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Spartan Motors Incorporated
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Total : 15 View more »
Spartan Motors Reports Third Quarter Results; Continued Profitability and Swift Realignment of Its Cost Structure
www.prnewswire.com
Spartan Motors Reports Third Quarter Results; Continued Profitability and Swift Realignment of Its Cost Structure.
Spartan Motors, Inc. Q3 2009 Earnings Call Transcript
seekingalpha.com | Oct 22, 2009
Spartan Motors, Inc. (SPAR)Q3 2009 Earnings Call TranscriptOctober 22, 2009 10:00 am ET<a
Spartan Motors 3Q Profit Nearly Wiped Out
abcnews.go.com | Oct 23, 2009
Spartan Motors Inc., which makes vehicle chassis for fire trucks, RVs and other vehicles, said Thursday its third-quarter income plunged 95 percent as sales tumbled following the conclusion of a large defense contract.
Spartan Motors 3Q profit nearly wiped out
www.sfgate.com | Oct 23, 2009
Spartan Motors Inc., which makes vehicle chassis for fire trucks, RVs and other vehicles, said Thursday its third-quarter income plunged 95 percent as sales tumbled following the conclusion of a large defense contract. The results were worse than analysts... <a
News from Zibb.com
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Spartan Motors Reports Third Quarter Results; Continued Profitability and Swift Realignment of Its
CHARLOTTE, Mich., Oct 22, 2009 /PRNewswire-FirstCall via COMTEX/ --
Spartan Motors, Inc. (Nasdaq: SPAR) today announced results for its 2009 third quarter highlighted by continued profitability as a result of the swift actions taken by the company to aggressively realign its cost structure to current volume levels. Net earnings for the quarter were $0.8 million, or $0.02 per share, which includes pre-tax restructuring charges of $0.9 million. Excluding these charges, the adjusted earnings per share would have been $0.04 cents. Consolidated net sales for the quarter were $89.7 million, down 62.2 percent from the same period last year due to the completion of a large-scale defense contract in the prior year's quarter, coupled with the weaker macroeconomic environment. Despite the lower volume levels, the actions taken by the company allowed it to maintain gross margins at 17.6 percent of sales and reduce operating expenses by 30.4 percent from the same quarter of the prior year. In addition, an increased focus on the balance sheet drove a 115.3 percent increase in the cash balance over second quarter 2009, to end the quarter at $36.3 million.
-- Net sales of $89.7 million
-- Total restructuring charges of $0.9 million
-- Net earnings of $0.02 per diluted share ($0.04 excluding restructuring
charges)
-- Gross margin of 17.6 percent of sales vs. 18.1 percent in 3Q08
-- Operating expenses of $14.6 million (a 30.4 percent decline from 3Q08)
-- Ending cash balance of $36.3 million (a 115.3 percent increase over
2Q09)
-- Year-to-date return on invested capital of 9.1 percent
-- Consolidated backlog of $157.5 million
"We are very pleased with our progress in the quarter, and in particular, our ability to maintain margins and continue our history of positive earnings in the face of a significant revenue decline following the conclusion of a large defense contract," said John Sztykiel, President and CEO of Spartan Motors. "We moved decisively in the quarter to realign our cost structure with current market demand. As a result, we took a significant one-time charge to our financials, which allows us to position the business at the right size and scale to drive continued profitability into the future. We are also starting to see an increase in order volume, with orders up 28.0 percent compared to the 2009 second quarter, which may be an early indication that demand is heading in the right direction."
Spartan reported net sales of $89.7 million in the 2009 third quarter compared with net sales of $237.5 million in the same quarter of 2008. The majority of the decline was in other products sales, which includes specialty chassis for defense vehicles as well as service, parts and assemblies (SPA) sales. The decline was mostly due to the completion of a large-scale defense vehicle contract in 2008. Spartan's EVTeam operating unit, consisting of its Crimson Fire, Crimson Fire Aerials and Road Rescue subsidiaries, reported a 5.4 percent year-over-year increase in sales for the 2009 third quarter. Sales of fire truck chassis in the quarter also increased 19.9 percent compared to the same period in 2008. Spartan's chassis sales to the Class A diesel motor home market decreased 29.9 percent year-over-year in the quarter.
Spartan reported consolidated gross margin of 17.6 percent of sales in the third quarter of 2009, comparable to 18.1 percent in the same period in 2008. Spartan attributed its continued strong gross margins to improved product mix from increased sales of fire trucks and SPA and lower commodity costs, offset by $0.2 million in restructuring costs.
