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Spartan Motors Inc (SPAR) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Spartan Motors Inc

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CIK: 743238 Ticker: SPAR

Exhibit 99.1

 

 

 

Spartan Motors Reports Fourth Quarter and Full Year 2018 Results

  ●  Fourth Quarter Sales up 28.7% to $233.0 million  
  ●  Full Year Sales up 15.4% to $816.2 million  
  ●  Fourth Quarter EPS $0.05, Adjusted EPS $0.10  
  ●  Full Year EPS $0.43, Adjusted EPS $0.48  

 

CHARLOTTE, Mich., February 28, 2019 - Spartan Motors, Inc. (NASDAQ: SPAR) (“Spartan” or the “Company”), 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 segments), as well as for the emergency response and recreational vehicle markets, today reported operating results for the fourth quarter and full year periods ending December 31, 2018.

 

Full Year 2018 Highlights

 

For the full year 2018 compared to the full year 2017:

●

Sales increased $109.1 million, or 15.4%, to $816.2 million from $707.1 million

●

Net income declined $0.9 million, or 5.8%, to $15.0 million, or $0.43 per share, from $15.9 million, or $0.46 per share

●

Adjusted EBITDA increased 1.4% to $31.8 million, or 3.9% of sales, from $31.3 million, or 4.4% of sales

●

Adjusted net income improved 14.2% to $17.0 million, or $0.48 per share, from $14.9 million, or $0.43 per share

●

Consolidated backlog, excluding the exclusive multi-year USPS truck body order at December 31, 2018, totaled $359.2 million, up 11.9%, compared to $321.1 million at December 31, 2017. Including the USPS order, consolidated backlog totaled $473.0 million compared to $535.1 million a year ago.

 

Fourth Quarter 2018 Highlights

 

For the fourth quarter of 2018 compared to the fourth quarter of 2017:

●

Sales increased $51.9 million, or 28.7%, to $233.0 million from $181.1 million

●

Net income declined $0.6 million, or 24.9%, to $1.8 million, or $0.05 per share, from $2.4 million, or $0.07 per share

●

Adjusted EBITDA declined 28.1%, to $6.7 million, or 2.9% of sales, compared to $9.3 million, or 5.1% of sales

●

Adjusted net income declined 10.9% to $3.4 million, or $0.10 per share, from $3.9 million, or $0.11 per share

●

Acquired Strobes-R-Us, a regional Florida-based vehicle upfitter, expanding the Company’s manufacturing footprint and addressable market in the southeastern United States

●

To date, repurchased 191,000 shares at an average price of $7.55 per share, or $1.4 million in the aggregate, since adopting a 10b5-1 trading plan on December 17, 2018, pursuant to the Company’s one million share repurchase authorization

 

Notes: As of January 1, 2018, the Company has adopted the new Revenue Recognition Standard ("ASC 606") using the modified retrospective transition method. The adoption of ASC 606 decreased the fourth quarter and full year reported consolidated sales by $7.2 and $12.8 million and net income by $0.9 million and $0.3 million, respectively, and reduced reported consolidated backlog by $25.0 million. For more details regarding ASC 606 and its impact on the Company's financial results, see the Company's annual report on Form 10-K for the year ended December 31, 2018.

 

