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spartan motors

1541 Reynolds Rd. Charlotte, MI 48813 | P: 517.543.6400

Spartan Motors Reports Fourth Quarter and Full-Year 2019 Results

Business transformation marks significant improvement in profitability and long-term growth opportunities

Full-year EPS from continuing operations up 98% to $1.03; Adjusted EPS from continuing operations up 88% to $1.24

NOVI, Mich., March 12, 2020 /PRNewswire/ — Spartan Motors, Inc. (NASDAQ: SPAR) (the “Company”), the North American leader in specialty vehicle manufacturing and assembly for the commercial and fleet vehicle industries (including last mile delivery, specialty service and vocation-specific upfit markets), as well as for the recreational vehicle markets, today reported operating results for the fourth quarter and full-year periods ending December 31, 2019.

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.

Full-Year 2019 Highlights from Continuing Operations

For the full-year 2019 compared to the full-year 2018:

  • Sales increased $186.0 million, or 32.6%, to $756.5 million from $570.5 million.  Including the discontinued operations, sales were $1.0 billion compared to $816.2 million.
  • Income from continuing operations increased $18.7 million, or 103.3%, to $36.8 million, or $1.03 per share, from $18.1 million, or $0.52 per share.
  • Adjusted EBITDA increased 80.8% to $64.0 million, or 8.5% of sales, from $35.4 million, or 6.2% of sales.  Including the discontinued operations, adjusted EBITDA was $57.7 million compared to $34.4 million. Adjusted EBITDA as a percent of sales would have been approximately 110 basis points higher, or 9.6%, excluding the pass-through impact on sales from the one-time multi-year USPS truck body order.
  • Adjusted net income improved 90.9% to $43.9 million, or $1.24 per share, from $23.0 million, or $0.66 per share.  Including the discontinued operations, adjusted net income per share was $1.03 compared to $0.55.
  • Consolidated backlog at December 31, 2019, totaled $336.6 million, up $194.0 million, or 136%, compared to $142.6 million at December 31, 2018, excluding the one-time, multi-year USPS truck body order.  The increase was primarily driven by strong demand for vehicles across the entire product portfolio and the acquisitions made throughout the year.

Fourth Quarter 2019 Highlights from Continuing Operations

For the fourth quarter of 2019 compared to the fourth quarter of 2018:

  • Sales increased $6.1 million, or 3.5%, to $180.0 million from $173.9 million. Including the discontinued operations, sales were $247.6 million compared to $233.0 million
  • Income from continuing operations increased $9.9 million, or 225.0%, to $14.3 million, or $0.40 per share, from $4.4 million, or $0.12 per share.
  • Adjusted EBITDA increased 151.1%, to $23.6 million, or 13.1% of sales, compared to $9.4 million, or 5.4% of sales.  Including the discontinued operations, adjusted EBITDA was $23.0 million compared to $7.2 million.

“I’m incredibly pleased with our strong finish to the year, and I want to thank the entire team for their contributions.  Our results speak to the full organization’s focus on long-term profitable growth, by way of geographic expansion, sustainable operational improvements, and customer-centric sales and service, and have well positioned the company for years to come,” said Daryl Adams, President and Chief Executive Officer. “Today Spartan is more agile and is better positioned to continue to respond to the macro and micro trends that have accelerated changes in our markets. In addition to improving the Company’s liquidity, this transformation will increase profitability, as well as provide us with the speed and flexibility to accelerate growth in our core markets.”

Full-Year 2019 Segment Results from Continuing Operations

For the full-year 2019 compared to the full-year 2018:

Fleet Vehicles and Services (FVS)

FVS segment sales increased $188.3 million, or 48.6%, to $575.9 million from $387.5 million.  This increase was driven by higher unit volumes and mix.  The sales volume increase in 2019 includes $91.4 million of chassis pass-thru revenues compared to $65.4 million in 2018.

Adjusted EBITDA increased $34.0 million to $60.7 million, or 10.5% of sales, from $26.7 million, or 6.9% of sales, a year ago.  The improvement was driven by higher volume, mix and productivity improvements. Adjusted EBITDA as a percent of sales would have been approximately 200 basis points higher, or 12.5%, without the pass-through impact on sales from the USPS order.

