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 Spartan Motors Delivers Strong Fourth Quarter and Full Year 2017 Results
   Thursday, March 01, 2018 7:30:00 AM ET

Spartan Motors, Inc. (SPAR ) ("Spartan" or the "Company"), a leader in specialty chassis and vehicle design, manufacturing and assembly, today reported operating results for the fourth quarter and full year periods ending December 31, 2017.

Full Year 2017 Highlights

For the full year 2017 compared to the full year 2016:

-- Sales increased $116.3 million, or 19.7%, to $707.1 million from $590.8 million

-- Net income improved $7.3 million, or 85.2%, to $15.9 million, or $0.46 per share, from $8.6 million, or $0.25 per share

-- Adjusted EBITDA increased 37.0% to $31.3 million, or 4.4% of sales, from $22.9 million, or 3.9% of sales

-- Adjusted net income improved 34.5% to $14.9 million, or $0.43 per share, from $11.1 million, or $0.32 per share

-- Emergency Response segment was profitable - achieving $3.2 million of adjusted EBITDA

Fourth Quarter 2017 Highlights

For the fourth quarter of 2017 compared to the fourth quarter of 2016:

-- Sales increased $35.2 million, or 24.1%, to $181.1 million from $145.9 million

-- Gross profit margin improved 130 basis points to 13.6% of sales from 12.3% of sales

-- Net income improved $1.5 million, or 158.9%, to $2.4 million, or $0.07 per share, from $0.9 million, or $0.03 per share

-- Adjusted EBITDA increased 118.3% to $9.3 million, or 5.1% of sales, compared to $4.3 million, or 2.9% of sales

-- Adjusted net income improved 156.4% to $3.9 million, or $0.11 per share from $1.5 million, or $0.04 per share

-- Emergency Response segment was profitable - achieving $2.7 million of adjusted EBITDA

"With our 2017 fourth quarter net income more than doubling, which also marks our eighth consecutive profitable quarter on an adjusted basis, Spartan has successfully completed its turnaround and is now focused on its growth strategy as we move into 2018 and beyond," said Daryl Adams, Spartan President and Chief Executive Officer. "We can take pride in the strong performance we posted throughout the year, which was based on the actions we took to transition our company to a leader in purpose-built specialty vehicles that is focused on performance and innovation."

Full Year 2017 Segment Results

For the full year 2017 compared to the full year 2016:

Fleet Vehicles and Services (FVS) FVS segment sales decreased 9.8% to $251.1 million from $278.4 million. Revenues declined primarily due to the timing of a large last mile delivery upfit order that did not reoccur in 2017.

Adjusted EBITDA decreased $4.2 million to $27.0 million, or 10.7% of sales, from $31.2 million, or 11.2% of sales, a year ago, primarily due to the nonrecurring last mile delivery upfit order, which was partially offset by operational improvements.

The Segment backlog at December 31, 2017 totaled $267.7 million, up 198.9%, compared to $89.5 million at December 31, 2016, as a result of the previously announced multi-year contract with the United States Postal Service (USPS).

Emergency Response (ER) ER segment sales increased 65.5% to $302.9 million from $183.0 million. The sales increase reflects increased product optimization resulting from the successful integration of Smeal and rationalization of the Company’s dealer network.

Adjusted EBITDA increased $10.7 million to $3.2 million, or 1.1% of sales, from an adjusted EBITDA loss of $7.5 million a year ago. The increase was primarily the result of increased sales, improved operational performance and warranty cost reduction. Adjusted EBITDA loss in 2016 included adjustments totaling $3.5 million in legacy product recalls.

The Segment backlog at December 31, 2017 totaled $233.6 million, up 67.0%, compared to $139.9 million at December 31, 2016.

Specialty Chassis & Vehicles (SCV) SCV segment sales increased 17.9% to $158.8 million from $134.8 million. Sales of motorhome chassis increased 27.1% to $124.6 million from $98.0 million, primarily due to increased motorhome shipments year-over-year as a result of market share gains.