 
The following information was filed by Spartan Motors Inc (SPAR) on Friday, March 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Spartan Motors Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parentheticals)
Note 1 - General And Summary Of Accounting Policies
Note 1 - General And Summary Of Accounting Policies (Tables)
Note 1 - General And Summary Of Accounting Policies - Contract Assets And Liabilities (Details)
Note 1 - General And Summary Of Accounting Policies - Disaggregated Revenue (Details)
Note 1 - General And Summary Of Accounting Policies - Impacts Of Adoption Of New Revenue Standard (Details)
Note 1 - General And Summary Of Accounting Policies - Revenue Expected To Be Recognized (Details)
Note 1 - General And Summary Of Accounting Policies - Revenue Expected To Be Recognized (Details) (Parentheticals)
Note 1 - General And Summary Of Accounting Policies - Revenue Expected To Be Recognized 2 (Details)
Note 1 - General And Summary Of Accounting Policies 1 (Details Textual)
Note 1 - General And Summary Of Accounting Policies 2 (Details Textual)
Note 10 - Commitments And Contingent Liabilities
Note 10 - Commitments And Contingent Liabilities (Details Textual)
Note 10 - Commitments And Contingent Liabilities (Tables)
Note 10 - Commitments And Contingent Liabilities - Changes In Warranty Liability (Details)
Note 11 - Compensation Incentive Plans
Note 11 - Compensation Incentive Plans (Details Textual)
Note 12 - Debt
Note 12 - Debt (Details Textual)
Note 12 - Debt (Tables)
Note 12 - Debt - Schedule Of Long-Term Debt (Details)
Note 13 - Stock Based Compensation
Note 13 - Stock Based Compensation (Details Textual)
Note 13 - Stock Based Compensation (Tables)
Note 13 - Stock Based Compensation - Restricted Stock Activity (Details)
Note 14 - Shareholders Equity
Note 14 - Shareholders Equity (Details Textual)
Note 14 - Shareholders Equity (Tables)
Note 14 - Stockholders Equity - Summary Of Stock Repurchased And Retired (Details)
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share (Tables)
Note 15 - Earnings Per Share - Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Shares Outstanding (Details)
Note 16 - Business Segments
Note 16 - Business Segments (Details Textual)
Note 16 - Business Segments (Tables)
Note 16 - Business Segments - Reconciliation Of Adjusted Ebitda (Details)
Note 16 - Business Segments - Segment Reporting Information (Details)
Note 17 - Related Party Transactions
Note 17 - Related Party Transactions (Details Textual)
Note 18 - Quarterly Financial Data (Unaudited)
Note 18 - Quarterly Financial Data (Unaudited) (Tables)
Note 18 - Quarterly Financial Data (Unaudited) - Summarized Quarterly Financial Data (Details)
Note 2 - Acquisition Activities
Note 2 - Acquisition Activities (Details Textual)
Note 2 - Acquisition Activities (Tables)
Note 2 - Acquisition Activities - Purchase Price Allocation (Details)
Note 3 - Inventories
Note 3 - Inventories (Details Textual)
Note 3 - Inventories (Tables)
Note 3 - Inventories - Summary Of Inventories (Details)
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Details Textual)
Note 4 - Restructuring Charges (Tables)
Note 4 - Restructuring Charges - Restructuring Charges Included In Consolidated Statements Of Operations (Details)
Note 4 - Restructuring Charges - Summary Of Compensation Related Charges (Details)
Note 5 - Goodwill And Intangible Assets
Note 5 - Goodwill And Intangible Assets (Details Textual)
Note 5 - Goodwill And Intangible Assets (Tables)
Note 5 - Goodwill And Intangible Assets - Estimated Remaining Amortization Associated With Finite-Lived Intangible Assets (Details)
Note 5 - Goodwill And Intangible Assets - Goodwill By Reportable Segment (Details)
Note 5 - Goodwill And Intangible Assets - Other Intangible Assets (Details)
Note 6 - Property, Plant And Equipment
Note 6 - Property, Plant And Equipment (Details Textual)
Note 6 - Property, Plant And Equipment (Tables)
Note 6 - Property, Plant And Equipment - Summary Of Property, Plant, And Equipment (Details)
Note 7 - Leases
Note 7 - Leases (Details Textual)
Note 7 - Leases (Tables)
Note 7 - Leases - Future Minimum Capital Lease Commitments Under Non-Cancelable Capital Leases (Details)
Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-Cancelable Operating Lease (Details)
Note 8 - Taxes On Income
Note 8 - Taxes On Income (Details Textual)
Note 8 - Taxes On Income (Tables)
Note 8 - Taxes On Income - Deferred Income Taxes (Details)
Note 8 - Taxes On Income - Income Tax From Continuing Operations (Details)
Note 8 - Taxes On Income - Income Tax Reconciliation (Details)
Note 8 - Taxes On Income - Reconciliation Of The Change In The Unrecognized Tax Benefits (Details)
Note 9 - Transactions With Major Customers
Note 9 - Transactions With Major Customers (Details Textual)
Note 9 - Transactions With Major Customers (Tables)
Note 9 - Transactions With Major Customers - Information About Major Customers (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Tables)
Schedule Ii - Valuation And Qualifying Accounts - Schedule Ii - Valuation And Qualifying Accounts (Details)
Significant Accounting Policies (Policies)
Ticker: SPAR
CIK: 743238
Form Type: 10-K Annual Report
Accession Number: 0001437749-19-004091
Submitted to the SEC: Tue Mar 05 2019 12:27:53 PM EST
Accepted by the SEC: Tue Mar 05 2019
Period: Monday, December 31, 2018
Industry: Motor Vehicles And Passenger Car Bodies

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