The segment backlog at December 31, 2019, totaled $305.9 million, up 191%, compared to $105.0 million at December 31, 2018, which reflects strong demand for vehicles across the Company’s entire product portfolio and excludes the one-time multi-year USPS truck body order.

Specialty Chassis and Vehicles (SCV)

SCV segment sales decreased $7.3 million to $185.9 million, or 3.8%, from $193.2 million a year ago.  This was primarily due to a decrease in luxury motor coach chassis sales, partially offset by sales from the Royal Truck Body (Royal) acquisition.

Adjusted EBITDA increased $2.1 million to $20.7 million, or 11.1% of sales, from $18.6 million, or 9.6% of sales, a year ago.  The improvement was primarily due to luxury motor coach chassis pricing and the Royal acquisition, partially offset by lower luxury motor coach chassis sales and mix.

The segment backlog at December 31, 2019, totaled $30.7 million, a 19% decrease, compared to $37.7 million at December 31, 2018.

Discontinued Operations

On February 1, 2020, the Company completed the sale of the ER business for $55 million in cash, subject to certain post-closing adjustments.  The ER assets and liabilities have been reclassified as held-for-sale in the accompanying balance sheet and ER operating results have been reclassified as discontinued operations for all periods presented in the accompanying financial statements.

2020 Outlook

“Our 2019 financial performance reflects the successful integration of several key acquisitions and the continued momentum in our core markets.  As we look to 2020, we are confident that the strategic business transformation will bear positive results and position the Company to provide the industry leading innovative solutions our customers demand.  With the proceeds from the recent sale of our ER business, we are well positioned to deploy capital at higher returns that will drive our performance,” continued Adams.

Company outlook for full-year 2020 from continuing operations is expected to be as follows:

  • Revenue to be in the range of $730.0 to $780.0 million, midpoint $755.0 million
  • Net income of $37.0 to $43.0 million, midpoint $40.0 million
  • Adjusted EBITDA of $66.0$74.0 million, midpoint $70.0 million
  • Effective tax rate of approximately 22%
  • Earnings per share of $1.04$1.20, midpoint $1.12; assuming 35.4 million shares outstanding
  • Adjusted earnings per share of $1.20$1.36, midpoint $1.28

“In 2019, we transformed the company and greatly improved our focus within our core markets.  We have expanded our U.S. manufacturing presence and have enhanced our product portfolio across all vehicle classes to meet customer demand.  With increased resources available to capitalize on emerging opportunities and a strategic eye toward both organic and acquisitive growth, we are optimistic about this year and the foreseeable future,” 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. ET today to discuss these results and current business trends.  The conference call and webcast will be available via:

Webcast: www.spartanmotors.com/webcasts or click on “Investor Relations” then “Webcasts”
Conference Call: 1-866-652-5200 (domestic) or 412-317-6060 (international); passcode: 10139520

For more information about Spartan, please visit www.spartanmotors.com

About Spartan Motors

Spartan Motors, Inc. is the 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 2,900 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.  These forward-looking statements involve various known and unknown risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, and likelihood.  Therefore, actual performance and results may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could contribute to these differences include operational and other complications that may arise affecting the implementation of our plans and business objectives; continued pressures caused by economic conditions and the pace and extent of the economic recovery; challenges that may arise in connection with the integration of new businesses or assets we acquire or the disposition of assets; restructuring of our operations, and/or our expansion into new geographic markets; issues unique to government contracting, such as competitive bidding processes, qualification requirements, and delays or changes in funding; disruptions within our dealer network; changes in our relationships with major customers, suppliers, or other business partners, including Isuzu; changes in the demand or supply of products within our markets or raw materials needed to manufacture those products; and changes in laws and regulations affecting our business.  Other factors that could affect outcomes are set forth in our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission (SEC), which are available at www.sec.gov or our website.  All forward-looking statements in this release are qualified by this paragraph.  Investors should not place undue reliance on forward-looking statements as a prediction of actual results.  We undertake no obligation to publicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.

