Thursday, October 22, 2009

Spartan Motors Reports Third Quarter Profit

Spartan Motors, Inc., a chassis maker supplying the motorhome industry, today announced results for its 2009 third quarter highlighted by continued profitability as a result of the swift actions taken by the company to aggressively realign its cost structure to current volume levels.

Net earnings for the quarter were $0.8 million, or $0.02 per share, which includes pre-tax restructuring charges of $0.9 million. Excluding these charges, the adjusted earnings per share would have been $0.04 cents.

Consolidated net sales for the quarter were $89.7 million, down 62.2 percent from the same period last year due to the completion of a large-scale defense contract in the prior year's quarter, coupled with the weaker macroeconomic environment.

Despite the lower volume levels, the actions taken by the company allowed it to maintain gross margins at 17.6 percent of sales and reduce operating expenses by 30.4 percent from the same quarter of the prior year. In addition, an increased focus on the balance sheet drove a 115.3 percent increase in the cash balance over second quarter 2009, to end the quarter at $36.3 million.

Despite the lower volume levels, the actions taken by the company allowed it to maintain gross margins at 17.6 percent of sales and reduce operating expenses by 30.4 percent from the same quarter of the prior year. In addition, an increased focus on the balance sheet drove a 115.3 percent increase in the cash balance over second quarter 2009, to end the quarter at $36.3 million.
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