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 Spartan Motors Delivers Strong Fourth Quarter and Full Year 2016 Results
   Thursday, February 23, 2017 7:30:00 AM ET

Spartan Motors, Inc. (SPAR ) ("Spartan" or the "Company"), a global 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, 2016.

Full Year 2016 Highlights

For the full year 2016 compared to the full year 2015:

-- Sales increased $40.4 million, or 7.3%, to $590.8 million from $550.4 million

-- Gross profit margin improved 370 basis points to 12.3% of sales from 8.6% of sales

-- Operating income rose $21.1 million, or 169.1%, to $8.6 million from an operating loss of $12.5 million

-- Adjusted operating income increased 222.1 % to $14.5 million, or 2.5% of sales, from $4.5 million, or 0.8% of sales

-- Net income improved $25.6 million, or 150.7%, to $8.6 million, or $0.25 per share, from a net loss of $17.0 million, or $0.50 per share

-- Adjusted net income improved 68.3% to $11.1 million, or $0.32 per share, from $6.6 million, or $0.20 per share

-- Cash, net of debt increased 15.9% to $32.0 million at December 31, 2016 compared to $27.6 million at December 31, 2015

Fourth Quarter 2016 Highlights

For the fourth quarter of 2016 compared to the fourth quarter of 2015:

-- Sales increased 3.7% to $145.9 million from $140.6 million

-- Gross profit margin improved 850 basis points to 12.3% of sales from 3.8% of sales

-- Operating income rose $11.0 million, or 109.6%, to $1.0 million from an operating loss of $10.0 million

-- Adjusted operating income increased 182.6% to $1.9 million, or 1.3% of sales, from a loss of $2.3 million

-- Net income improved $10.4 million, or 110.0%, to $0.9 million, or $0.03 per share, from a net loss of $9.5 million, or $0.28 per share

-- Adjusted net income improved 158.9% to $1.5 million, or $0.04 per share from $0.6 million, or $0.02 per share

"Spartan closed 2016, on a high note with a profitable fourth quarter performance, our fourth profitable quarter in a row," said Daryl Adams, President and Chief Executive Officer. "While 2016 goes in the books as the strongest financial performance Spartan has had since 2009, we are most proud of the progress we have made to date, on behalf of our shareholders. Our performance in 2016 reflects great progress toward key operational milestones as the positive momentum we sparked and fanned in 2015 started to accelerate and deliver on our turnaround initiatives, some well ahead of schedule. Take a look at 2016, and you are looking at a company whose head is squarely in the game, and it is one we intend to win."

Full Year 2016 Segment Results

For the full year 2016 compared to the full year 2015:

Fleet Vehicles and Services (FVS)

FVS segment sales increased 22.3% to $278.4 million from $227.7 million. Revenue growth was primarily due to a favorable revenue mix and higher volume at vehicle up-fit centers.

Operating income increased $14.2 million, or 97.9%, to $28.7 million, or 10.3% of sales, from $14.5 million, or 6.4% of sales, a year ago. Higher volume and favorable mix resulted in an increase in operating income compared to last year.

The Segment backlog at December 31, 2016, totaled $89.5 million, compared to $96.1 million at December 31, 2015. In January, 2017, FVS received approximately $37.0 million in new orders, up approximately 20% over new orders received in January 2016.

Specialty Chassis & Vehicles (SCV)

SCV segment sales remained comparable at $129.4 million. Sales of motorhome chassis decreased to $98.0 million from $103.3 million, primarily due to lower shipments year-over-year. Other Specialty Vehicle revenue increased 52.2% to $21.1 million from $13.8 million, primarily due to increased contract manufacturing.

Operating income increased 39.5% to $6.8 million, or 5.3% of sales, from $4.9 million, or 3.8% of sales, a year ago. Favorable mix and increased contract manufacturing resulted in an increase in operating income compared to last year.

The Segment backlog at December 31, 2016, totaled $20.0 million, compared to $18.4 million at December 31, 2015.

Emergency Response (ER)

ER segment sales decreased 5.3% to $183.0 million from $193.2 million. Lower revenue resulted from fewer shipments of complete fire apparatus and custom cab and chassis compared to a year ago.

Operating loss improved $10.1 million, or 42.4%, to $13.7 million from $23.7 million a year ago. The improvement was primarily the result of improved operating efficiencies and a reduction in charges recorded in 2016, compared to 2015, relating to asset impairment ($1.8 million), restructuring ($1.8 million), product repair campaign and warranty reserves ($1.6 million), and a non-recurring NHTSA fine ($0.7 million).