 

Spartan Motors, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except par value)

(Unaudited)

       
 

December 31,

 

December 31,

 

2019

 

2018

ASSETS

     

Current assets:

     

Cash and cash equivalents

$          19,349

 

$          27,439

Accounts receivable, less allowance of $228 and $99

58,874

 

68,009

Contract assets

10,898

 

9,229

Inventories

59,456

 

39,213

Other receivables – chassis pool agreements

8,162

 

Other current assets

5,344

 

3,952

Current assets held for sale

90,725

 

97,487

Total current assets

252,808

 

245,329

       

Property, plant and equipment, net

40,074

 

32,485

Right of use assets – operating leases

32,147

 

Goodwill

43,632

 

22,367

Intangible assets, net

54,061

 

5,011

Other assets

2,295

 

2,261

Net deferred tax asset

25,520

 

7,141

Noncurrent assets held for sale

 

39,190

TOTAL ASSETS

$        450,537

 

$       353,784

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable

$          54,713

 

$          73,384

Accrued warranty

5,694

 

4,407

Accrued compensation and related taxes

15,841

 

7,678

Deposits from customers

2,640

 

871

Operating lease liability

5,162

 

Other current liabilities and accrued expenses

15,967

 

8,620

Short-term debt – chassis pool agreements

8,162

 

Current portion of long-term debt

177

 

60

Current liabilities held for sale

49,601

 

43,077

Total current liabilities

157,957

 

138,097

       

Other non-current liabilities

4,922

 

4,058

Long-term operating lease liability

27,241

 

Long-term debt, less current portion

88,670

 

25,547

Total liabilities

278,790

 

167,702

Shareholders’ equity:

     

Preferred stock, no par value: 2,000 shares authorized (none issued)

 

Common stock, $0.01 par value; 80,000 shares authorized; 35,343 and 35,321 outstanding

353

 

353

Additional paid in capital

85,148

 

82,816

Retained earnings

86,764

 

103,571

Total Spartan Motors, Inc. shareholders’ equity

172,265

 

186,740

Non-controlling interest

(518)

 

(658)

Total shareholders’ equity

171,747

 

186,082

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$        450,537

 

$       353,784

             
 
 

Spartan Motors, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

                 
   

Three Months Ended December 31,

 

Twelve Months Ended December 31,

   

2019

 

2018

 

2019

 

2018

Sales

$       179,960

 

$       173,916

 

$       756,542

 

$       570,527

Cost of products sold

142,541

 

154,780

 

639,509

 

497,370

Restructuring charges

 

2

 

6

 

13

Gross profit

37,419

 

19,134

 

117,027

 

73,144

                 

Operating expenses:

             
 

Research and development

1,389

 

919

 

4,864

 

3,771

 

Selling, general and administrative

17,688

 

12,333

 

64,473

 

46,206

 

Restructuring charges

46

 

 

76

 

649

Total operating expenses

19,123

 

13,252

 

69,413

 

50,626

                 

Operating income

18,296

 

5,882

 

47,614

 

22,518

                 

Other income (expense):

             
 

Interest expense

(1,008)

 

(262)

 

(1,839)

 

(1,080)

 

Interest and other income (expense)

423

 

(344)

 

1,370

 

12

  Total other expense

(585)

 

(606)

 

(469)

 

(1,068)

Income from continuing operations before income taxes

17,711

 

5,276

 

47,145

 

21,450

                 

Income tax expenses

3,426

 

860

 

10,355

 

3,334

                 

Income from continuing operations

14,285

 

4,416

 

36,790

 

18,116

               

Loss from discontinued operations, net of income taxes

(41,952)

 

(2,581)

 

(49,216)

 

(3,104)

Net (loss) income 

(27,667)

 

1,835

 

(12,426)

 

15,012

Less:  Net income attributable to non-controlling interest

154

 

 

140

 

                 

Net (loss) income attributable to Spartan Motors, Inc.

$        (27,821)

 

$            1,835

 

$       (12,566)

 

$         15,012

                 

Basic earnings (loss) per share

             
 

Continuing operations

$             0.40

 

$              0.12

 

$              1.03

 

$             0.52

 

Discontinued operations

$            (1.19)

 

$            (0.07)

 

$            (1.39)

 

$           (0.09)

 

Basic (loss) earnings per share

$            (0.79)

 

$              0.05

 

$            (0.36)

 

$             0.43

Diluted earnings (loss) per share

             
 

Continuing operations

$             0.40

 

$              0.12

 

$              1.03

 

$             0.52

 

Discontinued operations

$            (1.18)

 

$            (0.07)

 

$            (1.39)

 

$           (0.09)

 

 Diluted (loss) earnings per share

$            (0.78)