Adjusted EBITDA increased $5.8 million to $14.1 million, or 8.9% of sales, from $8.3 million, or 6.2% of sales, a year ago, primarily due to increased sales and improved operational performance.

The Segment backlog at December 31, 2017 totaled $33.8 million, up 68.7%, compared to $20.0 million at December 31, 2016, as a result of increased motorhome orders.

"The performance of each of our business segments was powerful in 2017, but perhaps the most dramatic performance was the turnaround in ER," continued Adams. "With the integration of Smeal, we were able to grow top-line ER revenue by 66% while improving adjusted EBITDA by nearly $11 million. We continued to make good progress in SCV, with solid growth in revenues and adjusted EBITDA with the introduction of new innovative products and platforms to expand our addressable market and market share in motorhomes. In the FVS business, we saw some topline headwinds in 2017 relating to the timing of follow-on last-mile delivery orders, but we are encouraged with the prospect of significant growth in 2018 with normalized order flow and the addition of the USPS contract, the largest in Spartan’s history."

2018 Outlook "We are proud of our financial performance in 2017, which will provide a sound foundation for future long-term growth, increased shareholder value and an acceleration of earnings growth in 2018," said Rick Sohm, Chief Financial Officer of Spartan Motors. "Our strong financial position will enable Spartan to invest in our future growth in 2018 and beyond by expanding R&D efforts for new product innovations and enhancing our operational competencies, exploring alternative fuel technologies and expanding our manufacturing capabilities at our Ephrata, Pennsylvania facility to meet the growing last mile delivery demand. With each of our business segments now profitable, we expect our incremental investments and the new USPS order to drive additional revenues, positioning Spartan to achieve its financial objectives in 2020."

Outlook for full year 2018 is expected to be as follows:

-- Revenue to be in the range of $790.0 - $815.0 million

-- Net income of $18.8 - $21.0 million

-- Adjusted EBITDA of $39.0 - $42.0 million

-- Effective tax rate of approximately 28%

-- Earnings per share of $0.54 - $0.60, assuming approximately 35.3 million shares outstanding

-- Adjusted earnings per share of $0.56 - $0.62

Adams concluded, "It’s an exciting time for Spartan Motors, as we have worked as a team to bring significant change and improved financial performance to our Company. Exceeding our targets for the fourth quarter and full year 2017 is about more than hitting our numbers. It’s proof positive that the changes we made to execute the turnaround and position Spartan for a future of sustainable, profitable growth continue to pay dividends. We have a formula in place that has successfully driven operational improvements within each of our business units. We will continue to apply this winning formula, as we aggressively take the turn into growth mode. We are confident that the near-term investments we’ll make, coupled with the momentum achieved over the past two years, will have a positive impact in 2018 and beyond."

Reconciliation of Non-GAAP Financial Measures This release contains adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted net income, adjusted earnings per share, forecasted adjusted EBITDA, and forecasted adjusted earnings per share, which are all non-GAAP financial measures. These non-GAAP measures are calculated by excluding items that we believe to be infrequent or not indicative of our continuing operating performance. For the periods covered by this release such items include expenses associated with restructuring actions taken to improve the efficiency and profitability of certain of our manufacturing operations, expenses related to product recall campaigns, non-cash charges related to the impairment of assets, expenses related to business acquisition activities, the impact of the step-up in inventory value associated with the recent business acquisition, and the impact of the business acquisition on the timing of chassis revenue recognition.

We present the non-GAAP measures adjusted EBITDA, adjusted net income and adjusted earnings per share because we consider them to be important supplemental measures of our performance. The presentation of adjusted EBITDA enables investors to better understand our operations by removing items that we believe are not representative of our continuing operations and may distort our longer term operating trends. The presentation of adjusted net income and adjusted earnings per share enables investors to better understand our operations by removing the impact of tax adjustments, including the impact that our deferred tax asset valuation allowance that we recorded in 2015 has had on our tax expense and net income in 2015 and subsequent periods, the impact of a tax deduction for the write-off of an investment in a subsidiary, the impact of the Tax Cuts and Jobs Act on tax expense recorded in 2017, and other items that we believe are not indicative of our longer term operating trends. We believe these measures to be useful to improve the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not indicative of our continuing operating performance. We believe that presenting these non-GAAP measures is useful to investors because it permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our historical performance. We believe that the presentation of these non-GAAP measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provides investors with additional understanding of the factors and trends affecting our business than could be obtained in the absence of these disclosures.