Adjusted operating loss improved $0.9 million, or 9.8%, to $8.7 million from $9.6 million last year.

The Segment backlog at December 31, 2016, totaled $139.9 million, compared to $156.3 million at December 31, 2015.

Acquisition Update

As previously announced, the Company completed the acquisition of Smeal Fire Apparatus Co. ("Smeal") and its subsidiaries effective January 1, 2017. Smeal, an industry-leading innovator and manufacturer of fire apparatus in North America, generated 2016 revenues of approximately $70 million, which excludes revenues associated with Smeal’s sale of approximately $30 million of chassis purchased from Spartan. In connection with the transaction, the cash consideration paid of approximately $32.5 million was funded primarily through borrowings from the Company’s existing $100 million line of credit.

The Company results for the fourth quarter and full year ended December 31, 2016, include approximately $0.7 million, or $0.02 per share, and $0.9 million, or $0.03 per share, respectively, of acquisition related expenses.

"As Spartan shared from the beginning, we expect the transaction to be accretive to 2017 earnings and to further accelerate the turnaround of the Spartan Emergency Response business unit. What we could not measure at the beginning of the acquisition were the benefits we would see from a reinvigorated dealer channel and a motivated workforce," continued Adams. "We understood immediately how important integrating Smeal and its Ladder Tower and UST brands was going to be for the success of our combined Company. Today, we are happy to report that our dealer channel is excited about our increasingly expanding product portfolio, and our combined employees are happy and optimistic about the expanded employment opportunities a larger publically traded company brings."

2017 Outlook

"Our balance sheet at year end, with essentially zero long-term debt, remains strong," said Rick Sohm, Chief Financial Officer of Spartan Motors. "Cash, net of debt, improved $4.4 million year-over-year to end at $32.0 million. Our strong operating results continued to generate cash in excess of our working capital requirements, which enabled us to repay our $5 million senior note and repurchase approximately 422,000 shares at an average price of $4.74 per share, or $2.0 million in the aggregate, during 2016.

"As we move into 2017, we will continue with a disciplined working capital management approach, as well as being opportunistic as market conditions dictate, to support future growth and maximize shareholder value. As a result of the Smeal acquisition, our 2017 forecast was adjusted for certain acquisition related costs and adjustments ($0.4 million, net of tax) and the impact from the one-time lag in recognizing sales and gross margin on chassis sales ($2.4 million, net of tax) that are now inter-company."

Outlook for full year 2017 is expected to be as follows (which includes the Smeal acquisition):

-- Revenue to be in the range of $615.0 - $685.0 million

-- Acquisition costs and inter-company chassis impact of approximately $2.8 million, net of tax

-- Adjusted EBITDA of $25.1 - $28.3 million

-- Income tax expense of $1.7 - $2.8 million

-- Interest expense of approximately $1.0 million

-- Adjusted earnings per share of $0.30 - $0.36, assuming approximately 34.8 million shares outstanding

"Progress like Spartan has experienced in such a short amount of time took a great deal of hard work and a commitment to excellence, across the organization. Implementing key process improvement methodologies and keenly focusing on enhancing our products has gone a long way to help us ensure this success will continue. That said, we are incredibly optimistic that 2017 will bring increasingly positive outcomes to shareholders and customers alike," Adams concluded.

Reconciliation of Non-GAAP Financial Measures This release contains adjusted operating income, adjusted net income attributable to Spartan Motors, Inc., forecasted EBITDA (earnings before interest, taxes, depreciation and amortization), forecasted adjusted EBITDA, and adjusted earnings per share, which are all Non-GAAP financial measures. These are calculated by excluding items that we believe to be infrequent or not indicative of our operating performance. For the periods covered by this release such items consist of expenses associated with restructuring actions taken to improve the efficiency and profitability of certain of our manufacturing operations, accruals for product recalls and regulatory settlements, non-cash asset impairment charges, expenses related to a recent business acquisition and a non-cash deferred tax asset valuation allowance. We present these adjusted Non-GAAP measures because we consider them to be important supplemental measures of our performance and believe them to be useful to show ongoing results from operations distinct from items that are infrequent or not indicative of our operating performance.

