Blue Bird Corp - FORM 8-K - EX-99.1 - February 11, 2015

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8-K - 8-K - Blue Bird Corpd870321d8k.htm
EX-10.2 - EX-10.2 - Blue Bird Corpd870321dex102.htm
EX-10.1 - EX-10.1 - Blue Bird Corpd870321dex101.htm
Hennessy Capital Acquisition Corp.
Acquisition of Blue Bird Corporation
Supplement to Investor Presentation
February 2015
Exhibit 99.1

Confidentiality
Use of Projections
2
Important Disclaimers
This presentation and the definitive proxy statement referred to below contain financial forecasts with respect to Blue Bird’s projected net revenues and Adjusted EBITDA
for Blue Bird’s fiscal 2015. Neither Hennessy Capital’s independent auditors, nor the
independent registered public accounting firm of Blue Bird, audited, reviewed,
compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation
and the definitive proxy statement, and
accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation or the definitive proxy
statement. PricewaterhouseCoopers LLP and KPMG LLP did not audit, review, compile or perform any procedures with respect to that information and has not expressed
any opinion or any other form of assurance with respect thereto. These projections should not be relied upon as being necessarily indicative of future results. Reference is
made to pages 145-149 of the definitive proxy statement for a full description of the limitations associated with these forecasts.
The information in this presentation is highly confidential. The distribution of this presentation by an authorized recipient
to any other person is unauthorized. Any
photocopying, disclosure, reproduction or alteration of the contents of this presentation and any forwarding of a copy of this presentation or any portion of this presentation
to any person is prohibited.  The recipient of this presentation shall keep this presentation and its contents confidential, shall not use this presentation and its contents for
any purpose other than as expressly authorized by Hennessy Capital Acquisition Corp. (“HCAC”) and Blue Bird Corporation (“Blue Bird”) and shall be required to return or
destroy all copies of this presentation or portions thereof in its possession promptly following request for the return or destruction of such copies. By accepting delivery of
this presentation, the recipient is deemed to agree to the foregoing confidentiality requirements.
In this presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is an estimate and is
subject to the qualifications presented herein), for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective
financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause
actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are
indicative of the future performance of Hennessy Capital or Blue Bird or that actual results will not differ materially from those presented in the prospective financial
information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in
the prospective financial information will be achieved.

Forward Looking Statements
Use
of
Non-GAAP
Financial
Measures 
3
Important Disclaimers (continued)
This presentation includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," “anticipate,” “believe,” “expect,” “estimate,” “plan,”
“outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking
statements include projected financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other
aspects of the businesses of HCAC, Blue Bird and the combined company after completion of the proposed business combination are based on current expectations that
are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking
statements. These factors include, but are not limited to: (1) the failure of the parties to consummate the transactions contemplated by the definitive purchase agreement
relating to the proposed business combination (the “Purchase Agreement”) including the occurrence of any event, change or other circumstances that could give rise to
the termination of the Purchase Agreement; (2) the outcome of any legal proceedings that may be instituted against Blue Bird or HCAC arising from the announcement of
the proposed business combination and transactions contemplated thereby; (3) the inability to complete the transactions contemplated by the proposed business
combination due to the failure to obtain approval of the stockholders of HCAC, or the failure to satisfy other conditions to closing in the Purchase Agreement; (4) the ability
of the combined company to be successful in its appeal of the delisting determination by the staff of the Listing Qualifications Department of the Nasdaq Stock Market and
to meet the Nasdaq Capital Market’s listing standards, including having the requisite number of stockholders; (5) the risk that the proposed business combination disrupts
current plans and operations as a result of the announcement and consummation of the transactions described herein; (6) the inability to recognize the anticipated
benefits of the business combination, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth
profitably; (7) costs related to the business combination; (8) changes in applicable laws or regulations; (9) the possibility that Blue Bird or HCAC may be adversely affected
by other economic, business, and/or competitive factors; and (10) other risks and uncertainties indicated from time to time in the definitive proxy statement (and the
supplement to the definitive proxy statement), including those under “Risk Factors” therein, and other documents filed or to be filed with the Securities and Exchange
Commission (“SEC”) and delivered to HCAC's stockholders. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of
the date made. HCAC and Blue Bird undertake no commitment to update or revise the forward-looking statements, whether as a result of new information, future events
or otherwise. In most instances, where third party sources are identified in this presentation, the information has been derived by Blue Bird management from the source
data.
This presentation includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin and Net Debt. Adjusted EBITDA involves certain
adjustments to EBITDA, which is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA” ). Adjusted EBITDA includes add-backs for
Restructuring costs, Non-recurring Management Incentive Compensation and other non-recurring expenses. Adjusted EBITDA Margin is defined as Adjusted EBITDA
divided by total revenues. Net Debt is defined as Total Debt less Cash and Cash Equivalents. You can find the reconciliation of these measures to the nearest comparable
GAAP measures elsewhere in this presentation. Except as otherwise noted, all references herein to full-year periods refer to Blue Bird’s fiscal year, which ends on the
Saturday closest to September 30.  Blue Bird believes that these non-GAAP measures of financial results provide useful information to management and investors
regarding certain financial and business trends relating to Blue Bird’s financial condition and results of operations. Blue Bird’s management uses these non-GAAP
measures to compare Blue Bird’s performance to that of prior periods for trend analyses, for purposes of determining management incentive compensation, and for
budgeting and planning purposes. These measures are used in monthly financial reports prepared for management and Blue Bird’s board of directors.
Blue Bird believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends.
Management of Blue Bird does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. We
have not reconciled the non-GAAP forward looking information to their corresponding GAAP measures because we do not provide guidance for the various reconciling
items such as stock-based compensation, provision for income taxes and depreciation and amortization, as certain items that impact these measures are out of our
control or cannot be reasonably predicted. You should review Blue Bird’s audited financial statements, which are and will be presented in HCAC's proxy statement filings
with the SEC, including the proxy statement to be delivered to HCAC’s stockholders, and not rely on any single financial measure to evaluate Blue Bird’s business.
Other
companies
may
calculate
Adjusted
EBITDA
and
other
non-GAAP
measures
differently,
and
therefore
our
Adjusted
EBITDA
and
other
non-GAAP
measures
and
that
of
Blue Bird may not be directly comparable to similarly titled measures of other companies.