Our management uses adjusted EBITDA to evaluate the performance of and allocate resources to our segments. In addition, non-GAAP measures are used by management to review and analyze our operating performance and, along with other data, as internal measures for setting annual budgets and forecasts, assessing financial performance, and comparing our financial performance with our peers. Adjusted EBITDA is also used, along with other financial and non-financial measures, for purposes of determining annual and long-term incentive compensation for our management team.

Financial Summary (Non-GAAP)
(In thousands, except per share data)
(Unaudited)
                                        Three Months Ended December 31,         Twelve Months Ended December 31,
Spartan Motors, Inc.                    2017         % of   2016          % of  2017        % of   2016         % of
                                                     sales                sales             sales               sales
Net income                              $      2,439 1.3%   $         942 0.6%  $   15,935  2.3%   $     8,610  1.5%
Add (subtract):
Restructuring                           52                  224                 1,252              1,095
Intercompany chassis impact             -                   -                   2,073              -
Asset impairment                        -                   -                   -                  406
Acquisition inventory adjustment        -                   -                   189                -
Recall expense                          -                   -                   (368)              3,457
Joint venture expenses                  -                   1                   1                  7
Acquisition related expenses            269                 723                 1,354              882
Deferred tax asset adjustment           2,569               (282)               (3,260)            (2,932)
Tax benefit of stock write-off          (966)               -                   (966)              -
Tax effect of adjustments               (506)               (104)               (1,323)            (460)
Adjusted net income                     $      3,857 2.1%   $     1,504   1.0%  $  14,887   2.1%   $   11,065   1.9%
Net income                              $      2,439 1.3%   $        942  0.6%  $  15,935   2.3%   $     8,610  1.5%
Add (subtract):
Depreciation and amortization           2,602               2,161               9,937              7,903
Taxes on income                         3,651               111                 90                 100
Interest expense                        282                 96                  864                410
EBITDA                                  $      8,974 5.0%   $    3,310    2.3%  $  26,826   3.8%   $   17,023   2.9%
Add (subtract):
Restructuring                           52                  224                 1,252              1,095
Intercompany chassis impact             -                   -                   2,073              -
Asset impairment                        -                   -                   -                  406
Acquisition inventory adjustment        -                   -                   189                -
Recall expense                          -                   -                   (368)              3,457
Joint venture expenses                  -                   1                   1                  7
Acquisition related expenses            269                 723                 1,354              882
Adjusted EBITDA                         $     9,295  5.1%   $    4,258    2.9%  $  31,327   4.4%   $   22,870   3.9%
Diluted net earnings per share          $       0.07        $      0.03         $      0.46        $       0.25
Add (subtract):
Restructuring                           -                   -                   0.04               0.03
Intercompany chassis impact             -                   -                   0.06               -
Asset impairment                        -                   -                   -                  0.01
Acquisition inventory adjustment        -                   -                   0.01               -
Recall expense                          -                   -                   (0.01)             0.10
Acquisition related expenses            0.01                0.02                0.04               0.03
Deferred tax asset adjustment           0.07                (0.01)              (0.10)             (0.09)
Tax benefit of stock write-off          (0.03)              -                   (0.03)             -
Tax effect of adjustments               (0.01)              -                   (0.04)             (0.01)
Adjusted Diluted net earnings per share $       0.11        $      0.04         $      0.43        $       0.32
Financial Summary (Non-GAAP)
(In thousands, except per share data)
(Unaudited)
                                        Three Months Ended December 31,  Twelve Months Ended December 31,
                                        2017           2016              2017          2016
Total segment adjusted EBITDA           $      13,047  $        6,545    $     44,208  $     32,029
Add (subtract):
Interest expense                        (282)          (96)              (864)         (410)
Depreciation and amortization           (2,602)        (2,162)           (9,937)       (7,903)
Restructuring expense                   (52)           (224)             (1,252)       (1,095)
Acquisition expense                     (269)          (723)             (1,354)       (882)
Impact of chassis shipments to Smeal    -              -                 (2,073)       -
Recall expense                          -              -                 368           (3,457)
Impact of inventory fair value step-up  -              -                 (189)         -
Joint venture expenses                  -              (1)               (2)           (14)
Asset impairment                        -              -                 -             (406)
NHTSA settlement                        -              -                 -             -
Unallocated corporate expenses          (3,752)        (2,287)           (12,881)      (9,159)
Consolidated income before taxes        $       6,090  $       1,052     $     16,024  $       8,703
Fleet Vehicles and Services Segment
(In thousands, unaudited)
                                                                               Three Months Ended December 31,
                                                                               2017        % of    2016        % of
                                                                                           sales               sales
Net income attributable to Fleet Vehicles and Services                         $     4,933 7.6%    $     6,823 10.1%
Add (subtract):
Depreciation and amortization                                                  743                 806
Interest expense                                                               80                  53
Earnings before interest, taxes, depreciation and amortization                 $     5,756 8.9%    $     7,682 11.4%
Earnings before interest, taxes, depreciation and amortization                 $     5,756         $     7,682
Restructuring charges                                                          -                   -
Adjusted earnings before interest, taxes, depreciation and amortization        $     5,756 8.9%    $     7,682 11.4%
Emergency Response Vehicles Segment
(In thousands, unaudited)
