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EX-99.2 - EXHIBIT 99.2 - SHYFT GROUP, INC.ex99-2.htm
8-K - FORM 8-K - SHYFT GROUP, INC.spar20170503_8k.htm

Exhibit 99.1

 

 

 

Spartan Motors Reports First Quarter 2017 Results

 

 

CHARLOTTE, Mich., May 4, 2017 - Spartan Motors, Inc. (NASDAQ: SPAR) (“Spartan” or the “Company”), a global leader in specialty chassis and vehicle design, manufacturing and assembly, today reported operating results for the first quarter ending March 31, 2017.

 

 

First Quarter 2017 Highlights

 

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

 

Sales increased 24.9% to $167.1 million from $133.7 million and reflects $35.2 million in sales from the Smeal Fire Apparatus acquisition, which excludes $5.5 million of Spartan inter-company chassis sales

 

Net income declined $1.6 million to a loss of $1.1 million, or $0.03 per share, from income of $0.5 million, or $0.02 per share, reflecting $2.6 million of acquisition and restructuring related expenses compared to $0.3 million a year ago

 

Adjusted net income rose 142.1% to $1.3 million, or $0.04 per share, from $0.5 million, or $0.02 per share

 

Adjusted EBITDA increased 45.7% to $4.2 million, or 2.5% of sales, from $2.9 million, or 2.1% of sales

 

Backlog increased $101.8 million to $351.3 million at March 31, 2017 from $249.5 million at December 31, 2016 and reflects $78.6 million in backlog from the Smeal Fire Apparatus acquisition

 

Cash increased 10.6% to $35.4 million at March 31, 2017 compared to $32.0 million at December 31, 2016

 

 

“We are very pleased with the operating results achieved for the quarter. On an adjusted basis, this marks our fifth profitable quarter in a row,” said Daryl Adams, President and Chief Executive Officer. “Our solid performance was driven by the continued operational improvements we have made in labor and manufacturing productivity, as a result of implementing the Spartan Production System, lean manufacturing and continuous improvement initiatives.”

 

 

Fleet Vehicles and Services (FVS)

 

FVS segment sales decreased 9.1% to $53.9 million from $59.3 million. The revenue decline was primarily due to lower volume at vehicle up-fit centers.

 

Adjusted EBITDA decreased $0.3 million to $6.2 million, or 11.6% of sales, from $6.5 million, or 10.9% of sales, a year ago. Unfavorable mix resulted in the decrease in adjusted EBITDA compared to last year. Despite this decrease, EBITDA margin increased 70 basis points reflecting improved labor and manufacturing productivity.

 

The Segment backlog at March 31, 2017 totaled $114.0 million compared to $89.5 million at December 31, 2016.

 

 

Specialty Chassis & Vehicles (SCV)

 

SCV segment sales remained comparable at $33.0 million. Revenues were impacted by a defense order that did not reoccur in 2017.

 

Adjusted EBITDA decreased 3.9% to $1.5 million, or 4.7% of sales, from $1.6 million, or 4.8% of sales, a year ago, mainly due to a defense order that did not reoccur in 2017.

 

The Segment backlog at March 31, 2017 totaled $22.8 million compared to $20.1 million at December 31, 2016.

 

Spartan Motors, Inc.

 

 

Emergency Response (ER)

 

ER segment sales increased $39.1 million to $80.2 million, or 95.1%, from $41.1 million. The Smeal acquisition contributed $35.2 million of the increase (excludes $5.5 million of Spartan inter-company chassis sales), offset by fewer shipments of complete fire apparatus and custom cab and chassis compared to a year ago, as the Company continues to focus on profitable sales.

 

Adjusted EBITDA improved $1.8 million, to a loss of $1.3 million from a loss of $3.1 million a year ago. The improvement was primarily the result of improved quality, increased labor efficiencies and manufacturing productivity.

 

The Segment backlog at March 31, 2017 totaled $214.5 million compared to $139.9 million at December 31, 2016, and reflects $78.6 million in backlog from Smeal Fire Apparatus.

 

 

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 first quarter 2017 revenues of $35.2 million (excludes $5.5 million of Spartan inter-company chassis sales). Smeal is expected to generate approximately $105 million in sales, excluding inter-company shipments, during 2017.