Additional Information
Important Information about the Warrant Exchange Offer
Participants in the Solicitation
4
Important Disclaimers (continued)
HCAC has filed with the U. S. Securities and Exchange Commission (“SEC”) a definitive proxy statement in connection with the business combination and other matters
and, beginning on January 21, 2015, mailed the definitive proxy statement and other relevant documents to stockholders of HCAC as of the January 2, 2015 record date
for the special meeting. Stockholders of HCAC and other interested persons are advised to read the definitive proxy statement and any other relevant documents
(including the supplement to the definitive proxy statement, dated February 10, 2015) that have been or will be filed with the SEC in connection with HCAC’s solicitation of
proxies for the special meeting because these documents will contain important information about HCAC, SBH and the business combination. Stockholders may also
obtain a free copy of the definitive proxy statement, as well as other relevant documents that have been or will be filed with the SEC (including the supplement to the
definitive proxy statement, dated February 10, 2015), without charge, at the SEC’s website located at www.sec.gov or by directing a request to Daniel J. Hennessy,
Chairman and Chief Executive Officer, 700 Louisiana Street, Suite 900, Houston, Texas, 77002, (312) 876-1956.
HCAC has commenced an exchange offer for HCAC’s outstanding warrants. This presentation is neither an offer to exchange nor a solicitation of an offer to sell any
securities. The solicitation and the offer to exchange HCAC’s public warrants are being made solely pursuant to an offer to exchange, the related amended and restated
letter of transmittal and other warrant exchange offer materials included as exhibits to the Schedule TO amendment that HCAC filed with the SEC on January 22, 2015.
The Schedule TO and all amendments (including an offer to exchange, a related amended and restated letter of transmittal and other offer documents) contains important
information that should be read carefully and considered before any decision is made with respect to the exchange offer. These materials are being sent free of charge to
holders of HCAC’s outstanding warrants. In addition, all of these materials (and all other materials filed by HCAC with the SEC) are available at no charge from the SEC
through its website at www.sec.gov. Security holders may also obtain free copies of the documents filed with the SEC by HCAC by directing a request to: Morrow & Co.,
LLC, HCAC’s information agent, at 470 West Avenue, 3rd Floor, Stamford, CT 06902, or by phone at (800) 662-5200 or email at hennessy.info@morrowco.com. Holders
of HCAC’s outstanding warrants are urged to read the exchange offer documents and the other relevant materials (as they become available) before making any
investment decision with respect to the exchange offer because they contain important information about the exchange offer and the transaction.
HCAC and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from HCAC’s stockholders in respect of
the proposed business combination and the other matters set forth in the definitive proxy statement. Information regarding HCAC’s directors and executive officers and a
description of their direct and indirect interests, by security holdings or otherwise, is contained in the definitive proxy statement for the Business Combination, which has
been filed with the SEC.