                                                                               Three Months Ended December 31,
                                                                               2017        % of    2016        % of
                                                                                           sales               sales
Net income (loss) attributable to Emergency Response                           $     2,004 2.6%    $   (3,748) -7.9%
Add (subtract):
Depreciation and amortization                                                  631                 507
Taxes on income                                                                -                   -
Earnings (loss) before interest, taxes, depreciation and amortization          $     2,635 3.5%    $   (3,241) -6.8%
Earnings (loss) before interest, taxes, depreciation and amortization          $     2,635         $   (3,241)
Restructuring charges                                                          44                  224
Intercompany chassis impact                                                    -                   -
Recall expense                                                                 -                   -
JV expenses                                                                    -                   1
Adjusted earnings (loss) before interest, taxes, depreciation and amortization $     2,679 3.5%    $   (3,016) -6.4%
Specialty Chassis and Vehicles Segment
(In thousands, unaudited)
                                                                               Three Months Ended December 31,
                                                                               2017        % of    2016        % of
                                                                                           sales               sales
Net income attributable to Specialty Chassis and Vehicles                      $     4,232 10.3%   $     1,659 5.1%
Add (subtract):
Depreciation and amortization                                                  373                 219
Earnings before interest, taxes, depreciation and amortization                 $     4,605 11.2%   $     1,878 5.7%
Earnings before interest, taxes, depreciation and amortization                 $     4,605         $     1,878
Restructuring charges                                                          7                   -
Adjusted earnings before interest, taxes, depreciation and amortization        $     4,612 11.2%   $     1,878 5.7%
Fleet Vehicles and Services Segment
(In thousands, unaudited)
                                                                               Twelve Months Ended December 31,
                                                                               2017        % of    2016          % of
                                                                                           sales                 sales
Net income attributable to Fleet Vehicles and Services                         $   22,797  9.1%    $     27,890  10.0%
Add (subtract):
Depreciation and amortization                                                  3,361               3,185
Interest expense                                                               156                 162
Earnings before interest, taxes, depreciation and amortization                 $   26,314  10.5%   $     31,237  11.2%
Earnings before interest, taxes, depreciation and amortization                 $   26,314          $     31,237
Restructuring charges                                                          644                 -
Adjusted earnings before interest, taxes, depreciation and amortization        $   26,958  10.7%   $     31,237  11.2%
Emergency Response Vehicles Segment
(In thousands, unaudited)
                                                                               Twelve Months Ended December 31,
                                                                               2017        % of    2016          % of
                                                                                           sales                 sales
Net income (loss) attributable to Emergency Response                           $  (1,499)  -0.5%   $   (13,720)  -7.5%
Add (subtract):
Depreciation and amortization                                                  2,342               1,143
Taxes on income                                                                -                   70
Earnings (loss) before interest, taxes, depreciation and amortization          $       843 0.3%    $   (12,507)  -6.8%
Earnings (loss) before interest, taxes, depreciation and amortization          $       843         $   (12,507)
Restructuring charges                                                          454                 1,095
Intercompany chassis impact                                                    2,073               -
Asset impairment                                                               -                   406
Acquisition inventory adjustment                                               189                 -
Recall expense                                                                 (368)               3,457
JV expenses                                                                    1                   7
Adjusted earnings (loss) before interest, taxes, depreciation and amortization $     3,192 1.1%    $     (7,542) -4.1%
Specialty Chassis and Vehicles Segment
(In thousands, unaudited)
                                                                               Twelve Months Ended December 31,
                                                                               2017        % of    2016          % of
                                                                                           sales                 sales
Net income attributable to Specialty Chassis and Vehicles                      $   12,642  8.0%    $     7,545   5.6%
Add (subtract):
Depreciation and amortization                                                  1,314               789
Earnings before interest, taxes, depreciation and amortization                 $   13,956  8.8%    $     8,334   6.2%
Earnings before interest, taxes, depreciation and amortization                 $   13,956          $     8,334
Restructuring charges                                                          102                 -
Adjusted earnings before interest, taxes, depreciation and amortization        $   14,058  8.9%    $     8,334   6.2%
Consolidated
(In thousands, except per share data)
(Unaudited)
                                 Forecast
                                 Year Ending December 31, 2018
                                 Low               Mid               High
Net income                       $       18,842    $       19,903    $       20,963
Add:
Depreciation and amortization    11,672            11,672            11,672
Interest expense                 427               455               483
Taxes                            7,309             7,720             8,132
EBITDA                           $       38,250    $       39,750    $       41,250
Add (subtract):
Restructuring charges            750               750               750
Adjusted EBITDA                  $       39,000    $       40,500    $       42,000
Earnings per share               $           0.54  $           0.57  $           0.60
Add:
Restructuring charges            0.02              0.02              0.02
Less tax effect of adjustments   -                 -                 -
Adjusted earnings per share      $           0.56  $           0.59  $           0.62