Operating expenses for the 2009 third quarter, which include $0.7 million in restructuring charges, declined by $6.4 million, or 30.4 percent, compared to the same period last year. Spartan attributed the improvement to the cost reduction activities taken by the company primarily in the third quarter, which include workforce reductions, plant and operation consolidations and overall improved cost management.
Excluding restructuring charges, adjusted operating income was 2.4 percent of sales and adjusted earnings were $0.04 per share. Including the restructuring charges of $0.9 million incurred during the quarter, earnings were $0.02 per share compared to $0.45 per share during the same period last year.
Spartan reported positive operating cash flow of $30.7 million in the nine months ended Sept. 30, 2009, due to reduced working capital requirements. The company ended the third quarter with $36.3 million in cash and cash equivalents and $15.2 million in long-term debt, a reduction from $74.3 million at Sept. 30, 2008. In the 2009 third quarter, Spartan reduced inventory levels by 3.2 percent and accounts receivable by 36.6 percent compared to levels at Dec. 31, 2008.
Joe Nowicki, Chief Financial Officer, added: "The operating results in the quarter are a preview of where we are moving as a company; to a business model where we can maintain solid gross margins and operating income despite volatile demand, while also strengthening our balance sheet along the way. Moving forward, we are taking further steps to lean out our business, including realigning the company to focus on both market-facing activities that drive value to customers, and leverage activities that drive efficiency and process improvements across the organization."
On a consolidated basis, Spartan posted a year-to-date return on invested capital (ROIC) of 9.1 percent. Spartan uses ROIC, defined as operating income less taxes, on an annualized basis, divided by total shareholders' equity, for internal performance benchmarking.
Sztykiel concluded: "As society changes, markets are changing and so are the vehicles they use, which creates opportunities for Spartan to enter and grow in micro-niches, transforming them from commercial to custom. Some of these strategic opportunities are within existing markets with current OEM customers. Others are in new markets, where we can expand organically, such as our recent orders for custom ambulance chassis, or through strategic acquisitions that fit our business model and have immediate positive bottom-line impact. Our improved cost structure is not only allowing us to manage through the current economic challenges, but also facilitates aggressive growth into new and emerging markets in line with our strategic plan."
Reconciliation of Non-GAAP Financial Measures
This release contains Adjusted Earnings Per Share and Adjusted Operating Income measures, which are both Non-GAAP financial measures. Adjusted Earnings Per Share and Adjusted Operating Income are calculated by excluding from Earnings Per Share and Operating Income items that we believe to be infrequent or not indicative of our operating performance. For the period covered by this release such items consist of expenses associated with restructuring actions taken to adjust our cost structure to the current business climate. We present Adjusted Earnings Per Share and Adjusted Operating Income 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.
Adjusted Earnings Per Share and Adjusted Operating Income are not measurements of our financial performance under GAAP and should not be considered as an alternative to Earnings Per Share or Operating Income under GAAP. Adjusted Earnings Per Share and Adjusted Operating Income 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 Adjusted Earnings Per Share and Adjusted Operating Income, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted Earnings Per Share and Adjusted Operating Income 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 Earnings Per Share and Adjusted Operating Income only as a supplement.
The following table reconciles Adjusted Earnings Per Share to Earnings Per Share and Adjusted Operating Income to Operating Income for the periods indicated.
Financial Summary (Non-GAAP)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Operating Income (000s) $1,200 $22,048 $18,711 $61,570
Add back: Restructuring
Charges 909 - 957 -
--- --- --- ---
Adjusted Operating
Income 2,109 22,048 19,668 61,570
===== ====== ====== ======
Earnings per Share -
Diluted $0.02 $0.45 $0.37 $1.21
Add Back: Restructuring
Charges 0.02 - 0.02 -
---- --- ---- ---
Adjusted Earnings per
Share - Diluted $0.04 $0.45 $0.39 $1.21
===== ===== ===== =====
Conference Call, Webcast and Roadcast
Spartan Motors will host a conference call for analysts and portfolio managers at 10 a.m. ET today to discuss these results and current business trends. To listen to a live webcast of the call, please visit www.spartanmotors.com, click on "Shareholders," and then on "Webcasts."