5
Transaction
Overview
Value
Under the terms of the purchase agreement amendment, stock consideration
to
Seller
will
be
reduced
and
HCAC
will
forfeit a number of founder shares
The effect of the proposed amendment will be to reduce the outstanding
common share count by 5.4 million shares, or 20%, to 21,687,500 shares
HCAC
stockholders,
including
the
founders,
will
collectively
own
63.1%
of
the
pro
forma combined
company
(1)
and
an
affiliate
of
Cerberus
Capital
Management,
L.P.
will
own
36.9%
of
Blue
Bird
equity
(1)
The
Public
Warrant
Exchange
Offer
for
575,000
shares
of
HCAC
common
stock has
been
extended
through
February
26
th
(2)
HCAC special stockholders’
meeting
has
been
rescheduled
for
February
20
th
Revised transaction value of $434 million
6.5x FY2014 Adjusted EBITDA of $67 million
5.8x
to
6.0x
FY2015E
Adjusted
EBITDA
of
$72
to
$75
million
(3)
Updated Transaction Overview
(1)
Assumes
no
redemption
of
cash
in
trust
account
and
does
not
include
shares
underlying
Convertible
Preferred
Stock
or
outstanding
warrants,
other
than
the
1,212,500
shares
to be issued upon completion of
the Public
Warrant Exchange Offer and Sponsor Warrant Exchange
(2)
Upon completion of the Public Warrant Exchange Offer and the Sponsor Warrant Exchange, a total of 12,125,000 warrants will be exchanged for a total of 1,212,500 shares of HCAC common stock
(3)
See
“Important
Disclaimers”

6
Sources and Uses
Note: Assumes no redemption of cash in trust
$
%
HCAC Cash
115
$   
47%
Convertible Preferred Stock
40
       
16%
Reinvestment of Existing Stockholders' Equity
80
       
33%
Cash from Blue Bird's Balance Sheet
10
       
4%
Total Sources
245
$   
100%
$
%
Cash Purchase Price
140
$   
57%
Reinvestment of Existing Stockholders' Equity
80
       
33%
Transaction Expenses
25
       
10%
Total Uses
245
$   
100%
Sources
Uses
($ in millions)

Cash on Balance Sheet
53
$     
Total Debt (incl. Capital Leases)
223
$   
Convertible Preferred Stock
40
       
Market Equity Capitalization
217
     
Total Capitalization
480
$   
Pro Forma Enterprise Value
427
Pro Forma Ent. Value / FY2015E Adj. EBITDA
5.7 - 5.9x
Net Debt / FY2014 Adj. EBITDA
2.5x
7
Pro Forma Capitalization
(1)
(1)
Debt and cash balances as of September 27, 2014, pro forma for closing of transaction. Assumes no redemption of cash in trust
(2)
Market Equity Capitalization based on pro forma share count including issuance of 1,212,500 shares pursuant to the Warrant Exchange Offer and Sponsor Warrant Exchange and $10.00 per share price;
excludes shares underlying Convertible Preferred Stock and all other public and placement warrants
(3)
See “Important Disclaimers”
(4)
Net debt is defined as total debt ($223 million) less cash and cash equivalents ($53 million), or $170 million
(2)
(4)
(3)
($ in millions)

Assumes No Conversion
of Preferred Stock
(1)
Assumes Conversion
of Preferred Stock
(1)(2)
Common
Stock
%
Common
Stock
%
Cerberus Affiliate
8.0
36.9%
8.0
31.9%
HCAC Public Stockholders
12.1
55.7%
12.1
48.1%
HCAC Founders
1.6
7.4%
1.6
6.4%
PIPE Investment Investor
(5)
0.0
0.0%
3.4
13.6%
Total
21.7
100.0%
25.1
100.0%
8
Pro Forma Ownership
(amounts in millions)
(1)
Assumes no redemption of cash in trust account; figures per proxy statement
(2)
Based on an assumed conversion price of $11.75 per share, which may be adjusted from time to time
(3)
Share count assumes the issuance of 575,000 shares of Hennessy Capital common stock pursuant to the Public Warrant Exchange Offer; excludes shares underlying all other public warrants; 11,500,000 warrants
will remain outstanding after the transaction
(4)
Share count assumes the issuance of 637,500 shares of Hennessy Capital common stock pursuant to the Sponsor Warrant Exchange; excludes shares underlying all other placement warrants; 11,500,000 warrants
will remain outstanding after the transaction
(5)
PIPE Investment of $40 million Series A Convertible Preferred
(3)
(4)