 

The Company results for the 2017 first quarter include approximately $2.6 million, or $0.07 per share of acquisition and restructuring related adjustments and expenses.

 

Our team has been working tirelessly and our Smeal integration efforts are running ahead of schedule and are already generating positive outcomes,” continued Adams. “Not only have we identified more synergistic opportunities than originally anticipated, we are also experiencing significantly increased interest and excitement in our expanded product portfolio from our dealers and customers. We are excited to share that not only do we have the right team in place to make these integration efforts successful, we’re also applying lessons learned and documenting the process required for future acquisitions. These developments further abbreviate the timeline needed to accelerate the turnaround of the Emergency Response business and it remains on track to return to profitability on an adjusted basis in 2017.”

 

 

Raising 2017 Guidance

 

Our strong first quarter performance reflects the favorable impact of successfully implementing lean manufacturing, continuous improvement initiatives across all production facilities and the Smeal integration that is ahead of schedule,” said Rick Sohm, Chief Financial Officer of Spartan Motors. “Looking ahead to the remainder of the year, we expect to see continued year-over-year operational improvements and additional synergies realized from the Smeal integration, which gives us comfort in raising the 2017 guidance.”

 

Outlook for the full year 2017 is now expected to be as follows:

 

 

Revenue of $650.0 - $700.0 million, up from previous guidance of $615.0 - $685.0 million

 

Restructuring, acquisition costs and inter-company chassis impact of approximately $3.2 million, net of tax, up from previous guidance of $2.8 million

 

Adjusted EBITDA of $26.5 - $29.0 million, up from previous guidance of $25.1 - $28.3 million

 

Income tax expense of $1.5 - $2.3 million, down from previous guidance of $1.7 - $2.8 million

 

Interest expense of approximately $0.8 million, down from previous guidance of $1.0 million

 

Adjusted earnings per share of $0.36 - $0.41, up from previous guidance of $0.30 - $0.36, assuming approximately 35.0 million shares outstanding, up from previous guidance of 34.8 million shares

 

Page 2 of 10

 

 

The confidence you see from the Spartan team is undeniable. Not only have we made marked improvements toward the Emergency Response business’ turnaround and condensed its associated timeline, we’ve realized additional synergies and in short order have simultaneously managed to improve our base business. There is a drum beat driving this quarter-by-quarter profitability, and it’s not going to stop here. I am incredibly excited to share that confidence with our shareholder community in the form of increased guidance. The progress you see to date as we execute on the Smeal integration plan is only the beginning,” Adams concluded.

 

Conference Call, Webcast, Investor Presentation and Investor Information

Spartan Motors will host a conference call for analysts and portfolio managers at 10 a.m. EDT 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: 10105698

 

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™ 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 2,200 associates, and operates facilities in Michigan, Indiana, Pennsylvania, Missouri, 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.

 

CONTACT:

 

Rick Sohm

Chief Financial Officer

Spartan Motors, Inc.

(517) 543-6400

Juris Pagrabs

Group Treasurer & IR

Spartan Motors, Inc.

(517) 997-3862

 

Page 3 of 10

 

 

Spartan Motors, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except per share data)

 

   

March 31, 2017

   

December 31,

 
   

(Unaudited)

   

2016

 

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 35,412     $ 32,041  

Accounts receivable, less allowance of $300 and $487

    64,189       65,441  

Inventories

    109,153       58,896  

Income taxes receivable

    -       1,287  

Other current assets

    5,318       4,526  

Total current assets

    214,072       162,191  
                 

Property, plant and equipment, net

    58,134       53,116  

Goodwill

    25,630       15,961  

Intangible assets, net

    10,071       6,385  

Other assets

    2,675       2,331  

Net deferred tax asset

    3,227       3,310  

TOTAL ASSETS

  $ 313,809     $ 243,294  
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Current liabilities:

               