 

$              0.05

 

$            (0.36)

 

$             0.43

               

Basic weighted average common shares outstanding

35,339

 

35,210

 

35,318

 

35,187

                 

Diluted weighted average common shares outstanding

35,582

 

35,210

 

35,416

 

35,187

 
 
 

Spartan Motors, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Year Ended December 31, 2019 (in thousands of dollars)

 
 

Business Segments

   
 

Fleet Vehicles &
Services

 

Specialty
Chassis &
Vehicles

 

Other

 

Consolidated

Fleet vehicle sales

$     504,023

 

$      5,278

 

$    (5,278)

 

$      504,023

Motorhome chassis sales

 

127,130

 

 

127,130

Other specialty chassis and vehicles

 

43,067

 

 

43,067

Aftermarket parts and assemblies

71,871

 

10,451

 

 

82,322

       Total Sales

$     575,894

 

$   185,926

 

$    (5,278)

 

$      756,542

               

Adjusted EBITDA

$       60,663

 

$     20,716

 

$  (17,334)

 

$        64,045

 
 
 

Spartan Motors, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Year Ended December 31, 2018 (in thousands of dollars)

 
 

Business Segments

   
 

Fleet Vehicles &
Services

 

Specialty
Chassis &
Vehicles

 

Other

 

Consolidated

Fleet vehicle sales

$       297,627

 

$        10,221

 

$   (10,221)

 

$        297,627

Motorhome chassis sales

 

149,533

 

 

149,533

Other specialty chassis and vehicles

 

22,570

 

 

22,570

Aftermarket parts and assemblies

89,922

 

10,875

 

 

100,797

       Total Sales

$       387,549

 

$     193,199

 

$   (10,221)

 

$        570,527

               

Adjusted EBITDA

$         26,680

 

$       18,620

 

$     (9,915)

 

$          35,385

 
 

Spartan Motors, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Three Months Ended December 31, 2019 (in thousands of dollars)

 
 

Business Segments

 
 

Fleet Vehicles &
Services

 

Specialty
Chassis &
Vehicles

 

Other

 

Consolidated

Fleet vehicle sales

$     122,593

 

$               –

 

$                  –

 

$      122,593

Motorhome chassis sales

 

25,306

 

 

25,306

Other specialty chassis and vehicles

 

19,371

 

 

19,371

Aftermarket parts and assemblies

9,955

 

2,735

 

 

12,690

       Total Sales

$    132,548

 

$   47,412

 

$                  –

 

$      179,960

               

Adjusted EBITDA

$      21,076

 

$     6,608

 

$      (4,098)

 

$        23,586

 
 

Spartan Motors, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Three Months Ended December 31, 2018 (in thousands of dollars)

 
 

Business Segments

 

Fleet Vehicles &
Services

 

Specialty
Chassis &
Vehicles

 

Other

 

Consolidated

Fleet vehicle sales

$     102,710

 

$        2,904

 

$     (2,904)

 

$      102,710

Motorhome chassis sales

 

33,890

 

 

33,890

Other specialty chassis and vehicles

 

6,002

 

 

6,002

Aftermarket parts and assemblies

28,299

 

3,015

 

 

31,314

       Total Sales

$     131,009

 

$     45,811

 

$      (2,904)

 

$      173,916

               

Adjusted EBITDA

$         6,476

 

$      5,301

 

$     (2,425)

 

$          9,352

 
 
 
 

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Period End Backlog (amounts in thousands of dollars) 

                   
 

Dec. 31, 2019

 

Sept. 30, 2019

 

Jun. 30, 2019

 

Mar. 31, 2019

 

Dec. 31, 2018

                   

Fleet Vehicles and Services*

$  305,876

 

$  223,753

 

$  272,399

 

$  188,528

 

$  218,775

Motorhome Chassis *

20,097

 

26,719

 

31,852

 

28,470

 

36,584

      Other Vehicles

10,062

 

11,769

 

 

 

 Aftermarket Parts and Accessories

575

 

1,459

 

565

 

667

 

1,072

Total Specialty Chassis & Vehicles

30,734

 

39,947

 

32,417

 

29,137

 

37,656

                   

Total Backlog

$  336,610

 

$  263,700

 

$  304,816

 

$  217,665

 

$  256,431

                   

* Anticipated time to fill backlog orders at December 31, 2019; two-12 months for Fleet Vehicles and Services; less than one month to 12 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. In the fourth quarter of 2019, in connection with the divestiture of our ER business, we refined the definition of 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 (Non-GAAP)

(In thousands, except per share data)

(Unaudited)

 
 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

Spartan Motors, Inc.

