Spartan Motors Delivers Strong Fourth Quarter and Full Year 2017 Results
CHARLOTTE, Mich., March 1, 2018 /PRNewswire/ -- Spartan Motors, Inc. (NASDAQ: SPAR) ("Spartan" or the "Company"), a leader in specialty chassis and vehicle design, manufacturing and assembly, today reported operating results for the fourth quarter and full year periods ending December 31, 2017.
Full Year 2017 Highlights
For the full year 2017 compared to the full year 2016:
-- Sales increased $116.3 million, or 19.7%, to $707.1 million from $590.8
million
-- Net income improved $7.3 million, or 85.2%, to $15.9 million, or $0.46
per share, from $8.6 million, or $0.25 per share
-- Adjusted EBITDA increased 37.0% to $31.3 million, or 4.4% of sales, from
$22.9 million, or 3.9% of sales
-- Adjusted net income improved 34.5% to $14.9 million, or $0.43 per share,
from $11.1 million, or $0.32 per share
-- Emergency Response segment was profitable - achieving $3.2 million of
adjusted EBITDA
Fourth Quarter 2017 Highlights
For the fourth quarter of 2017 compared to the fourth quarter of 2016:
-- Sales increased $35.2 million, or 24.1%, to $181.1 million from $145.9
million
-- Gross profit margin improved 130 basis points to 13.6% of sales from
12.3% of sales
-- Net income improved $1.5 million, or 158.9%, to $2.4 million, or $0.07
per share, from $0.9 million, or $0.03 per share
-- Adjusted EBITDA increased 118.3% to $9.3 million, or 5.1% of sales,
compared to $4.3 million, or 2.9% of sales
-- Adjusted net income improved 156.4% to $3.9 million, or $0.11 per share
from $1.5 million, or $0.04 per share
-- Emergency Response segment was profitable - achieving $2.7 million of
adjusted EBITDA
"With our 2017 fourth quarter net income more than doubling, which also marks our eighth consecutive profitable quarter on an adjusted basis, Spartan has successfully completed its turnaround and is now focused on its growth strategy as we move into 2018 and beyond," said Daryl Adams, Spartan President and Chief Executive Officer. "We can take pride in the strong performance we posted throughout the year, which was based on the actions we took to transition our company to a leader in purpose-built specialty vehicles that is focused on performance and innovation."
Full Year 2017 Segment Results
For the full year 2017 compared to the full year 2016:
Fleet Vehicles and Services (FVS)
FVS segment sales decreased 9.8% to $251.1 million from $278.4 million. Revenues declined primarily due to the timing of a large last mile delivery upfit order that did not reoccur in 2017.
Adjusted EBITDA decreased $4.2 million to $27.0 million, or 10.7% of sales, from $31.2 million, or 11.2% of sales, a year ago, primarily due to the nonrecurring last mile delivery upfit order, which was partially offset by operational improvements.
The Segment backlog at December 31, 2017 totaled $267.7 million, up 198.9%, compared to $89.5 million at December 31, 2016, as a result of the previously announced multi-year contract with the United States Postal Service (USPS).
Emergency Response (ER)
ER segment sales increased 65.5% to $302.9 million from $183.0 million. The sales increase reflects increased product optimization resulting from the successful integration of Smeal and rationalization of the Company's dealer network.
Adjusted EBITDA increased $10.7 million to $3.2 million, or 1.1% of sales, from an adjusted EBITDA loss of $7.5 million a year ago. The increase was primarily the result of increased sales, improved operational performance and warranty cost reduction. Adjusted EBITDA loss in 2016 included adjustments totaling $3.5 million in legacy product recalls.
The Segment backlog at December 31, 2017 totaled $233.6 million, up 67.0%, compared to $139.9 million at December 31, 2016.
Specialty Chassis & Vehicles (SCV)
SCV segment sales increased 17.9% to $158.8 million from $134.8 million. Sales of motorhome chassis increased 27.1% to $124.6 million from $98.0 million, primarily due to increased motorhome shipments year-over-year as a result of market share gains.
Adjusted EBITDA increased $5.8 million to $14.1 million, or 8.9% of sales, from $8.3 million, or 6.2% of sales, a year ago, primarily due to increased sales and improved operational performance.