Public Company Valuation Benchmarks
9
FY 2014 EV / Adjusted EBITDA
FY 2015E EV / Adjusted EBITDA
Deal Multiple: 6.4x
Deal
Multiple
Range:
5.7
–
5.9x
Mean: 10.6x
Large Cap Branded Industrials
& Specialty Vehicles
Mean: 9.9x
Mean: 9.6x
Mean: 9.1x
Source:
SEC
Filings,
Wall
Street
Research
and
First
Call
Consensus
estimates.
Blue
Bird
company
management.
Note:
FY14
multiples
for
Power
Solutions
International,
Inc.
are
not
included
in
mean
and
median
calculations.
Note:
Deal
Multiples
exclude
Pension
Liability
from
the
calculation
of
Enterprise
Value;
multiples
have
been
calendarized
to
Blue
Bird
fiscal
year
end
on
Sept
30.
Quarterly
consensus
was
used
for
comparable
companies
wherever
available.
Note: Adj. EBITDA excludes public company costs, stock based compensation and transaction expenses. Adjusted EBITDA for FY2014 includes add-backs for Restructuring costs, Non-recurring Management Incentive Compensation and other non-
recurring expenses.
(1)
FY 2014 multiples for Power Solutions International, Inc. are not included in mean and median calculations.
Small Cap Branded Industrials
& Specialty Vehicles
Large Cap Branded Industrials
& Specialty Vehicles
Small Cap Branded Industrials
& Specialty Vehicles
23.0x
7.6x
11.5x
11.1x
6.7x
12.2x
8.4x
9.5x
7.8x
9.3x
9.2x
7.2x
13.5x
7.9x
11.9x
6.0x
10.0x
15.0x
10.0x
12.4x
12.0x
7.1x
12.6x
10.4x
9.4x
10.3x
10.9x
11.7x
9.1x
8.4x
8.6x
10.1x
10.0x
15.0x
5.0x
5.0x