The adjusted Non-GAAP measures are not measurements of our financial performance under GAAP and should not be considered as an alternative to operating income, net income attributable to Spartan Motors, Inc. or earnings per share under GAAP. These adjusted Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, in evaluating the adjusted Non-GAAP measures, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation, despite our assessment that such expenses are infrequent or not indicative of our operating performance. Our presentation of the adjusted Non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or infrequent items. We compensate for these limitations by providing equal prominence of our GAAP results and using adjusted Non-GAAP measures only as a supplement.

The following tables reconcile operating income (loss) to adjusted operating income (loss), net income (loss) attributable to Spartan Motors to adjusted net income (loss) attributable to Spartan Motors, forecasted net income to EBITDA and adjusted EBITDA and forecasted earnings (loss) per share to adjusted earnings (loss) per share for the periods indicated.

Financial Summary (Non-GAAP)
(In thousands, except per share data)
(Unaudited)
                                               Three Months Ended December 31,        Twelve Months Ended December 31,
Spartan Motors, Inc.                           2016          % of   2015        % of  2016        % of   2015        % of
                                                             sales              sales             sales              sales
Operating income (loss)                        $         965 0.7%   $(10,008)   -7.1% $    8,625  1.5%   $(12,478)   -2.3%
Add (subtract):
Restructuring charges                          224                  427               1,095              2,855
Asset impairment                               -                    -                 406                2,234
Product recall                                 -                    6,300             3,457              8,600
NHTSA settlement                               -                    -                 -                  2,269
Joint venture expenses                         1                    982               13                 1,015
Acquisition related expenses                   723                  -                 882                -
Adjusted operating income (loss)               $     1,913   1.3%   $  (2,299)  -1.6% $  14,478   2.5%   $    4,495  0.8%
Net income (loss) attributable to Spartan      $       942   0.6%   $  (9,450)  -6.7% $    8,610  1.5%   $(16,972)   -3.1%
Motors, Inc.
Add (subtract):
Restructuring charges                          224                  427               1,095              2,855
Asset impairment                               -                    -                 406                2,234
Product recall                                 -                    6,300             3,457              8,600
NHTSA settlement                               -                    -                 -                  2,269
Joint venture expenses                         1                    491               7                  508
Acquisition related expenses                   723                  -                 882                -
Deferred tax asset valuation allowance         (282)                3,928             (2,932)            9,472
Tax effect of adjustments                      (104)                (1,115)           (460)              (2,392)
Adjusted net income (loss) attributable to     $     1,504   1.0%   $    581    0.4%  $  11,065   1.9%   $    6,574  1.2%
Spartan Motors, Inc.
Diluted net earnings (loss) per share          $       0.03         $    (0.28)       $      0.25        $    (0.50)
Add (subtract):
Restructuring charges                          -                    0.01              0.03               0.08
Asset impairment                               -                    -                 0.01               0.07
Product recall                                 -                    0.19              0.10               0.25
NHTSA settlement                               -                    -                 -                  0.07
Joint venture expenses                         -                    0.01              -                  0.02
Acquisition related expenses                   0.02                 -                 0.03               -
Deferred tax asset valuation allowance         (0.01)               0.12              (0.09)             0.28
Tax effect of adjustments                      -                    (0.03)            (0.01)             (0.07)
Adjusted Diluted net earnings (loss) per share $       0.04         $      0.02       $      0.32        $      0.20
Financial Summary (Non-GAAP)
(In thousands, except per share data)
(Unaudited)
                                     Three Months Ended December 31,          Twelve Months Ended December 31,
Emergency Response Segment           2016          % of    2015       % of    2016       % of   2015      % of
                                                   sales              sales              sales            sales
ER segment operating (loss)          $    (3,750)  -7.9%   $(12,051)  -28.7%  $(13,660)  -7.5%  $(23,723) -12.3%
Add (subtract):
Restructuring charges                224                   427                1,095             2,855
Asset impairment                     -                     -                  406               2,234
Product recall                       -                     5,900              3,457             7,300
NHTSA settlement                     -                     -                  -                 684
Joint venture expenses               1                     982                13                1,015
Adjusted ER segment operating (loss) $     (3,525) -7.4%   $  (4,742) -10.3%  $  (8,689) -4.7%  $(9,635)  -5.0%
                                Forecast
                                Year Ending December 31, 2017
Spartan Motors, Inc             Low            Mid            High
Net income                      $      7,755   $      8,775   $      9,800
Add:
Depreciation and amortization   11,131         11,131         11,131
Interest expense                1,000          1,000          1,000
Taxes                           1,700          2,250          2,800
EBITDA                          $    21,586    $    23,156    $    24,731
Add (subtract):
Acquisition related expenses    426            426            426
Chassis shipment delay          3,125          3,125          3,125
Adjusted EBITDA                 $    25,137    $    26,707    $    28,282
Earnings per share              $        0.22  $        0.25  $        0.28
Add:
Acquisition related expenses    0.01           0.01           0.01
Chassis shipment delay          0.09           0.09           0.09
Less tax effect of adjustments  (0.02)         (0.02)         (0.02)
Adjusted earnings per share     $        0.30  $        0.33  $        0.36