Conference Call, Webcast, Investor Presentation and Investor Information Spartan Motors will host a conference call for analysts and portfolio managers at 10 a.m. ET today to discuss these results and current business trends. The conference call and webcast will be available via:

Webcast: www.spartanmotors.com (Click on "Investor Relations" then "Webcasts") Conference Call: 1-844-868-8845 (domestic) or 412-317-6591 (international); passcode: 10116962

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

About Spartan Motors Spartan Motors, Inc. is a leading designer, engineer, manufacturer and marketer of a broad range of specialty vehicles, specialty chassis, vehicle bodies and parts for the fleet and delivery, recreational vehicle (RV), emergency response, defense forces and contract assembly (light/medium duty truck) markets. The Company’s brand names -- Spartan Motors, Spartan Specialty Vehicles, Spartan Emergency Response, Spartan Parts and Accessories, Smeal and its family of brands, including Ladder Tower(TM) and UST?; and Utilimaster?, a Spartan Motors Company -- are known for quality, durability, performance, customer service and first-to-market innovation. The Company employs approximately 2,300 associates, and operates facilities in Michigan, Indiana, Pennsylvania, Missouri, Wisconsin, Nebraska, South Dakota; Saltillo, Mexico; and Lima, Peru. Spartan reported sales of $707 million in 2017. Visit Spartan Motors at www.spartanmotors.com.