Accounts payable

  $ 35,890     $ 31,336  

Accrued warranty

    20,191       19,334  

Accrued compensation and related taxes

    8,353       13,188  

Deposits from customers

    48,692       16,142  

Other current liabilities and accrued expenses

    11,143       7,659  

Current portion of long-term debt

    63       65  

Total current liabilities

    124,332       87,724  
                 

Other non-current liabilities

    4,908       2,544  

Long-term debt, less current portion

    32,860       74  

Total liabilities

    37,768       90,342  

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; 35,123 and 34,383 outstanding

    351       344  

Additional paid in capital

    76,686       76,837  

Retained earnings

    75,330       76,428  

Total Spartan Motors, Inc. shareholders’ equity

    152,367       153,609  

Non-controlling interest

    (658 )     (657 )

Total shareholders’ equity

    151,709       152,952  

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

  $ 313,809     $ 243,294  

 

Page 4 of 10

 

 

Spartan Motors, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended March 31,

 
   

2017

   

% of

sales

   

2016

   

% of

sales

 

Sales

  $ 167,075             $ 133,726          

Cost of products sold

    150,531       90.1       117,906       88.2  

Restructuring charges

    150       0.1       -       0.0  

Gross profit

    16,394       9.8       15,820       11.8  
                                 

Operating expenses:

                               

Research and development

    2,142       1.3       1,224       0.9  

Selling, general and administrative

    14,602       8.7       13,566       10.1  

Restructuring charges

    492       0.3       339       0.3  

Total operating expenses

    17,236       10.3       15,129       11.3  
                                 

Operating income (loss)

    (842 )     (0.5 )     691       0.5  
                                 

Other income (expense):

                               

Interest expense

    (264 )     (0.2 )     (114 )     (0.1 )

Interest and other income

    90       0.1       59       0.0  

Total other income (expense)

    (174 )     (0.1 )     (55 )     0.0  
                                 

Income (loss) before taxes

    (1,016 )     (0.6 )     636       0.5  
                                 

Taxes

    83       0.0       93       0.1  
                                 

Net income (loss)

    (1,099 )     (0.7 )     543       0.4  
                                 

Less: Net income (loss) attributable to non-controlling interest

    (1 )     0.0       -       0.0  
                                 

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

  $ (1,098 )     (0.7 )   $ 543       0.4  
                                 

Basic and diluted net income (loss) per share

  $ ( 0.03 )           $ 0.02          
                                 

Basic and diluted weighted average common shares outstanding

    33,725               34,280          

 

Page 5 of 10

 

 

 Spartan Motors, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Three Months Ended March 31, 2017 (in thousands of dollars)

 

   

Business Segments

                 
   

Emergency

Response

   

Fleet

Vehicles

and

Services

   

Specialty

Chassis

&Vehicles

   

Other

   

Consolidated

 

Emergency response vehicle sales

  $ 77,985     $ -     $ -     $ -     $ 77,985  

Fleet vehicle sales

    -       43,142       -       -       43,142  

Motorhome chassis sales

    -       -       26,084       -       26,084  

Other specialty chassis and vehicles

    -       -       4,822       -       4,822  

Aftermarket parts and assemblies

    2,217       10,778       2,047       -       15,042  

Total Sales

  $ 80,202     $ 53,920     $ 32,953     $ -     $ 167,075  
                                         

Adjusted EBITDA

  $ (1,337 )   $ 6,244     $ 1,533     $ (2,251 )   $ 4,189  

 

 

Spartan Motors, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Three Months Ended March 31, 2016 (in thousands of dollars)

 

   

Business Segments

                 
   

Emergency

Response

   

Fleet

Vehicles

and

Services

   

Specialty

Chassis

&Vehicles

   

Other

   

Consolidated

 

Emergency response vehicle sales

  $ 39,384     $ -     $ -     $ -     $ 39,384  

Fleet vehicle sales

    -       40,305       -       -       40,305  

Motorhome chassis sales

    -       -       26,431       -       26,431  

Other specialty chassis and vehicles

    -       -       4,405       -       4,405  

Aftermarket parts and assemblies

    1,754       18,987       2,460       -       23,201  

Total Sales

  $ 41,138     $ 59,292     $ 33,296     $ -     $ 33,726  
                                         

Adjusted EBITDA

  $ (3,119 )   $ 6,462     $ 1,595     $ (2,063 )   $ 2,875  

 