2019

% of
sales

 

2018

% of
sales

 

2019

% of
sales

 

2018

% of
sales

Income from continuing operations

$    14,285

7.9%

 

$      4,416

2.5%

 

$    36,790

4.9%

 

$   18,116

3.2%

Net (income) loss attributable to non-controlling interest

(154)

   

   

(140)

   

 

Add (subtract): 

                     

Restructuring and other related charges

46

   

152

   

316

   

662

 

Acquisition related expenses and adjustments

1,544

   

1,150

   

3,531

   

1,952

 

Non-cash stock-based compensation expense

1,403

   

949

   

5,281

   

4,027

 

Deferred tax asset adjustment

   

(14)

   

135

   

(313)

 

Tax effect of adjustments

(619)

   

(440)

   

(2,056)

   

(1,433)

 

Adjusted net income

$     16,505

9.2%

 

$      6,213

3.6%

 

$   43,857

5.8%

 

$   23,011

4.0%

                       

Income from continuing operations

$      14,285

7.9%

 

$      4,416

2.5%

 

$   36,790

4.9%

 

$   18,116

3.2%

Net (income) loss attributable to non-controlling interest

(154)

   

   

(140)

   

 

Add (subtract): 

                     

Depreciation and amortization

2,028

   

1,562

   

6,073

   

6,214

 

Taxes on income

3,426

   

860

   

10,355

   

3,334

 

Interest expense

1,008

   

263

   

1,839

   

1,080

 

EBITDA

$     20,593

11.4%

 

$      7,101

4.1%

 

$   54,917

7.3%

 

$   28,744

5.0%

                       

Add (subtract): 

                     

Restructuring and other related charges

46

   

152

   

316

   

$        662

 

Acquisition related expenses and adjustments

1,544

   

1,150

   

3,531

   

1,952

 

Non-cash stock-based compensation expense

1,403

   

949

   

5,281

   

4,027

 

Adjusted EBITDA

$   23,586

13.1%

 

$     9,352

5.4%

 

$   64,045

8.5%

 

$   35,385

6.2%

                       

Diluted net earnings per share

$        0.40

   

$       0.12

   

$       1.03

   

$        0.52

 

Add (subtract): 

                     

Restructuring and other related charges

   

   

   

0.02

 

Acquisition related expenses and adjustments

0.04

   

0.03

   

0.11

   

0.06

 

Non-cash stock-based compensation expense

0.05

   

0.03

   

0.15

   

0.11

 

Deferred tax asset adjustment

   

   

   

(0.01)

 

Tax effect of adjustments

(0.02)

   

(0.01)

   

(0.05)

   

(0.04)

 

Adjusted diluted net earnings per share

$       0.47

   

$       0.17

   

$       1.24

   

$       0.66

 
 
 
 

Financial Summary (Non-GAAP)

Consolidated

(In thousands, except per share data)

(Unaudited)

 

 Forecast

 

Year Ending December 31, 2020

 

Low

 

Mid

 

High

Income from continuing operations

$       36,978

 

$       39,786

 

$       42,594

Add: 

         

Depreciation and amortization

11,098

 

11,098

 

11,098

Interest expense

1,048

 

1,048

 

1,048

Taxes

10,428

 

11,220

 

12,012

           

Add (subtract): 

         

Non-cash stock-based compensation and other charges

6,800

 

6,800

 

6,800

Adjusted EBITDA

$       66,352

 

$       69,952

 

$       73,552

           

Earnings per share

$           1.04

 

$           1.12

 

$           1.20

Add: 

         

Non-cash stock-based compensation and other charges

0.19

 

0.19

 

0.19

Less tax effect of adjustments

(0.03)

 

(0.03)

 

(0.03)

Adjusted earnings per share

$           1.20

 

$           1.28

 

$           1.36

 

 

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SOURCE Spartan Motors, Inc.

Juris Pagrabs, Group Treasurer & Director of Investor Relations, Spartan Motors, Inc, 517-997-3862