The Segment backlog at December 31, 2017 totaled $33.8 million, up 68.7%, compared to $20.0 million at December 31, 2016, as a result of increased motorhome orders.
"The performance of each of our business segments was powerful in 2017, but perhaps the most dramatic performance was the turnaround in ER," continued Adams. "With the integration of Smeal, we were able to grow top-line ER revenue by 66% while improving adjusted EBITDA by nearly $11 million. We continued to make good progress in SCV, with solid growth in revenues and adjusted EBITDA with the introduction of new innovative products and platforms to expand our addressable market and market share in motorhomes. In the FVS business, we saw some topline headwinds in 2017 relating to the timing of follow-on last-mile delivery orders, but we are encouraged with the prospect of significant growth in 2018 with normalized order flow and the addition of the USPS contract, the largest in Spartan's history."
2018 Outlook
"We are proud of our financial performance in 2017, which will provide a sound foundation for future long-term growth, increased shareholder value and an acceleration of earnings growth in 2018," said Rick Sohm, Chief Financial Officer of Spartan Motors. "Our strong financial position will enable Spartan to invest in our future growth in 2018 and beyond by expanding R&D efforts for new product innovations and enhancing our operational competencies, exploring alternative fuel technologies and expanding our manufacturing capabilities at our Ephrata, Pennsylvania facility to meet the growing last mile delivery demand. With each of our business segments now profitable, we expect our incremental investments and the new USPS order to drive additional revenues, positioning Spartan to achieve its financial objectives in 2020."
Outlook for full year 2018 is expected to be as follows:
-- Revenue to be in the range of $790.0 - $815.0 million
-- Net income of $18.8 - $21.0 million
-- Adjusted EBITDA of $39.0 - $42.0 million
-- Effective tax rate of approximately 28%
-- Earnings per share of $0.54 - $0.60, assuming approximately 35.3 million
shares outstanding
-- Adjusted earnings per share of $0.56 - $0.62
Adams concluded, "It's an exciting time for Spartan Motors, as we have worked as a team to bring significant change and improved financial performance to our Company. Exceeding our targets for the fourth quarter and full year 2017 is about more than hitting our numbers. It's proof positive that the changes we made to execute the turnaround and position Spartan for a future of sustainable, profitable growth continue to pay dividends. We have a formula in place that has successfully driven operational improvements within each of our business units. We will continue to apply this winning formula, as we aggressively take the turn into growth mode. We are confident that the near-term investments we'll make, coupled with the momentum achieved over the past two years, will have a positive impact in 2018 and beyond."
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. These non-GAAP measures are calculated by excluding items that we believe to be infrequent or not indicative of our continuing operating performance. For the periods covered by this release such items include expenses associated with restructuring actions taken to improve the efficiency and profitability of certain of our manufacturing operations, expenses related to product recall campaigns, non-cash charges related to the impairment of assets, expenses related to business acquisition activities, 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 the non-GAAP measures adjusted EBITDA, adjusted net income and adjusted earnings per share because we consider them to be important supplemental measures 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. The presentation of adjusted net income and adjusted earnings per share enables investors to better understand our operations by removing the impact of tax adjustments, including the impact that our deferred tax asset valuation allowance that we recorded in 2015 has had on our tax expense and net income in 2015 and subsequent periods, the impact of a tax deduction for the write-off of an investment in a subsidiary, the impact of the Tax Cuts and Jobs Act on tax expense recorded in 2017, and other items that we believe are not indicative of our longer term operating trends. We believe these measures 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 these non-GAAP measures 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 these non-GAAP measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provides investors with additional understanding of the factors and trends affecting our business than could be obtained in the absence of these disclosures.