Spartan also will update the financial information on its Roadcast "digital roadshow" for investors. To launch the Spartan Motors Roadcast, please visit www.spartanmotors.com on the web and look for the "Virtual Road Show" link on the right side of the page.
About Spartan Motors
Spartan Motors, Inc. (www.spartanmotors.com) designs, engineers and manufactures custom chassis and vehicles for the recreational vehicle, fire truck, ambulance, emergency-rescue and specialty vehicle markets. The company's brand names - Spartan(TM), Crimson Fire(TM), Crimson Fire Aerials(TM), and Road Rescue(TM) - are known for quality, value, service and being the first to market with innovative products. The company employs approximately 1,000 at facilities in Michigan, Pennsylvania, South Carolina and South Dakota. Spartan reported sales of $844.4 million in 2008 and is focused on becoming the premier manufacturer of specialty vehicles and chassis in North America.
This release contains forward-looking statements, including, without limitation, statements concerning our business, future plans and objectives and the performance of our products. Forward looking statements are identifiable by words such as "believe," "anticipate," "will," "sustain," and "continue." These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. For example, we may encounter unforeseen difficulties and challenges in entering new markets or in pursuing strategic acquisitions. In addition, technical and other complications may arise that could prevent the timely implementation of our plans or that may impact the expected outcome of those plans. As a result, actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov). Government contracts and subcontracts typically involve long payment and purchase cycles, competitive bidding, qualification requirements, delays or changes in funding, extensive specification development and changes, price negotiations and milestone requirements. An announced award of a governmental contract is not equivalent to a finalized executed contract and does not assure that orders will be issued and filled. Government agencies also often retain some portion of fees payable upon completion of a project and collection of contract fees may be delayed for long periods, which can negatively impact both prime contractors and subcontractors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise, except as required by law.
Spartan Motors, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
Three Months Ended September 30, 2009 and 2008
September 30, 2009 September 30, 2008
------------------ ------------------
(Unaudited) (Unaudited)
----------- -----------
$-000- % $-000- %
--------------- ---------------
Sales 89,704 237,461
Cost of Products Sold 73,716 194,496
Restructuring Charges 223
---
Gross Profit 15,765 17.6 42,965 18.1
------ ---- ------ ----
Operating Expenses:
Research and Development 4,136 4.6 5,216 2.2
Selling, General and
Administrative 9,743 10.9 15,701 6.6
Restructuring Charges 686 0.8
Total Operating Expenses 14,565 16.3 20,917 8.8
Operating Income 1,200 1.3 22,048 9.3
----- --- ------ ---
Other Income (Expense):
Interest Expense (329) (0.4) (642) (0.3)
Interest and Other Income 266 0.4 331 0.2
--- --- --- ---
Total Other Income (Expense) (63) 0.0 (311) (0.1)
Earnings before Taxes on
Income 1,137 1.3 21,737 9.2
----- --- ------ ---
Taxes on Income 388 0.5 7,081 3.0
Net Earnings 749 0.8 14,656 6.2
=== === ====== ===
Basic Net Earnings per Share 0.02 0.45
==== ====
Diluted Net Earnings per
Share 0.02 0.45
==== ====
Basic Weighted Average
Common Shares Outstanding 32,914 32,710
Diluted Weighted Average
Common Shares Outstanding 33,126 32,837
Spartan Motors, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
Nine Months Ended September 30, 2009 and 2008
September 30, 2009 September 30, 2008
------------------ ------------------
(Unaudited) (Unaudited)
----------- -----------
$-000- % $-000- %
--------------- ---------------
Sales 329,471 698,076
Cost of Products Sold 262,121 580,733
Restructuring Charges 265
---
Gross Profit 67,085 20.4 117,343 16.8
------ ---- ------- ----
Operating Expenses:
Research and Development 13,241 4.0 14,646 2.1
Selling, General and
Administrative 34,441 10.5 41,127 5.9
Restructuring Charges 692 0.2
Total Operating Expenses 48,374 14.7 55,773 8.0
Operating Income 18,711 5.7 61,570 8.8
