current portion of
long-term debt
|
220
|
|
177
|
|
|
Current liabilities
held for sale
|
-
|
|
49,601
|
|
|
Total current
liabilities
|
102,768
|
|
157,957
|
|
|
|
|
|
|
|
|
Other non-current
liabilities
|
3,811
|
|
4,922
|
|
|
Long-term
operating lease liability
|
25,510
|
|
27,241
|
|
|
Long-term debt,
less current portion
|
74,646
|
|
88,670
|
|
|
Total
liabilities
|
206,735
|
|
278,790
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Preferred stock, no
par value: 2,000 shares authorized (none issued)
|
-
|
|
-
|
|
|
Common stock, $0.01
par value; 80,000 shares authorized; 35,475 and 35,343
outstanding
|
354
|
|
353
|
|
|
Additional paid in
capital
|
87,335
|
|
85,148
|
|
|
Retained
earnings
|
94,575
|
|
86,764
|
|
|
Total Spartan
Motors, Inc. shareholders' equity
|
182,264
|
|
172,265
|
|
|
Non-controlling
interest
|
(451)
|
|
(518)
|
|
|
Total
shareholders' equity
|
181,813
|
|
171,747
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
$
388,548
|
|
$
450,537
|
|
|
Spartan Motors,
Inc. and Subsidiaries
|
|
|
Consolidated
Statements of Operations
|
|
|
(In thousands,
except per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2020
|
|
2019
|
|
Sales
|
$
|
176,948
|
|
$
|
172,206
|
|
Cost of products
sold
|
|
140,647
|
|
151,486
|
|
Gross
profit
|
36,301
|
|
20,720
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development
|
1,541
|
|
1,226
|
|
|
Selling, general and
administrative
|
21,400
|
|
13,541
|
|
Total operating
expenses
|
22,941
|
|
14,767
|
|
|
|
|
|
|
|
Operating
income
|
13,360
|
|
5,953
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(731)
|
|
(374)
|
|
|
Interest and other
(expense) income
|
(510)
|
|
332
|
|
Total other
expense
|
(1,241)
|
|
(42)
|
|
Income from
continuing operations before income taxes
|
12,119
|
|
5,911
|
|
|
|
|
|
|
|
Income tax
expenses
|
377
|
|
1,076
|
|
|
|
|
|
|
|
Income from
continuing operations
|
11,742
|
|
4,835
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income taxes
|
(3,864)
|
|
(3,298)
|
|
Net
income
|
7,878
|
|
1,537
|
|
Less: Net
income attributable to non-controlling interest
|
67
|
|
140
|
|
|
|
|
|
|
|
Net income
attributable to Spartan Motors, Inc.
|
$
|
7,811
|
|
$
|
1,397
|
|
|
|
|
|
|
|
Basic earnings
(loss) per share
|
|
|
|
|
|
Continuing
operations
|
$
|
0.33
|
|
$
|
0.13
|
|
|
Discontinued
operations
|
$
|
(0.11)
|
|
$
|
(0.09)
|
|
|
Basic earnings per
share
|
$
|
0.22
|
|
$
|
0.04
|
|
Diluted earnings
(loss) per share
|
|
|
|
|
|
Continuing
operations
|
$
|
0.33
|
|
$
|
0.13
|
|
|
Discontinued
operations
|
$
|
(0.11)
|
|
$
|
(0.09)
|
|
|
Diluted
earnings per share
|
$
|
0.22
|
|
$
|
0.04
|
|
|
|
|
|
|
Basic weighted
average common shares outstanding
|
35,401
|
|
35,265
|
|
|
|
|
|
|
|
Diluted weighted
average common shares outstanding
|
35,664
|
|
35,265
|
|
|
|
|
|
|
|
|
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2020 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet Vehicles
& Services
|
|
Specialty
Chassis &
Vehicles
|
|
Other
|
|
Consolidated
|
|
Fleet vehicle
sales
|
$
123,973
|
|
$
-
|
|
$
-
|
|
$
123,973
|
|
Motorhome chassis
sales
|
-
|
|
22,602
|
|
-
|
|
22,602
|
|
Other specialty
chassis and vehicles
|
-
|
|
16,786
|
|
-
|
|
16,786
|
|
Aftermarket parts and
assemblies
|
11,715
|
|
1,872
|
|
-
|
|
13,587
|
|
Total
Sales
|
|
$
135,688
|
|
$
41,260
|
|
$
-
|
|
$
176,948
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
21,736
|
|
$
3,721
|
|
$
(7,081)
|
|
$
18,376
|
|
Spartan Motors,
Inc. and Subsidiaries
|
Sales and Other
Financial Information by Business Segment
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2019 (in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
|
|
|
|
Fleet Vehicles
& Services
|
|
Specialty
Chassis &
Vehicles
|
|
Other
|
|
Consolidated
|
|
Fleet vehicle
sales
|
$
96,319
|
|
$
2,128
|
|
$
(2,128)
|
|
$
96,319
|
|
Motorhome chassis
sales
|
-
|
|
40,286
|
|
-
|
|
40,286
|
|
Other specialty
chassis and vehicles
|
-
|
|
6,858
|
|
-
|
|
6,858
|
|
Aftermarket parts and
assemblies
|
26,330
|
|
2,413
|
|
-
|
|
28,743
|
|
Total
Sales
|
|
$
122,649
|
|
$
51,685
|
|
$
(2,128)
|
|
$
172,206
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
6,975
|
|
$
4,948
|
|
$
(3,547)
|
|
$
8,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Other
Financial Information by Business Segment
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Backlog
(amounts in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31,
2020
|
|
Dec. 31,
2019
|
|
Sept. 30,
2019
|
|
Jun. 30,
2019
|
|
Mar. 31,
2019
|
Fleet Vehicles and
Services*
|
$
302,236
|
|
$
305,876
|
|
$
223,753
|
|
$
272,399
|
|
$
188,528
|
Motorhome
Chassis
|
30,641
|
|
20,097
|
|
26,719
|
|
31,852
|
|
28,470
|
Other
Vehicles
|
11,580
|
|
10,062
|
|
11,769
|
|
-
|
|
-
|
Aftermarket
Parts and Accessories
|
198
|
|
575
|
|
1,459
|
|
565
|
|
667
|
Total Specialty
Chassis & Vehicles*
|
42,419
|
|
30,734
|
|
39,947
|
|
32,417
|
|
29,137
|
|
|
|
|
|
|
|
|
|
|
Total
Backlog
|
$
344,655
|
|
$
336,610
|
|
$
263,700
|
|
$
304,816
|
|
$
217,665
|
|
|
* Anticipated time to
fill backlog orders at March 31, 2020; five - seven months for
Fleet Vehicles and Services; less than three months for Specialty
Chassis and Vehicles.