Detailed Comparable Company Benchmarks
10
($ in millions, except per share values)
Source: SEC Filings, Wall Street Research and First Call Consensus estimates.
Note: N.M. represents negative multiples, EBITDA multiples greater than 35.0x, EBIT multiples greater than 25.0x, P/E multiples greater than 65.0x and negative long-term growth rates.
Note: Multiples have been calendarized to Blue Bird fiscal year end on Sept 30.  Quarterly consensus was used for comparable companies wherever available.
(1)
FY 2014 multiples for Power Solutions International, Inc. are not included in mean and median calculations.
(1)
Stock Price
Market Value
Balance Sheet
Valuation Multiples
Large Cap Branded Industrials
Above
Below
Equity
Ent.
EV / Rev
EV / EBITDA
EV / EBIT
P/E
Price/
& Specialty Vehicles
2/6/15
Low
High
Value
Value
Cash
Debt
FY13
FY14
FY15
FY13
FY14
FY15
FY13
FY14
FY15
FY13
FY14
FY15
Book
Cummins Inc.
135.86
9%
16%
24,604
24,229
2,394
2,019
1.4x
1.3x
1.2x
11.4x
10.0x
7.6x
14.0x
12.2x
8.7x
17.4x
15.7x
13.0x
3.2x
Harley-Davidson, Inc.
64.21
18%
13%
13,758
18,299
964
5,505
3.5x
3.3x
3.1x
14.0x
12.4x
11.5x
15.9x
14.0x
13.1x
18.9x
16.3x
15.0x
4.7x
Allison Transmission Holdings, Inc.
32.15
23%
7%
5,854
8,243
208
2,597
4.3x
4.0x
3.8x
14.1x
12.0x
11.1x
22.6x
16.7x
15.3x
43.8x
26.5x
22.4x
4.3x
Oshkosh Corporation
46.34
20%
23%
3,648
4,427
111
890
0.6x
0.7x
0.7x
6.9x
7.1x
6.7x
8.6x
8.8x
8.1x
11.0x
11.8x
10.8x
1.9x
Generac Holdings Inc.
45.85
19%
27%
3,275
4,214
173
1,112
2.9x
2.9x
2.9x
11.5x
12.6x
12.2x
12.8x
14.0x
12.5x
11.5x
13.5x
13.8x
7.3x
Thor Industries Inc.
59.84
22%
8%
3,195
2,881
314
0
0.9x
0.8x
0.7x
11.3x
10.4x
8.4x
12.5x
11.5x
9.5x
19.9x
17.9x
15.4x
3.2x
The Manitowoc Company, Inc.
20.54
26%
39%
2,784
4,239
68
1,524
1.0x
1.1x
1.1x
9.0x
9.4x
9.5x
11.6x
12.1x
12.5x
17.3x
15.0x
15.3x
3.4x
Mean
2.1x
2.0x
1.9x
11.2x
10.6x
9.6x
14.0x
12.8x
11.4x
20.0x
16.7x
15.1x
4.0x
Median
1.4x
1.3x
1.2x
11.4x
10.4x
9.5x
12.8x
12.2x
12.5x
17.4x
15.7x
15.0x
3.4x
Stock Price
Market Value
Balance Sheet
Valuation Multiples
Small Cap Branded Industrials
Above
Below
Equity
Ent.
EV / Rev
EV / EBITDA
EV / EBIT
P/E
Price/
& Specialty Vehicles
2/6/15
Low
High
Value
Value
Cash
Debt
FY13
FY14
FY15
FY13
FY14
FY15
FY13
FY14
FY15
FY13
FY14
FY15
Book
Briggs & Stratton Corporation
19.72
15%
14%
887
1,149
52
313
0.6x
0.6x
0.6x
9.3x
10.3x
7.8x
16.7x
17.2x
10.5x
21.3x
19.2x
15.4x
1.4x
Federal Signal Corp.
16.40
41%
0%
1,043
1,082
29
69
1.3x
1.2x
1.1x
14.2x
10.9x
9.3x
17.4x
12.8x
10.8x
23.6x
16.9x
16.0x
2.7x
Astec Industries, Inc.
38.07
12%
17%
873
870
16
13
0.9x
0.9x
0.8x
9.4x
11.7x
9.2x
16.4x
17.3x
12.3x
24.2x
25.5x
18.3x
1.5x
New Flyer Industries Inc.
10.60
21%
6%
594
837
9
252
0.8x
0.6x
0.6x
13.5x
9.1x
7.2x
23.9x
14.2x
12.2x
35.1x
16.0x
15.9x
1.3x
Power Solutions International, Inc.
48.45
19%
46%
520
591
8
78
2.6x
1.9x
1.3x
N.M.
23.0x
13.5x
N.M.
N.M.
15.1x
59.2x
39.8x
22.2x
6.3x
Winnebago Industries, Inc.
21.94
17%
24%
591
563
28
0
0.7x
0.6x
0.6x
11.4x
8.4x
7.9x
12.7x
8.9x
8.4x
18.5x
13.1x
12.9x
3.0x
Douglas Dynamics, Inc.
22.01
50%
12%
491
631
4
144
4.2x
2.3x
2.2x
24.9x
8.6x
11.9x
N.M.
9.8x
12.9x
N.M.
14.0x
20.6x
2.9x
Manitex International, Inc.
11.77
25%
34%
176
226
5
55
1.0x
0.9x
0.6x
11.4x
10.1x
6.0x
14.3x
12.9x
7.8x
19.1x
18.3x
12.3x
1.9x
Mean
1.5x
1.0x
1.0x
13.4x
9.9x
9.1x
16.9x
13.3x
11.2x
28.7x
17.6x
16.7x
2.6x
Median
0.9x
0.9x
0.7x
11.4x
10.1x
8.5x
16.5x
12.9x
11.5x
23.6x
16.9x
16.0x
2.3x