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: 10101442

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, and Utilimaster?, a Spartan Motors Company-- are known for quality, durability, performance, customer service and first-to-market innovation. The Company operates facilities in Michigan, Indiana, Pennsylvania, Kansas, Wisconsin, Nebraska, South Dakota, Saltillo, Mexico; and Lima, Peru. Spartan reported sales of $591 million in 2016. Visit Spartan Motors at www.spartanmotors.com.

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

Spartan Motors, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except par value)
                                                                                       December 31,
                                                                                       2016              December 31,
                                                                                       (Unaudited)       2015
ASSETS
Current assets:
Cash and cash equivalents                                                              $         32,041  $         32,701
Accounts receivable, less allowance of $487 and $130                                   65,441            56,617
Inventories                                                                            58,896            60,558
Income taxes receivable                                                                1,287             1,755
Other current assets                                                                   4,526             3,506
Total current assets                                                                   162,191           155,137
Property, plant and equipment, net                                                     53,116            47,320
Goodwill                                                                               15,961            15,961
Intangible assets, net                                                                 6,385             7,093
Deferred income taxes, net                                                             3,310             644
Other assets                                                                           2,331             1,996
TOTAL ASSETS                                                                           $       243,294   $       228,151
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable                                                                       $        31,336   $         27,318
Accrued warranty                                                                       19,334            16,610
Accrued compensation and related taxes                                                 13,188            8,684
Deposits from customers                                                                16,142            13,095
Other current liabilities and accrued expenses                                         7,659             6,603
Current portion of long-term debt                                                      65                63
Total current liabilities                                                              87,724            72,373
Long-term debt, less current portion                                                   74                5,124
Other non-current liabilities                                                          2,544             2,163
Total liabilities                                                                      90,342            79,660
Commitments and contingencies
Shareholders’ equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)                   -                 -
Common stock, $0.01 par value; 40,000 shares authorized; 34,383 and 34,271 outstanding 344               343
Additional paid in capital                                                             76,837            76,472
Retained earnings                                                                      76,428            72,326
Total Spartan Motors, Inc. shareholders’ equity                                        153,609           149,141
Non-controlling interest                                                               (657)             (650)
Total shareholders’ equity                                                             152,952           148,491
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                             $       243,294   $       228,151
Spartan Motors, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
                                                        Three Months Ended                   Twelve Months Ended
                                                        December 31,                         December 31,
                                                        2016              2015               2016           2015
Sales                                                   $ 145,850         $     140,647      $   590,777    $   550,414
Cost of products sold                                   127,907           135,262            518,113        502,783
Restructuring charge                                    53                56                 136            519
Gross profit                                            17,890            5,329              72,528         47,112
Operating expenses:
Research and development                                2,363             1,473              6,772          4,560
Selling, general and administrative                     14,391            13,493             56,172         52,695
Restructuring charge                                    171               371                959            2,336
Total operating expenses                                16,925            15,337             63,903         59,591
Operating income (loss)                                 965               (10,008)           8,625          (12,479)
Other income (expense):
Interest expense                                        (96)              (72)               (410)          (365)
Interest and other income                               183               123                488            244
Total other income (expense)                            87                51                 78             (121)
Income (loss) before taxes                              1,052             (9,957)            8,703          (12,600)
Taxes                                                   111               (16)               100            4,880
Net Income (loss)                                       941               (9,941)            8,603          (17,480)
Less: net loss attributable to non-controlling interest (1)               (491)              (7)            (508)