Our management uses adjusted EBITDA to evaluate the performance of and allocate resources to our segments. In addition, non-GAAP measures are used by management to review and analyze our operating performance and, along with other data, as internal measures for setting annual budgets and forecasts, assessing financial performance, and comparing our financial performance with our peers. 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 (Non-GAAP)
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
Spartan Motors, Inc. 2017 % of 2016 % of 2017 % of 2016 % of
sales sales sales sales
--- --- --- -----
Net income $2,439 1.3% $942 0.6% $15,935 2.3% $8,610 1.5%
Add (subtract):
Restructuring 52 224 1,252 1,095
Intercompany chassis impact - - 2,073 -
Asset impairment - - - 406
Acquisition inventory adjustment - - 189 -
Recall expense - - (368) 3,457
Joint venture expenses - 1 1 7
Acquisition related expenses 269 723 1,354 882
Deferred tax asset adjustment 2,569 (282) (3,260) (2,932)
Tax benefit of stock write-off (966) - (966) -
Tax effect of adjustments (506) (104) (1,323) (460)
---- ---- ------ ----
Adjusted net income $3,857 2.1% $1,504 1.0% $14,887 2.1% $11,065 1.9%
====== === ====== === ======= === ======= ===
Net income $2,439 1.3% $942 0.6% $15,935 2.3% $8,610 1.5%
Add (subtract):
Depreciation and amortization 2,602 2,161 9,937 7,903
Taxes on income 3,651 111 90 100
Interest expense 282 96 864 410
--- --- --- ---
EBITDA $8,974 5.0% $3,310 2.3% $26,826 3.8% $17,023 2.9%
Add (subtract):
Restructuring 52 224 1,252 1,095
Intercompany chassis impact - - 2,073 -
Asset impairment - - - 406
Acquisition inventory adjustment - - 189 -
Recall expense - - (368) 3,457
Joint venture expenses - 1 1 7
Acquisition related expenses 269 723 1,354 882
--- --- ----- ---
Adjusted EBITDA $9,295 5.1% $4,258 2.9% $31,327 4.4% $22,870 3.9%
====== === ====== === ======= === ======= ===
Diluted net earnings per share $0.07 $0.03 $0.46 $0.25
Add (subtract):
Restructuring - - 0.04 0.03
Intercompany chassis impact - - 0.06 -
Asset impairment - - - 0.01
Acquisition inventory adjustment - - 0.01 -
Recall expense - - (0.01) 0.10
Acquisition related expenses 0.01 0.02 0.04 0.03
Deferred tax asset adjustment 0.07 (0.01) (0.10) (0.09)
Tax benefit of stock write-off (0.03) - (0.03) -
Tax effect of adjustments (0.01) - (0.04) (0.01)
----- --- ----- -----
Adjusted Diluted net earnings per share $0.11 $0.04 $0.43 $0.32
===== ===== ===== =====
Financial Summary (Non-GAAP)
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2017 2016 2017 2016
---- ---- ---- ----
Total segment adjusted EBITDA $13,047 $6,545 $44,208 $32,029
Add (subtract):
Interest expense (282) (96) (864) (410)
Depreciation and amortization (2,602) (2,162) (9,937) (7,903)
Restructuring expense (52) (224) (1,252) (1,095)
Acquisition expense (269) (723) (1,354) (882)
Impact of chassis shipments to Smeal - - (2,073) -
Recall expense - - 368 (3,457)
Impact of inventory fair value step-up - - (189) -
Joint venture expenses - (1) (2) (14)
Asset impairment - - - (406)
NHTSA settlement - - - -
Unallocated corporate expenses (3,752) (2,287) (12,881) (9,159)
Consolidated income before taxes $6,090 $1,052 $16,024 $8,703
====== ====== ======= ======
Fleet Vehicles and Services Segment
(In thousands, unaudited)
Three Months Ended December 31,
-------------------------------
2017 % of 2016 % of
sales sales
----- -----
Net income attributable to Fleet Vehicles and Services $4,933 7.6% $6,823 10.1%
Add (subtract):
Depreciation and amortization 743 806
Interest expense 80 53
Earnings before interest, taxes, depreciation and amortization $5,756 8.9% $7,682 11.4%
====== === ====== ====
Earnings before interest, taxes, depreciation and amortization $5,756 $7,682
Restructuring charges - -
Adjusted earnings before interest, taxes, depreciation and amortization $5,756 8.9% $7,682 11.4%
====== === ====== ====
Emergency Response Vehicles Segment
(In thousands, unaudited)