------ --- ------ ---
Other Income (Expense):
Interest Expense (984) (0.3) (1,811) (0.3)
Interest and Other Income 722 0.2 623 0.1
--- --- --- ---
Total Other Income (Expense) (262) (0.1) (1,188) (0.2)
Earnings before Taxes on
Income 18,449 5.6 60,382 8.6
------ --- ------ ---
Taxes on Income 6,264 1.9 20,530 2.9
Net Earnings 12,185 3.7 39,852 5.7
====== === ====== ===
Basic Net Earnings per Share 0.37 1.22
==== ====
Diluted Net Earnings per
Share 0.37 1.21
==== ====
Basic Weighted Average
Common Shares Outstanding 32,678 32,559
Diluted Weighted Average
Common Shares Outstanding 32,892 32,866
Spartan Motors, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
September 30, 2009 December 31, 2008
------------- ------------
(Unaudited) (Unaudited)
----------- -----------
$-000- $-000-
------ ------
ASSETS
Current assets:
Cash and cash equivalents $36,254 $13,741
Accounts receivable, net 48,172 75,935
Inventories 83,879 86,648
Deferred income tax assets 7,076 7,076
Taxes receivable 1,089
Deposits on engines 4,457 5,457
Other current assets 2,225 2,606
Total current assets 183,152 191,463
Property, plant and equipment, net 65,815 66,786
Goodwill 2,457 2,457
Deferred income tax assets 241 241
Other assets 999 193
--- ---
Total assets $252,664 $261,140
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $17,326 $21,776
Accrued warranty 4,890 8,352
Accrued compensation and
related taxes 5,144 12,136
Accrued vacation 1,957 1,904
Accrued customer rebates 1,583 1,498
Deposits from customers 6,763 9,922
Taxes on income 1,972
Other current liabilities
and accrued expenses 4,677 4,584
Current portion of long-term debt 11,513 10,640
Total current liabilities 53,853 72,784
Other non-current liabilities 1,775 1,157
Long-term debt, less current portion 15,172 16,556
Shareholders' equity:
Common stock 329 326
Additional paid in capital 66,387 64,606
Retained earnings 115,148 105,711
Total shareholders' equity 181,864 170,643
Total liabilities and
shareholders' equity $252,664 $261,140
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Three and Nine Months Ended September 30, 2009
Unaudited
Three Months Ended September 30, 2009 (amounts in thousands of dollars)
----------------------------------------------------------------------
Business Segments
-----------------
Chassis EVTeam Other Consolidated
------- ------ ----- ------------
Fire Truck Chassis
Sales 40,352 (10,042) 30,310
Motorhome Chassis
Sales 11,071 11,071
EVTeam Product Sales 21,863 21,863
Other Product Sales 26,460 26,460
------ ------ ------ ------
Total Net Sales 77,883 21,863 (10,042) 89,704
====== ====== ======= ======
Interest Expense
(Income) 426 (97) 329
Depreciation Expense 1,068 238 526 1,832
Segment Net Earnings
(Loss) 3,190 (1,201) (1,240) 749
Nine Months Ended September 30, 2009 (amounts in thousands of dollars)
---------------------------------------------------------------------
Business Segments
-----------------
Chassis EVTeam Other Consolidated
------- ------ ----- ------------
Fire Truck Chassis
Sales 112,219 (21,325) 90,894
Motorhome Chassis
Sales 16,574 16,574
EVTeam Product Sales 70,383 70,383
Other Product Sales 151,620 151,620
------- ------- ------- -------
Total Net Sales 280,413 70,383 (21,325) 329,471
======= ====== ======= =======
Interest Expense
(Income) 1,320 (336) 984
Depreciation Expense 3,064 692 1,736 5,492
Segment Net Earnings
(Loss) 16,635 (1,054) (3,396) 12,185
Period End Backlog (amounts in thousands of dollars)
---------------------------------------------------
September December March June September
30, 2008 31, 2008 31, 2009 30, 2009 30, 2009
--------- -------- -------- -------- ---------
Fire Truck
Chassis* 70,815 73,473 98,025 84,840 82,386
Motorhome
Chassis* 9,069 5,552 4,365 6,743 9,589
Other Product* 46,038 8,500 55,827 23,030 12,939
------ ----- ------ ------ ------
Total
Chassis 125,922 87,525 158,217 114,613 104,914
EVTeam
Product* 73,056 96,383 83,344 72,352 72,615
Intercompany
Eliminations (15,206) (14,009) (24,050) (26,232) (20,056)
------- ------- ------- ------- -------
Total Backlog 183,772 169,899 217,511 160,733 157,473
======= ======= ======= ======= =======
* Anticipated time to fill backlog orders; 2 months or less for motorhome
chassis and 8 months or less for fire truck chassis, other product and
EVTeam product. Service, parts and accessories were included in the
backlog beginning in March 31, 2009.