|
|
Reconciliation of Non-GAAP Financial Measures
This
release contains adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization), which is a non-GAAP financial
measure. This non-GAAP measure is calculated by excluding items
that we believe to be infrequent or not indicative of our
continuing operating performance. We define adjusted EBITDA as
income from continuing operations before interest, income taxes,
depreciation and amortization, as adjusted to eliminate the impact
of restructuring charges, acquisition related expenses and
adjustments, non-cash stock-based compensation expenses, and other
gains and losses not reflective of our ongoing operations.
Adjusted EBITDA for all prior periods presented have been recast to
conform to the current presentation.
We present the non-GAAP measure adjusted EBITDA because we
consider it to be an important supplemental measure of our
performance. The presentation of adjusted EBITDA enables investors
to better understand our operations by removing items that we
believe are not representative of our continuing operations and may
distort our longer-term operating trends. We believe this measure
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 continuing operating
performance. We believe that presenting this non-GAAP measure is
useful to investors because it permits investors to view
performance using the same tools that management uses to budget,
make operating and strategic decisions, and evaluate our historical
performance. We believe that the presentation of this non-GAAP
measure, when considered together with the corresponding GAAP
financial measures and the reconciliations to that measure,
provides investors with additional understanding of the factors and
trends affecting our business than could be obtained in the absence
of this disclosure.
Our management uses adjusted EBITDA to evaluate the performance
of and allocate resources to our segments. Adjusted EBITDA is also
used, along with other financial and non-financial measures, for
purposes of determining annual and long-term incentive compensation
for our management team.
|
Financial
Summary
|
|
|
(In thousands, except
per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Spartan Motors,
Inc.
|
2020
|
% of
sales
|
|
2019
|
% of
sales
|
Income from
continuing operations
|
$
11,742
|
6.6%
|
|
$
4,835
|
2.8%
|
Net (income) loss
attributable to non-controlling interest
|
(67)
|
|
|
(140)
|
|
Add
(subtract):
|
|
|
|
|
|
Restructuring and
other related charges
|
992
|
|
|
27
|
|
Acquisition related
expenses and adjustments
|
93
|
|
|
45
|
|
Non-cash stock-based
compensation expense
|
1,991
|
|
|
847
|
|
Favorable tax rate in
income taxes receivable
|
(2,577)
|
|
|
(99)
|
|
Tax effect of
adjustments
|
(748)
|
|
|
(221)
|
|
Adjusted net
income
|
$
11,426
|
6.5%
|
|
$
5,294
|
3.1%
|
|
|
|
|
|
|
Income from
continuing operations
|
$
11,742
|
6.6%
|
|
$
4,835
|
2.8%
|
Net (income) loss
attributable to non-controlling interest
|
(67)
|
|
|
(140)
|
|
Add
(subtract):
|
|
|
|
|
|
Depreciation and
amortization
|
2,517
|
|
|
1,312
|
|
Taxes on
income
|
377
|
|
|
1,076
|
|
Interest
expense
|
731
|
|
|
374
|
|
EBITDA
|
$
15,300
|
8.6%
|
|
$
7,457
|
4.3%
|
Add
(subtract):
|
|
|
|
|
|
Restructuring and
other related charges
|
992
|
|
|
27
|
|
Acquisition related
expenses and adjustments
|
93
|
|
|
45
|
|
Non-cash stock-based
compensation expense
|
1,991
|
|
|
847
|
|
Adjusted
EBITDA
|
$
18,376
|
10.4%
|
|
$
8,376
|
4.9%
|
|
|
|
|
|
|
Diluted net earnings
per share
|
$
0.33
|
|
|
$
0.13
|
|
Add
(subtract):
|
|
|
|
|
|
Restructuring and
other related charges
|
0.03
|
|
|
-
|
|
Acquisition related
expenses and adjustments
|
-
|
|
|
-
|
|
Non-cash stock-based
compensation expense
|
0.06
|
|
|
0.02
|
|
Favorable tax rate in
income taxes receivable
|
(0.08)
|
|
|
-
|
|
Tax effect of
adjustments
|
(0.02)
|
|
|
-
|
|
Adjusted diluted net
earnings per share
|
$
0.32
|
|
|
$
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Spartan Motors, Inc.