Detailed Comparable Company Benchmarks
11
($ in millions)
Source: SEC Filings, Wall Street Research and First Call Consensus estimates.
Note: N.M. represents negative multiples, EBITDA multiples greater than 35.0x, EBIT multiples greater than 25.0x, P/E multiples greater than 65.0x and negative long-term growth rates.
Note:
Financials
have
been
calendarized
to
Blue
Bird
fiscal
year
end
on
Sept
30.
Quarterly
consensus
was
used
for
comparable
companies
wherever
available.
Revenue
Revenue Growth
Margin Analysis
Large Cap Branded Industrials
EBITDA
EBIT
Net Income
& Specialty Vehicles
FY13
FY14
FY15
FY13
FY14
FY15
FY13
FY14
FY15
FY14
FY15
FY13
FY14
FY15
Cummins Inc.
$17,005
$18,719
$20,573
(2%)
10.1%
9.9%
12.5%
12.9%
15.5%
10.6%
13.5%
8.3%
8.4%
9.2%
Harley-Davidson, Inc.
5,237
5,569
5,887
(6%)
6.3%
5.7%
25.0%
26.6%
27.0%
23.4%
23.7%
13.9%
15.2%
15.6%
Allison Transmission Holdings, Inc.
1,923
2,074
2,164
(10%)
7.9%
4.3%
30.3%
33.2%
34.5%
23.8%
24.9%
7.0%
10.7%
12.1%
Oshkosh Corporation
7,665
6,808
6,471
(4%)
(11.2%)
(4.9%)
8.3%
9.1%
10.2%
7.4%
8.4%
4.3%
4.5%
5.2%
Generac Holdings Inc.
1,452
1,433
1,457
23%
(1.3%)
1.7%
25.3%
23.4%
23.7%
21.0%
23.2%
19.6%
17.0%
16.3%
Thor Industries Inc.
3,280
3,647
4,014
19%
11.2%
10.0%
7.8%
7.6%
8.5%
6.9%
7.6%
4.9%
4.9%
5.2%
The Manitowoc Company, Inc.
4,061
3,938
4,001
4%
(3.0%)
1.6%
11.6%
11.4%
11.2%
8.9%
8.5%
4.0%
4.7%
4.5%
Mean
3%
2.9%
4.0%
17.3%
17.7%
18.6%
14.6%
15.7%
8.9%
9.3%
9.7%
Median
(2%)
6.3%
4.3%
12.5%
12.9%
15.5%
10.6%
13.5%
7.0%
8.4%
9.2%
Revenue
Revenue Growth
Margin Analysis
Small Cap Branded Industrials
EBITDA
EBIT
Net Income
& Specialty Vehicles
FY13
FY14
FY15
FY13
FY14
FY15
FY13
FY14
FY15
FY14
FY15
FY13
FY14
FY15
Briggs & Stratton Corporation
1,871
1,834
1,946
(5%)
(1.9%)
6.1%
6.6%
6.1%
7.5%
3.6%
5.6%
2.2%
2.5%
3.0%
Federal Signal Corp.
849
874
949
6%
2.9%
8.6%
9.0%
11.4%
12.3%
9.7%
10.5%
5.2%
7.1%
6.8%
Astec Industries, Inc.
937
960
1,026
0%
2.5%
6.9%
9.9%
7.7%
9.3%
5.2%
6.9%
3.9%
3.6%
4.6%
New Flyer Industries Inc.
1,020
1,406
1,499
18%
37.7%
6.6%
6.1%
6.6%
7.7%
4.2%
4.6%
1.7%
2.6%
2.5%
Power Solutions International, Inc.
229
306
449
13%
33.6%
47.1%
6.8%
8.4%
9.7%
7.2%
8.7%
3.8%
4.3%
5.2%
Winnebago Industries, Inc.
803
945
1,008
25%
17.7%
6.6%
6.1%
7.1%
7.0%
6.7%
6.6%
4.0%
4.8%
4.5%
Douglas Dynamics, Inc.
150
276
286
7%
84.9%
3.4%
16.9%
26.6%
18.5%
23.3%
17.1%
1.6%
12.7%
8.3%
Manitex International, Inc.
236
263
383
15%
11.2%
46.0%
8.4%
8.5%
9.8%
6.7%
7.6%
3.9%
3.7%
3.7%
Mean
10%
23.6%
16.4%
8.7%
10.3%
10.2%
8.3%
8.5%
3.3%
5.1%
4.8%
Median
10%
14.4%
6.8%
7.6%
8.1%
9.5%
6.7%
7.2%
3.8%
4.0%
4.6%

Blue Bird Corp Reports