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

Spartan Motors, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except par value)
(Unaudited)
                                                                           December 31,        December 31,
                                                                           2017                2016
ASSETS
Current assets:
Cash and cash equivalents                                                  $           33,523  $           32,041
Accounts receivable, less allowance of $139 and $487                       83,147              65,441
Inventories                                                                77,692              58,896
Income taxes receivable                                                    -                   1,287
Other current assets                                                       4,425               4,526
Total current assets                                                       198,787             162,191
Property, plant and equipment, net                                         55,177              53,116
Goodwill                                                                   27,417              15,961
Intangible assets, net                                                     9,427               6,385
Deferred tax asset, net                                                    7,284               3,310
Other assets                                                               3,072               2,331
TOTAL ASSETS                                                               $        301,164    $        243,294
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable                                                           $          40,643   $          31,336
Accrued warranty                                                           18,268              19,334
Accrued compensation and related taxes                                     13,264              13,188
Deposits from customers                                                    25,422              16,142
Other current liabilities and accrued expenses                             12,071              7,659
Current portion of long-term debt                                          64                  65
Total current liabilities                                                  109,732             87,724
Long-term debt, less current portion                                       17,925              74
Other non-current liabilities                                              5,238               2,544
Total liabilities                                                          132,895             90,342
Commitments and contingencies
Shareholders’ equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)       -                   -
Common stock, $0.01 par value; 80,000 shares authorized; 35,097 and 34,383 351                 344
outstanding
Additional paid in capital                                                 79,721              76,837
Retained earnings                                                          88,855              76,428
Total Spartan Motors, Inc. shareholders’ equity                            168,927             153,609
Non-controlling interest                                                   (658)               (657)
Total shareholders’ equity                                                 168,269             152,952
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                 $       301,164     $       243,294
Spartan Motors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
                                                        Three Months Ended             Twelve Months Ended
                                                        December 31,                   December 31,
                                                        2017           2016            2017          2016
Sales                                                   $ 181,068      $ 145,850       $ 707,098     $ 590,777
Cost of products sold                                   156,327        127,907         617,655       518,113
Restructuring charges                                   52             53              208           136
Gross profit                                            24,689         17,890          89,235        72,528
Operating expenses:
Research and development                                1,258          2,363           6,523         6,772
Selling, general and administrative                     17,336         14,391          65,497        56,172
Restructuring charges                                   -              171             1,044         959
Total operating expenses                                18,594         16,925          73,064        63,903
Operating income                                        6,095          965             16,171        8,625
Other income (expense):
Interest expense                                        (282)          (96)            (864)         (410)
Interest and other income                               277            183             717           488
Total other income (expense)                            (5)            87              (147)         78
Income before taxes                                     6,090          1,052           16,024        8,703
Income tax expense                                      3,651          111             90            100
Net Income                                              2,439          941             15,934        8,603
Less: net loss attributable to non-controlling interest -              (1)             (1)           (7)
Net income attributable to Spartan Motors Inc.          $      2,439   $         942   $   15,935    $     8,610
Basic net earnings per share                            $        0.07  $       0.03    $       0.46  $       0.25
Diluted net earnings per share                          $        0.07  $       0.03    $       0.46  $       0.25
Basic weighted average common shares outstanding        35,117         34,417          34,949        34,405
Diluted weighted average common shares                  35,117         34,417          34,949        34,405
outstanding
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Year Ended December 31, 2017 (in thousands of dollars)
                                     Business Segments
                                     Fleet Vehicles &  Emergency              Specialty       Other         Consolidated
                                     Services          Response               Chassis &
                                                                              Vehicles
Fleet vehicle sales                  $     207,666     $                -     $        5,657  $    (5,657)  $      207,666
Emergency response vehicle sales     -                 293,559                -               -             293,559