SOURCE Spartan Motors, Inc.
http://www.spartanmotors.com
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Companies: Spartan Motors, Inc. (SPAR)
Spartan Motors Down 22.5% Since SmarTrend's Sell Recommendation - Zibb.com
Oct 22, 2009 (SmarTrend(R) Spotlight via COMTEX) --
SmarTrend, our proprietary pattern recognition system, called a Downtrend for Spartan Motors (NASDAQ:SPAR) on July 28, 2009 at $7.15.
Since then, Spartan Motors has returned 22.5% as of today's recent price of $5.54. Want to profit from these alerts?
Go to www.mysmartrend.com now for a FREE two-week trial.
Write to Chip Brian at cbrian@tradethetrend.com
---------------------------------------------------------------------------------------------
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Companies: Spartan Motors, Inc. (SPAR)
Spartan Motors Down 29.8% Since SmarTrend's Sell Recommendation - Zibb.com
Oct 01, 2009 (SmarTrend(R) Spotlight via COMTEX) --
SmarTrend, our proprietary pattern recognition system, called a Downtrend for Spartan Motors (NASDAQ:SPAR) on July 28, 2009 at $7.15.
Since then, Spartan Motors has returned 29.8% as of today's recent price of $5.02. Want to profit from these alerts?
Go to www.mysmartrend.com now for a FREE two-week trial.
Write to Chip Brian at cbrian@tradethetrend.com
---------------------------------------------------------------------------------------------
SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com.
Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup.html
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Companies: Spartan Motors, Inc. (SPAR)
Spartan Chassis Announces First Ambulance Chassis Orders From Braun Industries - Zibb.com
CHARLOTTE, Mich., Oct 13, 2009 /PRNewswire-FirstCall via COMTEX/ --
Spartan Motors Chassis, Inc., a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), today announced several new orders from OEM Braun Industries for its FurionRT ambulance cab and chassis.
Leading ambulance maker Braun is providing 16 FurionRT ambulances to the Miami-Dade Fire Rescue department and 11 FurionRT units to DeKalb County Fire & Rescue in Georgia. The FurionRT (Rescue Transport) is the ambulance industry's first-ever custom chassis. The FurionRT is a purpose-built cab-and-chassis specifically designed for the emergency-rescue industry, unlike a commercial chassis which is just as likely to be used on a delivery or moving truck as on an ambulance.
"We're excited to partner with Braun to bring the next generation of ambulance and rescue vehicle innovation to Miami-Dade and DeKalb County," said Tom Gorman, chief operating officer of Spartan Motors. "Together, we are offering fire departments improved visibility, cab space, modernized styling and increased weight carrying capacity for their ambulance and rescue vehicle fleets, customized to meet each department's needs. We wish to thank the Miami-Dade Fire Rescue Logistics Division for their key assistance in developing the FurionRT and bringing it to the market. We also would like to thank DeKalb County Fire & Rescue for their role as another first adopter of the FurionRT."
The FurionRT cab-and-chassis is designed for maximum maneuverability and reliable performance with unrivaled power and payload for the Type I-Additional Duty ambulance market. The corrosion protected 94" steel tilt cab features four doors and superior, unobstructed visibility.
"Braun Industries is proud to have partnered with Spartan on the Braun Super Chief/Spartan FurionRT project, and we would like to thank both Miami Dade Fire Rescue and DeKalb County Fire & Rescue for their recent purchases," said Braun Executive Sales Manager, Chad Brown. "Braun values the pioneering spirit of both Miami-Dade and DeKalb County on this forward-thinking project. We have taken their input and suggestions for future builds to continually improve the platform. The Braun Super Chief/Spartan FurionRT combination provides a longer life expectancy along with unsurpassed maneuverability and superior ride quality. These are just a few of the many quality features that this custom ambulance provides versus a traditional ambulance/rescue on a commercial chassis."
The FurionRT's signature spacious cab interiors securely transport crew and equipment to the scene and during patient transport. In addition, the custom ladder frame and rear air suspension, with dump feature, provide a stable, comfortable ride for patient and crew. The cab over engine design allows for greater visibility and maneuverability and offers room for six crew members and equipment.