Net income (loss) attributable to Spartan Motors Inc.   $         942     $        (9,450)   $      8,610   $  (16,972)
Basic net earnings (loss) per share                     $           0.03  $          (0.28)  $        0.25  $      (0.50)
Diluted net earnings (loss) per share                   $           0.03  $          (0.28)  $        0.25  $      (0.50)
Basic weighted average common shares outstanding        34,417            33,886             34,405         33,826
Diluted weighted average common shares outstanding      34,417            33,886             34,405         33,826
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
                                     Emergency      Fleet               Specialty         Other         Consolidated
                                     Response       Vehicles &          Chassis &
                                                    Services            Vehicles
Emergency response vehicle sales     $     175,730  $                -  $              -  $          -  $       175,730
Fleet vehicle sales                  -              206,248             -                 -             206,248
Motorhome chassis sales              -              -                   97,999            -             97,999
Other specialty chassis and vehicles -              -                   21,074            -             21,074
Aftermarket parts and assemblies     7,251          72,141              10,334            -             89,726
Total Sales                          $     182,981  $   278,389         $   129,407       $         -   $      590,777
Operating Income (Loss)              (13,660)       28,740              6,846             (13,301)      8,625
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
Year Ended December 31,  2015 (in thousands of dollars)
                                     Business Segments
                                     Emergency       Fleet             Specialty        Other         Consolidated
                                     Response        Vehicles &        Chassis &
                                                     Services          Vehicles
Emergency response vehicle sales     $      187,127  $              -  $             -  $          -  $       187,127
Fleet vehicle sales                  -               193,772                                          193,772
Motorhome chassis sales              -               -                 103,264                        103,264
Other specialty chassis and vehicles -               -                 13,849                         13,849
Aftermarket parts and assemblies     6,093           33,911            12,398                         52,402
Total Sales                          $     193,220   $  227,683        $   129,511      $         -   $     550,414
Operating Income (Loss)              (23,722)        14,530            4,906            (8,193)       (12,479)
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
                                     Emergency     Fleet              Specialty         Other         Consolidated
                                     Response      Vehicles &         Chassis &
                                                   Services           Vehicles
Emergency response vehicle sales     $     45,651  $               -  $              -  $          -  $        45,651
Fleet vehicle sales                  -             51,475             -                 -             51,475
Motorhome chassis sales              -             -                  24,745            -             24,745
Other specialty chassis and vehicles -             -                  4,351             -             4,351
Aftermarket parts and assemblies     1,696         15,848             2,084             -             19,628
Total Sales                          $     47,347  $    67,323        $   31,180        $         -   $      145,850
Operating Income (Loss)              (3,750)       7,093              1,441             (3,820)       965
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
Three Months Ended December 31,  2015 (in thousands of dollars)
                                     Business Segments
                                     Emergency       Fleet             Specialty        Other         Consolidated
                                     Response        Vehicles &        Chassis &
                                                     Services          Vehicles
Emergency response vehicle sales     $       40,642  $              -  $             -  $          -  $        40,642
Fleet vehicle sales                  -               55,176                                           55,176
Motorhome chassis sales              -               -                 27,834                         27,834
Other specialty chassis and vehicles -               -                 3,020                          3,020
Aftermarket parts and assemblies     1,356           10,541            2,078                          13,975
Total Sales                          $      41,998   $    65,717       $     32,932     $         -   $     140,647
Operating Income (Loss)              (12,051)        4,524             100              (2,581)       (10,008)
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
Unaudited
Period End Backlog (amounts in thousands of dollars)
                                   Dec. 31,    Sept. 30,   June 30,    Mar. 31,    Dec. 31,
                                   2016        2016        2016        2016        2015
Emergency Response Vehicles*       $  139,870  $  149,752  $  152,177  $  160,392  $  156,270
Fleet Vehicles and Services*       89,549      102,218     139,655     137,717     96,120
Motorhome Chassis *                18,749      19,114      11,197      16,235      12,401
Other Vehicles                     -           -           -           3,737       4,949
Aftermarket Parts and Assemblies   1,288       1,012       1,005       815         1,019
Total Specialty Chassis & Vehicles 20,037      20,126      12,202      20,787      18,369
Total Backlog                      $  249,546  $  272,096  $  304,034  $  318,896  $  270,759
* Anticipated time to fill backlog orders at December 31, 2016; 11 months or less for emergency response
vehicles; 3 months or less for motorhome chassis; 6 months or less for fleet vehicles and services; and 1 month or
less for other products.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/spartan-motors-delivers-strong-fourth-quarter-and-full-year-2016-results-300412236.html

SOURCE Spartan Motors, Inc.

https://rt.prnewswire.com/rt.gif?NewsItemId=DE19465&Transmission_Id=201702230730PR_NEWS_USPR_____DE19465&DateId=20170223



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