Motorhome chassis sales              -                 -                      124,584         -             124,584
Other specialty chassis and vehicles -                 -                      18,416          -             18,416
Aftermarket parts and assemblies     43,429            9,291                  10,153          -             62,873
Total Sales                          $     251,095     $   302,850            $   158,810     $    (5,657)  $      707,098
Adjusted EBITDA                      $       26,958    $        3,192         $     14,058    $  (12,881)   $        31,327
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Year Ended December 31, 2016 (in thousands of dollars)
                                     Business Segments
                                     Fleet          Emergency                       Specialty       Other        Consolidated
                                     Vehicles &     Response                        Chassis &
                                     Services                                       Vehicles
Fleet vehicle sales                  $     206,248  $                -              $        5,347  $   (5,347)  $      206,248
Emergency response vehicles sales    -              175,730                         -               -            175,730
Motorhome chassis sales              -              -                               97,999          -            97,999
Other specialty chassis and vehicles -              -                               21,074          -            21,074
Aftermarket parts and assemblies     72,141         7,251                           10,334          -            89,726
Total Sales                          $     278,389  $   182,981                     $   134,754     $   (5,347)  $      590,777
Adjusted EBITDA                      $       31,237 $     (7,542)                   $        8,334  $   (9,159)  $        22,870
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Three Months Ended December 31, 2017 (in thousands of dollars)
                                     Business Segments
                                     Fleet          Emergency                         Specialty       Other          Consolidated
                                     Vehicles &     Response                          Chassis &
                                     Services                                         Vehicles
Fleet vehicle sales                  $     53,488   $             -                   $         918   $      (918)   $        53,488
Emergency response vehicles sales    -              73,448                            -               -              73,448
Motorhome chassis sales              -              -                                 33,303          -              33,303
Other specialty chassis and vehicles -              -                                 4,663           -              4,663
Aftermarket parts and assemblies     11,520         2,480                             2,166           -              16,166
Total Sales                          $     65,008   $  75,928                         $   41,050      $      (918)   $      181,068
Adjusted EBITDA                      $       5,756  $    2,679                        $     4,612     $  (3,752)     $          9,295
Spartan Motors, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
Three Months Ended December 31, 2016 (in thousands of dollars)
                                     Business Segments
                                     Fleet          Emergency                         Specialty    Other         Consolidated
                                     Vehicles &     Response                          Chassis &
                                     Services                                         Vehicles
Fleet vehicle sales                  $     51,475   $               -                 $     1,667  $    (1,667)  $      51,475
Emergency response vehicle sales     -              45,651                            -            -             45,651
Motorhome chassis sales              -              -                                 24,745       -             24,745
Other specialty chassis and vehicles -              -                                 4,351        -             4,351
Aftermarket parts and assemblies     15,848         1,696                             2,084        -             19,628
Total Sales                          $     67,323   $    47,347                       $   32,847   $    (1,667)  $    145,850
Adjusted EBITDA                      $       7,682  $    (3,016)                      $     1,878  $    (2,286)  $         4,258
Sales And Other Financial Information By Business Segment
(unaudited)
Period End Backlog (amounts in thousands of dollars)
                                   Dec 31,                            Sept. 30,                          Jun. 30,                           Mar. 31,                           Dec. 31,
                                   2017                               2017                               2017                               2017                               2016
Fleet Vehicles and Services*       $  267,698                         $  292,540                         $  131,280                         $  113,960                         $   89,549
Emergency Response Vehicles*       233,583                            213,334                            214,794                            214,463                            139,870
Motorhome Chassis *                33,191                             31,179                             25,823                             21,772                             18,749
Aftermarket Parts and Accessories  615                                694                                892                                1,075                              1,288
Total Specialty Chassis & Vehicles 33,806                             31,873                             26,715                             22,847                             20,037
Total Backlog                      $  535,087                         $  537,747                         $  372,789                         $  351,270                         $  249,456
* Anticipated time to fill backlog orders at December 31, 2017; 4 months or less for fleet vehicles and services, except for the USPS truck body order which will be fulfilled throughout 2018 and 2019; 12 months or less for emergency response vehicles; 3 months or less for motorhome chassis; and 1 month or less for other products.

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View original content:http://www.prnewswire.com/news-releases/spartan-motors-delivers-strong-fourth-quarter-and-full-year-2017-results-300606414.html

SOURCE Spartan Motors, Inc.

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