"As society changes, vehicles and services become more customized for a singular purpose, and that's where Spartan comes in. Our strategy is to transform a large commercial market by breaking it into smaller market niches, where there is more room to add value to a vehicle and benefit the end-user," said John Sztykiel, president and CEO of Spartan Motors. "Thirty years ago, we applied this strategy to the fire truck market with the first enclosed cab and other innovations at a time when 95 percent of the fire truck market rode on a commercial chassis. Today, more than 55 percent of the fire truck market is on a custom chassis, and Spartan has played a significant role in this evolution.
"Our approach with the FurionRT is to replicate this strategy in the ambulance market, but in a much shorter time span. These most recent orders are a great step in the right direction. Miami-Dade, the sixth largest fire department in the nation, now has 30 percent of its ambulance fleet on a custom FurionRT chassis only a year after the product's debut."
About Braun Industries
Braun Industries, Inc. has built custom, hand-crafted ambulances since 1972. A recognized leader in ambulance design and construction, Braun offers exclusives such as Braun SolidBody(tm) Construction, the EZ Glide(tm) Sliding Door, the MasterTech(tm) III Multiplex Electrical Control System and the VitalMax(tm) Lighting System. Braun is a member of the National Truck Equipment Association (NTEA), the Ambulance Manufacturers Division (AMD) and National Fire Protection Agency (NFPA). The company is headquartered in a 115,000-square-foot facility housed on 13 acres in Van Wert, Ohio.
About Spartan Motors Chassis, Inc.
Spartan Motors Chassis, Inc., a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), is a leading developer and manufacturer of custom chassis for recreational vehicles, fire trucks, ambulances and defense and specialty vehicles. Spartan Motors (www.spartanmotors.com) which also manufactures emergency rescue vehicles under the brand names of Crimson Fire, Crimson Fire Aerials and Road Rescue, reported sales of $844.4 million in 2008 and is focused on becoming the premier manufacturer of specialty vehicles and chassis in North America.
This release contains forward-looking statements, including, without limitation, statements concerning our business, future plans and objectives and the performance of our products. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Technical complications may arise that could prevent the prompt implementation of the plans outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov). Government contracts and subcontracts typically involve long payment and purchase cycles, competitive bidding, qualification requirements, delays or changes in funding, extensive specification development and changes, price negotiations and milestone requirements. An announced award of a governmental contract is not equivalent to a finalized executed contract and does not assure that orders will be issued and filled. Government agencies also often retain some portion of fees payable upon completion of a project and collection of contract fees may be delayed for long periods, which can negatively impact both prime contractors and subcontractors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Spartan Motors Chassis, Inc.
http://www.spartanmotors.com
Tags: annual report business ceo chad commercial construction contract defense electrical emergency executive fire georgia government government contracts law manufacturer market nasdaq north america ohio president products sales securities steel
Companies: Spartan Motors, Inc. (SPAR)
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Spartan Motors Reports Record Third Quarter Sales & Earnings
Spartan Motors, Inc. today reported its best-ever third quarter sales and earnings for the quarter ended Sept. 30, 2006, marked by a 50.7 percent increase in net earnings and a 21.9 percent increase in net sales.
RVTradeDigest.com » Article » Spartan Motors highlights quarterly results
CHARLOTTE, Mich. – Spartan Motors Inc. reported its best quarter in company history with a 84.8 percent year-over-year increase in revenues and a 105.1 percent year-over-year increase in net earnings. Spartan reported net earnings of $14.8 million, or $0.
http://www.rvtradedigest.com/online/article.jsp?siteSection=1&id=3578&pageNum=1
Shareholder Information
Spartan Motors stock is traded on The NASDAQ Stock Exchange under the symbol SPAR. The Company’s 10-K report filed with the Securities and Exchange Commission will be provided free of charge to any shareholder upon written request, or is available here on SpartanMotors.
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News from Zibb.com
- Spartan Motors Reports Third Quarter Results; Continued Profitability and Swift Realignment of Its
- Spartan Motors Down 22.5% Since SmarTrend's Sell Recommendation - Zibb.com
- Spartan Motors Down 29.8% Since SmarTrend's Sell Recommendation - Zibb.com
- Spartan Chassis Announces First Ambulance Chassis Orders From Braun Industries - Zibb.com
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RVTradeDigest.com » Article » Spartan Motors to webcast first quarter conference call on April 24
CHARLOTTE, Mich. -- Spartan Motors Inc. will announce its first quarter 2008 results prior to the market opening on April 24, 2008. It will also host a webcast of its conference call on the same day at 10 a.m. ET to discuss its financial results with analysts and institutional investors.