Page 6 of 10

 

 

Spartan Motors, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Period End Backlog (amounts in thousands of dollars) 

 

   

Mar. 31,

2017

   

Dec. 31,

2016

   

Sept. 30,

2016

   

June 30,

2016

   

Mar. 31,

2016

 

Emergency Response Vehicles*

  $ 214,463     $ 139,870     $ 149,752     $ 152,177     $ 160,392  
                                         

Fleet Vehicles and Services*

    113,960       89,549       102,218       139,655       137,717  
                                         

Motorhome Chassis *

    21,772       18,749       19,114       11,197       16,235  

Other Vehicles

    -       -       -       -       3,737  

Aftermarket Parts and Assemblies

    1,075       1,288       1,012       1,005       815  

Total Specialty Chassis & Vehicles

    22,847       20,037       20,126       12,202       20,787  
                                         

Total Backlog

  $ 351,270     $ 249,546     $ 272,096     $ 304,034     $ 318,896  

 

* Anticipated time to fill backlog orders at March 31, 2017; 13 months or less for emergency response vehicles; 3 months or less for motorhome chassis; 7 months or less for fleet vehicles and services; and 1 month or less for other products.

 

Reconciliation of Non-GAAP Financial Measures

This release contains Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted net income attributable to Spartan Motors, Inc., adjusted earnings per share, forecasted Adjusted EBITDA, and forecasted adjusted earnings per share, which are all Non-GAAP financial measures. Our management uses Adjusted EBITDA to evaluate the performance of and allocate resources to our segments. These non-GAAP measures 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, expenses related to a recent business acquisition, 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 these adjusted Non-GAAP measures because we consider them to be important supplemental measures of our performance and believe them 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 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 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 net income (loss) attributable to Spartan Motors, Inc. to Adjusted EBITDA, net income (loss) attributable to Spartan Motors, Inc. to adjusted net income (loss) attributable to Spartan Motors Inc., earnings (loss) per share to adjusted earnings per share, forecasted net income attributable to Spartan Motors, Inc. to Adjusted EBITDA and forecasted earnings (loss) per share to adjusted earnings (loss) per share for the periods indicated.

 

Page 7 of 10

 

 

Financial Summary (Non-GAAP)

Consolidated

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended March 31,

 

Spartan Motors, Inc.

 

2017

   

% of

sales

   

2016

   

% of

sales

 

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

  $ (1,098 )     -0.7 %   $ 543       0.4 %

Add (subtract):

                               

Restructuring charges

    642               339          

Impact of acquisition on timing of chassis revenue recognition

    1,112               -          

Impact of step-up in inventory value resulting from acquisition

    189               -          

Acquisition related expenses

    672                          

Deferred tax asset valuation allowance

    466               (235 )        

Tax effect of adjustments

    (719 )             (125 )        

Adjusted net income attributable to Spartan Motors, Inc.

  $ 1,264       0.8 %   $ 522       0.4 %
                                 
                                 

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

  $ (1,098 )     -0.7 %   $ 543       0.4 %

Add (subtract):

                               

Depreciation and amortization

    2,325               1,786          

Taxes on income

    83               93          

Interest expense

    264               114          

EBITDA

  $ 1,574       0.9 %   $ 2,536       1.9 %
                                 

Add (subtract):

                               

Restructuring charges

    642               339          

Impact of acquisition on timing of chassis revenue recognition

    1,112               -          

Impact of step-up in inventory value resulting from acquisition

    189               -          

Acquisition related expenses

    672               -          

Adjusted EBITDA

  $ 4,189       2.5 %   $ 2,875       2.1 %
                                 
                                 

Diluted net earnings (loss) per share

  $ (0.03 )           $ 0.02          

Add (subtract):

                               

Restructuring charges

    0.02               0.01          

Impact of acquisition on timing of chassis revenue recognition

    0.03               -          

Impact of step-up in inventory value resulting from acquisition

    0.01               -          

Acquisition related expenses

    0.02               -          

Deferred tax asset valuation allowance

    0.01               (0.01 )        

Tax effect of adjustments

    (0.02 )             -          

Adjusted Diluted net earnings per share

  $ 0.04             $ 0.02          

 