Three Months Ended December 31,
-------------------------------
2017 % of 2016 % of
sales sales
----- -----
Net income (loss) attributable to Emergency Response $2,004 2.6% $(3,748) -7.9%
Add (subtract):
Depreciation and amortization 631 507
Taxes on income - -
Earnings (loss) before interest, taxes, depreciation and amortization $2,635 3.5% $(3,241) -6.8%
====== === ======= ====
Earnings (loss) before interest, taxes, depreciation and amortization $2,635 $(3,241)
Restructuring charges 44 224
Intercompany chassis impact - -
Recall expense - -
JV expenses - 1
Adjusted earnings (loss) before interest, taxes, depreciation and amortization $2,679 3.5% $(3,016) -6.4%
====== === ======= ====
Specialty Chassis and Vehicles Segment
(In thousands, unaudited)
Three Months Ended December 31,
-------------------------------
2017 % of 2016 % of
sales sales
----- -----
Net income attributable to Specialty Chassis and Vehicles $4,232 10.3% $1,659 5.1%
Add (subtract):
Depreciation and amortization 373 219
Earnings before interest, taxes, depreciation and amortization $4,605 11.2% $1,878 5.7%
====== ==== ====== ===
Earnings before interest, taxes, depreciation and amortization $4,605 $1,878
Restructuring charges 7 -
Adjusted earnings before interest, taxes, depreciation and amortization $4,612 11.2% $1,878 5.7%
====== ==== ====== ===
Fleet Vehicles and Services Segment
(In thousands, unaudited)
Twelve Months Ended December 31,
--------------------------------
2017 % of 2016 % of
sales sales
----- -----
Net income attributable to Fleet Vehicles and Services $22,797 9.1% $27,890 10.0%
Add (subtract):
Depreciation and amortization 3,361 3,185
Interest expense 156 162
Earnings before interest, taxes, depreciation and amortization $26,314 10.5% $31,237 11.2%
======= ==== ======= ====
Earnings before interest, taxes, depreciation and amortization $26,314 $31,237
Restructuring charges 644 -
Adjusted earnings before interest, taxes, depreciation and amortization $26,958 10.7% $31,237 11.2%
======= ==== ======= ====
Emergency Response Vehicles Segment
(In thousands, unaudited)
Twelve Months Ended December 31,
--------------------------------
2017 % of 2016 % of
sales sales
----- -----
Net income (loss) attributable to Emergency Response $(1,499) -0.5% $(13,720) -7.5%
Add (subtract):
Depreciation and amortization 2,342 1,143
Taxes on income - 70
Earnings (loss) before interest, taxes, depreciation and amortization $843 0.3% $(12,507) -6.8%
==== === ======== ====
Earnings (loss) before interest, taxes, depreciation and amortization $843 $(12,507)
Restructuring charges 454 1,095
Intercompany chassis impact 2,073 -
Asset impairment - 406
Acquisition inventory adjustment 189 -
Recall expense (368) 3,457
JV expenses 1 7
Adjusted earnings (loss) before interest, taxes, depreciation and amortization $3,192 1.1% $(7,542) -4.1%
====== === ======= ====
Specialty Chassis and Vehicles Segment
(In thousands, unaudited)
Twelve Months Ended December 31,
--------------------------------
2017 % of 2016 % of
sales sales
----- -----
Net income attributable to Specialty Chassis and Vehicles $12,642 8.0% $7,545 5.6%
Add (subtract):
Depreciation and amortization 1,314 789
Earnings before interest, taxes, depreciation and amortization $13,956 8.8% $8,334 6.2%
======= === ====== ===
Earnings before interest, taxes, depreciation and amortization $13,956 $8,334
Restructuring charges 102 -
Adjusted earnings before interest, taxes, depreciation and amortization $14,058 8.9% $8,334 6.2%
======= === ====== ===
Consolidated
(In thousands, except per share data)
(Unaudited)
Forecast
Year Ending December 31, 2018
-----------------------------
Low Mid High
--- --- ----
Net income $18,842 $19,903 $20,963
Add:
Depreciation and amortization 11,672 11,672 11,672
Interest expense 427 455 483
Taxes 7,309 7,720 8,132
----- ----- -----
EBITDA $38,250 $39,750 $41,250
Add (subtract):
Restructuring charges 750 750 750