Page 8 of 10

 

 

Emergency Response Vehicles Segment (Non-GAAP)

(In thousands, unaudited)

 

   

Three Months Ended March 31,

 
   

2017

   

% of

sales

   

2016

   

% of

sales

 

Net income (loss) attributable to Emergency Response

  $ (3,589 )     -4.5 %   $ (3,664 )     -8.9 %

Add (subtract):

                               

Depreciation and amortization

    552               206          

Taxes on income

    -               -          

Interest expense

    -               -          

Earnings before interest, taxes, depreciation and amortization

  $ (3,037 )     -3.8 %   $ (3,458 )     -8.4 %
                                 

Earnings before interest, taxes, depreciation and amortization

  $ (3,037 )     -3.8 %   $ (3,458 )     -8.4 %

Restructuring

    399               339          

Impact of acquisition on timing of chassis revenue recognition

    1,112               -          

Impact of step-up in inventory value resulting from acquisition

    189               -          

Adjusted earnings before interest, taxes, depreciation and amortization

  $ (1,337 )     -1.7 %   $ (3,119 )     -7.6 %

 

 

Fleet Vehicles and Services Segment (Non-GAAP)

(In thousands, unaudited)

 

   

Three Months Ended March 31,

 
   

2017

   

% of

sales

   

2016

   

% of

sales

 

Net income (loss) attributable to Fleet Vehicles and Services

  $ 5,225       9.7 %   $ 5,544       9.4 %

Add (subtract):

                               

Depreciation and amortization

    876               873          

Taxes on income

    -               -          

Interest expense

    37               45          

Earnings before interest, taxes, depreciation and amortization

  $ 6,139       11.4 %   $ 6,462       10.9 %
                                 

Earnings before interest, taxes, depreciation and amortization

  $ 6,139       11.4 %   $ 6,462       10.9 %

Restructuring

    105               -          

Adjusted earnings before interest, taxes, depreciation and amortization

  $ 6,244       11.6 %   $ 6,462       10.9 %

 

 

Specialty Chassis and Vehicles Segment (Non-GAAP)

(In thousands, unaudited)

 

   

Three Months Ended March 31,

 
   

2017

   

% of

sales

   

2016

   

% of

sales

 

Net income (loss) attributable to Specialty Chassis and Vehicles

  $ 1,127       3.4 %   $ 1,480       4.4 %

Add (subtract):

                               

Depreciation and amortization

    310               115          

Taxes on income

    -               -          

Interest expense

    -               -          

Earnings before interest, taxes, depreciation and amortization

  $ 1,437       4.4 %   $ 1,595       4.8 %
                                 

Earnings before interest, taxes, depreciation and amortization

  $ 1,437       4.4 %   $ 1,595       4.8 %

Restructuring

    96               -          

Adjusted earnings before interest, taxes, depreciation and amortization

  $ 1,533       4.7 %   $ 1,595       4.8 %

 

Page 9 of 10

 

 

FINANCIAL SUMMARY (Non-GAAP)

CONSOLIDATED

(In thousands, except per share data)

(Unaudited)

 

   

Forecast
Year Ending December 31, 2017

 
   

Low

   

Mid

   

High

 

Net income

  $ 10,300     $ 11,150     $ 12,000  

Add:

                       

Depreciation and amortization

    10,741       10,741       10,741  

Interest expense

    800       800       800  

Taxes

    1,500       1,900       2,300  

EBITDA

    23,341       24,591       25,841  
                         

Add (subtract):

                       

Acquisition related expenses

    672       672       672  

Chassis shipment delay

    2,487       2,487       2,487  

Adjusted EBITDA

  $ 26,500     $ 27,750     $ 29,000  
                         

Earnings per share

  $ 0.29     $ 0.32     $ 0.34  

Add:

                       

Acquisition related expenses

    0.02       0.02       0.02  

Chassis shipment delay

    0.07       0.07       0.07  

Less tax effect of adjustments

    (0.02 )     (0.02 )     (0.02 )

Adjusted earnings per share

  $ 0.36     $ 0.39     $ 0.41  

 

###

 

 

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