Adjusted EBITDA $39,000 $40,500 $42,000
======= ======= =======
Earnings per share $0.54 $0.57 $0.60
Add:
Restructuring charges 0.02 0.02 0.02
Less tax effect of adjustments - - -
Adjusted earnings per share $0.56 $0.59 $0.62
===== ===== =====
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: 10116962
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(TM) 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 2,300 associates, and operates facilities in Michigan, Indiana, Pennsylvania, Missouri, Wisconsin, Nebraska, South Dakota; Saltillo, Mexico; and Lima, Peru. Spartan reported sales of $707 million in 2017. 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
Condensed Consolidated Balance Sheets
(In thousands, except par value)
(Unaudited)
December 31, December 31,
2017 2016
---- ----
ASSETS
Current assets:
Cash and cash equivalents $33,523 $32,041
Accounts receivable, less allowance of $139 and $487 83,147 65,441
Inventories 77,692 58,896
Income taxes receivable - 1,287
Other current assets 4,425 4,526
Total current assets 198,787 162,191
Property, plant and equipment, net 55,177 53,116
Goodwill 27,417 15,961
Intangible assets, net 9,427 6,385
Deferred tax asset, net 7,284 3,310
Other assets 3,072 2,331
TOTAL ASSETS $301,164 $243,294
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $40,643 $31,336
Accrued warranty 18,268 19,334
Accrued compensation and related taxes 13,264 13,188
Deposits from customers 25,422 16,142
Other current liabilities and accrued expenses 12,071 7,659
Current portion of long-term debt 64 65
Total current liabilities 109,732 87,724
Long-term debt, less current portion 17,925 74
Other non-current liabilities 5,238 2,544
----- -----
Total liabilities 132,895 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 34,383 351 344
outstanding
Additional paid in capital 79,721 76,837
Retained earnings 88,855 76,428
------ ------
Total Spartan Motors, Inc. shareholders' equity 168,927 153,609
Non-controlling interest (658) (657)
---- ----
Total shareholders' equity 168,269 152,952
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $301,164 $243,294
======== ========
Spartan Motors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2017 2016 2017 2016
---- ---- ---- ----
Sales $181,068 $145,850 $707,098 $590,777
Cost of products sold 156,327 127,907 617,655 518,113
Restructuring charges 52 53 208 136
--- --- --- ---
Gross profit 24,689 17,890 89,235 72,528
Operating expenses:
Research and development 1,258 2,363 6,523 6,772
Selling, general and administrative 17,336 14,391 65,497 56,172
Restructuring charges - 171 1,044 959
--- --- ----- ---
Total operating expenses 18,594 16,925 73,064 63,903
------ ------ ------ ------
Operating income 6,095 965 16,171 8,625
Other income (expense):
Interest expense (282) (96) (864) (410)
Interest and other income 277 183 717 488
--- --- --- ---
Total other income (expense) (5) 87 (147) 78
--- ---- ---
Income before taxes 6,090 1,052 16,024 8,703
Income tax expense 3,651 111 90 100
----- --- --- ---
Net Income 2,439 941 15,934 8,603
Less: net loss attributable to non-controlling interest - (1) (1) (7)
--- --- --- ---
Net income attributable to Spartan Motors Inc. $2,439 $942 $15,935 $8,610
====== ==== ======= ======
Basic net earnings per share $0.07 $0.03 $0.46 $0.25
===== ===== ===== =====
Diluted net earnings per share $0.07 $0.03 $0.46 $0.25
===== ===== ===== =====
Basic weighted average common shares outstanding 35,117 34,417 34,949 34,405
====== ====== ====== ======
Diluted weighted average common shares 35,117 34,417 34,949 34,405
outstanding
===
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Year Ended December 31, 2017 (in thousands of dollars)
-----------------------------------------------------
Business Segments
-----------------
Fleet Vehicles & Emergency Specialty Other Consolidated
Services Response Chassis &
Vehicles
--------
Fleet vehicle sales $207,666 $ - $5,657 $(5,657) $207,666
Emergency response vehicle sales - 293,559 - - 293,559
Motorhome chassis sales - - 124,584 - 124,584
Other specialty chassis and vehicles - - 18,416 - 18,416
Aftermarket parts and assemblies 43,429 9,291 10,153 - 62,873
------ ----- ------ --- ------
Total Sales $251,095 $302,850 $158,810 $(5,657) $707,098
======== ======== ======== ======= ========
Adjusted EBITDA $26,958 $3,192 $14,058 $(12,881) $31,327
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Year Ended December 31, 2016 (in thousands of dollars)
-----------------------------------------------------
Business Segments
-----------------
Fleet Emergency Specialty Other Consolidated
Vehicles & Response Chassis &
Services Vehicles
-------- --------
Fleet vehicle sales $206,248 $ - $5,347 $(5,347) $206,248
Emergency response vehicles sales - 175,730 - - 175,730
Motorhome chassis sales - - 97,999 - 97,999
Other specialty chassis and vehicles - - 21,074 - 21,074
Aftermarket parts and assemblies 72,141 7,251 10,334 - 89,726
------ ----- ------ --- ------
Total Sales $278,389 $182,981 $134,754 $(5,347) $590,777
======== ======== ======== ======= ========
Adjusted EBITDA $31,237 $(7,542) $8,334 $(9,159) $22,870
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Three Months Ended December 31, 2017 (in thousands of dollars)
-------------------------------------------------------------
Business Segments
-----------------
Fleet Emergency Specialty Other Consolidated
Vehicles & Response Chassis &
Services Vehicles
-------- --------
Fleet vehicle sales $53,488 $ - $918 $(918) $53,488
Emergency response vehicles sales - 73,448 - - 73,448
Motorhome chassis sales - - 33,303 - 33,303
Other specialty chassis and vehicles - - 4,663 - 4,663
Aftermarket parts and assemblies 11,520 2,480 2,166 - 16,166
------ ----- ----- --- ------
Total Sales $65,008 $75,928 $41,050 $(918) $181,068
======= ======= ======= ===== ========
Adjusted EBITDA $5,756 $2,679 $4,612 $(3,752) $9,295
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Three Months Ended December 31, 2016 (in thousands of dollars)
-------------------------------------------------------------
Business Segments
-----------------
Fleet Emergency Specialty Other Consolidated
Vehicles & Response Chassis &
Services Vehicles
-------- --------
Fleet vehicle sales $51,475 $ - $1,667 $(1,667) $51,475
Emergency response vehicle sales - 45,651 - - 45,651
Motorhome chassis sales - - 24,745 - 24,745
Other specialty chassis and vehicles - - 4,351 - 4,351
Aftermarket parts and assemblies 15,848 1,696 2,084 - 19,628
------ ----- ----- --- ------
Total Sales $67,323 $47,347 $32,847 $(1,667) $145,850
======= ======= ======= ======= ========
Adjusted EBITDA $7,682 $(3,016) $1,878 $(2,286) $4,258
Sales And Other Financial Information By Business Segment
(unaudited)
Period End Backlog (amounts in thousands of dollars)
---------------------------------------------------
Dec 31, Sept. 30, Jun. 30, Mar. 31, Dec. 31,
2017 2017 2017 2017 2016
---- ---- ---- ---- ----
Fleet Vehicles and Services* $267,698 $292,540 $131,280 $113,960 $89,549
Emergency Response Vehicles* 233,583 213,334 214,794 214,463 139,870
Motorhome Chassis * 33,191 31,179 25,823 21,772 18,749
Aftermarket Parts and Accessories 615 694 892 1,075 1,288
--- --- --- ----- -----
Total Specialty Chassis & Vehicles 33,806 31,873 26,715 22,847 20,037
Total Backlog $535,087 $537,747 $372,789 $351,270 $249,456
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* Anticipated time to fill backlog orders at December 31, 2017; 4 months or less for fleet vehicles and services, except for the USPS truck body order which will be fulfilled throughout 2018 and 2019; 12 months or less for
emergency response vehicles; 3 months or less for motorhome chassis; and 1 month or less for other products.
View original content:http://www.prnewswire.com/news-releases/spartan-motors-delivers-strong-fourth-quarter-and-full-year-2017-results-300606414.html
SOURCE Spartan Motors, Inc.
